The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-03-17
By MAJ WEISS
PART I


THE nsw. so-caIled non partisan revenue bill
! now before the House OF Representatives for
mock debate is so brszsn attempt to place the
fun weight Of the government treasury crisis ON
the SHOULDERS OF the working class and farmers
that 1t deserves the most careful attention OF the
entire working class,
Behind the flowery carnoulage of equal dis
tribution among all classes" and exemption Of
tho necessary articles Of life" the bin Is un-
parslieled in the Terocity with which 1t slashes
into the already rniserably low living standards
Of the working class and poor farmers and the
impetus It gives to the whole process OF the ruin
of the middle class,
1t is also of historic significance as symbolic
of the Cyclonic force with which the crisis has
hit the once naughty structure Of American fl
nance capital. For the first time in the history
of the United States has Congress been asked
to pass revenue act containing g. general manu-
facturers sales TAX provision.
The desperatIor with which finance capital is
pushing the revenue act is prompted by the ex-
tremely precarioIs position facing the solidity Of
American finance. The budgetary deficit Of 1881,
1892 and the huge estimated budget deficit Of
1888 has not only weakened the internal struc-
ture of Wall Street, but has had powerful reac-
tions in European circles.
This event is Of tremendous Importance as an
imperialist decay has eaten away at the yitals
of American capitalism. With the proposal and
almost 100 per cent certainty of the passage of
this bill the shattering Of the "soidity' of Amer
lean capitalism stands revealed before the masses
in all its ugly nakedness.
The inability of the American government TO
balance its budget is an open admission OF the
sickness of American capitalism, center Of power
Of imperiaIst finance capital, For the first
time since Wall Street entered the world arena
of imperialist conquest have the barons of the
almighty dollar" been forced to close their
books with the frank statement that only upon
condition that American capitalism make the
most devastating inroads on the living standards
Of the masses can complete and ignominious
bankruptcy be avoided.
Behind the inability Of the American govern
ment to balance its budget lies the whole his
tory OF the world crisis Of capitalism. Of the de-
yelopment of parasitic bureaucracy of the
capitalist state under imperialism Playing
a magnificent role in the buogetary deficit lies
the huge drop in tax returns as result OF the
catastrophe fall in security values, the money
lost in foreign bonds marketed in the United
States amounting alone to well over nine million
dollars; exports to foreign countries in January
standing at 30 per cent less than a year ago
and the smallest since August 1914; imports in
the same month being down to 20 per cent from
a year ago and the smallest since February 1915.
AL along the line there has been continuing
drop in all forms OF capital values, in all sources
of government income.
No real efforts have been made to cut down
the huge expenditures for the bureaucratic APP
paratus of capitalist government and only one
item remains around which there has not even
been the slightest debate concerning the advis-
ability Of reduction-war expenditures. At the
same time that it is preparing to attack the
living standards Of the masses, Wall Street con-
tnues to pour huge amounts into the Golfers of
the munitions manufacturers and the manufac-
turers Of war supplies. The amount spent for
veteran, war department and navy department
items alone increase from $1,539, 22o551 in 1881
to sI635, 5SS,s0o in 1888. The same driving
forces which make for war against the Soviet
Union are responsible for the wholesale on
slaught on the conditions Of life of the toiling
population of America.
Not even the provision of millions in inflated
paper money is sufficient to satisfy the brutal