The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1927-02-26
Big Banking Interests
Guide the Pen of Cal
Coolidge at Washington
BY J. LOUIS ENGDAHL.

a I no time has the puppet ma
\ ture of the Coolidge presidency
been better revealed than in his
veto Of the McNary-Haugen Farm
Relief Bill and his signing of the
McFadden-Pepper Banking Bill,
both of which passed thru the
upper and the lower houses Of con-
gress.
Out of the west comes the roar
of protest that the industrial East
has dictated the Coolidge decisions.
But that hardly hits the nail on the
head. Coolidge's pen, as he signed
or refuses to sign legislation that
comes to him from congress is NOV
ed at the dictates of the great in
ternational financiers, whose power
is centered in Wall Street, and who
have more to say today about what
transpires in the White House than
at any time since the executive
mansion was built.
The bankers control in great in
dustry. This is shown in the Nor
gan organization and control of the
steel trust and the General Motors
Corporation that pushes Henry
Ford to the wall in the auto in
dustry. Banker control has been
established over the Chicago pack
ing industry. The banks run the
railroads, clearly revealed in the
disposition of the Chicago, Milwau-
kee and st. Paul Railroad, follow
ing its bankruptcy, and clearer
still in the struggle raging between
the New York Central and the
Pennsylvania Railroads.
Let the farmers understand,
therefore, that it was great finance
with its home in the East, that
crushed their hopes for the very
conservative McNary-Haugen Farm
Relief measure, while at the same
time getting the seal of approval
of their government at Washington
for bank bill that will "wipe out
all the little bankers inside Of
ten years., according to one sem
ator.
Thus finance capital delivers a
double blow at the small capitalists
and struggling middle class ele-
ments.
The McNary- Haugen bill was de-
signed principally to aid the rich
farmers and those who live off the
working farmers,--the landlords,
food profiteers, the railroads and
small bankers, who are in a stra-
tegic position to seize for them
selves any increases in prices won
for the staple products of the land.
The McNary-Haugen bill was not
intended to alleviate in the least
the conditions of the millions of
farm workers, tenant farmers and
mortgage farmers, whose lot grows
steadily worse, but who have not
yet developed sufficient class solid
arity to wage national struggle
in support of their grievances.
=
OF course. the arguments adj
vanced by Coolidge in support of
his veto of the McNary- Haugen
measure are too thin to offer even
the slightest screen to hide the
presidents servility to Wall Street.
Coolidge objects to the selection
of a Federal Farm Board from
nominees suggested by farmers or
CARNATIONS. He claims that is "un-
CONSTITUTIONAL because it will take
away his appointive power. That
ought to rouse roar of laughter.
When it comes to appointing men,
bers of the interstate commerce
commission. or any other important
government body, Coolidge quick
ly turns his ear to Wall Street to
get his orders. The truth is that
the money power is jealous of its
hold on the executive power in the
government. It will not surrender
any Of this power to even the rich
farmers and their allies. Taking
the position that, 1--WE are the
government these financiers
rather struggle to strengthen the
governments executive department
power.
Similarly, Coolidge raises the ar
guments that the McNary- Haugen
bill concerns itself with only one
third Of the products of the Ameri-