The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-02-17

cut which will have devastating effects an the
already low standard of living of the An,erics,
workers.
So far as the results of initiation are cons
cerned. many of the bourgeois economists then,s
selves worried by the prospects, even before the
Giass-Steagdu bill was proposed admitted that
IMITATION was the real object of all Of the Hoovep
hn&nce measures. For example, one of the lead
ing Spokesnen OF Washington Benjamin Baker.
editor of the Times-controlled "Annalistn IN
Jan. is, 1882 said:
specifically, the relief measures proposed
at Washington, together with what appears tn
be the beginning of new easy money cam
paisn by the Reserve Banks, together in adj
dAtion, with an evident tendency in the middle
west towsrd straight-out greenbacker;sn,
reprecent lurge toward general inflatiort
which contains the germs of almost iIlimitabIe
mischief.
The present trend on this as It Is renre
scented by information from Washington and
elsewhere, points to the launching of an I'm,
elusive and downright inflationary movement
sue as seems TO this writer of very Threatens
ing character. II does not need tn he eY
planned TO the Reserve Board that such de-
mand, If 1t conceded with a serious overload.
ing OF the Reserve Banks, might easily take us
off the gold standard"
Such expressions, however are now not fro
quent IN the capitalist press as the whole bourv
geo,s press is behind the Hoover campaign OF
initiation.
Economic Ruin"
The effects of this admitted inflationarv MOVE
with the danger to the gold standard were
stated by another bourgeois economist T, M
Graves, vice president of the Brooknore Eco-
nomic Service, Inc. IN Y. Evening Post. Jan.
uary 8, 1892 writing under the title of: eco.
homie Ruin Held Certain if u S. Drops Gold"
The effect of any serious breakdown Of the
gold standard or resort TO fiat money in the
United States" he wrote, would be economic
ruin"
He went on TO point out some dire prospects
Tor world capitalism growing out of the Iatess
financial debacle
If the United States should follow Europs
off the gold standard" he continued CIV the
adoption of some cheaper standard (preciseIy
what the Glass Steagal bill provides for) or
irredeemable paper fiat money It would
mean the end Of Western industrial cjyiza-
ton"
While the Hoover government tries to maks
the workers believe the squirt in stock gambling.
the orgy OF speculation which will follow. the
world clash Of imperiast money masters. win
result in return to "prosrerity' even the bour.
geois economists deny this. Graves saws:
IAN Initiation of the currency, contrary to
popular impression, does net stirnuIatc indus
trial activity. 1t Goes not prcnSta experts of
goods produced from imported materials II
does rot relieve unemployment, but tends, il
the initiation is severe, to aggravate it,"
Thus, we have the admission that all the pres
ent features of the crisis with their drastic
effects on the working class, will be aggravated
and intensified by the latest moves of the
Hoover government.
With treasury deficit Of over $40OO0o0oO0
the Hoover government is now attempting to
squeeze this sum out OF the workers through in.
flation and through new and crushing taxation.
The whole process OF initiation goes along with
the war moves of American captolism The
desperate struggle through cyeey re-, OF attack
against the workers, Internally through wage
cuts, unemployment. cutting OF relief, initiation,
and externally in the attack against the Chiness
Sovicts and preparation for war against the
Soviet Union Is cspitalissn's attempt to float IT.
self out Of the crisis In n sna n uorrosx htsS