Newark leader. ([Newark, Ohio]) 1917-1946, 1921-10-21
COMMITTEE OF 4S|
AN OPEN LETTER TO UNEM-
PLOYMENT CONFERENCE
Claim Made That No Efforts are Be-
ing Made to Deal With Real
Cause of Present Situation

The following Open Letter in rela-
tion to the Unemployment Conference,
dated October 18th, has been address
ed by Mr.. j. A. Hopkins, Executive
Chairman of the Committee of 48, to
Herbert Hoover, Chairman of the I'm
employment Conference:
81 have followed with much inter-
est the deliberations of the Unemploy-
ment Conference and especially the
recommendations which have SO far
been published, and it has been a
matter of keen regret to me that up
to the present time the Conference
has apparently made no effort to as
for the existing situation. For unless
we ascertain the cause we cannot hope
to supply remedy.
"We are living today under sys-
tenn of minority control by a banking
syndicate whose knowledge CT states
manship and economics is in inverse
ratio to their ability as financial
prestidigitators; and while tncre may
be contributing causes the funda-
mental reason why we nave an un-
employment problem today can be
traced to this fact.
"a year and a half ago prices and
wages were high. Both were fictiti-
Gus, but we had comparative prosper
ity. Had we adopted an intelligent
method of readjustment prices and
wages would have gradually come
down to more normal level, and we
would today be enjoying a sounder
prosperity.
"But the banking fraternity had
passed through a period of unprece-
dented profiteering and were reluctant
to adopt any plan that would not pre-
serve to them an abnormal ratio of
profit. The appetite for money, like
the taste for blood, once aroused can
not be easily satiated.
"They control credit. Industry is
dependent upon credit. When credit
is reduced the wheels of industry
: slacken. When credit is cut off they
stop. Under the pretence of debating
currency the banking fraternity cur
tailed credit.
"As result we are today stagger-
| ing under tremendous war budget
which absorbs SO per cent of our Fed
eral taxes, and are facing an unem-
ployment problem the seriousness of
which few people realize.
"The only permanent remedy by
which the cause of our unemployment
problem and the other problems origi-
mating in our present system of
finance and administration of govern
ment can be eliminated is to destroy
the system of Special Privilege
through which the banking group Sc
cures it's power.
"But ponding the achievement of
these aims, and in order to meet the
immediate emergency which the I'm
employment Conference has been
called upon to consider, the Commit
tee of 48 recommends the following
temporary program:
"That the banking group be re-
quired to reverse the credit policy
which it has been pursuing for the
past eighteen months.
| "That the banking group be re-
quested to forthwith discontinue it's
foreign investments and curtail in
sofar as possible it's present exploita-
tion of foreign industries, employing
it's surplus wealth to meet our do
mestic requirements;
"That the Federal and state gov
ernments Immediately appropriate
substantial sums for highways, pub
lie improvements, and other necessary
construction work;
"That Congress vote against the
Harding Railroad Bill giving another
half billion dollars to privately owned
railroads;
"That the Government further pro-
vide for the return of all railroad re-
pair work from the private equip
ment companies to the railroad shops
"That the policy of the Federal gov
ernment shall be that all employers
pay living wage, and that the hours
of labor shall be not more than eight
nor less than six hours pei day.
''It is my hope that this program
will be given the consideration it de-
serves by the Conference of which
you are Chairman, and that as a re-
suit of your deliberations you will not
only endorse this program but will
urge upon Congress the necessity for
immediate relative thereto"