The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1930-12-31
SOME REMARKS ON THE
SAFETY. OF BANKS

shady transactions with funds of the Bank of
United States. This transaction endangered the
banks solvency and led to its closing Mr. Brod-
erick himself is a mogul of Tammany.
All this noise about a Red plot" is nothing
but the time honored method of the thief being
loudest in shouting catch thief"
The other day the capitalist press published
the base upon which all of these accusations of
Red plots are built. What is this base?
The "Novy Mir" a Communist weekly, pub
hshed in the Russian language, in its issue of
July g. 1880. answering the question of reader
to reliable banks answered as follows: THE
extreme economic crisis in the United States
has forced the crash of hundreds of banks and
only in the Soviet Union are the savings of the
toilers guaranteed by the untold riches and
gigantic might of the toiling masses"
The NJ Y. World in disclosing this horrible
conspiracy declares that it received the informa-
ton from "a man who asked that his name be
withheld because he fears reprsals." 1t seems
that there is no bottom to the slime that cap
italist scribe is willing to wade in. Novy Mir is
a newspaper published openly in New York City.
Its issue of July IS was printed in New York
print shop; it was sold on New York newSstands;
it sent through the U. S. mail; copies of it
can be found in public libraries. Yet some hon
orable" capitalist scribe must insinuate that the
man who called his attention to an article that
appeared in this public newspaper has reasons
to be afraid for his life. The contempt we feel
for such brass check ladies, called journalists,
only be exceeded by the contempt these
Journalists display for the intelligence OF their
readers.
But let US get back TO the discriminating evid-
ence: The Noyy Mir stated that capitalist banks
are unsafe, but that the Soviet Union banks are
safe. If that is evidence of a conspiracy to I'M
dermine the sacred institution of capitalist bank
ing, we admit membership in this conspiracy
There ere certain facts that convince us that
the Soviet banks are safe and the capitalist banks
are unsafe. For instance, only recently the Bank
of United States in New York 100 per cent
capitalist institution. closed its DOORS with the
depositors vanly asking for their money. This
failure was followed by the closing of Bankers
Trust Co. OF Philadelphia. This failure was fol-
lowed by the closing of the Chelsea Bank and
Trust Co. of New York. These failures were and
are accompanied by number of bank failures
throughout the United States, easily checked up
in the columns of the capitalist press. During
the same period not single bank failed in the
u. S. S. r.
few months ago one of the oldest financial
institutions in capitalist France, the VasseuT
Bank failed. On October 81 the Oustric BAN,
IN Paris closed is doors. lis failure dragged
down the ia dieu government OF France In the
the Ministry of Finance of the French Republic.
number of other important financial institu-
tons in France had to close their doors as =
result of the Oustric failure AS against this
fact, note that since the banking monopoly
was established by the Soviet Government there
has not hecn single bank failure in Soviet
Russia.
These facts could be multiplied through add-
tional comparisons between any cher capitalist
country and the Soviet Union
In spite of the hysterical rawlings of the Tam
manyite Mr. Broderick and his State Banking
Department and in spite Of all the propaganda
by the brass check ladies in pants and skirts in
the editorial Offices of the capitalist press, we
maintain that capitalist banks are unsafe for
the workers because they are conducted for the
enrichment of the bosses class. The Soviet
Union banks cannot but be safe for the workers
because they are conducted by workers govern
rlent and in the interests of the working class.
This is an irrefutable fact If statement of
this fact undernlines confidence in capitalist
banks and bankers-so much the better for the
working class.