The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-12-31
By MAX BEDACHT

At present the whole propaganda machinery
capitalism is concentrated on preparing Mill
Try intervention against the Soviet Union. Any
Z ling is considered a good enough excuse for a
capitalist scribe or politician to raise sentiment
sainst the "Recsn and against the Soviet Union
a sewer -eEgpLodes because grating politicians
ole too much OF the funds assigned to pay FOR
leir construction and thereby prevented safe
obstruction, some capitalist scribe is to
ect Red plot some corrupt police depart
tent is sure TO hint at some proofs" in its
andS about a Red plot; some corrupt politician
sure to call for laws against the Red plot
RS" and some woll-eyed capitalist fish is sure
call for Intervention against the Soviet Union
5 stop the financing of the Red piosters"
When some bank directors have risked the
loney of their oepositors and failed. thereby
lrkrupting their institutions, there is sure to
some capitalist scribe to suspect Red plot
onle corrupt police department is sure to hint ct
Tne proofs IL its hands about the Red plot:
orle corrupt politician is sure to call for laws
ganst the Rsd plogters:" and some woll-eyed
apitalst FISH is sure to call for intervention
gainst the Soviet Union to stop The financing
II the Red plo5ters."
No matter what the event. if it can be twisted
Or propasanda against the Reds and against
ne Soviet UEion, that propaganda is sure TO be
ljected. The latest manifestations of this lying
Propaganda appeared in connection with num-
'asr Of recert bank fixtures. In this connection
capitalism really has much at stake. The banks
re very important instruments in the machinery
If eploiting the masses.
Through the banks the capitalists get use of
ne workers savings. They rss them to finance
ew methods OF exploitation. They use them
} get more machinery and thereby replace work
IS, throwing them into the army of unemployed.
- lofoo
lie workers in their struggles for shorter hours
nd higher wages. II other words through the
tanks the workers savings are turned into ed
titional weapons against The workers.
Aside from these Legitimate financial tran
actions" carried on With the money of deposit
ors. the board of directors of banking companies
Sc the money of the dcpositor5 for gambling
N order to enrich their own private pockets.
Whenever bank fails these transactions become
,ublicly known. Slch publicity is very undesir-
BILE for banks ard for capitalism in general.
Such publicity undsrrnines, the confidence of She
masses in the sys' en- of capitalism
In order to reduce this danger certain too
-isky transactions with depcsitors funds ere ox-
oressly forbidden By law. we ins5 mention here
that the ysrg eiase:7cc OF tlssc l5vs proves Shc
practice. II o"de- 70 enforce 7iioh laws state
and national Commissions and Commissioners
are establehed to supervise banking. The osten-
sible purpose OF taese Confessions and Commits
sioners Is to protect the depostors money in the
hanks from being used il illegal specuations
Tile recent experience concerning the activities
of the state banking department of New York
however, proves that this ostensible mission of
the supervising powers over banking is pure
capitalist deception Mr.. Frederick and his Com
mission of the New York State Banking Depart
ment are much interested in covering up
the transactions that have led to the recent
cIoesng of number of banks than they 10
protect the decositors. "
Instead of investigating and denouncing the
transactions CT the Board Of Directors of the
Bank Of United States which havealed to the
closing OF the bank rIr Frederick and his Com
mission are shouting till they are blue in their
faces about Ped plots" This is deliberate
betrayal CT the depositors to serve the financial
interests of the banks and their boards of direct
ors.
Man, Indications prove that there is method
in the madness 81 Mr.. Broderick. Leading Of
fcisls of Tamnlany Hall seem to be involved in