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America’s Great Depression phần 7

Kết quả là, nguồn cung tiền vẫn tăng 1,51 tỷ USD trong nửa đầu năm 1928, nhưng điều này là sự gia tăng tương đối vừa phải. (Điều này là tăng 4,4% mỗi năm, so với một tăng 8,1% mỗi năm trong các một nửa cuối 1927, khi cung tiền đã tăng 2,70 tỷ USD.) Một co nghiêm ngặt hơn của liên bang dự trữ-một trong thi hành | 202 America s Great Depression Under the Presidential pressure Judge Gary appointed a committee of the steel industry headed by himself to study the question. The committee reported on May 25 1923 unanimously rejecting the eight-hour day demands. U.S. Steel also issued a reply to the Interchurch Report written by Mr. Marshall Olds and endorsed by the prominent economist Professor Jeremiah W. Jenks. Abuse rained down on the steel industry from all sides. Forgotten were the arguments used by U.S. Steel e.g. that the steel workers preferred the longer twelve-hour day because of the increased income and that production would suffer under an eight-hour schedule.35 This and other arguments were swept away by the wave of emotionalism whipped up over the issue. The forces of the Social Gospel hurled anathemas. Social Justice and Social Action committees of Protestant Catholic and Jewish organizations set up a clamor on issues about which they knew virtually nothing. Attaching a quantitative codicil to the qualitative moral codes of the Bible they did not hesitate to declare that the twelve-hour day was morally indefensible. They did not elaborate whether it had suddenly become morally indefensible or whether it and even longer work days had also been morally wicked throughout earlier centuries. If the latter it was certainly strange that countless pre -ceding generations of churchmen had overlooked the alleged sin if the former then a curious historical relativism was now being mingled with the presumably eternal truths of the Bible. The American Association for Labor Legislation of course entered the fray and threatened Federal maximum-hour legislation if the steel industry did not succumb to its imperious demands. But the most effective blow was a stern public letter of rebuke sent to Gary by President Harding on June 18 written for the President by Hoover. Faced by Harding s public requests and 35Also forgotten was the fact that wages were involved in the struggle as .