71 
CONTENTS 
CHAPTER PAGER 
The United States Railroad Labor Board. . . . . 63 
The United States Bituminous Coal Mining Commis- 
3 0) 1 OX 
The United States Anthracite Coal Mining Commis- 
Eo | 
Federal Electric Railway Commission Sanctions Liv- 
ing Wage . . . . . . . . .. .... 
The Industrial Breakdown of 1920-1921 . . . . . . 
Deflation of Wages Temporarily Adopted . . . . . 
Proceedings Before the United States Railroad Labor 
Board . . . . . . ......... 68 
Senator Cummins’ Interpretation of the Transportation 
Actin1922 . . . . . ........ 7 
General Protests Against Extreme Deflation. . . . 71 
Deflation Policy Adopted . . . . . . . . . . . 76 
V—THE EMERGENCE OF A NEW CONSTRUCTIVE 
Poricy , . .. ...... 
New Definitions of “Normalcy” . . . ; 
A New Theory of Prosperity . . . . . . . . . 
Revolutionary Changes in Attitude of Financiers, In- 
dustrialists, and Labor Leaders. . . . . 
VI—ABANDONMENT OF THE CoST-0F-LIVING AND 
SuppLy-AND-DEMAND THEORIES . . . . 85 
The General Change in Attitude . . . . . . . . 85 
Actual Experience Shows Abandonment of Old 
Theories . . . . « . . «+. «vv. . 91 
Wage Adjustments in Leading Industries Have Dis- 
regarded Cost-of-Living Factor. . . . . . 92 
VII—AccerTANCE OF THE THEORY OF AN ADE- 
QUATE Basic Wage . . . . . . .. 
Origin of the Term “Living Wage” . . . . 
Its Development in America . . . . . . . you os 
Widespread Sanction of the Living-Wage Principle . 
Labor Provisions of the Treaty of Peace . . . . 
Letter of President Wilson to Railroad Workers, 
198 © « 5 v ¢ + wu. 6.5 = » % +s & & & 
The Transportation Act of 1920, . . . . . . . 
President Wilson’s Industrial Conference, 1920 . . 
Philadelphia Bureau of Municipal Research . . . 
The Declarations of Economists. Statesmen and Pub- 
licists . . . . . 
Jacob H. Hollander . . 
J. Noble Stockett, Jr. 
John A. Ryan. . , 
Wm. S. Kenvon .