Socialists Present Bank Plan to Roosevelt
Socialists Present Bank Plan to Roosevelt HlBquit and Thomas Have 40-Minute Interview with President Roosevelt in White House—For Publicly Opportunity to Examine Situation. (Sfrtcml to The Mtw...
...4—For the time being, solvent private banks may be allowed to operate provided that: For $12,000,000,000 Bond Issue, for Public Works, and for Real Relief...
...a) they are completely divorced from affiliates (b) they join the Federal Reserve System so that we have one uniform banking system Instead of one national and 48 state systems...
...Commercial banks are instruments of business and courses of credit...
...His attitude appeared to be, it was learned, that of a man sincerely seeking the opinions of others to aid him in meeting difficult problems, and he appeared anxious to get the point of view of the Socialist Party...
...c) under control of the Federal Reserve Board, theae banks guarantee deposits...
...This is by no means to be interpreted as implying that the class here spoken of as havirj trained minds and skilled expression are superior to the workers in any other respect than is thus indicated...
...Few people can lear: from the workers themselves just what is on their minds except by working with them in shop, factory, and mine, and by mingling with them in the bread-line and at the unemployment agencies and in their union halls...
...They will be at the home of their daughter, Mrs...
...2—All banks which have to be saved in this or any emergency, by loans or subsidies, should be considered to have lost their right to continue under private ownership...
...The indispensability of the intellectuals to the Socialist cause appears at this point...
...Granting that Dr...
...This Credit Board, will, among other things, have power to prevent on the interlocking directorates by which banks control ths industrial life of the community...
...The intellectual w/io ha* missed this twining is unfit, whatever his academic training, to undertake to interpret the cause of labor to workingmen and Incompetent to enlighten them on their problems...
...3—The Federal Reserve system should be completely socialised in control and outlook, but the twelve Federal Reserve Banks should be completely Owned by the government and their benefits extended to all parts of the country...
...Men who have had this twofold training can be of great service to the Socialist Party at this stage of its growth, If they have the vision and the passion which make the Socialist...
...Bella GoldMan, at Apartment SB, 282 Central Park West, from 1 to 6 p. m. on that day...
...But in general special academic training is necessary to enable a man to.glv his thought unity and coherence and effective expression...
...This preparedness to negotiate on an international basis is not to be found in the appeal of the Communist International, which contents itself with recommending negotiations in the various countries...
...The statement of the L.S.I., dated March 0th, reads in part as follows: White the Communist appeal leaves the door open for "maneuvers" and "exposures" of the kind which have become so familiar, it should not be overlooked that this appeal published under the preseure of events constitutes a first step forward, In that the offer of a united front, which hae up to the present been intended for the sole purpose of detaching Socialist* from their parties or trad* anions, now ex presses for the first time a readiness for negotiations between the parties as such en a bails of equality, proposes discussion* on "an agreement between the Communist and Social-Democratic Parties," and visualises the cessation of attacks upon tho Socialist organisations...
...Is there such a chasm between the two classes, is there such a disparity of interests that they cannot work together...
...Altogether their lot is more unbearable than is the lot of manual toilers...
...Intellectuals may join the party and work in it and with it through humanitarian motives, as Ruskin, Morris, and hundreds of fine spirits have done, because of the human misery they saw about them...
...Sympathy is a powerful influence with the best of mankind, and it may make potent workers...
...The Labor and Socialist International has always been ready to negotiate with the Communist International with a view to common action as soon as this body is also ready...
...Morris Berman, who have just returned from a tour of the world, announce that they will be pleased to meet their comrades and friends Saturday afternoon...
...They could stop such misdirections of credit as was evidenced in the Insull and Kreuger affairs and in By Prof...
...Sfrtcml to The Mtw Leader) ¦WASHINGTON.—Norman Thomas, late presidential can" didate of the Socialist Party, and Morris Hillquit, national chairman, had a 40-minute talk with President Roosevelt, March 14, seeking to persuade him that adequate hunger relief for the unemployed, and a six-billion dollar program of public works, together with a publicly-owned banking system, should be the immediate objects of his legislative drive...
...This bank should be administered under an appropriate board...
...The opposite has been accomplished by the recent act of Congress...
...And in truth not a few members of the working class have not only the native endowments requisite for labor leadership but by their own self-training have attained to logical and forceful articulation of their ideas...
...it is generally believed, however, that the document was predated and is in effect a reply to the tender of cooperation of the L.S.I., dated February 19th I printed in full in The New Leader two weeks ago...
...The President listened to the Socialists with keen interest and discussed several of the points of their plan with them...
...Robert T. Kerlin A Socialist Education Program INTELLECTUALS AND SOCIALISM I'll AT the Socialist Party must depend mainly upon wageworkers for its membership, for that majority of voters which it must achieve to gain power, is obvious and indisputable...
...One is that the benefits of the law extend largely to commercial banks and withhold similar protection from the savings banks...
...The Socialist Party proposes that the law be speedily amended in this essential paint...
...They argued that high wage levels are essential to any degree of economic recovery, and that this scheme would be made the pVetext for further degrading the standard of living of workers and unemployed alike...
...Our concern here Is with the question of how this third class may be of service to the Socialist cause in this conflict...
...We therefore feel it to be our duty to cal' upon the parties affiliated to the L.S.I, to hold their hands if possible and not to deal with Communist offers of this kind in the Individual countries until the Kxteutlv* of tho Labor and SoeiaUtt InUrnationali hat i*Hn*i itl attitude toward* thti new platform •/ the ComM*r%* BERMANS AT HOME Mr...
...For one I have a broader conception of the philosophy and the goal of Socialism than to make such an admission...
...The independent thinkers among them, those who possess initiative and originality, are no less the victims of the blacklist...
...Cities and states should be allowed to form publicly owned banks under proper regulation...
...To this end we propose: Publicly Owned Banking "1—The immediate establishment of a publicly owned banking system with segregated savings "The ownership of our banks by private individuals for their personal profit has proved a serious and standing menace to the welfare of the community...
...6—A Credit Board should be set up in alliance on one hand with a Federal Reserve Bank, and on the other, with a National Economic Council, to control the flow of credit...
...The following statement was issued by them on leaving the White House: • Prompt Action Approved "The Socialists are interested in the banking situation primarily an it affects business and, therefore, employment...
...Hughan's designation of Socialism as "the political movement of the working class'' '.» accurate (which is at least questionable, but granting the accuracy) it still may be asked if the benefits of the social •organization conceived by this working class and sought by it might not appeal also to brain-workers as universally desirable...
...Social ostracism falls upon them far,more devastatingly than it does upon individuals of the working class...
...It is these academically trained men we have in mind when we speak of intellectuals...
...At Last the First Big Step Towards Real Unity of Action Socialist International Calls Upon Affiliated Parties to Refrain From Action Until Executive Has Had Opportunity to Act...
...finances and business, and, above all, for the furtherance of needed social readjustments...
...In replying to the Moscow document the Administrative Committee of the L.S.I, asks that Individual parties refrain from entering into "United Front" agreements until the full Executive has hsd an opportunity to examine the situation and secure assurances from Moscow that such united action will be on the basis of mutual trust, not a mere Communist "maneuver...
...Intellectuals, disciplined in thinking, trained in reasoning, habituated to the effective formulation of ideas which are vaguely and mistily held in the minds of the workers...
...THE NEW LEADER last week printed a cablegram from Friedrich Adler, secretary of the Labor and Socialist International, summarizing a longer statement in reply to the appeal of the Communist International for unity of action in the battle against Fascism...
...The other objection is that the law is not forgoing enough...
...Savings banks are the props of the poor, the depositaries of their life's savings, often their sole reliance in adversity, sickness and old age...
...The banking system of the United States in all its forms should be speedily taken over by the government for the safety of the depositors, the soundness of national and commercial accounts of which the present Postal Savings Bank should be made the nucleus...
...They largely serve the better situated classes of the population and the rich...
...What the government has had to save, the government should keep...
...The interview of the two national leaders of American Socialism with the President had been requested by the National Executive Committee meeting in Indianapolis cm Saturday, and President Roosevelt readily agreed to meet them...
...They protested against his' scheme of enlisting a labor army of 200,000 or more of the unemployed, to be paid only $1 to $1.50 a day and board...
...The intellectuals, living as most of them do on salaries, dependent upon the arbitrary will of capitalist "authorities" (that la, beceee) for their "positions" (that is, jobs), have as abundant reasons as the wage-earners for revolt...
...It will readily be granted that the intellectualswriters, teachers, preachers, technicians, the educated, cultured, and professional classes generally—are indispensable to the party if there is to a forward movement in it, If there is to be effective campaigning, if there- is to be effective education in our philosophy, and if there is to be effective organization...
...It aims to take care of the present acute emergency but makes no provision against the continuance of the unhealthy conditions which have caused disaster and are bound to produce it again...
...Recent events have conclusively demonstrated that the management of currency and credit is a vital social and governmental function...
...From this point of view they approve the prompt action of President Roosevelt, which saved the country from a disastrous financial crisis and a corresponding increase in employment...
...The Moscow statement was dated January 22nd, before the accession of Hitler to power...
...There are two main lines of criticism which the Socialists direct against the new banking laws as established by the act of Congress, the proclamations of the President, and the rulings of the Secretary of the Treasury...
...Obvious as the truth may seem it needs to be asserted at this time and kept in mind always that thoro is a class struggle, and this class-struggle is between the wageworkers on the one hand end their capitalist bosses on the other, yet the numerous salaried intellectual class that belongs to neither of the conflicting classes mentioned may side and, if they act according to their interests, will side with the wage-earning class...
...Our thought must be directed earnestly to the agencies for making this appeal, for effecting this organization, and for initiating and carrying on this work of education...
...and Mrs...
...The Communist International thus approaches, the ugh very guardedly, the attitude embodied In the appeal of the Labor and Socialist International, which announced that: "In view of the tragic dangers with which they are faced, we call upo.i the (ierman workers, the workers of all countries, to cease their attacks upon each other and to join together in the fight against Fascism...
...As a natter of sound social policy the savings bank depositor should be protected in a larger measure than the owner of a commercial bank account...
...Such banks should be liquidated or absorbed into the public system as may seem wise...
...Past experience goes to show that such negotiations in individual countries may unfortunately only too easily be turned into maneuvers by the Communists, with the result that they help to poison the situation and increase the mistrust in the labor movement Instead of diminishing it...
...That to win these workers to the party by persistent appeal, by organization of them into unions, and by the education of them through these unions into the Socialist philosophy is the great immediate task of the Socialist Party is equally obvious and indisputable...
...While the law provide* means of bolstering up both assets and liquidity of the commercial banks at the expense of the government and the public, by enabling them to convert slow assets Into currency and providing them with additional capital by means of government investment in their preferred stocks, there is no corresponding relief for the savings banks and their depositors...
...They live in no less insecurity, anxiety, and fear...
Vol. 15 • March 1933 • No. 11
