The daily worker., 1934-10-23
PARLEY OF F|NANC|ERS
SET TO PRESS FURTHER
ATTACKS ON WORKERS
Roosevelt to Report TO
" all Street Men at
TomOrrow's Session
By Seymour Waldman

w AoIl11NG OIN, u. u, VI =
22.-Fortified by President
Roosevelt's Sept. 80 "fireside"
radio talk in which, for the
first time in his presidential
career. he openly acceded to the
ultimatum Of the dominant indus
trialists and bankers by stressing
the capitalist virtues of individual
initiative" and fair profit" the
3,OOo-odd bankers assembled in the
Willard Hotel here for their sixtisth
annual convention are set to make
q love fest of the New Deals de-
cisive open turn to the right.
President Roosevelt. in his speech
Wednesday night to the bankers at
Constitution Hall. is exDected to
reiterate his administrations con-
cern over profits and to repeat
generslizations on "the public in
terest" and humanity"
Francis Marion Law, president OF
the American Bankers Assccia ton.
and president of the First National
Bank Of Houston. Texas, announces
to the press last night and to5sv
that the BANKERS Of fhe country
are convinced that the Roosevelt
governments attitude towards them
is cooperative. He said. business
men are encouraged BY the "reee-
su1ances' in Roosevelt's Sept so
radio talk
Fight Against Social Insurance
Il think that one statement CSept.
30) the President made did more
to reaSsure business than any state
ment he has made" Law remarked.
He indicated that his annual re-
port, to be delivered tomorrow
morning, will place the banking
fraternity's cordial endorsement on
the Roosevelt administrator So
cial and economic policies.
Other bankers made no secret Of
the fact that Law and other big
wigs, using the New Deals dema-
gogic gestures in the direction Of
the national interest, the greatest
good for the greatest number and
so on and so forth, will sound the
slogan. Balance the budget" along
the lines of the anti-labor English
Tory Ramsay Macdonald National
ist Government. In other words,
this bankers convention will mcst
likely launch rev offensive
against workers and farmers. espe-
cially against their intensifying- CAM
paign for genuine unemployment
insurance and for adsuuste relief.
two of the most important planks
in the election platform Of the Com
munist Party.
Today's headlines in the Wash
ington Post. owned and operated by
Eugene Meyer. Wall Street banker
and Hocver's Governor of the Fed
eral Reserve Board, reflect the
optimism which pervadeS the lux
urious conference rooms of the
Willard Hotel. ~. S. Bankers
gathc- in capital. with hope pinned
on Roosevelt" Presidents speech
is waited eagerly" New deal shift
cheers dnanciers."
Bankers and Roosevelt Agree
The Liberal Washington News. en-
thusiaStic hacker of the New Deal
and Cauital organ of the Scripps-
Howard chain, heedfned: Bank
err President urges cooperation"
Settlement friendly to administra-
ton is issued by Law.
In predicting that this conven-
ton viii prove constructive" in
bringing recovery" Law made it
clear that the bankers as body.
despite the presence of a good NUM-
! ter who want an open machine gun
policy rather than machine gun
/ policy adorned with demagogy, are
perfeetly willing to mouthe all the
phrases about "hunsnitarianism.'
| Decloring that the President does
not have it in for the bankers
nor the bankers for the President,
L,s- added that liberal business pol
icies must GO tc5cther with HUI
manit2rianism in line with the
New Deals. social reforms. Pro-
tected by the recent open admission
by the Roosevelt administration that
lit Is oopoeed to genuine unemploy-
ment insurance fo- the many MIL
/ liens Of unemployed and by the ma
| ticnsl effort to cut down relief pay
mont5 despite increasing need for
/ sroh payments. Law declared that,
Broad. liosral business doctrine
and raticnal huns nit2rian!sm must
20 hand in hand"
Wort Sreak on Insurance
Your correspondent asked Law
shis morning to comment on the
residents recent announcement