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 Living
 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, Industrialists,
 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 Disregarded
 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 Publicists
 . . . . .
Jacob H. Hollander . .
J. Noble Stockett, Jr.
John A. Ryan. . ,
Wm. S. Kenvon .