The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1928-02-03
SPARK
from the
N E w S

THE president of the New York
Stock Exchange, Mr.. E. H. Sim
mons, has broken precedent. 1t IS
seldom that Stock Exchange presi-
dents break precedents. When they
do so, however, it pays them. MI.
Simmons has come out with a declar-
alton before the Society OF Engineers
of Western Pennsylvania to the eff
feet that the United States will con-
tinue it's prosperity. Why does MIR.
Simmons find it necessary to break
the precedent of silence usually NAM
tanned by stock exchange presidents.
The fact of the matter is that some
of the basic props of America pros
perity have been violently shaken IN
the last eight months. Of course, they
have not yet been totally undermined.
If they were, Mr.. Simmons wouldn't
waste his time talking about them
because then, as a practical man, he
would know that talk would not be
in place for him when there is no
chance of fooling the masses.
Today there is still some chance of
successfully spreading the psychology
amongst the masses, that prosperity
is a permanent feature of American
capitalism. 1t is true increasing sec
tions of the working masses and the
exploited farming masses are less
and less susceptible to such ridiculous
propaganda. Mr.. Simmons said that
prosperity is here with us forever.
For the same reason Mr.. Coolidge
told the world that there is no danger
in the highly stimulated brokers'
loans. Those speakers were simply
propaganda speakers trying to hide
The deep-going recession in American
industry. On the same day that Mr..
Simmons gave his sales talk, the rail-
roads indicated decline of from 25
to 30 percent during the last quarter
Iof 1927-the lowest point in railroad
income since December, 1921.
In the last resort, of course, the
workers will have to pay for this
drop of income in the profits of the
railway barons, unless they firmly
resist and hit back hard. The pay
envelope and the unemployment fig
ures tell a different story from the
one told by Mr.. Simmons. Mr.. Sim
mons even makes himself sufficiently
ridiculous to say that anybody who
talks of decline in prosperity in
the United States is foreign propa-
gandist. Mr.. Simmons asks us to
reject the foreigners" viewpoint.
The decline of industry, the severe
economic recession, the deepening in
dustrial depression, are made in
America and are suffered by Ameri-
can workingmen and exploited farm
ers. Mr.. Simmons is just blowing hot
and cold. His stuff is threadbare.
THE Senate Committee investigating
the Teapot Dome oil scandal has
Isubpoenaed B. G. Dawes, president of
the Pure Oil Company and brother Of
United States Vice-President Dawes
in the Teapot Dome scandal hearings.
Let no one have any misgivings.
The vice-president's brother is not GO
ling to Jail. He is too big and success
| full capitalist robber to be impris-
oned. If jails were to be the reward
of capitalist thieves, we would have
overwhelming prosperity in the build
ing industry in the construction of
iails. But no such fate or luck will
befall the exploiters until different
day has arrived in the United States.
The whole Harding Coolidge cabinet
| is soaked in oil. Hughes whiskers
and coat-tails have always dripped
oil. But no one would dare accuse so
honest and pure man of being in
volved in scandal. Mellon is soaked
| in bootleg alcohol when he is not in
oil. Harding and the presidents
daughter" are expressive symbols of
American democracy pure and simple.
The significant feature about the
subpoena of Dawes brother to the
| ienate commit ee is that it is simply
further evidence of the fact that the
ramifications of this scandal are I'M
bounded. Oil plays a decisive role in
capitalist politics precisely because it
plays such a decisive role in capital
list economy. The vastness of this
scandal is only an indication of the
oneness of the big business leaders
with the government apparatus.
JAY LOvESTONE.