The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-12-17
COughlin Fund Plan
Hides Wage Slash
BY MILTON HOWARD,
Continued from Page y

. Y SUbtItttSU J OUt wy -
ated the dollar to SO cents. The
dollar became cheap" in relation
to gold. Coughlin's objective had
been accomplished.
But what did this do to the work
ers who had listened to him in such
ardent faith? !.
1t slashed their buying power by
about twenty per cent! 1t cut a hole
in their pay envelopes through
which about one fifth Of their
weekly pay dropped through nm
seen!
For what was this magic plan of
Coughlin against the gold mas
ters?" It was the capitalist trick of
initiation to raise prices and in
crease profits!
The retail price of food Is now
rs per cent higher than it was last
{ year thanks to RoOsevelt's N.R.A.
and his devaluation program. And
it was this program which Cough
Coughlins plan while he was
ranting against the Wall Street
monopolies actually concealed an
attack upon the interest Of the
workers in. the interests of the
Wall Street monopolies!
What did this radical" plan
do to the owners OF gold in Wall
Street2 1t made them richer! Cold
is now more valuable to its owners
than at any time in the past
hundred years.
Ccughhn had promised the
workers that this 1oosening of
the dollar from gold" would give
them more buying power through
their getting more Of the cheap"
dollars.
But how many workers got more
dollars in their pay envelopes
after Roosevelt had devaIuated
the dollar7 Most workers had
their paid reduced. And even if
they stilI continued to get the
same number Of dollars every
week, they actually had become
poorer, since the same number of
dollars was now worth less in
goods!
So that today, every worker or
working class woman who feels
the tightening grip Of rising prices
at the food counters can thank
Father Conghiin as ope Of those
who helped bring about the de-
valuation OF the dollar that
brought it about.
New Currency
This is where Coughlin's ideas or
money have brought the worker.
today. Now he is going ahead with
his rev phase on money. Knowing
that his first ideas on deyelustior
have not given the workers single
dollar Of increased income, anC
that the workers are now rapidly
awakening from this Illusion as they
see their weekly pay dwindle il
buying power, Coughlin now has
Matched his latest idea of printing
ten billion dollars of new currency
without any intervention from the
bankers" and of sharing profits Of
industry" Both of these latest ideas
of Coughlin are nothing but tbs
continuation of his capitalist pro.
gram which began with the deva.
luation robbery last year. A short
examination will show this.
Suppose the government prints ter
billion dollars Of new currency, ther
what? Will this give workers any.
thing? On the contrary, it will b.
a gigantic robbery Of the Who'll,
working class, and a further con.
centration OF power in the hand
of the Wall Street. financial ciques
cat the present moment, certain
Wall Street groups are fearful o
such q scheme, not because it vii
be against their ultimate interests
but because they are afraid of tn,
risk it involves in arounsing socia
unrest."l
Concealed Wage Cut
How will these ten billion dollar
get into the hands Of the workers
The only answer that Coughlil
gives is that the Government vii
spend it in gigantic public work
program.
Very we'll, let us see what thi
means. There will be ten billiol
dollars OF new paper money in cir
culation. for which the workers vii
have built gigantic series Of pub
lie works Gust what, Coughlin doe
| not say. but let us remember tina