Such cooperation on the part of both of them will be very welcome
to me. Certainly at this stage there should be a united stand on
the part of both of them to resist wage cuts which would further
reduce purchasing power.
Today a great steel company announced a reduction in prices with a
view to stimulating business recovery, and I was gratified to know
that this reduction involved no wage cut. Every encouragement ought
to be given to industry which accepts the large volume and high
wage policy.
If this is done, it ought to result in conditions which will
replace a great part of the government spending which the failure
of cooperation has made necessary this year.
From March 4, 1933 down, not a single week has passed without a cry
from the opposition, a small opposition, a cry "to do something, to
say something, to restore confidence." There is a very articulate
group of people in this country, with plenty of ability to procure
publicity for their views, who have consistently refused to
cooperate with the mass of the people, whether things were going
well or going badly, on the ground that they required more
concessions to their point of view before they would admit having
what they called "confidence."
These people demanded "restoration of confidence" when the banks
were closed--and demanded it again when the banks were reopened.
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