The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-02-02
The SOC. Dollar->Wage Cuts
and War

ROOSEVELT TESTED yesterday about the deyslustiOu
of the dollar to 59.O6 cents. we arrived at it By
higher mathematics" he said.
But this kind of higher mathematics" which
Roosevelt finds so funny is fraught with menace to
the millions of toing workers and farmers who are
already suffering the effects Of hunger and misery
which the hve-year capitalist crisis has brought them
This kind of higher mathematics means slash
ing cut in the buying power OF every workers pay
yeope in the United States It means slash in the
real wages Of the entire income of the working class
It means that the workers pay envelope will bring
home less food less clothing 1t means that rents will
rise
But even more than that it means that the Roose-
welt government is launching the American masses
straight for the bloody carnage Of another perialist
war.
When Roosevelt signed the Gold Bill, issued his
proclamation fixing the new reduced gold content of
the dollar. and established an immense powerful
and secret Equalization Fund, he serving notice
that Wall Street Imperialism, for whom he Is acting,
is taking another lunge forward in bitter imitation
airy assault on the wages Of the American wage work
ers in order to give support to the brutality aggressive
Wall Street drive against its imperlaIis rivals in the
fierce currency war for foreign markets.
Roosevets new proclamation states this in I'M
mistakable terms 1t states bluntly that when the
foreign commerce is adversely affected by reason of
the depreciation of the currency of another country
sion of credit" when IAN expansion Of credit Is
necessary to secure by international agreement Stabili-
cation at proper levels" then Roosevelt wants the
power to cheaper the dollar still further.
This is a program of bold and determined infa-
ton. 1t very clearly contains threat to Britain that
Roosevelt is going to WELD the club Of inflauonary
cheapening Of the dollar to secure the proper levels
for the dollar This program makes it clear that Roose-
welt will not hesitate to drive the dollar plunging
downward through more imitation the trade war with
British imperialism demands it, 1t is program that
is leading to crueler cheapening of the buying
power of the masses and to the increasing menace of
war; as Roosevelt thrusts violently at the markets Of
British imperialism.
THE CAPITALIST PRESS seeks to conceal the brutal
inatonary character of Roosevets latest 5000 dol
lar They pretend to in it a forerunner OF "sta-
oIization" The Wall Street bankers, the New York
Times prominently features see return to a gold
Standard ETC. Actually Rooseves act Is exactly the
opposite. 1t is a further blow against any possible
remnants Of Sterilization Roosevelt is not establish
ing liked point Of dollar sterilization on gold basis
He is doing exactly the contrary He is proclaming
to British imperialism that American Wall Street I'm
pertalism will not tolerate any value of the dollar
above go cents And to British imperialism IL the
British bankers attempt to force it above that point
For as Roosevels Secretary of the Treasury grimly
boosted only the other day. the passage Of the Gold
Bill I'VE now have many blue chips for the game
as the other fellow"
And, Frank A Vanderlp, former President Of the
National City Bank, joyfuly hailed Roosevelts latest
financial move with the following sinister words:
THE twO-billion dollar Equalization Fund is As
desirable as the aircraft guns we are building
The respectable capitalist banker forgot to add
that the necessity for the ant-arcraft guns arises
precisely out OF the operations Of the Equalization
Fund, that it is the Equalization Fund that will even
tually have to be backed up by cannon and bombing
EIa 10
59O6 cents dollar is just much part of the grow
ing war program Of Roosevelt as the anti-aircraft
guns.
The 59o6 cents dollar is already sending the prices
OF commodities rising again. Cotton wheat corn etc
are rising. This will mean bitter hardships for the
masses, who must buy bread and clothing But it will
also mean. and has already meant new torrent of
profits for the speculative vutures on the Wall Street
Stock Exchange Profits are roaring again in wall
Street.
The 5906 cents dollar is sharp wage slash for
every worker who draws a pay envelope for every
worker who lives on cash relief for every impoverished
farmer who ekes out barren existence from the sale
Of his small crops
The latest Roosevelt infationary blow against the
masses and against British imperialism will not solve
the crisis for American capitalism 1t will instead in
tensify all the tangled contradictions all the snarled
ahVagohSms That characterize the present period of
the final end to all sterilization in world capitalism
Roosevelts intensified inflationary drive is only
AIDING another factor that is adding to the dsorgan-
zaon, to the deadly imperiast antagonisms that are
rushing the world to another imperiaist war
Higher wages, determined fight against rising
prices the transerence of the two billion Government
equalization Fund for the relief Of the iobless for
Unemployment Insurance the transference of the huge
government billions for the eva jobs at full wages
all these are the weapons that will smash the Roosevelt
5906 cents dollar and defeat the Roosevelt Wall Street
war drive, which is driving the masses deeper into
misery In order to protect the profits Of Wall Street
finance capital