The increase of wages by the great nontariffsheltered industries during this period created an additional demand for commodities. and this made increased production possible. The fact that commodity prices generally have not been materially increased since the rise of 1923 proves that high wages paid under the conditions already described did not increase production costs. otherwise prices would rise with wages. and we would get nowhere. The restriction of Immigration has kept out 8.000.000 aliens since 1920. who would have materially interfered with the labor situation. It is undoubtedly true that the program for the "return to normalcy" Included the deflation of labor. but it failed. Labor will always owe a debt of gratitude to the Wilson administration. which many have not yet even acknowledged.
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Immigration