Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-09-05
WORKERS SAVINGS
CAN CONTROL FINANCE
SAYS U. S. LEADER

Hull, England, Sept. CA. PO-
Labor unions in the worlds great
democracies are founding, upon new
ly forged pillars of great political,
economic and financial power, an en-
lightened civilization. Peter ]. Brady,
president of the Federation Bank of
New York and envoy of the Amer
lean Federation of Labor declared
today in an address before the
British Trades Union Congress.
The cornerstones of this civiliza-
ton, said Mr.. Brady, would rest in
a British Commonwealth of Nations,
an American Commonwealth of
States, and United States of Eu-
rope.
Bringing to this 56th congress of
British labor organizations the cord
ial greetings Of the trade union
movement in America, the president
of the A. F. of LIS most representa-
tive bank in his country said he
came here also to knit more closely
the bonds of understanding between
the workers of Great Britain and
America"
For, he said, the great allied debts
still existing. the new reparations
agreement and the prospect that
American investors would shortly be
called upon to loan many more mil
lions to European nations link us,
more closely than ever, with your
fate"
Mr.. Brady praised British labor
for it's course in politics. American
labor. too. was making itself felt in
politics of its nation, he said. But,
as he pointed out, the differences be-
tween England's tight little isle"
and Americas aggregation of state
sovereignties obliged labor in his
country to accomplish its ends with
the aid of all parties, rather than
through one purely labor party. He
tiles"
AS for the A. F. OF L. policy toward
other international organizations of
workers, that was controlled by the
democratic system of autonomy
which prohibited the A. F. of L. from
debating to it's unions. AS Mr.. Brady
said. lit gets it's mandate from its
affiliated members" OF the interna-
tional relationships that were broken
off during the World War. he said:
we are still eager to restore fra
ternal relationships when lit can be
brought about on a practical basis;
to jointly solve the pressing pro-
blems confronting the workers of all
nations. We believe in such inter-
national kinship, for we hold that
only substantial bulwark against
kaiserism or Bolshevism or however
we term the form despotfsm may
take to overthrow democratic in
stitutions."
Mr.. Brady went on to describe the
vast accumulation of labor capital as
represented by workers savings de-
posted in labor controlled banks in
the last Az years.
IF we can poll our votes to get
control of governments" he asked;
IF we can unite our economic power
to impress industry. can we not, by
combining our savings, small indi-
vidually, but bulking enormously
large In the aggregate, make finance
responsive to the will of those who
produce the worlds wealth? We
think 1t can be done, and so do the
workers of America.
We have 80 labor banks with re-
sources of $125,000, 000-but a drop
IN the bucket of what our trade union
banks are capable of accommodating.
We have five million trade unionists.
Each year $25, 200. 10000 is paid our
industrial workers and from six to
seven billion dollars is saved in vari-
GUS ways. It Is this large sum which
labor banks hope eventually to con-
troll"
There is no peace" declared Mr..
Brady. discussing the reparations
agreement. 1.-The armistice was
signed and peace declared. It was
followed by six-year purgatory.
More men are under arms than
before the war. Only lately have the
six years OF conferences borne fruit
whether the poison apples of the
next World War or the wholesome
fruit Of World Peace, none can tell.
They say America won the war.
No one won the war, least of all
America. The powers still owe us
IL billion dollars for financial CO.
operation. The American investor is
to be called upon to loan them bill
lions more.
The American bankers advance
money to pay the German indemnity,
then look to Germany to repay the
American investor after France al
ready has the money. What folly il
the spending of this money will in
evitably lead to bigger armies, big
ger navies and final obliteration of
the civilized world"
The most hopeful portent, said Mr..
Brady, has been the vision and
achievement of the new leaders of