Montana labor news., 1937-09-02

60-year basis. The prospects for
their making even an existence in
come on competitive production, is
almost nil.
Legislation to permit the govern
ment to operate farms it acquires,
directly, or through farmer coopera-
tives or corporations under strict
government control, is essential to
protect share troopers and tenants.
Control of credit is an essential
government function, since credit
must be cheap, but limited to pro-
duction and consumption, and with
held from speculation.
On June 30th, 1886, there were
1903 banks in the United States,
with deposits of $58, 339, 815, 900.
On September 30th, 1896, the total
money in circulation outside of the
Treasury and Federal Reserve Banks
was $6,266, 739, 650-while hoardings
were estimated to amount to about
81, 000, 000, 900.
The National Industrial Conference
Board estimates that the total pri-
vate long term debt amounted in
1884 to $76,7 57, DOC, 900, upon which
the interest was $4,220,0 900 900, an
average of $40 per cent.
Giant Power seeks the cheapest
sources of power, and hence the
cheapest rates. 1t proposes to create,
as it were, a great pool of power into
which power from all sources will
be poured and out of which power
for all uses will be taken. Clifford
Pinchot.
Such a Giant Power System must
include as sources of pooled power,
the four competing natural resources,
coal, oil, water power and gas.
The National Resources Board
states:
known supplies of oil, natural
gas and certain of the metals are
sufficient, for, at most, only a few
decades. Even in coal mining the
life of certain districts producing our
finest Goals is limited to about IS
years at normal rates of production.
in oil and gas the wastes are
proverbial, at the present time in one
field, enough gas is being blown into
the air to supply all domestic con-
sumers in the United States. In
bituminous coal mining the avoid
able loss is placed at 20 per cent.
Such wastes are seldom the fault of
the individual operator who has
small choice under existing competi-
tive conditions" Regulation has
failed.
Lower costs of production are es-
sential to raise standards of living
for all. Power is a large item in costs
of production.
Cheapest power throughout the
nation can be secured only by hook
ing up the four widely distributed
sources in government ownership
and operation.
Government Cannot Regulate Steel
During the first nine months of
1886, the net profits of the U. S. Steel
Corporation were $29, 875, 900, COM
pared with a deficit of $4,241,000 for
the same period in 1885, while for
IA other major iron and steel COM
panies the net profits for the two
periods were $38, 900 and $16,428,-
000-an increase of 1895 per cent
this year.
The reported net worth of the U.
S. Steel Corporation on January LIST
this year was $1,564,3 5000, and of
the other IA concerns $1,250, 032 600
- together about So, 814 ,0O0, 900 -
largely representing ore and coal de-
posts, and rights of way.
The experience under the steel
code which was devised to give the
largest producers control, and the
opposition of the industry to unioni-
cation, show the futility of the gov
ernments efforts to regulate steel.
Textile workers are among the
poorest paid in industry--though tex
tile tariffs are VIGOROUSLY high-the
average wage is about $3.50 a week
while employed.
During the first nine months of
1886 the net profits of 8 large textile
and apparel companies was $7,172,00
IAN increase of CO.'S per cent over
that of the same period in 1885, be-
ing 1871 per cent upon net worth.