Newark leader. ([Newark, Ohio]) 1917-1946, 1922-10-20
BANKERS MEET
REPRESENTATIVE OF WEALTH
HOLD CONVENTION
Loree Would Have the State Run
Unions,-Munsey For Fusion OF
Democratic and Republican
Parties-Morgan Says,
Cancel Debts
BY Ralmond Lonergan

By Ralmond Lonergan
New York-Some people may think
that bankers convention is a queer
place for the representative of labor
newspaper to seek a "story," but after
hobnobbing with 10000 representa-
tives of predatory wealth from every
section of the country for week
am prepared to testify that if you
will only keep your eyes and ears open
you can dig up more information OF
interest to the workers in a bankers
convention than in any other place OF
similar area in the world.
These bankers are interested in the
labor problem. | think it would be
conservative to say that 95 per cent
of them are "agin" organized labor.
The 5 per cent are wonderful fellows,
and some of them would go farther
toward giving the workers a square
deal than some friends OF labor l
have known, but the 95 per cent are
in favor of Showing labor it's place"
President Loree, of the Delaware q
Hudson, led off in the attack on the
tyranny of labor" Loree would have
the records and accounts of every la
bor union subject to public scrutiny
and would make it criminal otfense
to use union funds for political pur-
poses.
Of course, if we had had law on
the statute books during the last 70
wears making it criminal offense for
railroad presidents to use corporation
funds for political purposes-and 1t
had been enforced-the penitentiarles
of the country would now be well
filed with Mr.. Loree's associates. He
did not mention that phase of the sub
iect, and as | was not delegate l
could not touch upon it.
Then came Frank Munsey multi
millionaire, owner of steel plants and
a string of unusually stupid "conser-
vative" papers.
Munsey did not agree with Loree,
but he was convinced that labor must
not go too far unchecked"
Then he created sensation by ad-
vocating a fusion of the Republican
and Democratic "arties.
"This combination of forces,
said Mr.. Munsey, "would consti-
tute a mighty wall of strength
reared against the fast-rising tide
of radicalism."
Of course, it should be said right
here that when Mr.. Munsey speaks
of radicalism he is not referring to
Lenine and Trotsky but to those
gentlemen who advocate such heresies
as government ownership of railroads,
taxation of big incomes, excess
profits, and large inheritances, and
who are opposed to such things as
ship subsidies, Wall Street control OF
the Federal Reserve Board. and a
large standing army.
Mr.. Munsey was very anxious to
wipe out the laws restricting immi-
grafton. He gave his reasons quite
frankly. -
"Labor," said Mr.. Munsev. 'like
commodities is subject to the law of
supply and demand. The wage of la
bor will never come down until the
supply exceeds the demand"
That's about the best compliment
l have ever heard for American labor
leaders. They advocated the existing
immigration laws and succeeded in
driving them through Congress in the
face of determined opposition. Now
it would appear if those laws had not
been "liquidated" to the satisfaction
of the most grasping Wall Street
banker.
Perhaps the most significant devel
opment of the convention was the
movement to secure cancellation OF
the debts owed this country by its as
sociates in the Great War.
About four months ago an innocent
looking item appeared in an Associ-
ated Press cablegram from London.
1t stated that J. Pierpont Morgan, had
had an interview with Llryd-George
and had promised to launch "dis-
Greet campaign of publicity" to secure
a cancellation of the $11 ,000,000,000
which this country advanced to the
Allies.
The effects of this discreet cam
paign" were apparent in the conven-
ton. The Morgan bankers were in
favor of cancelling the debts. Of
course, they did not come right out
and say so. For the time being they
thought it was all right for Great
Britain to pav the interest due and to
make arrangements for a future set
tlement. 1t was quite clear, however,
that they had no idea that a future
settlement would be necessary.
In this connection it should be re-
membered that the House of Morgan
is the fiscal agent of Great Britain,
and, of course, if it succeeds in per-
suading the national administration
to eventually cancel the allied debts
it will receive a fee which will make
old Croesus turn over in his grave.