Montana labor news., 1933-11-02

to Cuba in February, 1927, at the de-
mand Of Dictator Machado, in viola
ton of the Cuban constitution and the
Platt observation-disclosures it could
not be repaid from the ordinary rev.
enues" of the Cuban government as
required by the Amendment-wat not,
technically, an addition to the Cuban
government debt "as contemplated by
the Plat Amendment" Into the rec
ord was then read a long report by
James Bruce, brother of Andrew Mel
Ions son-in-law and former Chase
Bank official, on the situation at Hav-
ana. Bruce reported that Jose 0bre-
gon, son-in-law of Maehado, who had
been made second in command of the
Havana branch of the bank, was ut
terly worthless; however, if the bank
failed to pay him a salary Maehado
would have to support him, and that
would be embarrassing; Michado was
negotiating for a loan of S1,500,000
for himself, while Calling of Electric
Bond & Share was begging Machado
to reduce his utility company's taxes.
Pecora asked where Bruce is now. 1t
developed that Bruce is now an Of
fetal of the Home Loan Bank Cor
~poration at Washington. Another
Chase Bank man is with him.
%#A
Hundreds of millions Of dollars of
Ignorant investors money have been
lost, since 1929, through corporations
financed by the Chase Bank crowd,
whose veteran chief, Wiggin, took
more than $3,OOO,OOO in salary and
other income from the bank and its
affiliates in three years and was re-
tired in 1881 at a pension Of 100000
a year. Wiggin admitted that salar-
les of the small fry on the banks
staff were sharply cut, while he was
grabbing with both hands. He did
not mention his demand that indus
trial wages be slashed-a demand
which was broadcast at the beginning
of the depression. His arrogance may
be guessed from the fact that he has
brought to Washington as of his
personal counsel Frank P. Walsh, for
mer labor lawyer and more recently
a close political associate of President
Roosevelt. Another of his committee
room counsel is Martin Conboy. More
scandal as to Virgins manipulations
of investors money to their ruin is
due to come out at these hearings. His
family corporations are to be explain
ed. But Wiggin laughs. He and his
lobby think that the good old days are
coming back.
But the man in the White House
seems to have another idea. He APP
pears to believe that the era of I'M
regulated loot by the bankers is over,
and that the future march Of the
country will be toward planned and
regulated Investments planning and
regulation firmly administered by the
federal government. How else explain
the order by the NRA that no new
equipment be put into operation in
the cotton spinning industry? Roose-
welt has power under the Recovery
Act to regulate all industrial develop
ment through a system of licenses tt
business concerns. He knows that the
Wall Street hierarchy is working fol
his downfall; he hopes to keep out o.
a political corner by avoiding a gener
al initiation of the currency, and We
to guide public opinion toward plan
ming and control. On the face of tn,
facts disclosed at the Senate commit
tee hearings, Wall Street Management
of American finance and industry ha.
been insanely inefficient, and waste
full of the peoples savings. Govern
ment management could not be worse
its policy would have no place for sucl
private rakeoffs as the Virgins an,
Morgans and their partners have ad
mitted taking during the hard years
It would concern itself first with
livelihood for the masses who still
possess votes.