The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-12-06
Increase British Bank
Rate AS Gold Supply of
England Is Threatened
BY J. LOUIS ENoDAHL.

TODAY, American capitalism again demonstrates to its
rival British capitalism that it by far the stronger of
the This Voracious beast that travels the world over
to satate its profit hunger its challenge to the lean
lion in London that nation must dare oppose America
When Great Britain reached agreement to pay its
debt to the United States and them with great show of
to struggles in the worlds commercial rivalry.
But the bold front Of the British suffers another setback
London has been compelled increase its edscount rate
jump from four five per cent in order stop he
empire being bled of it's gold The increase lin the bank
rate made absolutely necessary by the heavy drains
anemic British capitalism The outflow has aggregated
than $o33oOooo0 since the Bank of England reduced its
lower than when England returned the gold
standard last April The British must therefore close their
gates against the exit of this precious basis for their
Tency But that only weakens British imperialism in its fight
for foreign markets. in its attempted conquess of peace"
elusive attention the United States the sole
creditor nation.
AS if to taunt the British IOn Wall Street, refuses ad
rediscount by fraction indicated
that the order to make change atho this could easily be
done and had in fact been announced directly from
Secretary of the Treasury ANDY Mellon chief spokesman
of the American dollar in coodges cabinet The American
bank rate remains at 312 cent full w per cent below
the British.
Thus England, atho she may parade chief inst
gator OF locarno security pacs against Soviet Rule,
nevertheless the helpless pupPet Of American capitalism
The weekly report of the federal system for the
New York district shows that in spite of the wild of
speculation and the giant loans made yet the total loans of
deposits at New York increased $36ooo and $4236ooo
respectively during the past week.
This the power that the possession of one-haf
worlds gold suppy$4500 100000 out of $4,000 600
gives to American finance. 1t necessary force the
locarno compact upon the capitalist nations of Europe
that the American gold surplus would not only find safe
and peaceful spot for investment but also opportunity
to collect the interest the investments made Of course
this ncessitaes the enforcement of industrial peace within
the various nations resulting in alliance between the
American dollar and the different national governments to
keep the workers in serve submission the expoa-
ton forced upon them order that demands of the
American shyIocks may be satisfied.
Thus British capitalism, with the various national ca
pasms upon the continent may be helpless grip of
Wall Street rule But beyond lies the yet sIubering
power OF the dscontented and revolutionary workers. who
are developing strength to tear down only dreams
OF Brtans Lombard Street, of the French and the
financial districts of the European capitals but of New
Yoks center of finance WE'LL And back of these battling
revolutionary workers stands the of workers and
peasants of the Soviet Unon the buak of the world evo
luton.
At this writing the United States may furnish the world
with its dominant imperialism. But the awakening of the
oppressed everywhere will result in the creation of power
against which the American dollar cannot stand b
before which its rule must collapse and fall