The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1925-01-21
Labor Must Dispossess,
Not Attempt to Buy Out
Thieves Of Capitalism
BY }. LOUIS ENoDAHL

TODAY the treasury department. at Washington informs
the nation that 81 persons reported
than $OOOOOO during the year 1922 This information is
now two years Old Perhaps the government officials feared
the shock of this the workers engaged in the
big strikes OF this and the million who went
bankrupt But these facts revealing Just the same
This report shows the largest list of incomes in the
mlondoar class since the profit year 1916 It far
ecIpses the is super-ncomes reported for 1921
Andrew W. Mellon, secretary of the treasury the Pitts
burgh millionaire is himself Of the top notchers among
these mu-miionares which also includes the two Rock
eeers, John D." and John D. Jr" with the two Fords
Henry and Edse heads of Americas two richest families
These figures help put crimp In the widespread pro-
paganda of the subsidized the effect
with their savings popuarzng the control of great
corporations The posteecon Wall Street financial boom is
still being hailed great the part of the
millions investing their money in the stocks Of the great
trusts not merely gambling proposition.
Not only the lower middle class, but also workers
large SCALE urged invest Thus the banks of the Bro
put their funds into railroad stocks claiming this will be the
means OF putting to bear railroad directors in
wage negotiations.
1t in the year 1915 that the Commission on Indus
trial Relations made its report showing how helpless the
masses are in the financial grip of the Wall Street money
ogarcy This the year prior the greatest of
incomes in the mIon-doIar class This commission found
that:
The control of manufacturing, mining and transporta-
ton industries is to increasing degree passing into the
hands great corporations thru stock ownership and con-
of credit centralized in comparatively small number
of enormously powerful financial institutions These fin
ancia institutions in turn dominated by very small
number of powerful fnancers.
On this basis supported by facts, this commission de-
cIaed that the final control of American industry rests,
therefore, in the hands of small number of wealthy and
powerful fnancers.
Thus the of the United States Steel corporation,
the final control rested in single private banking
house, This spite of the fact that this steel had in
and per Of these stockholders held 81 per
cent, voting majority of the stock
Similarly in the American Tobacco Co.. the tobacco
trust 10 stockholders owned 60 cent OF the stock This
is true of every other great trust
It might be we'll to restate other facts for the
benefit of those who being ured by their Off
years before the wealth Of the nation doubled six
financial groups and affiliated interests employing 684
wage had total capitalization of $1e875 100000
six financial groups controlled 20 cent OF the total
of wage engaged in the industries nVes
tigated The Morgan-First National Bank group alone
controls corporations employing 7s5 499 wage earners.
The lives of the men, and children OF the whole
working therefore subject to the dictaton OF
relatively small number This group gets smaller and
smaller the power of the money ogarchy grows Wall
Street mind selling stock to wage workers, and
white collar slaves of the middle class during good times
at high prices then buying back this stock at low
prices during "bad times" That is part of the money
making blood sucking business.
But even the elementary study OF the capitalist
system must convince unnitated of the mpossbiy of
buyng OUT this money power Only the complete dspos-
session of these capitalist thieves who have already plumb
cred labor too long will suffice. The exploited workers and
poor farmers to power thru their own Sovet
State that will completely obliterate thru the might OF me
proetaran dictatorship, the whole capitalist system