The Daily Worker Newspaper, March 28, 1933, Page 3

<< ~~ bas a} and monetary crisis, (OVERNMENT FAILS IN ATTEMPT TO OBTAIN ENOUGH GOLD TO LIFT EMBARGO ON FOREIGN SHIPMENTS Washington Maintains Silence on Reopened Banks Being Forced to Close Again WASHINGTON, March 27.—Treasury officials and their “advisers”, which include House of Morgan partners, are try- ing to develop some action that may enable the United States to resume shipments of gold internationally. No attempt will be made in the immediate future to relax the domestic em- bargo on gold. ? Face International Problem. What bothers the govern- approximately seven and a half bil- lion dollars, much of which is de- finitely lost to depositors. The clos- ment is the problem of how to prepare to raise the embargo on in- ternational gold transactions. There has been gold shipped from the Uni- ted States since the monetary system was knocked off the gold standard by the financial crash early this month, But these. shipments have been exclusively gold that was ear- marked (held for foreign govern- ments) before the crash, Since March 6th, there have been no regular gold exports because of the embargo on such shipments. In spite of all talk about “re- stored confidence” that followed the bank act of the Roosevelt adminis- tration, and the threats of publica- tion of names and prosecution of “hoarders,” the drive to build up a big gold reserve has thus far failed. Federal reserve notes (the old kind) must be backed by not less than 40 per cent gold and 60 per cent eligi- ble commercial paper. The gold stock is not sufficiently above the minimum requirements to enable the govern- ment to lift the embargo on foreign shipments of gold. At the same time other powers, particularly England and France, are striving to prevent shipments of gold from other countries to the United States. England, for instance, has increased tremendously its total gold holdings since the dollar fell off the standard and now has on hand gold reserves greater than in any previous year in its history, except the year 1928. Industrial production in all lines still sinks to lower levels. Steel pro- duction is down to its lowest level. Carloadings are down; automobile production has suffered the most de- vastating decline. Purchasing power of the masses is at the lowest point per capita in history. All this shows the impossibility of the capitalist class finding a purely economic way out of its crisis. Suppress Fasis of Bank Wrecks, For a few days after the bank “holiday” ended there were regular statements on the number of banks reopening in the country. But, when a number of banks that had opened were forced to close again, the gov- ernment became very vague and in- definite about the situation. It is estimated that no less than one-sixth of all deposits are still tied up in banks that have been wrecked on the financial rocks. This means that there are tied up ing of banks that had reopened, in- creases the amount tied up. As long as this condition exists there can be no hope of relaxation of the gold embargo. Renew Fight to Kill Vet Protests Vicious AY.A. Attack; Vets Plan New March CHATTANOOGA, Tenn., Mar. 27.— In an effort to smash the mass pro- test movement among the veterans against the drastic cuts in benefits being put through by the. Roosevelt. government, the American Veterans’ Association, an organization of well- to-do veterans which has been lead- ing the fight against the rank and file, has issued a statement declaring it would continue its campaign to prevent the ex-servicemen from get- ting their rights, The statement practically declares that the organization thinks the Roosevelt economy bill does not go far enough. “We believe,” it states, “that the fight for the elimination of unde- served awards to so-called veterans has only just begun, and that our association must count on the si port of all patriotic and unselfish ex- servicemen in apprehending and in- validating all future attempts at Treasury raiding on the part of the veterans organized minorities.” By “organized minorities,” the A. .A. means such a united front group as the Veterans National Liaison Commistee, which represents the sentiments of the overwhelming ma- jority of the veterans. The Liaison Committee is calling for the organi- zation of committees of action in all veterans’ organizations to fight for relief and to rally the broadest mas- ses of vets for a march to Washing- ton. The vets will assemble in Wash- ington, May 12 and demand from Congress the immediate stopping of the cuts and peyment of the bonus. Veterans in Oregon and California are already on the move and conting- ents are planning to leave from all parts of the country, determined to put up a stiff to protect their living standards, 10 TIMES AS MUCH TO BANKS AS 10 RELIEF FROM FEDERAL LOANS WASHINGTON, Mar. 27.—The monthly summary of the Reconstruc- tion Finance Corporation shows that up to March 21, total loans made were more than two billion dollars. The corporation has been operating just one year. Helped Banks and Railroads. Loans to banks, railroads, insurance companies and similar institutions total $2,045,466,263, of which $1,225,~ 105,613 was for the banks and $3! 885,015 for railroads. Up to to the close of business on March 21 the corporation had made $232,030,564 available to forty states and two territories for alleged relief purposes, Much of this was used in the famous “public works” racket, which aids contractors, owners of surplus road building material, etc. Illinois received the largest amount of state loans, because of the action of the R. F. C. in enabling the city of Chicago to maintain its relief system. A threatened cut in relief there re- sulted in such mass demonstrations that a special appeal was made by the city authorities and state author- ities for aid from the Reconstruction Finance Corporation. Pennsylvania was the second largest beneficiary. get the your SUBSCRIBE yourself and tel Daily workers |to read Wo: DAILY WORKER, NEW YORK, TUESDAY, MARCH News Flash WEST FRANKFORT, IIL, | March 27.—One miner, John Ward, was killed and two, wounded by gurgnen today fol-| lowing a decision to picket the mines in the Franklin county coal field. All are members of | the Progressive Miners. After | the attack the thugs made their escape in an automobile. Three miners were wounded | Saturday at Eldorado, Hl., in a struggle with the U.M. leadership. Hundreds are being depu- tized and armed officers, hired by the operators, have been or- dered to prevent all picketing. TO CALL GENERAL: FOLTIS STRIKE Contempt of Court| Order Withdrawn NEW YORK—Over 300 workers thronged the Manhattan Lyceum, at} 66 E. 4th St., on Friday evening in answer to the application for an in- junction made by the Foltis-Fischer company a few days ago. The hear- ing the injunction came up yesterday in court. The attorneys for the Food Work- ers Industrial Union were notified a few days ago that the company had withdrawn its application for a Con- tempt of Court order against the Union and the Foltis-Fischer strikers. This victory has inspired the strikers and the workers generally to in- tensify the fight against the injunc- tion and for the winning of the strike. It is expected that within a few days the Foltis-Fischer Strike Com- mittee and the Cafeteria Department of the Food Workers Industrial Union will declare a general strike in all) the Foltis-Fischer cafeterias. Four- teen of the nineteen cafeterias have already been struck to-date. 600 VOTE STRIKE AGAINST R.F.C. WHEELING, W. Va., March 27. — Six hundred workers at a mass meet~ ing today voted to strike against a twenty-five per cent wage cut on a Reconstruction Finance Corporation project. 28, 1933 Seamen on Beach Ready for Action to Force Relief | Call on All Workers to Join in Two) Demonstrations Tomorrow NEW YORK.—With two mass demonstrations called by the Water- | front Unemployed Council for Wednesday at 12 noon at West and 18th Streets and the other at South and Whitehall Streets, the jobless seamen and other marine workers of this port are bringing to the front the role of Page «nw News Briefss|HILLY DECISION COOKED UP TO SCARE BIG RED VOTE GAIN IN WISCONSIN KENOSHA, Wis.—A strong vote was received by Communist candi- dates for the Common Council in the primary election just held. Rirmani, 4/; Karl Gerlach, Joseph Zabritski, 408. 552; This is a big increase over the last | election when Foster received 150 votes in the city proper. RED VOTE GAINS IN DULUTH, SUPERIOR DULUTH, Minn.—In the primary elections last Saturday, Tom Foley, Communist candidate for City Com- missioner, received 1,021 votes, and Julius Cogan, Communist candidate for Mayor, received 626 votes. Both represent a big increase over the Communist vote in the November elections, which was 282 for Foster Peter} ; CITY WIDE FIGHT IS ANSWER ‘TOILER Prepare Mass Picketing and Meets Through Bronx, Brownsville BULLETIN. Reports coming inte the “Daily” indicate a sweeping mass campaign already underway to stop the police attacks on picket lines and arrests | stimulated by Hilly’s decision “outlawing strikes.” NEW YORK.—Corporation Counsel Hilly’s decision “out- lawing” rent strikes and picketing is nothing but an opinion cooked up for the landlords to encourage the police to be more aggressive in attacking workers fighting high rents, to fright- en and demoralize tenants, in the hope that they will not take | strike action, and to lay the basis ¢————— aoe : |for making such law legal j that this new tacti the landlords | The International Labor Defense | is an expression of their panicky fear of the militant strike actions of ten- all the hypocritical “relief” institutions of the shipping bosses. Friday afternoon, 200 backed up the demands of a jobless committee on the Seamen's Church Institute for added relief and against throwing off men now receiving the meggre relief. The meeting was held in front of the Institute and a com- mittee elected to proceed to the of- fices of lawyer Haight, head of the so-called “Emergency Committee.” Haight’s son received the committee and alternately bulldozed them and } pleaded “no funds.” The committee held @ meeting yesterday afternoon to report to the seamen in the In- stitute. Saturday a committee forced the reinstatement of 10 men thrown off of relief by the officials. The insti- tute has several million dollars in its treasury, but keeps seamen out in the street while there are empty beds. Yesterday a committee of jobless seamen made demands upon the offi- cials of the Seamen’s House, 20th and West Streets for free beds, clothing and meals. The committee presented the demand of jobless seamen for the opening of 399 West Street, a builaina owned by the “Y” and for sale. There are 100 mattresses and 25 beds in this building at present. A committee of Finnish seamen are going to the Seamen's Church Institute for presentation of the de- mands of 300 jobless Finnish sailors in this port. They have been refused relief by their consul and driven away from his office by the police. * NEW YORK.—Harry Jackson, port organizer of the Marine Workers In- dustrial Union, received a suspended seritence in magistrate’s court yester- day morning on charges of “parad- ing without a permit.” The arrest of Jackson came about because he was leading the picket line of seamen who marched in front of the German shipping companies’ offices last Fri- day, protesting the Hitler attacks upon the German marine workers. SEND 5,000 HAVERHILL SHOE WORKERS BACK TO A WAGE CUT Members Told “Top Prices” to Prevail; Rank and File Opposition Exposes This as Lie HAVERHILL, Mass., March 27—Another betrayal agreement on the | eanch, lines of the settlements made in the case of the Lynn and Boston shoe strikers was engineered here Saturday by the officials of the Shoe Workers’ Protective Union when 5,000 shoe strikers in 57 shops returned to work after a strike lasting nearly three weeks for wage increases. the agreement the workers return in the belief that they will receive “top” prices for all operations, that is, that the low-priced shops will bring wages up to the level of the high priced shops, At the same time they have been told, an investigation of prices for the different grades of shoes will be undertaken jointly by Kelleher for the Union and Cooper for the manu- facturers, to settle the question of in- creases, Actually No Wage Settlement. Actually this sends the workers back on the plan of deferred prices, referring the question of wage in- creases to a committee. In Lynn and Boston, officials of the National Shoe Workers Association maneouvered a similar betrayal when the workers re- By terms of turned at the wage scales existing prior to the strike and the question of increases was referred to the state board of arbitration. In order to avoid discussieg the Protective officials called a meeting Saturday at which a musical program was arranged and only an announce- ment of those shops returning was made. The rank and file opposition demanded an explanation of the terms of settlement and exposed the plan before the workers while the crowd cheered its approval of the op~ position, A leaflet issued by the rank and file opposition calls upon the workers to watch their pay en- velopes and to prepare to strike again if no increases are forthcoming. [STRIKE WON ON A NAZI STEAMER DefeatGerman Consul; Oust Nazi Cook nama flag, against low wages, rotten food and abusive treatment by of- ficers, was won here under the lead- ership of members of the Marine Workers’ Industrial Union and the Workers. All demands of the (crew were granted before the ship sailed, in- cluding a demand for the removal of a Nazi cook who was especially abus- ive. 13 members of the crew who had been arrested by New Orleans | police during the strike were also re- leased. Efforts of the German consul to pay off the crew and get rid of them were defeated by the solidarity and determination of the workers. The International of |Seamen {and Harbor workers will rally to the sup- port of these workers in Europe and Germany to prevent any attempt to victimize them because of their mil- itant action, Nazi Thugs Put on German Ships Here NEW YORK.—The S.S. New York, of the American Hamburg Line has put all Nazi thugs in the steward’s departments. A Jewish passenger, Lowenstein, third class was beaten by a Nazi bedroom steward, accord- ing to information received by the Marine Workers Industrial Union. It is also reported that the sailors on deck and the black gang are resist- ing any attempts to replace them with Nazi. The German ship companys report 55 cancellations due to sailors picket- ing their offices. Independent Marine Union Men Demand Their Officials Act NEW YORK. — Twelve rank and file members of the Associated Marine Workers, an independent union of towboatmen in this harbor, have ad- dressed an open letter to their sec- | retary Maher on the question-of the agreement with the towboat bosses. The agreement expires on May Ist. The letter charges the officials have not carried out any meetings with the membership in preparation for beating back any attempt to lower the scale, They demand that a meet- ing of the membership be called at which there will be a complete finan- cial report, jobless to be voted ex- empt from dues payments, that joint struggles of jobless and employed towboatmen be organized to, that the union as such demand relief for the boatmen from the Home Relief Buro. Commissioner. SUPERIOR, Wisc.—Siiri Anderson, | Communist candidate for the School Board, received 1,176 votes, compared to 547 votes in the last elections. Walter Harju received 656 votes for the School Board, compared to his | last November in Superior. MINNEAPOLIS JOBLESS NEW ORLEANS, La. March 27. —/ TO DEMONSTRATE A strike which was called aboard the} yg@~NEAPOLIS. — Following a German ship Vogtland under a Pa-|series of neighborhood demonstra- tions when demands were presented cil os mobilizing for a huge demon- stration for relief on April 14th SOVIET RECOGNITION WASHINGTON, D. C. — Two re- solutions raising the question of rec- ognition of the Soviet Union will come up before the senate soon, sponsored by Senators Borah and King respectively. TO PROTEST FASCIS} BENSONHURST NEW YORK,—A protest meeting of workers in Bensonhurst and vicinity against Hitlers suppression of the German workers and the Jewish po- groms will be held Friday, March 31, }8 p.m. at the Savoy Mansion, 20th | Ave. and 63rd St. | Prominent speakers will address |the meeting, where the workers of ; this section will join the workers of | the entire country in voicing their | indignation against the acts of Ger- | man fascism. | GERMAN FASCISM ON | NEW YORK STREETS NEW YORK.—German fascist ter- ror is being practiced on the streets of New York. A worker who was selling German working-class litera- ture at 74th St. and Second Ave. was attacked by hoodlums who boasted of being Brown Shirts. and the highest was 452 for R. R. | | vote of 245 for Lieutenant-Governor | to aldermen, the Unemployed Coun- | |BORAH AND KING FOR| International of Seamen and Harbor | | has examined Hilly’s decision care- fully and denounces it as a “vicious ortion of even capitalist law.” must know, states the I.L.D. | further that “his decision is interpret- |ing law to the breaking point.” are not forgetting The NYGARD GOES TO | MAYORS’ MEET workers | Relief Program ST. PAUL, Minn., Mar. 27—Emil C. Nygard, Communist Mayor of Crosby, Minn., announced he will at- tend the Minnesota Mayors’ Confer- ence in St. Paul on Friday, Mar. 31st, called by the Farmer-Labor Mayor of St. Paul, Wm, Mahoney. | In contrast to demagogy ‘and fake promises of the Farmer-Laborites, | Mayor Nygard will present at the conference a concrete program of | unemployment relief, for which he has been fighting both before and since his election to office. | Mayor Nygard will demand direct State and Federal relief for the un- employed of Crosby, and the enact- ment of the Workers’ Unemployment Insurance Bill, CALL R. R. WORKERS TO ACTION AGAINST CUTS CHICAGO, IIl., March 27.—The Railroad Brotherhoods’ the meaning of the negotia- tions last December, when the Grand Lodge officers entered into a new wage agreement with the railroad presidents. Contrary to the solemn promises made a year ago that the 1931 wage scale would be automatically restored on Feb, 1, 1933, the new agreement extends the 10 percent deduction for another 9 months, opens the way for further wage cutting on June 15th, and sets Nov. 1, 1933 as the date when such changes shall become effective. Unity Committee, with headquarters in Chicago has just is- sued a call to action to the 1,500,000 railroad workers in the United States to resist the new ber 1, 1933. This call in the form of a 4 page leaflet explains wage cut proposed for Novem- ——$—$______. a | This attack on the living standards | of railroad men is being carried out | behind the backs of the membership, | without their consent. | Not only direct cuts, but indirect cutting of wages ani reduction of | working forces are taking place on all railroads. Since the 1922 cut over 100,000 men have been laid off, while | those left on the job are forced to | do the added work of those squeezed out. Yet the railroads are still pay- ing out huge amounts in dividends and interest to the holders of stocks !and bonds. Communist Will Place} ants in all parts of New York against high rents and bad housing condi- tions. In Brownsville, where 23 workers were arrested last week for picketing | at 23 Herzl Street, with the cooper- | ation of the Unemployed Council, the | LL.D. announces that a mass demon- | stration is being prepared for April y besides the tenanis working class and izations. 23 workers was and postponed until The court was packed with Many of them, including workers on trie] showed their frame of mind by im- mediately taking their place on the | picket line in deflance of the police: | The demonstration will fight for the freedom of the 23 arrested, against Hilly’s ruling and broaden its scope with demands for Tom Mooney and the Scottsboro boys Similar plans hi been made in the Bronx with the workers aroused by police attacks made today and determined to win lower rents. Open air meeting and mass picketing haye been called for Thursday at 10 a.m. in front of striking houses on Char- lotte Street, Dawson, Fulton and Hoe in the Middle Bronx. Holland, Ar- nold, Wallace, in the Upper Bronx These actions will culminate with a in court today April 11. huge meeting at Ambassador Hall Claremont Parkway and Third Ave- nue, Friday night, at which C Winter, Secretary of ths Unemployed Councils of Greater New York, will be the main speaker. The Bronx is aroused over the ar- rest of 8 workers yesterday following the attack by police on three picket lines, 3031 Holland Avenue, 788 Ar- nold Avenue and at 328 Wallace Ave. Pickets were taken off at Fulton St, Dawson St. and Charles St. strikes, At 440-444 Williams Street East New York a rent strike goes on, de spite all the terror the landlords can muster. The windows are covered with placards with strike slogans anc open air meetings are being held In all these strikes the tenants as for support from al! workers on the Picket line every morning. All organizations are asked to send protests to Police Commissioner Mul- rooney and Mayor O'Brien agains: the police attack and Hilly’s decision and all workers are called to joitr the masé picket lines and demonstra- tions in their neighborhoods, ‘Barricades in Berlin’. |to Start Tomorrow; Illustrated by Quirt Tomorrow the Daily Worker will start publishing serially the | powerful novel of the struggles of the German masses, “Barricades In Berlin,” by Klaus Neukrants. | This stirring book, based on offi- | cial documents and sworn affida- | Yits, tells the story of bloody May Day events in Germany in 1929, | when the German workers fought | Reeoly for the right to demon- | te. | 3 | “Barricades In Berlin” will be ile lustrated by the noted proletarian’ artist, Walter Quirt. It appears! only in the Daily Worker. Don’t | miss the first installment tomore' row. Tell your shopmates and friends about it. Subscribe to! make sure of getting your copy | every day. THE DOLLAR IS THROWN OFF THE GOLD PEDESTAL Eee crash in the Fall of 1929 on the American Stock Exchange marked the beginning of the pres- ent crisis, the severity of which is unprecedented in the history of capitalism, The development of the crisis in the United States has had and continues to have a deci- sive influence upon the develop- ment of the world crisis. Comrade duction and consw ion are con~ centrated.” It is evident that this circumstance cannot fail to lead to a colossal broadening of the sphere of influence of the crisis, to @ sharpening of the crisis and to an accumulation of unforeseen dif- ficulties for world capitalism”. The bourgeoisie the world over watched the unfolding of events in the United States very intently; it hailed as the beginning of the end of the world crisis even that slight rise of production in the United States, which occurred in the fall year as a result of the of last “boom” on the stock exchange. Boom Burst Like A Bubble. But that boom burst like bubble and was superseded i i age ied 2 the financial structure : American dollar—that braltar—to which the i an i iy j assing anything experienced fatore, would compel the United Btafed to: abauion tie sold stand Now. this “terrible loss of confi- dence” — the reflection of a new sharpening of the world crisis, which shakes the deepest founda- tions of capitalist production—be- came a fact, At the same time there were refuted the newest as- eois economists surances of that “confidence is again restored in the capitalist world; that the crisis is ended; that the present problem is only—how long will the depression last”. The legend of “the end of the crisis”, preached during the last few months by all bourgeois economists and adopted by the social-fascist press of the world, stands fully exposed. The Crash of the World’s Last Stable Currency. craéh of the world’s last stable cur- remey. x ‘This crash of the monetary sys- tem of the United States will deal am inevitable blow to the mone- tary systems of all capitalist coun~ tries and will lead to a terrific in- tensification of the chaos of cur- rencies and exchanges. Thus, ru- mors that Holland and Switzerland are raising the question of the “re- organization of their systems of exchange”, which means going off the gold standard, are not wholly unfounded. The bourgeois economists con- tended that a restoration of the world currencies and their stabili- zation is a prime condition and a basic premise for the “cure” of capitalism. In the protracted nego- tiations preparatory to the World Economic Conference the problem of currency circulation was in the forefront, At that time the United States, proud of its gold dollar and sure of its stability, strove to com- pel the English bourgeoisie to stab-* ilize its currency and to return to the gold standard. Now the situ- ation is radically changed. The dollar toppled down and the Amer- ican bourgeoisie makes desperate attempts to save its dollar from an utter collapse. A Paralysis of Monetary and Credit Markets. At present the American bourge~ oisie is no longer in a position to take upon itself the initiative of re- storing the world system of mone- tary exchange on a gold basis and all attempts towards its “cure” are thus being relegated to the distant future. The World Economic Con- ference—the hope of the bankrupt international bourgeoisie — which was to take place in the nearest future, becomes quite problematic. The present crisis in the United States signifies a complete paraly- sis of the monetary and credit markets. An abundance of free means of credit and their cheap- ness on the capitalist markets in the course of the last few months were, according to all bourgeois eco- nomists and politicians, a basic in- dicator of, and a basic premise for an “upturn”. But now credit is be- coming more expensive in the United States, the rate of discount rises to 342% at the beginning of March. Accordingly, the hopes are shattered, that cheap credit will be that lever, which will lead capital- ist economy from the blind alley of the crisis. The deepening of the credit and exchange crisis, which is in itself a direct result of the world industrial crisis, will inevitably lead to a fur- ther sharpening of the crisis in the United States. Already the first news from the of demand and a drop of trad turnover. At the same time, the paralysis of the credit system in- evitably retards the industrial ac- tivity as a whole: production of steel drops to a new low percentage of capacity, automobile production is being curtailed ,etc. The Gen-~ eral Economic Crisis rages in the United States with a new unbe- The sharpening of the crisis in the United States is bound to cause a further increase of contradictions between the imperial: “regulate” their economy by injecting new means of exchange into industry are particularly characteristic. The American events are a good lesson to these German imitators. ‘The financial crash in the United The crash of the credit and ex- change structure in the United States showed once more that all methods of the bourgeoisie for over- coming the crisis are doomed to , England. Now, that the United States went off the gold standard, too, this advantage will no longer prevail. And in the existing con- ditions of extreme protectionism this can only denote a further sharpening of the struggle for markets and a further dying down of world trade. A reliable English weekly, “The Statist”, wrote some time ago and not without reason, that “all the advantages of Eng- land on the world markets will be destroyed once the United States goes off the gold standard.” An inevitable worsening of the general situation on the world markets and an intensification of the competition of American goods pre-supposes a further worsening of the economic conditions of all capitalist countries. States will have a direct and a ca- tastrophical effect upon the Ger- man economy and will only tend to intensify economic contradictions in the camp of the German bour- geoisie. The pitiful attempts of German fascists to “cure” German economy by means of an agrarian protectionism and an economic self-sufficiency, will be rendered exceedingly more difficult as a re- sult of events in the United States, and are doomed to a complete fail- ure. Economic Measures of Bourgecisie Deomed io Failure. failure; that the more “the finan- cial tap will attempt to overcome the crisis, the more intensified will become the struggle between indi- videal countries and the deeper will I AR i i RC become the crisis” (from the XII. Plenum resolutions of the E.C.C.1.) This hopelessness of finding a way field—a hopelessness which is be- coming more and more apparent to the ruling classes of the capital- ist countries, leads them to seize markets by force of arms and to struggle for the redivision of the world. Hence, the inevitable in- tensification of all capitalist con- tradictions as a result of the fur- ther sharpening of the crisis, and the danger of a new imperialist war. The financial oligarchy kept on assuring in the course of many months that “the crisis is over- come” and that “the worst times are left behind”. This lie of the bourgeoisie was assiduously sup- Amid the chaos of the raging world economic crisis the exchanges of all the capitalist countries cole lapsed one after the other. Only one country in the world-—the Sov- iet Union—is immune to crisis and only one exchange in the world— the Soviet chervonetz—is firm. And what about the bourgeois economists, who maintained that the Soviet currency has allegedly no value. Comrade Stalin answered them quite clearly that “these ven- erable economists understand not more of political economy than the archbishop of Canterbury under- ‘stands of anti-religious propagan- da, Isn't it a fact that with this currency we built Magnitostroy, Dnieprostroy, Kuznetzstroy, the tractor plants of Kharkov and out of the crisis on the economic | The New Sharpening of the World Economic Crisis ueapinc eprorIAL MOSCOW PRAVDA OF MARCH 12. ported by the social fascists, whe | strove to sow illusions in the minds | of the working class and thus te disorganize the ranks of the revo- lutionary proletariat. But stern reality exposed this delusion of social fascism and dem- onstrated once more that in the conditions of a crisis, which he- | comes increasingly deeper, the worsening of the situation of the working class is inevitable. The burden of the credit and exchange crisis falls primarily upon the shoulders of the proletariat and of the toilers of city and country. The further sharpening of the crisis brings in its wake a fierce attack upon the working class and an in- | tensification of the class struggl@ in all capitalist countries. The Only Stable Currency in the World | Stalingrad, the Moscow and Gerki automobile plants, hundreds of thousands of state farms?” The stability of the Soviet cur- rency is secured primarily by means of a. hage mass|of goods in the hands of the state, such goods being put in circulation at fixed prices. Who | of the economists would dare deny | that cach a guarantee, which finds | place only in the Soviet Union ix | not a far more real guarantee of | the stability of currency than any” gold reserve? Will the capitalist | economists cyer understand that | they became entangled in the the- | ory of the gold reserve as the only warranty of a stable currency?” | The crash of the dollar reveals before the eyes of the whole world again and again the superiority of the Soviet system of economy. A ote