Montana labor news., 1932-10-20


Smith began his talk by saying
that this was the first campaign in
which he has not taken an active
part for many years. "This year
| can sit back and have a good
laugh at the strategy and despera-
ton of political candidates in trying
to garner a few economic problems
from which they can form a political
PLATFORM" said Smith. "This year
all candidates are trying to run the
race on economic issues. In spite
Of this the A. f. of l.. has been
forced to remain neutral insofar as
the old party candidates are CON
cerned." The A. F. Of L. is con
fronted with a Democratic platform
that ignores labor's requests and a
Democratic candidate with a good
labor record and a Republican plat
form hat accepts two of labor's
planks in theory and q Republican
candidate a~ntagonistic to labor. In
view of these contradictions, the
A. L. of l.. did not feel justified in
endorsing either party in the presi-
Dental race. The organization is
combining its activity to campaign
ing for labor senators and congress-
men.
The most amusing thing, said
Smith, is to see where the candi-
dates lay the blame for the present
depression, which in olden days would
have been called a panic, and the
reasons they give for the need for
wage adjustments, which in olden
days would have been called wage
reductions. The candidates lay the
blame on European and other coun-
tries, claiming that economic condi-
tions in those lands caused our
breakdown. This, said Smith, is
not true.
In explanation, it was stated that
the sole blame Of the depression
rests upon our bankers who form the
of the House of Morgan and Rookie
invisible American empire. Ten
members Of the board of directors
teller banks serve as directors of 845
of our leading industries. Con Kelly,
Of Butte fame and a director in the
House Of Morgan, serves on the board
of directors of So of our largest in
dustries. These men serve because
the Houses of Morgan and Rookie
Teller finance these industries and
do what the bankers tell them. That
they control this country is no mere
fancy. They have controlled it since
the beginning of the World war.
The Wilson or visible administration
did not want war and promised
America neutrality. The invisible
rulers wove such an intricate web
of circumstances that the visible adj
ministration was forced into a declar-
alton of war. The Republican adj
ministration did not want the de-
preston, but the invisible rulers de-
liberately forced it in order to bring
the workers Of this country to terms.
In citing the responsibility of the
bankers for the depression, Paul
Smith mentioned the methods used
in unloading foreign bonds upon the
small banker. These bonds were
purchased by the large banking
houses at 80 cents on the dollar.
They were loaded upon the small
bankers at 100 cents to the dollar.
When the value of these dropped
to six dollars the small bankers went
to the wall and with them their de-
positors. Two large banking houses
testified that they made eleven mil
lion dollars in commissions on the
sale of these foreign bonds. Four
and a half billion dollars of Ameri-
can money was invested in these
worthless securities.
The bank : controlled industries
brought about the depression through
their determination to show labor that
it had no say in distributing the
fruits Of industry. After the World
wal the president of the United
States called a meeting of industrial
leaders to agree to the rights of