You Make The News 46-05-16 Ep026 John L Lewis

Summary

Podcast Summary: Harold's Old Time Radio – "You Make The News 46-05-16 Ep026 John L Lewis"

Release Date: February 11, 2025

---

Introduction

In the episode titled "You Make The News 46-05-16 Ep026 John L Lewis," hosted by Harold's Old Time Radio, listeners are immersed in a dramatic exploration of the United States' perplexing economic landscape during what is described as a "synthetic depression." The program delves into the complexities of simultaneous economic boom and scarcity, centering around the pivotal role of labor leader John L. Lewis in the coal industry strike.

---

The Synthetic Depression: Boom Amidst Scarcity

[00:39 – 01:27]
The episode opens with a vivid portrayal of an unprecedented economic crisis where consumer purchasing power is at an all-time high, yet consumer goods are severely scarce. The narrator sets the stage by describing this paradox as a "synthetic depression," highlighting symptoms reminiscent of both the late 1920s boom and the early 1930s Great Depression.

Notable Quote:
Narrator [00:49]: "Saved up. Consumer purchasing power had never been so large, consumer goods never so scarce."

Economic analysts and labor experts provide statistical insights, noting significant shutdowns in basic industries, massive unemployment numbers, and widespread business and wage losses. The dramatic economic downturn is underscored by tangible indicators such as reduced railroad passenger schedules and urban power outages.

---

John L. Lewis and the Coal Strike

[01:27 – 10:41]
At the heart of this economic turmoil is a six-week-long soft coal strike led by John L. Lewis, a formidable labor leader. The strike stems from a deadlock between Lewis and coal operators over a new work contract. While operators are willing to offer wage increases consistent with other industries, Lewis demands the establishment of a health and welfare fund financed by coal royalties and controlled by the union.

Notable Quote:
John L. Lewis [02:04]:
"Gentlemen, gentlemen. We attended these meetings when you fixed the hour and departed... We trust that time, as it shrinks your purse may modify your niggardly and antisocial propensities."

This impassioned declaration by Lewis reflects his unyielding stance, prioritizing workers' welfare over immediate wage negotiations. A representative from the coal operators criticizes Lewis's tactics, labeling them as political stalling rather than genuine collective bargaining.

Notable Quote:
Coal Operator [03:26]:
"The right of any labor organization to stall and play politics... they do not believe that collective bargaining consists of blindly accepting so-called principles arbitrarily laid down by Mr. Lewis and his union."

Despite public skepticism towards Lewis, his approach garners significant support from the miners. A reporter's interaction with a miner named John Kovacs reveals the miners' trust in Lewis's leadership and the tangible benefits they've experienced, such as substantial wage increases and improved working conditions.

Notable Quote:
Miner John Kovacs [05:25]:
"I started out making $14 a week. Lewis has got wages raised to $63.50 a week. Now, is there any reason why we shouldn't support him?"

The episode also recounts Lewis's historically aggressive tactics, including physical confrontations and authoritative dominance within labor conventions. These anecdotes paint a picture of a leader deeply committed to his cause, sometimes at the expense of decorum and personal safety.

Notable Quote:
John L. Lewis [07:49]:
"What are you going to do? I'm gonna fix him."

Despite periods of negotiation and temporary truces, Lewis maintains his resolute approach, emphasizing the critical role of the United Mine Workers of America in safeguarding the nation's coal industry and, by extension, its economy.

Notable Quote:
John L. Lewis [10:01]:
"Action is the contribution of the United Mine Workers of America to our nation's economy, which is being imperiled by the stupidity and selfish greed of the coal operators..."

---

Economic Paradox and Public Sentiment

[10:41 – 18:32]
The nation grapples with the dual reality of abundant wealth and pervasive poverty. While two million individuals remain unemployed due to the coal strike, sectors like sports and entertainment thrive, illustrating the uneven distribution of economic prosperity.

The narrative introduces "The Duke," a coal operator who vehemently disputes the existence of a depression, pointing to booming industries like horse racing and baseball. His sarcastic remarks and detailed accounts of lucrative events like the Kentucky Derby serve to highlight the stark contrast between different economic sectors.

Notable Quote:
Coal Operator "The Duke" [11:07]:
"See, Assault's pappy, Bold Venture, won them same two races 10 years ago and only collects 65 GS for the both of them... My glasses is strictly rose-colored."

Conversely, the episode portrays robust attendance at sporting events and flourishing theatrical productions, further emphasizing the economic dichotomy. The Old Vic Repertory Theater from London, for instance, enjoys sold-out performances despite the broader economic challenges.

Notable Quote:
Songwriter [18:59]:
"Oh, they went to see Shakespeare at 12 bucks a seat. But in school, William Shakespeare, they never did."

---

Crime and Legal Anomalies

[19:29 – 21:42]
Amidst the economic chaos, the episode touches upon a high-profile criminal case involving 17-year-old Willie Francis, who was sentenced to death for murder. An electrical malfunction during his execution attempt leads to a nationwide legal and ethical debate about the death penalty's infallibility.

Notable Quote:
Miner [20:25]:
"Lord was with me last night and he's with me now."

The failed execution sparks legal interventions, including a stay granted by Louisiana's acting governor and references to historical precedents where execution methods failed, prompting reconsiderations of capital punishment protocols.

Notable Quote:
Delegate [21:09]:
"The court-ordered electrocution until dead and that the date doesn't matter is poppycock."

---

Educational Initiatives Amid Economic Strain

[21:42 – 23:54]
In an inspiring juxtaposition to the prevailing economic hardships, the episode highlights an initiative by Smith College students to form an investment company aimed at empowering women with practical financial knowledge. Despite initial regulatory hurdles posed by the Securities and Exchange Commission (SEC), the students successfully obtain exemptions to pursue their educational experiment.

Notable Quote:
John L. Lewis [23:48]:
"Since there are no objections from the SEC staff, the appeal from the Smith College girls for exemption from the rules is granted."

This segment underscores the resilience and innovative spirit among the younger generation, striving to navigate and overcome economic challenges through education and proactive engagement.

---

Perspectives on Inflation and Economic Stability

[23:58 – 25:48]
The topic of inflation emerges as a significant concern, yet it is met with contrasting viewpoints. Alvin H. Hanson of Harvard University offers a counterintuitive stance, suggesting that the United States is more at risk of inadequate demand than rampant inflation. His endorsement of deficit finance, managed currency, and low interest rates presents a more optimistic outlook on economic management.

Notable Quote:
Economic Analyst Alvin H. Hanson [24:49]:
"The whole history of our country has proved that... a country as productive as the United States is far more in danger of not having buyers for its products than of inflation."

Hanson's perspective challenges conventional fears of inflation, arguing that the nation's productivity and income growth necessitate a larger money supply rather than causing price surges. This viewpoint invites listeners to reconsider prevailing economic narratives and embrace a more nuanced understanding of fiscal policies.

---

Government Response and Public Awareness

[25:48 – 26:56]
The episode critiques the lack of substantial governmental action in addressing the economic divide exacerbated by labor strikes. While the Senate contemplates anti-labor legislation, tangible measures remain elusive. President Truman's focus appears misaligned, emphasizing highway safety over the pressing economic issues affecting millions.

Notable Quote:
Narrator [26:30]:
"And an honorary college degree from Fordham University in New York City. The President's seventh since entering the White House."

This segment underscores the disconnect between presidential priorities and the urgent economic realities faced by the populace, highlighting a governance gap in crisis management.

---

Conclusion: The Power of an Informed Public

[26:56 – 28:14]
As the episode draws to a close, it reflects on the nation's fragmented state, torn between abundance and deprivation. The resolution lies in cultivating a well-informed public capable of discerning facts, exercising clear judgment, and leveraging democratic processes to address and rectify economic disparities.

Notable Quote:
Narrator [27:07]:
"...the cure will lie with a public which has armed itself with the facts. A public which refuses to let itself become bewildered. A public which speaks with a clarity of judgment which only knowledge can provide..."

The final message is a call to civic engagement and education, emphasizing that collective awareness and informed participation are crucial for overcoming the "limping confusion" and steering the nation toward comprehensive economic security.

---

Production Credits

• Narrator: Stats Cotsworth
• Music Composer and Conductor: Alexander Semler
• Song Adaptation and Performance: Tom Glaser
• Production: Mutual Broadcasting System in cooperation with Newsweek Magazine
• Directed by: Phillips Leader Seymour

---

This episode of Harold's Old Time Radio intricately weaves economic analysis, labor dynamics, historical anecdotes, and societal observations to present a multifaceted view of America's "synthetic depression." Through its engaging narrative and impactful quotations, it underscores the importance of an educated and proactive public in navigating and resolving complex economic challenges.

Transcript

[Narrator]

A well informed public is America's greatest security.

[Announcer]

The Mutual Broadcasting System in cooperation with the editors of Newsweek magazine who believe that a well informed public is America's greatest security presents you make the News. A dramatic analysis of what's behind today's news and what's to be expected in tomorrow.

[Songwriter]

I've got the Depression Prosperity blues Lots of money in the bank but I can't buy a car I'm rich, I'm poor the great white way is browned.

[Narrator]

Out I've got the Depression yes, last week the nation found itself gripped by the most fantastic economic plague in its history. Saved up. Consumer purchasing power had never been so large, consumer goods never so scarce. Our economy had taken on symptoms both of the boom of the late 20s and the depression of the early 30s, all at the same time. The grim facts of this synthetic depression.

[Economic Analyst]

Were A substantial part of basic industry.

[Labor Expert]

Shut down or closing upwards of 2 million persons. Newly unemployed.

[Economic Analyst]

Railroad passenger schedules cut 25%.

[Labor Expert]

Chicago offices lighted by candles. New York and other cities browned out.

[Economic Analyst]

Business and wage losses running into the millions every day.

[Narrator]

And the primary cause of all this was the refusal of a labor leader, John L. Lewis and a handful of coal operators to agree on a new work contract that would end a six week old soft coal strike. The operators have been reported willing to pay a wage increase in line with that granted in other basic industries. But Lewis refused to discuss wages until his primary demand was met. A health and welfare fund to be financed by a royalty on every ton of coal mined and to be controlled by the union. After weeks of negotiations, Lewis suddenly took the floor to trumpet at the startled operators.

[John L. Lewis]

Gentlemen, gentlemen. We attended these meetings when you fixed the hour and departed. When weariness affected your pleasure. When we emphasized the importance of life, you pleaded the priority of profits. When we spoke of children in unkempt surroundings, you said, look to the state. You profess annoyance at our temerity. We condemn your imbecility. You scorn the toils, the abstinence, the perils of the minor. We withhold approval of your luxurious mode of life and the nights you spend in merriment. No, gentlemen, to argue further is futile. We trust that time, as it shrinks your purse may modify your niggardly and antisocial propensities. Good day, gentlemen.

[Narrator]

Commentating on the Lewis strategy in the soft coal strike, a representative of the coal operators had this to say.

[Coal Operator]

The right of any labor organization to stall and play politics. When a basic American industry is shut down is challenged by the operators and they do not believe that collective bargaining consists of blindly accepting so called principles arbitrarily laid down by Mr. Lewis and his union.

[Narrator]

Whatever might be said about Lewis bewildering approach to collective bargaining, there is one point on which he is undoubtedly correct. The perils of the miner to which he referred are real.

[Songwriter]

Oh, my liver and my lungs, My lights and my legs they're paining me. They're paining me. There is naught but hardship everywhere as on through life I go.

[Narrator]

The United States Bureau of Mines figures show that in 14 years more than 17,000 miners were killed on the job and over 850,000 injured.

[Songwriter]

There is naught but hardship everywhere as down the mines I go.

[Narrator]

And if the public has no love for John L. Lewis, his own men by and large appear to have faith in him and in his own peculiar methods. Recently, a reporter assigned to get their side of the story went to one of western Pennsylvania's sprawling mining towns. She walked to the door of a shabby frame house.

[Miner]

Yes?

[Reporter]

You're John Kovacs.

[Miner]

That's right.

[Reporter]

I'm doing a story on the strike for my paper. I'd like to talk to you.

[Miner]

Reporter, huh? You won't have anything good to say about us. Well, come in anyway. I got plenty of time.

[Reporter]

Thank you.

[Miner]

Come in here, Miss Fine.

[Reporter]

What's wrong?

[Miner]

Asthma.

[Reporter]

I'm sorry.

[Miner]

We call it miners. Asma.

[Reporter]

Are you taking care of it?

[Miner]

This company doesn't take care of us when we get sick on the job. That's why John Lewis wants that welfare fund.

[Reporter]

And you think Lewis is going about getting it the right way?

[Miner]

He knows what he wants and he knows how to get it.

[Reporter]

But you'll have to admit he turns most of the company against the miners in the process.

[Miner]

He's a hard man.

[Reporter]

And you're all behind him.

[Miner]

Look, miss, I started out making $14 a week. Lewis has got wages raised to $63.50 a week. Now, is there any reason why we shouldn't support him?

[Reporter]

All right, but.

[Miner]

And we get vacations in a 35 hour week.

[Reporter]

And the men haven't got anything against the way he operates.

[Miner]

Well, there's a lot of us don't like some of the things he does. Some even call him a dictator and worse. But you gotta respect the way he figures things out. And he's got plenty of courage.

[Reporter]

And you'll think you'll win this strike.

[Miner]

The strike is just and reasonable. We'll stick it out with John L. And win.

[Reporter]

Mm. About that health and welfare fund. I've heard that Lewis is simply trying to build up a political slush fund.

[Miner]

No, miss. A welfare fund is for the widows and orphans. It's for men who get hurt or can't work. It's gotta be. That's what a welfare fund is for.

[Reporter]

And you don't think that it would be misused?

[Miner]

I'm not worried, Miss, I. You put this in your paper. We want this welfare fund. There's too many men get killed, too many hurt. Ain't it about time something was done?

[Songwriter]

Crushed by the days of endless toil and sleepless nights of woe.

[Narrator]

Yes, as President Truman has indicated, at least on the score of health and welfare, the miners have a case. If John L. Lewis tactics seem badly designed to get that case a public hearing, it's not likely he'll mend his ways at this late date. His career has been marked by violence from the beginning. Newsweek reports a typical incident in his stormy life which took place 40 years ago in the black depths of a Western mine. Lewis was having trouble with a vicious mule named Spanish Pete.

[Announcer]

Whoa.

[John L. Lewis]

Whoa, there.

[Delegate]

Better watch him, John. He's a bad actor.

[Narrator]

Oh, there.

[John L. Lewis]

Confound you. Look out.

[Delegate]

Look out. He will kick your brains out.

[John L. Lewis]

Willie, hand me that club.

[Delegate]

Yes. Here. What are you going to do?

[John L. Lewis]

I'm gonna fix him.

[Delegate]

Hey, you. Knock his brains out. That's not so good. When they find a dead mule, they will fire you, brother.

[John L. Lewis]

You think so?

[Labor Expert]

Here.

[John L. Lewis]

A few handfuls of clay rubbed onto his head and he'll look as good as new. There. See what I mean?

[Delegate]

Yes, but wait until the foreman sees what you've done.

[John L. Lewis]

What's the matter with you? I'll just tell him Spanish Pete died of heart failure.

[Narrator]

In the 40 years since that encounter, Lewis has never hesitated to resort to violence to win an argument. In an unruly convention of the United miners in the 1920s, John L. Lewis stood on the speaker's platform, thrust out his chest and.

[Delegate]

Silence.

[John L. Lewis]

Chatterfield. Silence. There are any delegates who feel inclined to insult the chairman, let them step up here on the platform and try it.

[Narrator]

No one did. Then at another meeting, he roared at a man who later became one of his most loyal supporters. You.

[John L. Lewis]

You there. Take that gun out of your pocket or I'll ram it down your throat.

[Narrator]

The delegate meekly obeyed. And later, in 1935, he unhesitatingly knocked to the floor Big Bill Hutchison, general president of the United Brotherhood of Carpenters and Joiners when Hutchinson incautiously referred to him in coarse and unprintable terms. Then last week, with a Nation's economy uncomfortably close to collapse. John L. Lewis relented. He announced that the miners would return to work for two weeks. But this truce offered only limited relief. Lewis had not changed. In making the announcement of the truce, he ended with a typical flourish. He informed the desperately waiting nation, this.

[John L. Lewis]

Action is the contribution of. Of the United Mine Workers of America to our nation's economy, which is being imperiled by the stupidity and selfish greed of the coal operators and associated financial interests and by demagogues who have tried to lash the public mind into a state of hysteria rather than grant justice and fair treatment to the men who mine the nation's coal.

[Songwriter]

Oh, the coal doesn't burn while everyone fiddles and Johnny Q. Public is caught in the middle.

[Narrator]

Yes, there are 2 million unemployed as a result of the shutdown of the coal mines. As John B. Love points out in Newsweek, we are confronted by the paradoxical situation of a synthetic depression in the midst of plenty.

[Coal Operator]

Just a minute, Bud.

[Narrator]

Huh?

[Coal Operator]

I don't like to interrupt this now, fancy talk of yours, see, but a lot depends on what kind of colored glasses you're wearing.

[Narrator]

Colored glasses?

[Coal Operator]

Yeah. Mine is strictly from rose color.

[Narrator]

Would you mind telling me who you are?

[Coal Operator]

Well, I'm just a character that hangs around Broadway and other places. My friends call me the Duke. So do my enemies, so it don't make much difference where you sit.

[Narrator]

All right, Duke, what's all this about colored glasses?

[Coal Operator]

Well, I hear you giving out this line about a depression. Me, I have to keep pinching myself these days to be sure I'm awake. Incidentally, the reason I'm wearing this shirt with the pinstripe seeing on account of you can't buy a white shirt. I happen to like it.

[Narrator]

I see. Well, that's fine. I'm still waiting to find out about the glasses, remember?

[Coal Operator]

Oh, yeah. You talk about a depression. Two weeks ago, I'm at Churchill Downs. They're running the Derby, which is pronounced derby, if you come from the other side of the tracks, the other side from me. I mean, over a million bucks is bet on that one race alone, which sets a new world's record. That don't sound like no depression to me. Especially since I have 50 bucks on a nag named Assault, which wins by eight lengths, which gets me back roughly 450 clams for my 50. Catch on about the colored glasses? Life is wonderful.

[Narrator]

It does sound as though the people in the racing business are doing all right.

[Coal Operator]

Well, last Saturday they shift from Louisville to Baltimore to run the Preakness. The Derby Is called the Run for the Roses, the Preakness, the Run for the Black Eyed Susans, which is really dyed daisies. The horsemen shift from bourbon to rye and they sing Marilyn My Maryland instead of my Old Kentucky Home. But the scenario goes about the same. The horses come to the gate. I ain't betting on Assault this time on account of you gotta put up five clams to get yourself three back. It ain't any skin off my nose, but my blood pressure stays up just the same since there ain't any dough involved. I am now a horseman watching a horse like in Kentucky. This assault starts kind of slow from the gate. He's in the ruck until they hit the stretch. Then he starts coming. He pulls into a three length lead and it looks like he's in a nag called Lord Boswell starts to push him a little and a jockey on Assault lays on with the bat for a minute. I think Assault is going to jump into the bleachers. He just does manage to nose out Lord Boswell. Ah, you talk about depression. This Assault collects, get this. 195,000 bucks for winning them two races.

[Narrator]

Mm, mm. Those certainly aren't poorhouse figures.

[Coal Operator]

Maybe there's a kind of inflation in it though, at that. You see, Assault's pappy, Bold Venture, won them same two races 10 years ago and only collects 65 GS for the both of them. But me, my glasses is strictly rose colored.

[Songwriter]

Oh, the races, the races. They're played by the masses. While depressions make passes at rose colored glasses.

[Narrator]

Well, the Duke isn't far wrong. Certainly anyone looking at the sports picture in America today can see no symptoms of depression. Although the baseball season is scarcely a month old, something like an attendance record for three games was set at the Yankee Stadium this week In a hot series between the Boston Red Sox and the New York Yankees. More than 175,000 people paid their money to see those three games in spite of threatening weather.

[Songwriter]

Oh, take me out to oh, take me out to Take me out to the ball game oh, take me out to oh, take me out to Take me out to the ball game.

[Narrator]

Meanwhile, in the background, emissaries of the Mexican League are offering astronomical figures to American ballplayers to break their contracts and travel south of the border to play. Larry McPhail, president and general manager of the Yankees, sought injunctions against the owners of the Mexican league and sportswriter Rudd Rennie of the New York Herald Tribune.

[Economic Analyst]

This man Rennie has gone right into.

[Narrator]

The Yankee dressing room with propositions to my Players on behalf of Mexico. Tongue in cheek, John Lardner, sports columnist of Newsweek, comments on the charge against Rennie.

[Labor Expert]

I am empowered to state at this time that Rennie was merely an innocent decoy in the operation. While he was in the Yankee dressing room trying to get a recipe for spaghetti with clam sauce from Joe DiMaggio, a small party of true agents, headed by your correspondent, took the rest of the Yankees aside and offered them $500,000 a year apiece for five years to play in Mexico. With a two million dollar bonus for signing. One of the players, whose name I'll not mention for fear of jeopardizing his job, asked for Mexico itself, saying he would not play for anything less than they gave Cortez. Since Mexico has already been promised to our batting practice pitcher on the Philadelphia Phillies, we were not in a position to make the deal.

[Narrator]

Oh, boy. Yes, sports are definitely on the boom. And the public is hungry to watch and hear about sports. Last week in Pompton Lakes, New Jersey, Stan Lomax, veteran sports commentator for the Mutual Network, pulled a stunt for his listeners.

[Coal Operator]

Boy, and what a stunt. This Lomax is going into the ring with Joe Louis. See, he's gonna box with Lewis and at the same time broadcast how it feels. You'll be s. This Lomax has an idea a lot of fighters should have had before. Maybe. He wears a reinforced catcher's mask, inside of which is a lit microphone. Also, he has on a chest protector and shin guards. He has on bright purple oversized silk shorts. Which makes his legs look like two toothpicks covered with white enamel paint.

[Narrator]

You'll be sorry.

[Coal Operator]

They go out in the center of the ring and Lewis starts tapping, gentle, like on the catcher's mask. I guess every time this happens, it sounds over the air like Lomax's jaw is being broke. Finally, Lomax takes a quick pratfall and then about. I guess he still don't know how it feels.

[Songwriter]

Oh, announcers, announcers. Such nerves, such aplomb. Soon they'll broadcast from inside the atomic bomb.

[Delegate]

Me, Lord, I was born about three of the clock in the afternoon. With a white head and something of a round belly. From a voice I have lost it with hollowing and singing of anthems to approve my youth further. I will not. The truth is, I am only old in judgment and understanding. And he that will caper with me for a thousand marks. Let him lend me the money and have at him.

[Narrator]

So spoke Sir John Falstaff on the stage of the Century Theater in New York City. Theatrical history was made last Week when the Old Vic Repertory Theater from London opened in New York to the acclaim of the critics.

[John L. Lewis]

Hey, Mac, get a load of the line of people. Must be seven, eight blocks long.

[Economic Analyst]

It must be nylons.

[John L. Lewis]

No, I don't think so. Come on, let's take a gander, see what's cooking.

[Coal Operator]

Okay.

[John L. Lewis]

Holy smoke. Look at that. Shake his Pierre.

[Narrator]

Perhaps we are confronted with a synthetic depression. But there were no signs of it at the Century Theater last week. There might not be manufactured goods on which people could spend their ready cash, but entertainment of high caliber could ask almost any price. $12 a seat for the opening night at the Old Vic deterred no one at all. Seats for the six weeks of repertory simply cannot be had. More than $50,000 passed through the box office the first week. No signs of a depression here.

[Songwriter]

Oh, they went to see Shakespeare at 12 bucks a seat. But in school, William Shakespeare, they never did. Soon one morning Death come creeping in my room soon one morning Death come.

[Narrator]

Creeping in my room like most depressions, the present one, even though it is synthetic, has been accompanied by an increase in crime. In New Iberia, Louisiana, an apprehended criminal was about to pay the penalty for his crime, murder.

[Songwriter]

Soon one morning Death come creeping in my room oh, my lord, oh, my Lord what shall I do to be saved?

[Narrator]

17 year old Willie Francis, sentenced to die for murdering a druggist, was about to be electrocuted when something went wrong.

[Economic Analyst]

What went wrong, Frank?

[Miner]

Short circuit warden. I guess that confounded wire burned out.

[Economic Analyst]

How's Willie Francis?

[Miner]

Okay. He's back in his cell. He says it didn't do any more than tickle.

[Narrator]

Later, in his jail cell, Willie Francis clutched his prayer book tight and stopped humming a spiritual long enough to say.

[Coal Operator]

Lord was with me last night and he's with me now.

[Songwriter]

Soon one morning death come creeping in my room oh, my Lord, oh my Lord what shall I do to be saved?

[Narrator]

8 miles away in their ramshackle cottage, Willie's family laughed and cried for joy. The hired hearse and the tombstone bought with borrowed money, were for the moment forgotten. Then another electrocution was ordered. But by failing to die on schedule, Willie had aroused legal interest throughout the nation. To his defense came a local lawyer, a longtime friend of the man Willie killed. He insisted the official argument that the.

[Delegate]

Court ordered electrocution until dead and that the date doesn't matter, is poppycock. The second execution can't take place. How many times does a man have to go to the chair to atone for his crime?

[Narrator]

Louisiana's acting governor Emil Verrier granted a stay of execution. As the state Supreme Court began studying the case, Willie's lawyer cited a legal precedent. He recalled the case of Willie purvis, who in 1894 escaped hanging when the noose slipped.

[Songwriter]

Come listen, all you people Come listen to my tale concerning Willie Purvis who was wrongly sent to jail. They put him on the scaffold and the trap it was sprung but the hand of God had saved him and Willie never hung oh, it's Willie never hung Willie never hung the thickest rope it split and broke and Willie never hung 25 years thereafter a certain man confessed that he had done the crime which had caused Willie's arrest and everyone gave thanks with many a hymn in song for the hand of God had saved him and Willie never hung oh, it's Willie never hung Willie never hung the thickest rope it split and broke and Willie never hung.

[Narrator]

Yes, there is a synthetic depression confronting the country. But the students of Smith College in Northampton, Massachusetts, don't seem to be frightened by it. Last February, professor of Economics Stanley Ross started something on the quiet Northampton campus.

[Miner]

Women own or control 65% of the nation's wealth, yet many of them do not have practical knowledge of investment or finance. As a step toward remedying that, I am suggesting to this class that you form an investment company to get practical experience.

[Narrator]

The girls jumped at the idea and incorporated under Massachusetts law. They proposed to offer 5,000 shares at a dollar each to relatives and friends. But a hitch arose in the securities and Exchange Commission.

[John L. Lewis]

I'm sorry, Ms. Miller, but the rules don't allow you to incorporate for $5,000.

[Reporter]

But that's ridiculous. After all, this is simply a practical experiment.

[John L. Lewis]

The rules require at least $50,000 of capital.

[Reporter]

Well, then we must make a special appeal to the commission for exemption from all its rules.

[Narrator]

Last week, the SEC hearing on the application set a record 4 1/2 minutes.

[John L. Lewis]

Since there are no objections from the SEC staff, the appeal from the Smith College girls for exemption from the rules is granted.

[Narrator]

And so the Smithies are now free to risk their shirts.

[Songwriter]

I got a daughter and she goes to Smith. She's the kind of a daughter I'm delighted with. She formed a corporation. Now she sends me an allowance.

[Narrator]

One word which has frightened the American people during this paradoxical situation of depression and boom is inflation. But inflation holds little terror for Alvin H. Hanson of Harvard University. With the death of Lord Keynes last month, he succeeded to world leadership of Canadian economics, a school which takes deficit finance, managed currency and low interest. In its stride. Hanson, whose Green eyeshade makes him look like a newspaper copy reader. Spoke his mind last week to newspaper men at the Harvard reunion.

[Labor Expert]

You care to make any prophecy about the future, Mr. Hanson?

[Economic Analyst]

Well, I'll have to hedge a little.

[Labor Expert]

Well, go ahead and hedge.

[Economic Analyst]

Well, my prophecies are predicated on the continuance of high taxes, retain savings and price controls until scarcities are overcome.

[Labor Expert]

Well, if all those continue, what do you see in your crystal ball, Mr. Hanson?

[Economic Analyst]

The strength of collective bargaining will not permit a profits inflation. The surest way of going into a tailspin.

[Labor Expert]

What about the $225 billion of savings the American people have put away?

[Economic Analyst]

There's no reason to believe we can't handle that much money. In fact, within 20 years we shall probably need twice as much.

[Labor Expert]

You don't think that much money lying around is bound to increase the cost of everything?

[Economic Analyst]

The whole history of our country has proved that. As productivity and income rose, we have needed vaster supplies of money over the long run. A country as productive as the United States is far more in danger of not having buyers for its products than of inflation.

[Songwriter]

Oh, the experts, the experts, they sure know the dirt. But I still wish I knew how to buy a white shirt.

[Narrator]

So as the American people are confronted with a strange mixture of depression and boom, they ask what can be done about it? They've had a belly full of strikes. The United States Senate talked mightily about the cold strike last week, but took no action. They threatened anti labor legislation, but at the end of the week it was still no more than a threat. And the President? Well, the highlights of President Truman's week included a speech denouncing moron motorists who imperil highway safety.

[Songwriter]

I got the Depression. Prosperity blue.

[Narrator]

A quiet birthday observance. The President 62nd. And a gift from his daughter Margaret, a sculptured replica of her hand.

[Songwriter]

Lots of money in the bank, but I can't buy a car.

[Narrator]

And an honorary college degree from Fordham University in New York City. The President's seventh since entering the White House.

[Songwriter]

I'm rich, I'm poor. How are you?

[Labor Expert]

I'm snafu.

[Narrator]

Yes, the nation is in the grip of a fantastic economic plague. Wealth and poverty, employment and unemployment. Plenty and scarcity. The teamwork which made our magnificent war effort possible is missing. Individuals and groups are no longer pulling together. The result is confusion. There is no easy solution. In the last analysis, the cure will lie with a public which has armed itself with the facts. A public which refuses to let itself become bewildered. A public which speaks with a clarity of judgment which only knowledge can provide, such an informed public can exert democratic pressures for the solution of each of the problems involved. And so whether we sink deeper into a state of limping confusion or whether we start working together toward a full life and economic security is in the long run up to you who make the News.

[Announcer]

Our broadcast next week will be our last in this series, but we'll be back in the fall. In the meantime, listen next week at the same time over many of these stations, when the Mutual Broadcasting System, in cooperation with the editors of Newsweek magazine, who believe that a well informed public is America's greatest security, will again present. You make the news. You make the News is a Phillips leader Seymour production. Stats Cotsworth is the narrator. The music is composed and conducted by Alexander Semler. The songs were adapted and sung by Tom Glaser. This is the Mutual Broadcasting System.