The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-12-12
The S. p. AS Roosevelt's
Financial Adviser

Socialist paper, the New Leader, in which he has
been for months advocating program Of controlled
imitation" and program which he called partial
imitation"
The Socialist Party leaders in all their proposals
have thing in mndthe best ways to preserve the
capitalist structure under which the Wall Street
poles make their huge prohts. Their proposals are
the revolutionary class proposals Of the proe
tariat directed against the Wall Street rulers.
Instead, their proposals are always peculiarly
adapted to the special needs of the capitalists at
each stage Of the advance of the crisis.
Concreely, their latest program allegedly against
imitation is the specific program that at the present
time plays right into the hands of the Wall Street
monopolies 1t fits right in with the whole Roosevelt
program of driving down the living standards of the
masses, Of assisting the Roosevelt government to pro-
tect the monopoes from any heavy expenses in caring
for the unemployed 1t is program peculiarly adapted
to permitting the Roosevelt government to continue
its subsidies and support to the Wall Street bond
holders And all this Is disguised behind radical"
phraseology!
EN THIS statement Norman Thomas declares
"Ths few advantages that might be gained from
imitation and the changes sought to be accomplished
by those who advocate could be achieved by sounder
methods without mourning the dangers involved IN
initiation"
Then Norman Thomas outlines five point program
which he offers in place Of imitation:
1. Reduction Of interest on al indebtedness, in~
Guiding farm mortgages, to Or az per cent.
2, The reduction Of the capital structure OF all
business and utilities affected with public interest,
representing form of liquidation Of the t1nan
oial burden now borne by the nation.
3. capital levy scientifically assessed aud sp-
piled.
L. steep increase in inheritance taxes, the
proceeds from which would be used primarily for the
retirement of government bonds. (Our emphass-EdO
5. The issuance of currency to finance the public
works program % policy Of financing the public
works program which the next Congress may have to
enlarge, by the issuance Of currency instead of
bonds (Our emphasis-EdO
NE WILL snaIySe 1t step by step.
w The first paragraph: "the changes and adyan-
tsges sought by the iniationsts be achieved by
sounder methods" That is what it says doesn't t2
Now what does this mean? 1t means that the
Socialist leaders, that Norman Thomas, and the Others
not offering any opposition to the changes and
advantages" sought by the Roosevelt government
They do not attack criticize the detectives of the
Roosevelt imitation! Not word Of criticism of
these objectives Is mentioned in the document They
merely advise Roosevelt that the same advantages
and changes" can be accomplished by "sounder"
methods
What are the advantages and changes" that
Roosevelt is deliberately trying to accomplish by his
NRA. and imitation policy? 1t is the cheapenng OF
the buying power of the through deprecated
paper money in order to protect the profits Of the
Wall Street nonopoes. This has already resulted in
10 per cent slash in the real wages Of all wage
workers!
1t is the ntensihcation Of the exploitation of the
workers. the assistance to Wall Street imperialism to
drive outward against mperialst rivals the assistance
to Wall Street monopoly capital in the swfter CEN
tralization Of monopoly control Of industry Already
Roosevelts objective WHICH THE SOCIALIST
STATEMENT DOES NOT CRITICIZE, BUT ACCEPTS
AS PRAISEWORTHY, has given the monopolies
$50 per cent increase in profits in the last six months
Look at article s. for example. An analysis of
this proposal reveals that the Socialist Party leaders
behind all their talk against imitation in reality,
urging upon the workers the very inHationary
proposal which is the logical development and
tinuation Of the present Roosevelt imitation program
They are, in fact, urging upon the workers. that
kind of open, crude initiation that Roosevelt himself
has not yet dared to foist upon the masses!
Thomas, in this article, urges the workers to
accept wages another public works program,
Hoods of new, cheap, paper currency! And it is pre-
Cisey this kind of inflated currency that already
raised the living costs Of the workers, will send
prices soaring still higher, still further reducing the
buying power of the workers! This is exactly what
Roosevelt is heading for!
The Socialist leaders, behind q fraudulent "oppo-
sition" to imitation preparing the way for Roose-
vets next nfationary attack against the American
workers. They the advance publicity for this
next Roosevelt inHationary food of cheapened cur
rency!
They propose to reduce the interest debt of the
small ruined farmer from to ~ per cent They
very careful to avoid the proposal to CANCEL. the
mortgages held by Wall Street, They are very careful
to avoid touching the sanctty of the private invest
ments Of the Wall Street banks in the mortgages Of
the ruined farmers! They propose a reduction Of
interests the better to enable the mortgage holders
to keep their investments the better break up the
fight Of the impoverished farmers for COMPLETE
CANCELLATION OF THE WALL. STREET MORT
GAGE DEBTSi
The Socialist leaders propose an inheritance tax
But for what purpose? To provide unemployment
insurance for the workers perhaps? Not at all BUT
TO PAY OFF THE GOVERNMENT BONDS HELD
BY THE WALL STREET BANKS AND INVESTORS!
They say so themselves without any shame
They propose reduction in capital structure But
this will not reduce the wage slavery the capitalist
exploitation Of the workers by the Wall Street
poles one jot! Actually this is proposal that also
fits in with the present needs of the Wall Street
rnonopoies in order TO keep them from bankruptcy
And the proof of that IS that only two days ago,
of the biggest Wall Street banks the National City
bank, reduced its capital structure in order to be in