The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-10-31

10 partners, each situated in stra-
tegic financial or industrial position.
The House of Morgan holds SO di-
rectorships in Y of the leading cor
porations, with combined assets of
around $2O.Ooo,OoO,0OO. These corpo-
rations are the main banks or basic
industries of the United States.
The Morgan firm, together with
the five leading New York banks
which are interlocked with 1t, control
80 per cent of the country's banking
resources. Morgan has strangle-
hold on the powerful Federal Re-
serve system. The total combination
OF the group of which Morgan forms
the apex controls banks and indus
tries holding wealth amounting to
$74,000,0oO,o00 or about one-fourth of
the total wealth of the United States
All the war industries, as well as war
financing, lead to Morgan & Co.
In international finances this group
plays a powerful role. The so-called
Young Plan was drawn up in the Of
fees of Morgan and three of the
Morgan associates, headed by Owen
D. Young, headed the conference that
put the plan into effecl Loans to
Germany to pay rep2Tations were
floated through Morgan and Co. The
Hoover moratorium plan for Ger
many was a Morgan scheme. No in
ternational move of American capt.
talism takes place without the House
Of Morgan playing a prominent, If
not the decisive, part.
1t was Morgan who floated loans to
Czarist Russia and now maneuvers
with Laval for war against the So
Wet Union to batter down the work
ers' republic, open the country to
capitalist exploitation, and insure the
payment of the Czarist loans.
Both American directors on the
Bank of International Settlements,
which is the machinery for regulat-
ing the Young Plan, are chosen by
Morgan.
The "liberal" takers in the United
States Senate attempt to direct their
fire against Morgan as an individual
and thereby hope to fool the workers
into the belief that the interest of
the capitalist class as whole is not
identical with the interests of its
dominant section. To do this they
let loose a meaningless TRADE against
wall Street" and Morgan" hoping
to defect the struggle of the workers
away from an attack against the
whole capitalist class as well as
against its dominant group.
1t is not only in world maneuvers
that the Morgan group directs the
war moves of the entire capitalist
class, but in the internal struggle to
save profits at the expense of the
workers the Morgan interests,
through the Hoover government, and
with the aid of the A. F. of L. are
the driving force.
Morgan and Wage Cuts.
1t is no accident that the wide
open wage cut drive began in the
Inorganic controlled industries such as
the United States Steel Corporation,
Bethlehem Steel, Anaconda Copper,
Du Pont chemical interests, spread
ing to Standard Oil, then to the rub
Der trust, and now being prepared on
the railroads in which Morgan g. Co.
have heavy interests.
The capitalist state. the executive
committee of the capitalist class, be-
comes more closely fused with the
leading bankers, in many instances
the bankers not even taking the trou-
BILE to cloak themselves with official
titles, but acting directly as the rep
resentatives of the exploiting class
and their state.
The nearer war comes the more fe-
verish the actions of the financial
magnates, directing the war alliances.
The whole process of bolstering up
capitalism at the expense of the
workers-through driving to war at
the same time that they smash down
the workers living standards more
openly directed by the bankers who
in the last world war made billions
out of the slaughter of the masses.