The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-01-20
Morgan, Young and Mellon
to the Rescue of German
Capitalism
By HARRY CANNES

AS the German economic crisis grows into
n political crisis with revolutionary aspects,
The leading fnance-capitalstS in the United
States prepare to come to the rescue of the Ger
man ruling class. The Bruening government
with the aid of the socialists is paving the way
for fascist dictatorship. 1t has opened ma
tion-wide attack on the entire working class, be-
ginning with wage cut of per cent for the
metal workers and percent for the 100000 Ruhr
coal miners There are more than four
million registered unemployed workers in Ger
many. Bloody clashes between the Communists
and fascists occur daily. The American
capitalist press repeatedly admits that revolu-
tionary struggles are in the ofing in Germany.
German capitalism is hard pressed, as the work
ing masses feeling the weight of the Young Plan
yoke, made thousandfold heavier in the present
severe crisis, are fighting back under revolu-
tionary leadership,
When Bruenng toured Upper Silesia he was
greeted by a hostile demonstration of 10000
workers. Cries of Down with the Hunger Die
tatorl' we're heard everywhere In Breslau the
masses threw stones at Bruenng's cortege. This
,ngered Bruening, and in one of his Silesian
-oeeches he said that the German nation had
ost its reason" and it must be restored by APP
locations of blood and iron-Fascism.
nder Communist leadership, against the wage
tut law of the Bruening government, New
FORK Evening Post dispatch from Berlin (Jan
~ declared "It is more than an economic
5attle it is political fight Con behalf of Bruen-
ing, ct alb to avert a revolution" These revolu-
ionary struggles are not confined to the Ruhr,
s the same dispatch tells us that the cut in
miners pay lis taken to indicate that all new
wage scales will be lowered"
To strengthen the hand of the German cap
.alists and their agents against the working
lass, the leading Wall Street bankers are coming
out for revision Of the reparations debt or a
moratorium. This is intended to give the Ger
man bosses breathing space to combat the rev.
olutionary upsurge of the working masses.
When Albert H. Wiggin. chairman of the Chase
National Bank, Morgan institution on January
18th, came out with statement fayoring re-
vision of the war debts to save Europe, and es-
peciallY Germany. from economic collapse and
revolution, the entire capitalist press gave it
great prominence Wiggin was not expressing
his individual opinion, but stating the con-
illusions of the leading Wall Street bankers as
the result Of many conferences held in Berlin,
London Washington and New York The first
feeler for revision of the Young Plan, came from
Owen D. Young, originator OF the plan in a
speech on Dec. 3, 1880, before the Lotus Club.
Previous to that time Governor Harrison head
of the Federal Reserve Bank OF New York made
a special trip to Berlin to take the matter up
with the German financiers and ndustrialists.
When Harrison returned he went to Washington
where conference was held between McGarrah.
the Wall Street head Of the Bank of Interna-
tional Settlements, Hoover, Mellon and Eugene
Meyer, head Of the Federal Reserve Board The
main question taken UP was the revision Of the
against the growing revolutionary wave
In commenting on the debt lewiston, the Jour-
nal Of Commerce (Jan. 10. 1881 approvngly
pointed out that If it went through the German
bourgeoise would be instructed to "repudiate,
fictitious meretricious schemes Of doles to the
unemployed"
From the above ii is very clear that should any
revision take place under the leadership or Nor
gan. Mellon, Young, McGarrah and Wiggin it
against the standard Of living Of the German
worxing-c class and for drastic cut in unemploy-
ment insurance. The German finance minister
has already asked for an end to the unemploy-
ment insurance payments,
great deal of conflict among the various sec
tons OF the American capitalists is arising over
the proposal for war debt revisons Clarence L..
Linz Washington correspondent of the journal
OF Commerce points out (Dec. 8, 1930) that the
United States government faces "deficit" ex-
ceeding 100000 for this fiscal year and Is
counting OH future foreign debt repayments to
help out In the next years financing" He goes