22 The Stock Market Crash—And After

self. Through personal interviews and public conferences
 with leading employers he sought to set
standards whereby, so far as they were concerned,
there would be no movement to reduce wages. Corresponding
 assurance was obtained from the leaders
of organized labor that they would help allay conflicts
 in full cooperation with employers, avoiding all
issues that involved wage increases. By this cooperation
 between Capital and Labor, continuity in consumer’s
 purchasing power was assured, with the removal
 of fear of general unemployment. This would
not, of course, increase consumers’ purchasing power,
except to some extent through possible changes in
distribution of products among workers, managers,
enterprises and capitalists. The point was that purchasing
 power would be kept from decreasing
through any serious stoppage of the wheels of
industry.
The third step was of a more permanent nature.
[In the President's words, it was to ‘‘undertake,
through voluntary organization of industry, the continuity
 and expansion of the construction and maintenance
 work of the country, so as to take up any
slack in employment which arises in other directions.”
The President continued :
“The greatest tool which our economic system
affords for the establishment of stability is the construction
 and maintenance work, the improvements
and betterments and general clean-up of plants in
preparation for cheaper production and the increased
demand of the future.