The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-08-29

dent, Charles A. Selden. Referring
to the leader of the new opposition,
Arthur Henderson, close associate o
Macdonald before the present chang
OF government, Seldom writes:
Before that Qabor) cabinet went
to pieces, even Mr.. Henderson was
willing to agree to some cut in I'M
employment insurance in order to
save the country's credit
And now Henderson. whose polio,
conceded with MacDonald's in
smashing drive against the workers
now issues hypocritical statement
about effective resistance" agains
the government.
That Henderson is working
closely with the same financial
interests" whom Macdonald es-
pouses is shown by the visit paid
by the United States Secretary of
State Stimson to Arthur Hender-
son after Stimson visited MacDon-
aid. The capitalist press, to pro-
tect Henderson, says this CONVEX
Sation was for "old times" sake.
The New York Times says that
Stimson visited arthur Hender-
son, with whom MIR. Stimson's per-
sonal relations had been too
friendly to be interrupted by the
recent upset in British politics, as
a result of which Mr.. Henderson
finds himself no longer a member
Of the British government"
Thus the leader of the new OPP
position" not only agrees with the
fundamental program of MacDon-
aid, but has friendly relations, -
"for old times sake" with the Wall
Street representative. Every worker
has the right to ask the Social
lists" what new plans of attack they
talked over with StimsOn in pri-
vate? What is the meaning of the
hypocritical manifestos issued by
the labor party executive?
Don't Want Strikes.
Nowhere does the labor part
manifesto call on the workers +
strike against wage-cuts or to resis
the attack on unemployment insur
ance by any form of action on tn
part of the workers. The whole ere
sistance" will be within the domai
Of parliament, where the Nations
government will, with its majority c
votes put through its program with
out any resistance from the labo
party leaders.
The growing seriousness Of tn
British financial crisis is further at
tested to by the arrangement for
loan or credit of $500 100000 fror
Wall Street and France. In tn
United States, J. p Morgan & Co.
organizing syndicate to float tn
loan, while in France the banker
plan issuing bonds.
President Hoover arranged a specia
meeting with leading Wall Stree
bankers to discuss not only the Brit
ish situation, but the growing fl
nancial crisis in the United States
with the increase in bank failures
The meeting of bankers at the Whit
House was called at the behest o
Andrew w. Mellon, secretary of tn
treasury, who has just returned from
Europe. Others present were
Charles S. Mccain, chairman Of tn
board Of the Chase National Bank
George w. Dawson, president Of tn
Central Hanover Bank & Trust Co
and William C. Potter, president o
the Guaranty Trust Co.
Philadelphia Bank Crash.
Just before the conference Hoove,
talked to officials of the Banker
Trust Co. of Philadelphia, a $50,
100000 bank that went bankrup
some time ago. There is no doub
that the bankers discussed the grow
ing bank failures in the Unitec
States and the fact that the larges
bank crashes have not been liqui
dated yet. 1t is significant that al
the capitalist newspapers on Frida!
omit the news Of Hoover's discussion
on U. S. bank failures. The onl,
statement Hoover would make is thai
general business conditions wert
being discussed.
There is little doubt that the dis.
cussion involved also the attac'
against the American unemrloyec
who are demanding relief-a demerc
that will grow a hundredfold witt
the coming winter-as we'll as thu
-rcstion of attack against the Brit.
's1 workers by financial pressure
H.. =