The 2007 Banquet

The 2007 banquet was successful inmany ways. A somewhat larger thanaverage number of guests were there tohear Barbara Ehrenreich, many havingread her Nickel and Dimed. They nodoubt expected to hear her analysis ofcontemporary American society, theincreasing disparity between rich andpoor. Or we should say, the super-richand the poor. The ranks of the workingpoor are the fastest-growing segment ofthe poor and needy. Pay has stagnated forthis group of workers, whereas healthcosts are skyrocketing, and their share ofthe tax burden is increasing.

Since the banquet last October, theeffect of the sub-prime loan marketing isimpacting housing and reaches even intothe ranks of those who had appeared tobe on solid financial footing. Thereshould be no surprise that the emergencymeasures Republicans and Democratscan agree on to remedy the situation,even for the short term, includesubstantial perks for financialinstitutions, those that were making riskyloans to unsuspecting buyers, and leaveout entirely some groups living belowpoverty. And it is no surprise that forGeorge Bush, a major component of along-term solution is permanent tax cutsfor the wealthy.

No campaign conducted by theSocialists could match for sheer dramaand excitement that of 1908. WithEugene Debs as the party’s standardbearer, the size of enthusiastic crowdsattracted to their rallies caught theattention of both Republicans andDemocrats, causing them to undertakestrategies to blunt the Socialists’ appeal.The end results in terms of vote countwere for the Socialists disappointing, butthe programs they advocated resonatedwith millions of Americans, from dirtfarmers to unskilled and unorganizedworkers, and even many religiousgroups and professionals. The flame waskindled which would in a few decadesforce the two major parties to absorb aspects of the Socialist Party platform intotheir own rhetoric if not yet in concrete programs.

Debs was fifty-two years old in 1908, reputed to be in not the best of health.With the recent extension of life expectancy through modern medicine andhealthcare, Debs would be considered almost young by current estimation, but 52was “old” by comparison to turn-of-the-century life expectancy. Besides, Debs wasso committed to his work that he abused his health by his eating and sleepinghabits. He carelessly sacrificed both sleep and regular meals to the demands of thecause.

The highlight of the 1908 campaign was the Red Special train, but there wereadditional components. The New York Call began publication in May that year,which became the voice of the Socialist Party when the mainstream press was notinclined to be fair and balanced in coverage. There also were the Socialistencampments, which were suited to the needs of the rural poor of the South andSouthwest. These encampments were described as combined square-dance fests,socialist schools, and revival meetings. Local merchants were persuaded to financethe encampments by saying they would bring them new business. By the summerof 1908, scores of thousands of farmers were spending their annual vacations atthese temporary tent colonies. Debs spoke at several of these encampments duringearly July, 1908. Ray Ginger reports that on July 4, he spoke at the picnic groundsof one Oklahoma city to 5,000 people, and the next day he was in Oklahoma Cityspeaking to 3,000. On July 12, Debs was in Milwaukee, speaking to 25,000persons who paid admission to a Socialist picnic.

P.O. BOX 843, TERRE HAUTE, INDIANA 47808

Debs’ 1908 CampaignThe Red Special and More

SPRING 2008

P.O. BOX 843, TERRE HAUTE, INDIANA 47808-0843

Barbara Ehrenreich

SPRING BUSINESS MEETINGApril 26, at the Debs Home

continued on page 3

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The 2008 BanquetThe banquet date for 2008 will be October 4. The public

announcement of the Debs Award recipient awaits finalapproval at the April 26th business meeting. Tickets willnot go on sale until the fall newsletter is distributed, butthis early announcement allows you to keep October 4threserved for the Debs Banquet.

Examining the Financial StatementThe financial statement takes on more meaning if some

of its components are analyzed. For instance, focusing onthe award banquet—income and expenses—we see how amajor amount of total financial activity adds up. Inincome, there was $6,150.00 for dinner program ads and$10,672.00 for ticket sales. Together that is $16,822.00. Inexpenses, there was $1,340 for hall rental, $2,041.72 forprinting the dinner program and tickets, $387.00 to MeierJohann-Wengler for the plaque, $805.00 to Anne Feeney,$904.00 to Ehrenreich for travel, and $6,691.57 to Azarfor catering. That totals $12,169.29 in expenses. Thus, theprofit from the banquet was “only” $4,652.71. Why? Itwas a good year for ticket sales, where one half of theprice per ticket goes for dinners, and a poor year for

program ads., where much of the money is profit. It alsowas a year for some high maintenance costs at the DebsHome: $1,580.00 for repair of the backyard fence and$834.60 to replace damaged carpeting due to vandalism.This is why we had to withdraw $15,000 from theEndowment Fund.

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DEBS FOUNDATION NEWSLETTERSPRING 2008Published by

The Eugene V. Debs FoundationBox 843

Terre Haute, IN 47808Website:www.eugenevdebs.com

Foundation Officers:Michael Sullivan, PresidentNoel Beasley, Executive Vice PresidentCharles King, SecretaryMick Love, Treasurer

The Debs Foundation Newsletter is published twice yearly fordistribution to members and friends of the Foundation. The Eugene V. DebsFoundation is a non-profit, private organization which maintains the home ofEugene and Kate Debs as a museum and shrine to labor, and carries oneducational and informational programs which aim to honor and promote thegoals for which Debs struggled: industrial unionism, social justice, andpeace. For those wishing to become members, an application form isprovided elsewhere in this issue.

2007 FINANCIAL STATEMENTEugene V. Debs Foundation

Expenditures:Verizon … … … … … … … … … … … … … $ 955.26Duke Energy… … … … … … … … … … … … 1,348.73Indiana American Water … … … … … … … … 423.24Vectren … … … … … … … … … … … … … 1,657.13Agency Acct. (ISU) … … … … … … … … … 650.00Lowes … … … … … … … … … … … … … … 543.52Heinl Flowers … … … … … … … … … … … 94.50Sears Phone Card … … … … … … … … … … 31.79Office Max … … … … … … … … … … … … 254.39Donuts… … … … … … … … … … … … … … 7.99Kleptz Aluminum … … … … … … … … … … 10.00affordable Plumbing … … … … … … … … … 76.36Banquet Hall Rental … … … … … … … … … 1,340.00ISU Foundation (Library)… … … … … … … … 500.00High Ground Digital … … … … … … … … … 1,440.00Jewett Printing … … … … … … … … … … … 4,572.93UAW Memorial Walkway … … … … … … … 100.00Sateud Insurance (Work Comp) … … … … … … 534.00All American Sanitation … … … … … … … … 85.00Terminix … … … … … … … … … … … … … 349.20Springhill Heating … … … … … … … … … … 68.00ADT … … … … … … … … … … … … … … 117.18Freddie Sutton (repair)… … … … … … … … … 40.00Universal Advertising … … … … … … … … … 168.00Wabash Vision & Voices … … … … … … … … 175.00Inweld (Fire Extinguisher) … … … … … … … 21.25Flooring America … … … … … … … … … … 834.60

Quality Fence … … … … … … … … … … … $ 1,580.00Meier Johann-Wengler … … … … … … … … 387.00Anne Feeney… … … … … … … … … … … … 805.00Azar Catering … … … … … … … … … … … 6,691.57Ehrenreich Travel … … … … … … … … … … 904.40Fed Ex… … … … … … … … … … … … … … 35.96IRS (Withholding) … … … … … … … … … … 4,873.32Indiana Department of Revenue… … … … … … 1,699.38Human Rights Day … … … … … … … … … … 200.00Museum Director Salary … … … … … … … … 14,741.30

Total Expenditures … … … … … … … … … … 43,440.07

Income:Dinner Program … … … … … … … … … … $ 6,150.00Dinner Tickets … … … … … … … … … … … 10,672.00IRS Refund … … … … … … … … … … … … 1,077.54From Endowment Fund … … … … … … … … 14,970.00Memorabilia Sales … … … … … … … … … … 965.10Insurance Damage Payment … … … … … … … 270.67Member Dues & Contributions … … … … … … 22,829.53

Total Income… … … … … … … … … … … … 56,934.84

Bank Balance - 12-31-06 … … … … … … … $ 3,730.67Bank Balance 12-31-07 … … … … … … … … $ 9,573.30

Mick Love, Treasurer

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It was on this occasion that Debs metLincoln Steffens, who was writing aseries of articles about the presidentialcandidates. Debs was interviewed bySteffens in the home of Victor Berger.Debs admitted candidly that the Partyhad no hope of winning in 1908. Therace was at this stage purelyeducational. Debs’ answer must havesatisfied Steffens. His article inEverybody’s Magazine was friendly toDebs, and just before the election hepublicly announced his support for theSocialist nominee.

The Red Special tour was anambitious undertaking for theSocialists. It was expensive and itssuccess dependedon skillfulp l a n n i n g . T h etrain was to leaveChicago onAugust 31,proceed in ac l o c k w i s edirection first tos o u t h e r nCalifornia, thenmake its way upthe coast toWashington andreturn onSeptember 25before continuingto New York viaDetroit andBuffalo, and thenswinging down anumber ofsouthern statesbefore concludingin Chicago after alast rally in Milwaukee. Every night onthe tour a major rally would be held ina large city, and the train would stopbriefly at small towns along the routefor a speech delivered at the trainstation or from the car’s rear platform.The services of Debs’ brother wereindispensable on the Red Special touras for the entire campaign. Theodoreserved as personal secretary, answeringall correspondence, fending off adoringfans to the extent possible, makinghotel reservations and in doing manysmall things which could be entrustedto a highly competent and dedicatedco-worker. The arrangements for thetour had been amazingly thorough.Party managers had accuratelyestimated the literature sales, so that anample supply of leaflets had beendelivered to the Red Special for salealong the way to the crowds.

When the train passed through

Chicago on September 25 to begin theeastern tour, Debs had traveled 9,000miles and made a hundred and ninetystops. Debs had spoken to 275,000persons in less than a month.

The apparent success of the Socialistcampaign caught the attention ofRepublicans, Democrats, and even theAFL leadership. Samuel Gomperscharged that the Republican Party wassecretly financing the Red Special. Theretort was to make every contributionpublic. There were few contributionslarger than ten dollars. Several paperscharged that the Socialist Party was a“foreign” organization. Records revealthat 70% of the 40,000 Socialists had

been born in the U.S., and another 20%were immigrants from Western Europe.

Not to be overlooked was that theenemies’ attacks were front-page newsin the metropolitan dailies. whereas theSocialist replies were often suppressedor buried on an inside page. The partiesthat controlled the newspapers could toa great extent control public opinion.

Debs’ campaign rallies continued todraw large crowds on the eastern tour.The New York City crowds wereespecially large and enthusiastic.William Taft had barely filled themusic hall in his own city ofCincinnati, but Debs in the same hallwas forced to turn people away. WhenTaft spoke, admission was free,whereas a dime minimum was chargedto hear Debs. The two candidates spokeon the same night in Evansville,Indiana, and again more people paid tohear Debs than went free to hear the

Republican Taft.Debs gave his last Red Special

speech at the University of Wisconsinto another large, enthusiastic audience,so moving that it inspired the St. LouisMirror to predict that Debs wouldreceive one and a half million votes.

The final results of the 1908 electionwere very disappointing to theSocialists. The total of 420,977 was noimprovement over 1904. The AFLleaders had influenced a large portionof organized labor, and the bignewspapers had influenced everybody.Amazingly, not a single vote wasrecorded for Debs in his own precinct,although he knew several supporters,

i n c l u d i n ghimself, who hadvoted there. Itseems highlylikely that theSocialist vote wasd e l i b e r a t e l ymiscounted byseveral large citycliques.

Due largely tothe extremedemands of thecampaign, Debswas ill for amonth afterwards.He had given hisbest effort, but theresults had to bemeasured inintangible terms,mainly in itseducational value.Success was inthe evidence that

hundreds of thousands of poor dirtfarmers and unskilled and unorganizedworkers had been inspired and upliftedby the vision of a future society inwhich social justice and brotherhoodwould wipe out the struggle of classagainst class and nation against nation.History records that just four yearslater, in 1912, many of the proposals ofthe Socialists found their way into therhetoric of the two major parties, and afew decades later were incorporated inmany details into the New Deallegislation of the 1930s. Our countryhas still a long way to go, but was inthe later half of the 20th century abetter society thanks to the efforts ofDebs and the Socialists.

C.K.

Red Special BandDebs is standing back row, holding child, between the “P” and “R”.

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NON-PROFITORGANIZATION

U.S. POSTAGEPAID

PERMIT NO. 977TERRE HAUTE, IN

EUGENE V. DEBS FOUNDATIONP.O. Box 843

Terre Haute, Indiana 47808-0843

ADDRESS SERVICE REQUESTED

Membership Dues: The Eugene V. Debs Foundation

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_____ $ 5.00 Student Member _____ $100.00 Sustaining Member _____ $10.00 Regular Member _____ $250.00 Life Members_____ $25.00 Supporting Member _____ ______ Other

Enclose remittance. Make checks payable to the Debs Foundation.The Debs Foundation • P.O. Box 843 • Terre Haute, IN 47808-0843We are a not-for-profit organization, so your dues and contributions are tax deductible. The Foundationowns and maintains the Debs Home and offers several educational and cultural programs.

NOTE: Please check here if this is a:RENEWAL ■■

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“That’s how things work in the Age of Bush.” So wrotesyndicated columnist Froma Harrop on January 30, 2008,at the conclusion of an essay in which she described howthe “real estate operators” were able to slip away from thedisaster with their millions intact. None profited more thanAngelo Mozilo, now former head of CountrywideFinancial. It helped that the Bush Administration, socommitted to the “free market,” was not inclined tointervene through regulatory measures to stop the rush toseize the opportunity of home ownership, buyers in theprocess trusting the real estate brokers who were steeringthem to beginning low interest, some time no downpayment loans which seemed to be affordable, but notpointing out such facts as that the interest rate would go upsharply after three years, and other negatives such as bigprepayment penalties, and a host of fees such as for floodcertification, appraisals, and for preparing the loancontract.

The mortgage companies, of which Countrywide wasone of the largest and most aggressive, sold the mortgagesto investment banks, who then packaged the loans intosecurities which were palmed off on to investors (anotherbig loser).

When housing turned bad last year, Countrywide stocklost more than half its value. But Mozilo had already made$414 million selling his countrywide shares from 2004 to2007, and pending sale of Countrywide to Bank ofAmerica would allow Mozilo to waltz away with another$115 million in severance pay. At the same time, the realvictims, hundreds of thousands of them, were facingfinancial disaster, foreclosure, and bankruptcy. As thecolumnist wrote: “That’s how things work in the Age ofBush.” I would add: How little has the system changedsince the days of Eugene Debs!

C.K.

Surprise! Winners and Losers in the Subprime Lending Crunch

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