The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-12-11
They SUPPORT Initiation

TCDAYS newspapers contain three items Of great in
terest as regards to Rooseyets initiation policies.
The National Association Of Manufacturers, the
most powerful group Of Wall Street Industrial monopo
lies and Wall Street industrial barons, adopted reso-
luton approving Rooseyelts wise adjustment Of the
mo1tary standard Of the United States"
Second, the largest Wall Street banks C1d not dis
play any hesitation over Roosevets money policy by
oversube~hn~ the government loan of S950OoOO00 by
three times The biggest Wall Street banks thus, in
dictated that they feel that their investments are safe
in Roozevelt's hands
And third, survey Of tins country's retail and
wholesale merchants just made by the Fairchilds Pub
LEGATIONS Inc Indicates that the majority Of the
ys merchants are in favor of another form Of
initiation,
And it is no secret that the most powerful Wall
street banking houses the powerful masters of finance
capital P. Morgan are behind Roosevets initiation
program.
So here We have finance capital, Wall Street
monopoly, industrial capital, merchant capital, all in
favor of Roosevelt's initiation policy.
These items confirm completely the analysis made
in the Saturday issue Of the Daily Worker by Milton
Howard as to the ye character of the opposition" of
Wall Street to Roosevets initiation program.
ALL this evidence knocks into cooked hat the Cough
"A lin barney and the Smith baloney about fight be
tween Roosevelt and Wall Street over initiation. Both
Of these gentlemen only the cheap Office boys hired
by the Zig Wall Street masters to put little circus
for the masses to divert their attention from the funda
mental fact that Roosevelt through initiation is carry
ing out the dictates Of the hated Wall Street financial
oligarchy.
True there has been difference Of opinion among
these Wall Street nagnates particularly among the
finance capitalists like Morgan and the investment
bankers like Kuhn Loeb & Co.. on the precise point
where to stop the '~flation process
The resolution OF the Wall Street industrialists
passed yesterday at the National Association Of Manu-
facturers gives insight to just what the argu-
ment among the Wall Street capitalists really about
The resolution approves Roosevets initiation up to
now but rs fearful that 1t may rh out of control
therefore, urges Roosevelt to establish stabilized
value for the doar-but reduced gold basis They
merely Roosevelt to stop the nfationary plunge
"as soon as developments permit"
But the initiation itself they consider "wise!"
This support Of initiation in one form or another
is typical of the whole tribe of so-called "Tory" o-
ponents of the liberal Roosevelt. From Professor
Sprague to the Wall Street banker warburg they all
actually are in support of Roosevelt's fundamental
policy of increasing Wall Street monopoly profit at the
expense Of the Masses through form of monetary
Initiation.
All that they differ about is where to drive the in
flationary knife and how to twist it.
But that the inflationary Knife should be driven,
they have not the slightest disagreement The support
Of Morgan the support of the Wall Street industraists
Of the National Manufacturers the support of the
Wall Street banks and the merchants leaves no doubt
about that
This open support Of the Roosevelt inf1ationary
drive against the by the most powerful sections
Of Wall Street finance and industrial capital should
dispose of the illusion that Roosevelt through initiation
is supporting the forgotten man against the exploit
tation Of the Wall Street rulers.