Today, the Big Five in England, MidGroup vs. Branch Banking land Bank, Lloyds Bank, Barclay Bank. Stalinists Lose Their Heads in Boston Where Does the Italian Opposition Stand?
Westminister Bank and National Provincial Bank control almost 10 billions in assets Struggle of Interests in the Ranks of the Capitalist Class and have over 8, 000 branches. Prof. Lee of the University of Illinois says, BeThe Party is breaking up the New tween 1880 1924 the Midland Bank absorbed The capitalist class of the aited States banking while the small fry and the pettyInternational Hall; it is hard to say wheth31 other banks many of which were virand its government are now debating bourgeois elements are fighting to prevent tually banking systems in themselves with er they are doing it consciously or unconbranch and group banking while the con any kind of consolidation and retain the sciously. The is one of the finest solidation and merger of bank capital is numerous branches. Between 1900 and unit bank affiliated with the Federal Reinstitutions in the country. It belonged to 1922, moreover, many additional absorptions proceeding fast and already has the materThe building serve System or with safe charters.
the Left wing movement.
took place which have raised this bank ial base for executing the needs of the domwas bought when the Left wing movement The Comptroller of Currency, Pole, who. Barclay. Ed. with more than 2, 000 inating group in law, etc. Financial cap was the first to advocate branch banking began to develop in this country. The two branches in England and Wales to the posiitalism dates back to the beginning of the is an outstanding advocate of all measures branches, the John Reed Branch, 718, Worktion in point of view of resources among century and this phase has been morte to hurry the process. Governor Young of mens Circle, and Branch 18, Independent the Big Five. Each of these banks (Big marked since the world war.
the Federal Reserve Board also favors Workmens Circle were the two largest Five Ed. for the last four years have The crisis of 1893 to 1900 and the branch banking. The hearing in the House branches in Boston, and also the strongmaintained profits well exceeding L2, 000, Spanish American War witnessed a new Fanking and Currency Committee had the hold of the Left wing movement. These two 000 (appr. 10, 000, 000) per year, which stage of the ushering in of financial capit following representatives favoring branch branches with a membership of 400 bought serves to furnish conclusive evidence of alism with America playing an important banking: Luce of Mass. Stevens of many shares and certificates, and practicrole. The industrial consolidation most their importance in the banking world.
Seiberling of Ohio, Dunbar of Indiana ally all the income for the New Internamarked after the crisis of 1873 was at the Branch of Georgia and Beedy of Maine fa The strong position the United States tional Yall came from them. The New beginning of the century transformed into vor branch banking but want trade area financier holds on the international market International Hall was not only the cena consolidation of a higher stage, of the Imitations.
will enable him to organize his home base ter of the Left wing, but it was also confusion of bank capital and industry. The Decker, Pres. Bancorporation as fast as the changes seem necessary.
sidered more as a home orking monopolies, trust and consolidations orand Wakefield, Vice Pres. First Bank No matter how capable they are in organclass.
ganized capitalism on a higher plane, in and Stock Corp. both of Mineapolis, Minn.
izing their financial structure, the bourgeois New Crimes on Stalinism Law Books tensifying and enlarging the basic contra favor group banking and say they will fight theory, that it will eliminate the economic dictions of the The first crime of the John Reed branch, capitalist mode of branch banking in the Minnesota territory.
cycles has already been disproven by life 718, Workmen Circle, was that with a production.
Robert Lord, Pres. Guardian Detroit itsell, These theories will take new form majority of the branch membership they The period following this, culminating Union Group, Inc. and Geo. Rand, Marwith the ebb and flows but the transformdecided to invite comrade Cannon to speak in the crisis of 1914, followed by war and inę Midland Corp. of Buffalo, algo favor ation of these conjunctural crises to revoluat their meeting, and then the branch revolutions saw the process of consolida group banking in opposition to branch tionary crises will sweep the material founnot obey orders of the Party to leave tion in the world and especially in the banking. These four leaders in their areas dation away, and consequently the stack of United States move at an accelerated pace (Seems that the are head of group banks and fear the fur cards built upon it: the Workmen Circle.
branch did not believe in the 3rd period. in all branches of industry toward the ther logical step of financial capitalism in For their crimes they were thrown out of pivot point of financial capitalism. Thus consolidations. Am. Banker, April, 1930 their own building and became, by the new is competition transformed into monopolies. Several of the largest banks of the vocabularly, counter revolutionists, TrotWe see before us giant process of so country, dealing in international loans, are cialization of production.
Particularly is skyites, enemies of the Soviet Union, etc.
reaping big profits in their present role in the process of technical Inventions angi Now comes Branch 18, Independent world exploitation and although not openly and improvements also being socialized.
Workmen Circle which committed similar leading the movement are, nevertheless, The controversy of the different groups crimes. Branch 18, did not playing their usual sly game, The Chase of capitalists and their Washington office National Bank is the largest in the world.
obey the splitting policy of the Stalinists boy, is hidden behind the discussion of The December 31, 1929 report gives the Writing about the crisis in the Italian and remained in the The branch branch vs. group banking. The Federal following figures: Total Deposits, 2, 673. Communist Party, the last issue of Revoinvited the following counter revolutionReserve Act strengthening the financial con.
645, 000. Total ists to speak at their meetings: esources. 2, 814, 536, 000. lutionary Age declares: Not only has trol over the country but not an eliminator Capital surplus and individed profits, 368, comrade Amadeo Bordiga been expelled as Konikov, one of the founders of the or remedy for economic cycles as claimed 000, 000 and well known as an active member of Their control, industrially and a Trotskyite but there is a new wave of the before the depression of 1921 and 1930, and Also the Communist League of Boston.
politically in the deciding affairs, combined so called right opposition which was supthe McFadden Bill of 1927 which sanctioned with the other financiers is being question posed to have been destroyed with the exthe Party feels especially rotten because branch banking by Congress as the first ed less each day.
pulsion of comrade Serra (Tasca. The comrade Shachtman was invited to speak step is now being followed by more acts Lenin, in Imperialism. says, Monemergence of this Communist Opposition is at the branch while he was in Boston.
for the benefit of the financial groups.
opoly is an outgrowth of banks.
The handful of Stalinists decided to From one of the most hopeful signs in the Italian The great number of bank failures in Communist movement.
modest intermediaries they have been The rest of the throw out Branch 18, also. They the last decade, over 5, 000 mainly in the transformed into monopolies of finance caparticle continues in the same vein, that is, first tried the diplomatic way of raising South and West, where the agrarian crisis ital. Some three to five of the largest banks it deliberately attempts to create the im their rent; but when they found that this reached its deepest points has accelerated of any of the most developed capitalist napression that the new Opposition in the maneuver would not work, they called a the consolidation movement as the natural Italian 18 of a piece with the inter meeting of their own tions have realized a personal union beboys and unanioutgrowth in reorganization when the big tween industrial and banking capital; they national Right wing of Brandler, Lovestone, mously voted that Branch 18, also fish eat the little. The chain bank has the Hais and Co.
be expelled as a member of the Institute.
have concentrated into their hands the conoutward appearance of the ordinary unit, trol of many billions, which make up the Nothing could be further from the Accordingly notice was sent to Branch 18, the Independent bank of the country, but to move from the not later greatest part of capital and money of the truth, as is quite well known to the editors one bank controls the major stock of the whole nation. financial oligarchy spreads than August 1, 1930 (The registered letter of Revolutionary Age! The comrades of chain. The group bank is controlled by was received, Monday, July 7, 1930. It a thick network of dependencies over the the new Italian Opposition, as Lovestone the owners of the majority stock who orshould be especially interesting to read the economic and politican institutions of inod is well aware from the foreign press, have ganize a corporation or holding company following paragraph of the letter which ern capitalist society without exception constantly fought against the opportunist and control the resources of the group in shows how low the Stalinist sank: a given area. The branch bank is the this is the most glaring consequence of policies of the expelled head and body, monopoly.
one might add) of the Italian Right wing. Also Branch 18, invites speakhighest stage of the consolidation moveBranch or group banking gives the finTasca. In an Open Letter to the members ers that are openly against the policy of ment in the vertical extension.
Institute ancier greater industrial and political conthe Workingmen Educational of the Italian Party recently issued for The majority of leading banking autrol in the areas. These sectional groups the Opposition by comrades Santini, Plasco and against the Left wing labor movement thorities admits that the present stage of will have their inner class struggle for the and Feroci expelled from the Political in general to speak, lecture and slander the consolidation movement in the country spoils but unity on all issues against the Bureau and the Party, and Teresa of the is only in a transition stage.
the principles that this institute stands for; Long ago industrialists, the farmers and petty bourCentral Committee, we read: speakers like Dr. Konikov, and a few leading banks, Chase, etc. already Shachtman, etc. whose policy 18 to attack had control of the majority of the resources geoisie is assured when determining factors Our Opposition, developing to its conare at stake. And unity against the proletthe Soviet and to disrupt the activity of the and are in a world commanding position.
sequences the criticism it had undertaken ariat cannot be questioned.
The branch banking system of other imworkingclass movement.
under the pressure of events in Italy and Splitters of the Left wing movement, perialist nations, due to their economic unit The number of banks in the United internationally, when we wanted to trace you are not ashamed to state that the poldifference, developed at a faster rate than States have diminished with consolidation the complex international questions, as is icies of comrades Shachtman and Konikov, in America Such countries as England, but we still have 24, 695 banks. 21, 824 are the task of every proletarian current, was etc. are to attack the Soviet Union and to France and Germany with large colonial unit banks and 6, 353 are branch or group bound to orientate itself towards the interdisrupt the activity of the workingclass possessions before the war gave this movebanks. According to these figures the unit national Left Opposition which has for movement! The workers in Boston do not ment impetus but the different form taken bank is still far in the lead but according many years been conducting a campaign of believe you any more!
in different countries, adapted to local conto control of the resources the unit bank clarification and orientation with which ditions does not alter in the least the conis already a back number. Gov. Young of our Opposition emphasizes its accord.
The Party Progress.
tent of the transformation to financial capthe Federal Reserve Board informs us, All the facts that have been proved within Yes, the Party in Boston is making italism in these countries. that all the banks had total loans and the International and Soviet Russia have progress. Let us state the last victory, In this country with the Federal Reserve investments of 58, 500, 000, 000, of which the confirmed that the international Left which concerns the Chelsea Labor Lyceum.
System, the higher development of the congroup and branch system held 30, 000, 000. Opposition is the only one that saw cor The Labor Lyceum was in the hands of the solidation and the branch banking system 000 or more than half. This small rectly, that posed and solved in a Bolshevik Left wing movement, but since the Party will alter and create a new role for the group controlling over half of the resources manner the problems of the revolution in began the discrimination of the Left wingsystem to cope with the changing forces.
is further narrowed when we consider the course of these last years, and strug ers to their rotten policies, the Right wing Too many banks in the country, is the that 269 groups with 1, 922 banks have gled with great energy against the errors controls the Labor Lyceum. Now the New note of the financier, and consolidate and 15, 285, 200, 000 resources considering the of the International, on the theory of so International Hall is in a deficit of 3, 000.
survive is the remedy advocated now for period of October 1929 to June 1930 and cialism in one country, and the Industrial If the Party will continue its rotten policy banks as it was the remedy after the crisis this is further narrowed when we consi ization plan of Soviet Russia as well as the will swing over to the mortagers.
of 1873 for too many manufacturing estabder the several large banks of the nation on the Communist policy towards the peaWe are calling upon the Left wingers lishments. TheMcFadden Bill of 1927 was showing concentration of the majority of sants, or the questions of the revolution not to let the Stalinists break up the New to protect the unit bank just like the Wealth in the hands of a few.
in Orient, and all the fundamental questions of Boston, Roxbury and Dorchester, etc. Anti Trust Law of the 90 was to protect The process is at work in all nations of the international movement.
International Hall as they have done with the lesser industrial units. Both laws and especially since the beginning of the This hardly looks like accord with the Chelsea Labor Lyceum. These two proved to be stepping stones for further century. Lenin, in Imperialism giving Lovestone and his international allies! It institutions have a Communist history. For consolidation and now the financiers are Shilder figures, says, In 1904 England seems that the latter, who so systematically the consequences they will afterwards ready for the next step.
had 50 colonial banks with 2, 279 branches lose their troops to the social democracy, blame the Trotskyites, renegades, counterThe dominating financier and his office (in 1910 72 colonial banks with 449 are continuing desperately to show a good revolutionists, etc.
boys favor branch banking while the lesser branches. France had 20 colonial banks front of strength, even if it has to be man This is the 3rd period!
Long live financial groups of the agriculture and in with 136 branches; Holland 16, with 68 ufactured out of the growing ranks of the Stalin! We are progressing!
dustrial areas favor group banking. Some branches; 13 with 70 international Left Oppoeition! But though one victory after another.
of the large industrialists favor group branches.
Lovestone is an old hand at fabrications Ert a few more victories like these will against Trotskyism. his game is becoming be more than even the Party can stand. Lenin, Imperialism. Am. Banker, June, 1930 ever more transparent. SCHLOSSBERG We gain