The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-12-03
WE ENTER THE THIRD
WINTER OF THE CRISIS

1s1i At beast go out Of every 100 automobile
workers are without JOBS, and the spring brings
little prospect OF increased activity. The plants
win stay shut for the greater part OF the winter.
The third winter OF the crisis is here, with
100000 out Of work, With production lowered
BY capitalism about 40 per cent and going
still lower, and yet overprcduct1on, stocks
hand, are nog greater than ever before. The
cesspoots of capitalist economy arc filled with
rotting commodities and the pile grows higher
and higher The Department Of Commerce
reports that for while manufactured goods
m stock were higher than at any period be-
tween 1880 and that even NOW they are
greater than during the prosperity period
Of June, 1928, So far raw materials are
concerned, thexe Is u per cert hand
ROW In the United States than at any period.
Three years Of crisis, three ySzry CO st-rTs-
hon for the rpasses-snd the basic demands
Of the crisis are worse than ever.
Crashing Banks.
on top OF it all the whole credit structure Is
shaking and cracking. What has become OF
Hoovers $5000oo,oo0 credit pool that was TO save
the United States banking SYSTEM So power
full was this move TO bolster up the banking syS-
tenn that in the month after its creation by Nor
gan g. Co., $40 banks crashed In the one month
OF October 1856 6s6,0oO was involved in bank
failures There are no months with which we
can compare these facts. We have to compare
this record with 12-nlonth periods. For instance,
i'll 1928 there were 491 bank failures for the en-
tire year with $138642 600 involved; i'll 1929 there
were 642 failures with $685., 532 900 involved. In
Short the amount involved for October alone
(the month of Hoove1,'s osnk-saving credit pooh
was twice as much as for the entire year of 1929!
No wonder, then, that We have the admission
of the New York Herald Tribune, after viewing
the present banking situation, in which they say
1.-THE conclusion that our crisis Is essentially
a major credit ailment seems justified"
We have barely scratched the surface OF the
extent of the deepening crisis and its prospects
for the workers The crash in farm prices por-
tends greater misery for the farmers. The tariff
war between Britain and the United States fore
casts contraction Of world markets, sharper
struggles and general worsening of the world
crisis of capitalism. The German reparationS
questions, the matter of frozen credits mean
greater stress on banking systems Of all the CAPT
talist countries as the end Of the "stsndstilI"
agreement draws close.
There is the failure OF the Chadbourne sugar
plan; the world squabbieS of the copper trusts;
the financial difficulties of the United States
government with the assurance Of $1,000, 900
defict; there IS the continued smash in the
stock market, the drop In bonds the decline in
British pounoS--Which VIII go deeper and deeper.
Rally to the Struggle.
Capitalism in this situation tries to enforce
greater starvation on the workers. 1t tries to
throw more of the burdens on the backs OF the
unemployed and employed alike Only deter
mined struggle can push back the efforts Of the
bosses to drive down the standard of living OF
the entire working class.
The National Hunger March, reaching Wash
ington, D. c.. Dec. 7, is the central ranyng point
OF the American workers against this program
OF starvation. This fight to force the capitalists
to provide relief and unemployment insurance
for the jobless becomes fight against the CAPT
talists' efforts to save their profits by making
the workers starve to death or by lowering the
standard OF those still employed through wage
cuts.
The ilnemdiate struggle for unemployment re-
lief, which the exploiters fight with every weapon
they have, is becoming more and more struggle
against the whole rotten structure of capitalism
and its program of mass hunger.