The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1929-03-29
On Passing Prosperity Around"

The wild crash and rebound of stock exchange Tues
day. when of S46740 shares registered the big
gest market day history has again resulted in renewed
criticism of the Federal Reserve System.
Benjamin Marsh secretary of the so-caled Peoples
Lobby at Washington declares that the issue is whether
the Federal Reserve System be used unconsttution
ally the benefit of the bankers whether it is to be
used ito pass prosperity around"
Marsh wants to argue with Wall Street about who is
running the government and why laws made.
It is supposed to be prison ofense charge than
10 or per cent interest The call money rate went to 49,
then to IT, and finally to 20 and % cent Tuesday but
not lone police wagon backed to the Stock Ex
change on Wall Street, a single police raid
Quoted against bank corporation oanng money at
usury rates. throughout the entire financial district
1t is repeatedly claimed that the Federal Reserve Board
is espousng policy of restricted credit for speculative pur
poses But brokers' loans have continually mounted higher
and higher until last week they achieved the tremendous in
crease of S166,000,000.
Total loans to brokers' polite for stock gamblers
made by the Federal Reserve member banks reported at
S593 100000 last week, have increased total of SODA
100000 since the last week of March, 1925 Funds available
poured into the speculative maesrom private bankers
issuing credit to eight times the actual deposits made in
their banks
The whole financial structure, controlled in the last
analysis by small clique of bankers is used most efficiently
plumber the broad of workers and poor farmers
The wild orgies of gambling the stock exchange is
inevitable part of this system of wholesale robbery
The remedy for this situation not to be found the
IF Ben Marsh who demands that the punderng should
be done along constitutional lines and that prosperity
should be passed ACCOMPLISHMENTS for the poor and the
whole pie for the rich Marsh echoes the days of the elder
LaFolete in congress- of the regulation of great
poes of the fixing of prices of attempted reform
legislation that passed definitely with LaFoetes DEATH
and especially with the opening of the mperast epoch
marked by the of Herbert Hoover to power in Wash
ington. The so-called aFoette Group down to LaFol
let the younger is definitely in the campaign of the fnan
cia reaction.
Instead of listening to the pleas of Marsh, who has
claimed to speak for western farmers the Wall Street
financial ogarchy plans to strengthen its rule the world
This is in Owen D. Youngs scheme to exploit
Germany through reparaons and the proposal for inter-
national bank to be the real of the i'm
perialist world is claimed that these subjects dis
cussed in the meetings held the past few years between
Monagu Norman of the Bank of England the late Ben
jamin Strong j. P Morgan George E. Roberts and other
British French, German Italian, Belgian and other fnan-
ciers.
Marsh utters this petty bourgeois hope:
1T S be hoped shall
for federal supervision of corporations engaged inter-
effect that the stentorian mouths
bankers will be they
will be taught that this for the benefit of the
of directors other stockholders
banks"
That still the dream of the petty bourgeose Workers
and poor farmers who wide awake to their problems
know that victory for them only through the
throw of this system of finance capitalism parasite rule
that will continue to suck blood from their veins long
it is not displaced completely by labor.