A Labor Plan for Inflation

...Eventually, the mortgagt was foreclosed, but Steward wat permitted to rent from the new { owner as long as his son held a job...

...The bargaining power of the workers would be increased to the point where they could successfully demand higher wages only if nearly all of those at present unemployed and destitute were again absorbed into industry so that there would be no danger of their acting as scabs...

...I know an honor student at New York University who never attended classes in one of his courses...

...I Lately, however ,the battle between j the U. C. L. and the iandlordit hat entered a new phase in which tat landlords, with the aid of eon* stables and the police, have taken the offensive...

...That is, they have had poured into them a vast accumulation of matter, factual and philosophic, supposedly the wisdom of the ages, which they proceed to forget as quickly as their poor, harrassed minds will permit...

...UER?, ladies and gentlemen, we have the crime de la crcme of the younger generation...

...Walter G. Bergman, professor at Detroit City College, was unanimously chosen for Mayor...

...This would make it easy for the Federal government to sell the bonds in order to get funds for temporarily subsidizing manufacturers required to pay a full week's wage for thirty hours per week...

...With its present stuck of gold the Federal Reserve hanks can even ww greatly expand tie currency through the issue of additional Federal Reserve notes...

...A larger volume of purchasing power would be pumped into industry and the legal ratio of gold behind the Federal Reserve notes, which constitute the largest part of our legal tender currency, would be reduced...

...the remainder of the security behind them consists of commercial paper, notes or drafts of business men or corporations discounted at the banks, and which then may be rediscounted by the banks at the Federal Reserve banks...

...135 W. 70th St., Sunday evening at 8. Charles Cusumano, technooiai, aiuI.J...

...With the exceptiou of the offspring of our super-brigands, they are now about to descend upon our glutted labor market...

...Illegally, the constablt and cops broke into Steward'l home, put out the furniture, and arrested him and the "reception committee," including William Eckel, jobless leader...

...But there's hardly any smug complacency left to sink back into...

...What's in Store for Them...

...Period.- of rising prices an periods of comparati\el)' plentiful employment, and pe nods of declining prices :ire periods nt unemployment...

...Tht nominees for City Council art...

...Many of these families were once home owners...

...These notes are legal tender and constitute the largest part of the currency in the shape pf bills of five dollars or larger denominations...

...they should be encouraged and cherished by any institution of learning worthy of its name...

...The Effect The effect of such a policy would be as follows: Purchasing power would be greatly increased because more people would be employed with reduction in the hours of labor and with no reduction in weekly wages...

...That was revealad...

...dends...

...With the rise in prices the owners of industry could afford to pay the higher wages without continuation of government subsidy, which could therefore be gradually tapered off...

...The speaking campaign is already under way...

...Also there is very genuine danger that wages would hardly increase at all...

...In prupo-ing an alternative labor policy foi inflation we should considei how we got into the depression...

...will be debated at the Inge*"1 soli Forum at the Pythian Temple...

...Look well at them...

...Yet the total payroll in manufacturing went up by only 7 per cent...

...Thus the banks could subscribe to the bonds without reducing their ability to finance industry or depleting their cash reserves...

...Every worker interested is seeing the Socialist Party enter, the local election should get is touch with Arthur Kent, county organizer, at 125 East Forest Ave...

...Meanwhile Branch 3 of the U. C. L. with the aid of the Socialist party i» holding meetings several time* weekly in front of the emptied home and is winning strong support from the neighborhood...

...Stanley Kot* lowski, business manager of Tht Polish Worker, and Arthur Rubin* stein...

...The story of James Steward, a ! Negro worker, is a case in point...

...in a study made public by the Philadelphia Housing Association...

...view uf purchasing power both of winkers' wages and of doles received by unemployed so far as the latter are paid in money...

...Monday, Friday, and Saturday evenings at Nardin Park...

...Even if inflation proved so successful that the 1929 level of output could be reached there would still be left a reserve of about four millions of unemployed to be drawn upon to act as strikebreakers when needed by employers...

...Soporific professors lecture to wholesale batches of young people who might have done better by themselves if they had bought a book and read it...

...quent...

...The very lucky ones, those who have degrees from Barnard or Columbia at least, may get jobs at Macy's...

...PROF...

...But experts tell us that the invention of new labor-displacing devices and new machinery has continued despite the depression, so that on an average manufacturing industries could today turn out as much as they produced in 1929 with the labor of several million fewer workers than were employed in manufacturing in that year...

...The government [could then subsidize such employers by a monthly subsidy gradually tapering off...

...Steward appealed to some So* ; cialist party members who secured the aid of Branch 3 of the U. C. L. A mass 'meeting was attempted, but policemen with clubs swinging dispersed it...

...For the argument that they would tend to increase as a result of inflation overlooks entirely the effects of technological unemployment...

...It is perfectly clear therefore that the inflationary proposals of the President arc almost certain to be disastrous from the point of A Plan Proposed by Which Purchasing Power May Be Increased Without Penalizing the Workers...

...But with more men hired the bargaining power of the work ers would tend to be increased and they would be likely to demand higher pay...

...Monday and Wednesday evening...

...Of course the employers will complain that they cannot possibly pay forty-eight hours' wages for only thirty hours' work...

...So an increase in wages would probably follow an increase in prices...

...To get these names on the ballot, 12,500 signatures of citizew must be secured for each, a task that demands the fullest cooperation of every comrade and sympathizer...

...Many factors doubtless contubuted, but the inadequacy of the purchasing power of the workers' wages was easily the most imjiortant^ single factor...

...With more than 40 trained speakers at its service, the Socialist Party will follow this schedule in June: Sunday and Tuesday evenings at Lodge Park...

...T. Kewish, individualist, will thresh out the subject...

...Appalled at the frightful waste of time and energy, aware that they are totally unprepared for life or living, their mild protests are met with expulsion...

...Dorothy Chalk, school teacher...

...After that rent bills piled up, and the constable served an eviction , notice...

...An Interesting Index The federal government census of manufacturers every two years has an index number of physical productivity, This figure shows that we produced on an average in 1929 in manufacturing industries 38 per cent more actual physical goods than were produced in 1919...

...The colleges and universities, most of which are great go-getter institutions, have prepared them for a great go-getter world...

...With increased profits manufacturers would be less likely to resist such demands...

...Rediscounting By giving the bonds rediscount privileges banks subscribing could rediscount them at the Federal Reserve banks, receiving legal tender Federal Reserve notes in return...

...That means that banks have loaned money to business men or corporations taking their notes as security and then have borrowed money from the Federal Reserve banks by turning over these notes to the Federal Reserve banks...

...Francis King, engineer...

...There's hardly a college senior who hasn't been mulling this over in his mind for a long time...

...More than 28,000 families suffer the keen discomfort of being obliged to double up with frieada and relatives...

...He always got an A. And the students who don't eonform, who are doing some independent thinking, who refuse to bow down to the wisdom of the old, are punished...

...The Unemployed Citizens* League has halted 1400 evictions by holding mass meetings in front of the threatened tenants' home .and frightening away the constable...

...Instead of the Federal Reserve notes being backed in part by commercial paper and 40 per cent by gold, Congress could provide that they should be backed in part by government bonds...

...Furthermore, there is nothing sacred about the 40 per cent reserve of gold behind the F'ederal Reserve notes...

...It does not require an expert to see that in the long run you cannot sell .')8 per cent more goods to people with only 7 per cent pay on a price r-basis satisfactory to the owners of industry...

...Alas, they will find out, and most of them a 1ready know that they are all dressed up and no place to go...

...We've had occasion to talk to students from almost all the colleges in the east and all of them are terrified...

...A labor policy for inflation should begin by insisting that the reduction in the hours of labor to thirty a week should not be accompanied by any reduction in pay...

...Manufacturer- buy raw mate rial several months be Ion th< v , sell then tini-hed product...

...They are college graduates...

...The subsidy might also be made to depend on the willingness of the owners of industry to recognize unions among their workers and enter into collective agreements with such unions...

...Something different is surely ((lining, for this is a very, very different world from what it ever has been...

...SOCIALISTS IN BATTLE FOR WORKERS' HOMES PHILADELPHIA Homes Oat are empty and homes that art toe full stand side by side in Philadelphia...

...With tinprospect manufacturers might reasonably lie expected to m crease production and to lure j more nun...

...New evictions are becoming fre...

...They are the leaven in the soggy lump...

...Back of these Federal Reserve notes under the present law there must be a minimum gold reserve of 40 per cent...

...But it's a poor rickety, tumbling world at best, and the average college senior knows it...

...degree doesn't go very far...

...That's what we used to get from Muzzey at Columbia in the political history class...

...At a tremendous financial expense to their communities and to their parents they have received a higher education...

...and in the meantime the present pitifully inadequate wages would be still more inadequate...

...Debate on Planned Societf "la a Planned Society InevitJ ble...

...He knows that of the students who graduated within the last four years only the meagerest percentage have found any sort of employment...

...At the end of the term he'd read a book for the examination...

...BERGMAN RUNS FOR DETROIT MAYOR DETROIT.—The Socialist Party will enter candidates in the "nonpartisan" city election in the fall...

...Tuesday, Thursday, and Saturday evenings at Perrien Park...

...I he administration accordingly l>< licves that »itIi ,i period of us- , mg prices due to inflation more men would lie hired...

...Willi a jieriod "1 ri-ing prices due Ui inflate n they can reasonably expect to "-ell tin ir prodtit 1 oil a highe general price le\el than that at which they buy then raw material, and thus they can make an inflation "profit in addition to a manufacturing profit...

...Axel Londal, an architect, was named for city clerk...

...Monday, and Friday evenings at Clark...

...A Hunter or C.C.N.Y...

...In fact that's precisely what some professors do year after...

...This knowledge has hit not only the materialistic pre professional student, but also the sentimental highminded student who was interested only in drinking at the fountain of culture...

...Perhaps the time is coming when they will have something to say and will say it effectively, dynamically...

...They write the book first and then their teaching consists of reading from the book...

...The fortunes of society have become an intensely personal matter...

...John Panzner, sheet-metal worker...

...And what agony it was, particularly if you sat far back ih the huge room, really a small auditorium, where you would get just enough of his even drone to put you to sleep...

...The Socialist party legal eon* mittee is seeking the arrest of the constable and several policemen for illegal entry and trespass...

...This would mean that the Federal Reserve banks would buy such bonds from the government or from the banks or individuals who had bought them from the government, and could then issue legal tender Federal Reserve notes in payment...

...This subsidy would undoubtedly require a very large sum which the government could secure by issuing bonds and giving them a rediscount privilege or by requiring the Federal Reserve banks to buy the bonds and pay for them in Federal Reserve notes secured in part by the government bonds...

...The Fly in the Ointment The fly in the ointment in this Utopia is that wages would increase some time after prices...

...In this state alone, 18,000 sweet girl graduates and bright young men will for a while go through the motions of peddling their diplomas—the only thing of any value at all that their college training has given them—to any bidder...

...Congress could make the reserve requirements 30 per cent or 25 per cent or even 20 per cent, the balance of the security behind such notes to consist of government bonds or commercial paper...

...By Gertrude Weil Klein Here Come the Graduates...

...College rebels of previous generations have sunk back into smug complacency after a few yeara...

...And they are made the pariah,' the outcasts...

...But within the cloistered walls all goes on in its same musty manner...

...They are shaken out of the complacent belief that the fortunes of society are no possible concern of theirs...

...For twenty years Steward worked for the Pennsylvania railroad, hU | had bought a home and had almost paid off the mortgage when hit jet was sacrificed to stockholders' divi...

...A rise in prices would result from increased workers' demands and from the inflationary factor of increasing the amount of legal tender currency...

...at Pingree Park...

...J Present wages would of course become even more inadequate than they are now due to increases in prices...

...In this way a definite specified amount of inflation could be accomplished...