The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1932-07-02
On the Eve of the United States
Presidential Elections

THE Soviet newspaper "Pravda,,
points out the election campaign
in the United States is occurring
on the background Of the terrific
deepening of the crisis which is
continuing to strange the economy
of the United States in its death
grip.
The pride Of the American econ
omy-the metal industry-is work
ing only % to rs per cent. Other
leading branches of economy, Prav-
da points out, are even in worse
situation, the automobile industry
included. The crisis has thrown
into bankruptcy over $500 small
county banks. 1t reached the main
powerful fortresses of finance cap
ital. g. as the Bank Of the Uni
ted States with a principal of $780,
100000; the Trans-American Corp,
which has lost sSoO,ooo,ooo; the In
sull Co., which is one of the largest
trusts with capital Of $1,200,000,-
900.
The most substantial newspaper
of the German heavy industry,
"Deutsche Bergwerk zeitung," as
serts that the banking house OF
Morgan is virtually on the brink Of
bankruptcy. Rumors have spread
on the world exchanges that the
business of the National City Bank
is likewise poor The exchanges are
losing their confidence in the dol
lar. The withdrawal of gold from
the United States continues. The
gold reserves of the Federal Bank
are falling down. In the United
States they speak ever more fire.
quently about the necessity of in
flation.
Poison in Social Life
The crisis is eating into the or
ganism of capitalist America. Gang
sterism, smuggling, kidnapping, ex-
tortions, graft and bribery are
poisoning the entire social life of
the United States. Individual
groups of the financial oligarchy,
various groups of capitalists are
robbing the tremendous state re-
sources in the shape of credits, tar
if and subsidies.
Taxes are increasing, but the
state budget is not balanced and
the deepening crisis is increasing
the deficit. A so-called Recon
struction Corporation" created by
Hoover, has as its aim to save and
enrich the individual groups of the
financial oligarchy The Recon-
struction Corporation gave the pos
sibility to individual representatives
of finance capital to seize from the
state treasury over two billion dol
lars for their salvation and
strengthening.
1t is in such a situation OF a
deepening economic crisis that the
e-election struggle is taking
place. The manouvers of the old
bourgeois parties-the Republican
and Democrats-begin, which are
calculated upon the deception Of
the masses.
Repeal Fight
Through the combined efforts of
both parties of the bourgeoisie, the
struggle of the "wets" and "drys"
becomes almost a central problem
of the prediction campaign,
whereby a number of bootleggers,
smugglers, spectators and bandits
who derive tremendous profits from
trading in alcohol, are conducting
desperate struggle against the re-
peal of the dry" law which has
brought them such large benefits.
Another problem which is troub-
ling the bourgeois minds consists in
how to better organize the further
robbery of the state resources by
the largest banks and trusts under
the guise of the struggle with the
crisis. under the subterfuge of the
struggle against unemployment.
The Republicans, with Hoover at
their head, are putting forward a
prediction program which for
sees: the balancing of the budget
by means of the lowering of e.i-
penses and increased taxation; the
ceasing of the emission of treasury
notes; the broadening of the credit
to the Federal Reserve B a n
the introduction of public works
which do not require an emission
of new state loans; the financing o
enterprises; the introduce