The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-03-04
WILD FIRE
BANK CRISIS
IN "a STATES
Many States Can't
Meet the Weekend
Payrolls
DEMAND RELIE F
For Full Payments /;
JObless Insurance

Like wild fire the financial
crisis continues to rage through
the country with the banks of
"a states now unable to meet
demands CT depOsitOrs and ad-
ditional states involved every
hour. The whole country,
with its $4,000 banks that have
kept going during the economic
crisis will be involved. It is only
by drastic raising of the rediscount
rate OF the New York Federal Re-
serve Bank of New York that the
biggest banks in the country - the
powerful Wall Street concerns-haYe
thus far succeeded in avoiding the
bank holiday. The Journal Of
Commerce announces that the re-
discount rate was advanced from 21a
to 31a percent Thursday as result
of the tightening of the money mar
ket chiefly by Withdrawals Of New
York balances by interior banks"
In spite OF the increased rate the
pressure continues and it is only
ques ton of time when Wall Street
will have to take action similar to
what the rest Of the country is nov
taking.
Small Depositors Must Fight.
Wall Street and its agents thru
out the country are trying to place
the burden of this latest phase of
the greatest economic crisis the world
has ever seen upon the shoulders of
all the rest Of the population. Tens
of thousands Of small business peop'a.
hundreds of thousands Of aged
people who depended for their live
lihood upon the savings they had
managed to scrape together in life
time Of toll, are now facing poverty
and starvation because the bankers
have gambled away their deposits.
There will swell the ranks Of work
ers and farmers in the March 4Jl
+ demonstrations today.
AS Karl Marx time and again said,
banking capital is most fictitious
capital. There is only six and
half billion in money in the United
States; this furnishes the basis of
over 46 billions in bank credits Of
various kinds.
In many states, including the big
industrial state Of Pennsylvania, pay
rolls cannot be met over the week
end and masses Of workers who have
been shaving for starvation rations
will be cut off even from that. 1t is
impossible for workers and others
who have money in the banks to
buy food, clothing, coal and other
necessities with checks because the
merchants refuse to accept them
only accepting cash. In many places
food is rotting because no money
can be got out Of it.
The twenty-four states already in
volved in the banking holiday" are
Michi0an, Idaho, Oklahoma, Ohio,
Mississippi, Tennessee, Minnesota.
Louisiana, Alabama, Maryland, Cali
fornia, Nevada, Pennsylvania, Indi~
ana, Arizona, Texas, Kentucky, Utah,
Arkansas, West Virginia, Oregon.
Wisconsin, New Mexico and Wash
ington, with banks in the District OF
Columbia also joining in the general
confession Of bankruptcy.
In all these states and in surround
ing states industrial paralysis is grow
ing; orders of all kinds in all indus
try are falling almost to the zero
point. Stocks are piled up on shelves
and in store houses all over the
country: there is enough Of sur
plus of wheat for more than one
year, including the average export
surplus-and yet men, women and
children face starvation.
Today, Inauguration day, there
must be such mighty mass demon
STATIONS that the capitalist bandits
will know that they open the ware
houses and permit the feeding Of
the starving millions in this coun-
try. 1t is the capitalist class and
only the capitalist class that is re-
sponsible for this mass starvation.
that holds the population in its grip.