| Show TH PRESIDENT AND WAGES I It is universally conceded I that the conference which President Hoover I called with I representatives of the great industries and of labor in N November November No No- 0 I vember 1929 at which industry industry industry in in- in- in pledged him that it I would demand no reductions in I wages because e of the depression depression depres depres- sion ion and in which labor gave him its promise that it would do everything within its power pow pow- er r to maintain industrial peace was directly responsible forthe for forthe forthe I the fact that the depression I through which the country country has been been passing has been singularly free from industrial trial disturbances of any kind With Without Without lout out exception previous similar j I periods have been marked by drastic wage cuts by strikes lockouts and other forms form of industrial in in- warfare That these thee have been avoided during the 1 vast east 18 months is due clue wholly i ito i io to o the initiative and the influence influence ence ance of the President But as the period of dull dun bus business business iness mess continues certain influences influences influences I are beginning to exert strong pressure in in the direction direction direction tion of reducing wages This pressure seems especially to be becoming becoming becoming coming coming- from the great banking banking banking bank bank- ing ing- interests who hold that reduction reduction reduction re re- re- re in the price of products which would presumably follow follow follow fol fol- fol- fol low reduced wages would stirn stimulate stimulate consumption and thereby promote business activity But the president is not in agreement with lith this school of thought At At t the fV Fh o m b Bankers Association convention convention convention conven conven- tion in Cleveland nearly a year ago he openly rebuked suggestions suggestions suggestions for lower wages which were voiced before the conven conven- i ion tion on He le believes that main- main 1 cenance cenance of high wage levels th ll C increased consumption con- con power will provide more Jobs to relieve present unemployment He has s steadIly steadily stead tead- ily lly endeavored to impress this viewpoint upon men men who control control control con con- important industries and thus far he has been able to prevent any important reduction reduction reduction tion of wages anywhere I The TIle Presidents President's latest move in support of his view has been the appointment through I Secretary of Labor Doak of a a committee of economists labor leaders and officials officials' to study the effect of machine production production tion lion on unemployment The result result result re re- sult of this study will have an important bearing on the wage vage question and the announcement of its findings will viII be awaited with keen interest interest- i Once I looked with envy upon upon up up- on these these my fellow citizens I thought they lived rn in luxury and peace This morning 0 Q Lord bless them and comfort them and give them divine grace to face their plight May the day of upturn and better things come for all an o of f us I Iam Iam Iam am grateful to thee for the small blessings that fall faU upon me and mine and m my Y land Forgive ive my sins and overlook my hypocrisy and my shortcomings shortcomings shortcomings short short- comings and believe m 0 Lord I content am that I am amnot amnot not others tl as 0 are |
