Carolina watchman. [volume] (Salisbury, N.C.) 1871-1937, 1933-10-27

va
the part of the President and his
Cabinet, but by the character of
the action taken under. the extreme
ly broad powers which the Execu-
,ive yields.
For example, it now seems quite
clear that there will be no such in
flation of the currency as seemed
possible a few weeks ago. Mr..
Roosevelt let the impression get
about that he was preparing to go
in for initiation on a big scale.
That, it turns out, was the nature
of a trial balloon to show which
way the winds of public sentiment
were blowing. They were blowing
so strongly against initiation in the
broad that it seems now as
if all idea of anything of the sort
were abandoned.
Money From Closed Banks
There will be money provided for
the payment Of depositors in most
of the closed banks, for one thing.
The government will take over their
assets and give them new money
for distribution. That does not
NEAR that every depositor in a clos
ed bank will get 100 cents for each
of his dollars. These assets will be
taken over only at what they are
worth. But this probably, officials
think, will put a billion dollars into
circulation that its cannot
now lay their hands on, and that
ought to prove a great stimulus to.
spending.
Prices and Codes
While the NRA has not yet done
ell hat was expected of it, and the
blue Eagle" agreements are only
lemporary,at best, business men are
Beginning 70 realize chat the per-
manent codes will accomplish what
the various industries left to them
selves csLd never have accom-
plished, mainly the abolition Of
unfair competition. That there
must also be some method of con-,
trolling prices beginning to be APP
parent here, but agreement is still
lacking as to just how a general
policy in this respect can be work:
ed out.
The Agricultural Adjustment
Administration, under George Peek,
is doing its job faster, in this and
other respects, than the MIRA is un-I
der General johnson. And it looks
as if prices of agricultural products
to the farmers, and prices that pro-
cessors may charge to consumers,
will be we'll settled long before gen
eral business has been adjusted on
a similar basis.
Capital and Labor
Increasing concern is being
manifested over the increasing
number of strikes in various indus
tries all over the country. Every
effort so far to get the leaders of
industry and the labor leaders to
work in harmony has failed. La!
bcr leaders say that they don't
trust the industrialists, and indus
trial leaders say they don't trust Of
ganized labor. Each side has a
good deal Of history back of its dis
trust. Labor leaders are saying
that the Administration leans too
strongly toward Capital, and indus
rrialists are remarking more or less
openly that it is too strongly pro-
labor.
There seems little doubt that
when it comes to a showdown the
influence Of labor will weigh the
heavier, everything else being equal.
The effort to organize all workers
in every line has the support of the
ACKNOWLEDGEMENTS reservations.
There is an immense amount of
labor organization going on in in
dustry, but not all of it is sponsor
ed by the American Federation of
Labor. 1t is in these independent
labor movements, or SO it is believ-,,
ed here, that most of the current
strike disturbances are occurring.
The tendency Of the new labor
movement is toward" vertical
unions-that is, unions to include
all the workers in a given industry
no matter what their functions
rather than the Federation's sys-
tern of craft" unions. The for
mer is the old |. W. w. plan, under
the slogan of zone Big Union"
Meantime, Labor is shaping its
lines for a big fight for the so
hour week in all trades and indus
tries, by direct Congressional en-
actment.