The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-01-12
Moneyed Interests Felt Action
Was Breach Of Govern.
ment's Integrity
BUT APATHY IS DECREASING
NRA and eva Are Making
Fasteners See Situation
From Different Angle
This Is the ninth Of II articles
on America Under the Blue
BY WILLIS THORNTON

Eagle"
By WILLIS THORNTON
Springfield. Mass, Jan. IL. - You
travel the country over. You hea,
much said about money. But YOU
never hear q word about the moral
aspect Of going off the gold standard
until you get to New England.
Here the governments reputation
Of its promise to pay In gold was q
profound shock, not only to readers OF
the Boston Transcript, who write in
dignantly that there are such things
q honor and honesty" but to almost
everyone Of any substance.
Bankers tell you Of this initial
shock, the trenlors from which still
can be felt, months afterward. Then
they tell you that it began to subside
a. soon as people found that as a
practical matter Of their daily life It
made little or no difference.
Savings ct High Mark
It IS not for nothing that New Eng
land Is insurance and mutual savings
bank headquarters for the nation
Mutual savings bank deposits in Mas
sachusetts are almost as high as they
were In 1929. and never declined much
even during the banking holiday.
In Springfield they amount to an
average Of $553.53 for every man
woman and child In the city. So
money is important here in . way
that 1t Is not important In Fort
Worth, Texas. for example, and the
distrust Of monetary tinkering is seen
plainly on every hand.
When the Boston Chamber Of
Commerce vigorously demanded
an end TO "the deliberate debase-
ment Of our currency" It spoke
for most Of New England.
Many bankers hereabouts re-
gard the unstable dollar - "the
reputation Of . solemn pledge"
and - stain on our national
honor"
A group Of Yale economists re-
Gently protested present policies in
the gravest terms, saying that only q
return to gold and stability can save
us.
Fears Mostly Imaginary
Yet q well-known banker here con-
fessed to me that II people didn't
keep up with world events In the
newspapers, they never would know
the difference in the practical use Of
their money.
Further, New England was left
pretty much out in the cold when the
government began dishing out money
this summer and fall. Since her
farms are not dominant, the wheat
cotton. corn-hog, and all such larges-
ses were unavailing.
Not until the CWA money began
to fall did New England notice the
stimulus. And then 1t felt 1t immed-
lately.
1.-THE checks came in to us immed-
lately on the first pay day." banker
told me. First from groceries, then
from department stores.
Costly, but Profitable
"Of course, It's costly to the gov
eminent, but It's the right thing.
Here we are getting things done with
CWA labor that we would have had
to do later anyway-we had . plan
ready"
Until CWA came along, MIRA was
the dominant influence Of the New
Deal In New England. And its influ-
ence was strong. The New England
Council. perhaps the most far-sighted
regional planning board In the coun-
try, showed by q QUESTIONABLE that
N2A had increased employment 20.6
per cent. payrolls 20 per cent. and
hourly wage rates 20 per cent
throughout New England.
OF 400 firms which replied to the
QUESTIONABLE, only l76 said they had
had no need Of new credit, while l2a
admitted they had sought it. And OF
those, 20 per cent had been refused.
Gain IN Springfield
Springfield Is . steady town in
employment, most Of the workers be-
ing highly skilled. Yet employment
here mounted Is follows: January
2s,867; March, 27.086: June. 3o.824:
and September. $500. Payrolls al
most doubled from the low In March,
careful figures Of the Chamber Of
Commerce indicate.
Yet even here, In . town Of highly
skilled workers, there have been labor
disturbances. Pocketbook makers
electrical workers at the Westing-
house plant, bakers and truck driv-
ers have been on strike at different
times.
Great progress has been made
In organizing workers here. The
Central Labor Union reports
membership Of between 1900
and 1900. practically doubled
since NRA went IN effect.
Jurisdiction Disputed
Considerable friction has develop
ed here In the chartering Of new fed
eral unions, q dozen or more Of which
1~o~,A .aanAlvAA N14ay,kare ak111aA S1aA.