COURIER
MAGAZIXE SECTION.
OREGON CITY, OREGON FEIDAY. FEBRUARY 9, 1906.
PAGES 1 TO 4.
OREGON
Y
)
BANK NOTE EXPANSION.
J1AXT RATIONAL BANKS ESTAB
LISHED SINCE REDUCTION
OF REQUIRED CAPITAL.
Unprecedened Increase of Instl.
tutions and Consequent Expansion
of Bank Note Circulation May Cairsft
Depression.
There Is a boom In the organization
of national banks. It has been In pro
gress for five years, or ever since the
passage by Congress of the act permit
ting national banks to be organized
with a capital of $25,000 Instead of
the minimum of $100,000 capital, as the
law stmd prior to March, 1900.
Though the multiplication of small
national banks has been going forward
at a startling pace it is only recently
that the great increase in the number
of new banks has begun to Impress it
self on far-seeing financiers as exces
sive. It is felt that the unprecedented
Increase in banks and the consequent
expansion of national bank note cir
culation has either gone so far, or soon
may go so far, as to constitute a na
tional menace.
There are many financiers who,
though they look with apprehension on
a boom in national banks, yet feel that
we have not reached the danger line
and that the country is able to absorb
' all the national bank note circulation
that is likely to be issued on the pres
ent bonded debt of the United States.
It Is proposed that at the next ses
sion of Congress the bonds to .be sold
(or the construction of the Panama
canal shall also be made a basis for
bank note circulation and this ex
pansion it. is thought may prove ex
mVopyrighted, Watdon Ftwutt.
BARONESS VON
Baroness von Sternburg, the Ameri
can wife of the German Ambassador
and pre-eminently the most sweetly
beautiful woman in official life at t' ?
national capital, has lately returned
to Washington from abroad, a proud
and bappy woman by reason of the
miracle worked by a wonderful sur
gical operation performed In Germany
a few months ago. The Baroness
when a youn, girl fell from a horse
and sustained an Injury to one limb,
which has ever Blnce necessitated her
w ilng with a cane.
8ohie Ifme nso an emfnenf German
surgeon wrformpd an operation npnn
one of the ladles of the royal family
who bad received an exactly similar
Injury, and the tracces which crown
ed his pfforts waa sncft that the bean
'fn! bride of the Kaiser's envoy In
America was lndnced to nM reo irimf.
lar treatment For week tier foot
wns held In the rrlp of r p'ir r eaat
but Dually pfgij bnniTans were ru
mored and rt waa fr fa Tetnrr to
tier native land" with the nee of the
'""' '"Mnt member filly rested
Baroneag von Pternbnrr, rrtin w
riq T.tmfln Tiirtiin. I if Oallforn'"
rlrl an?J tier marrlnw to Baron s
on stembtirsr m aa tTTe" pnlmtna
rlon tit w ? Fh Twtteaf Interna
frmat Mtminw fn wb'V an T"4r'
an rlrl baa tl?n. ft W'"'"
beanty anT! fbViWe rmfto Sllpln
iat f" mi on shtrTwx','1 '
ir fi 'AtTanrTc. Tt me Jlanw "
lr nmr Mne a case of Iflve t flrt
pt,,w mn ni oMoa. rmt th Tbrmv
-nvwmnenl 1cH tae w fatb"'
Intewaf tn Ifa Twrwr ' nffleera
p9 iwien. tbatipnefl to nnflo OmM
vorS ty lnsIsSn;, U tustomary in
(T . nil
t ' I
:r
- "?
V wwf 1 x
V.t ...-i Jt - j.1-Mi,rfi. mmmmmMAmmJ
cessive. The danger line will be
reached when the bank note circulation
comes to bear an undue relation to the
gold reserve of the United States treas
ury. The growth in national bank notes
in five years has increased their
amount trom 216,000,000 to $478,000,
000, based on government bonds, or
about $50,000,000 per annum. It Is
calculated that the gold stock of the
country increases annually in about the
proportion that population increases.
During the last fiscal year the basis
money of the nation was increased by
the addition of $23,000,000 in gold cer
tificates. It is urged that as the bank
note circulation increases faster than
the growth of the money of redemp
tion, the process tends toward Inflation.
It adds to the burden of money which
the gold reserve must maintain at
parity.
No remedy for this situation is In
sight, and it is stated that it may be
that an unhappy fiuani'al depression
will be needed to call the attention of
the whole country to the necessity for
caution in loading up trade with too
great an issue of bank notes. At pres
ent there is no limitation on the or
ganization of national banks except
that they cannot go beyond the bonded
debt. The bonded debt is now $895,
000,000, of which $482,000,000 is used
as security, for note issues and $65,000,
000 as security for government de
posits. An issue of $130,000,000 of
canal bonds has been authorized, and
the whole world knows that other is
sues of canal bonds must be made. If
the canal is to be constructed on the
lock principle, this bond issue will
necessarily be doubled and probably
trebled. When the canal is cut down
to sea level the cost of construction
will very nearly be doubled and the
bond issue accordingly increased.
STEP.NBURG.
such cases, that the American girl
should bring to the man of her choice
a fortune of $20,000.
Now Miss Langham comes of a very
old Kentucky family, but none of
its members happened to have $20,000
to bestow as a dowry, and for a time
the course of true love appeared to
run anything but smoothly; but in
the end the Teutonic officials relented,
and the couple were married, When
Baron von Sternburg took his bride to
the Fatherland, she carried everything
before her by virtue of her beauty
and sweet disposition, and the Ger
man Emperor remarked; "If I were an
artist. I would wish for noting bet
ter than to paint your portrait
The Baroness baa violet eyes, with
lone, dark lah. reddish
and a marwlnn 1ttbSJl'2
e U a native of the Golden Gate
Stnfp. her fftvr wn an rnrtlshman
and her mother native of Chleaw.
Tbt mlPtrepa of the German Km
viasy at WaMnon la almost aa
mr - rt borne In Tyrone ao In Amer
"8. for She was edneafwMn Pnrla and
rvreade-' and made ber formal entry
The Sternbnrg are Mf
ctr.psf perooTint friends of the Preil
lent and Mrs Roosevelt. Indeed, the
r ,r, then a mere secretary at tbe
"-nran Kmbasov. waa one of r
Pooseretfa rmrie t ttie dflVS when
the preaent fb'f ManlstratP W8 a
r'rfl (Service Oovrmlsslonpr. The two
men ro and valued toeether al
most dsllv. am.' natnrally the "Pr&
'nnt waa dlltrc 1 when bis old cbntn
hose an A mei Hrl fm- Ws bride,
sod the Baiwi and V wife tpent a
nrtlon of ttcj honeymoon at the
Whlta Horxi
LARGEST OF SHIP DOCKS.
THE "DEWEY" NOW PLOWING
THE ATLANTIC AND BOUND
, FOR THE PaiLIPPISES.
Will Require Four Months to Make
Trip. Capable of Lifting Biggest
War Ship. Superior to Stationary
Docks.
The huge storm waves of the Atlan
tic in midwinter seem to roll onward
in a resistless torrent of destruction to
all In their pathway. But this year
they are beating against an indom
itable structure, for the United States
Government is shipping to its far-off.
naval station at Cavite something that
floats but is yet not a war vessel, a
fortress or a merchant ship. Capable
of use In either peace or war, it is a
very necessary adjunct to Uncle Sam's
Navy. This structure which has been
breasting the waves of the Atlantic is
the gigantic sew floating dry dock,
Dewey," but recently built by the
Maryland Steel Company of Sparrows
Point, near Baltimore.
While there are numerous dry docks
in the far East which are available for
Uncle Sam's Navy in times of peace,
the gates of these would be barred to
his fighting ships were he to get into
an embroglio with any foreign power.
This fact determined the Navy Depart
ment to build ft great dry dock which
could be toreo. from one port to an
other, or used In the open seas. The
recent success attained by the Govern
ment floating dry dock at New Orleans,
Induced the naval officials to . decide
that this new factor In ship-repair
should not be stationary, but rather
one of the floating variety. In order
that it might be capable of docking the
largest battle ships, not only of the
present day, but of such possible ex
pansion as the future might bring
forth, the Government specifications
required that the "Dewey" should be
able to dock a 16,000 ton ship in four
hours from the time the warrior en
tered the trough to the moment the
keel was out of water.
The Largest In the World.
Such specifications meant that upon
completion or tne "Dewey" the Govern
ment would possess the largest float
ing dry dock in the world. The
contractors went further than the Gov
ernment specifications and gave the
new dock a capacity of 20,000 tons.
The question might be asked, what
sort or monster is this which floats and
yet can bodily lift the huge fighting
terrors of the sea? It is nothing more
than a large steel floating box, with a
bottom and two long sides but with
the top and ends missing, the bottom
resting upon great square tanks, 18
feet deep. With an opening of certain
valves, enough water is allowed to
rush into sink the great trough until
the floor is sufficiently below water
level for the largest warship to enter
between the two protruding sides. Af
ter the vessel is within the enclosure,
the water is pumped out of the tanks
and the great trough rises until the
floor is well above the wash of the sea.
Any surplus water remaining on the
floor of the tank drains off and the ship
on becoming dry may be painted,
cleaned or repaired. The giant leviathan
of war Is bandied as though it were a
toy. The "Dewey" has a total length
of about 500 feet, and a height of 64
feet from the bottom, yet In order to
dock a vessel demanding a depth of 30
feet in the trough, the bottom of the
fank sinks to a depth of 63 feet Float
ing by itself, it draws but 6 feet of
water.
The United States Government was
very strict in all requirements of its
contract with the constructing com
pany and insisted that the dock should
be carefully tested before being ac
cepted. Last spring the battleship Iowa'was
s
BATTLESHIP IOWA IN
docked In the "Dewey" and within an
hour and a half from the time that she
was in position, her keel was out of
the water. In same month, the
United States battleship Colorado, with
a displacement of nearly 2,000 tons
more than the Iowa, was docked in two
hours and sixteen minutes.
Will Baffle the Toredo.
One of the most essential needs for
a dry dock In the Philippine Islands is
caused by the accumulation of a great
amount of marine growth upon the
hulls of all vessels spending any length
of time In trnnical waters. Naturally
a steel dry dock In such a locality
would also become befouled by barna
cles, toredos. etc., and It Is at this
nolnt that a most peculiar feature of
the "Dewey" la brought to light, for In
addition to being able to lift the beav-
lest battleships of the Navy, it can lift
itself as well. In other words, it
raises its own bottom out of the water
while floating only upon its great hol
low side box. and the bottom in turn
lifts up the side box to a sufficient
height to permit of its being scraped,
cleaned ana copper painted.
Notwithstanding the apparently In
tricate problems confronted in the
construction of such a huge engine, the
Navy Department had a still greater
problem to solve when it considered
methods of sending the Dewey to the
Philippine Islands. The great size of
the machine meant that it could make
but slow progress through the water
and the Government had had no expe
rience in sending such structures
across the uncertain Atlantic. How
ever, the Inducement of extra good
salaries enabled the officials to obtain
a crew of experienced men to handle
the dock. The hollow sides of the enor
mous engine provide abundant living
quarters for the crew of thirty, and
are as good as the best quarters on any
man of war. There is on board a com
plete distilling apparatus for making
fresh water and the ration allowances
are double those received by the men
of the United States Navy. Since the
dock has left the United States, it has
been In almost continuous communlca
tion with the shore by means of the
wireless telegraphy apparatus on board
as well as on the three naval vessels
towing it It Is supposed by the Gov
ernment officials that it will take near
ly four months for the structure to
make the trip to the Philippines.
Games for the Mariners.
The great floor of the Dewey is of
sufficient size to allow of a regulation
game of base ball, a fact which prob
ably will be taken advantage of when
the warmer climates are reached.
Should the little fleet meet with a hur
ricane such as might usually he encoun
tered on the Atlantic in winter, the
towing steams could throw off the tow
lines and the Dewey could be filled
wit sufficient water to sink to a depth
which would assure its safety until
after the storm had passed away, while
the towing boats could find safe refuge
within the dock.
The route taken by the fleet is as
follows: After passing out of Ches
apeake Bay, It takes a course due east
ward across the Atlantic to the Ma
deira Islands, from whence it enters
the Mediterranena through the Straits
of Gibraltar, until the Suez Canal is
reached. The traversing of the Suez
Canal was another problem which
faced the officials of the Navy Depart
ment, but after making careful meas
urements it was found that the dock
would easily pass through the Canal.
The fee that the United States Gov
ernment is called upon to pay for the
use of the Canal for this purpose is
$30,000.
After passing through the Suez
Canal, the squadron of three towing
boats and the dock will sail through
the Bed Sea between Arabia and Af
rica and thence on to the Indian
Ocean. Singapore will probably be a
stopping place for the expedition and
after going through the straits of Ma
lacca, it will pass up the China Sea
and thence to the Cavite naval station,
reaching there Just about in time for
the Easter holidays.
Other Dry Docks.
The United States has a couple of
other floating dry docks, one at Al
giers, La., but recently completed, and
another at Pensacola, Fla., formerly
stationed at Havana. Before the float
ing dry dock was considered a success,
the stationary dry dock was the only
kind available. This was completed
upon shore, generally of concrete and
granite, with sloping sides and a con
cave trough for the hulls of vessels to
fit Into. The Navy ha3 sixteen of
these, four being situated at Brooklyn,
three at Norfolk, two each at Philadel
phia and Mare Island, California, and
NEW DOCK "DEWEY."
one each at Portsmouth, N. H.,
Charleston, S. C. and Puget Sound,
Washington.
The nearest rival to the "Dewey"
among the floating dry docks of the
world Is that at Bermuda. While It is
45 feet longer than the "Dewey," its
lifting capacity Is but 16,500 tons,
which Is 3,500 tons less than the
American structure. In Austria, there
is also a floating drv dock of 15,000
capacity, and one In Germany capable
of lifting a burden of 11,000 tons.
A Peculiarity of Siberia.
In parts of Siberia corpses that have
lain burled for 150 years nave Deen
exhumed and found in a state of per
fect preservation. The soil freezes
many feet deep and does not altogether
thavr out la summer.
raw' vn ' , ivmititmmm
1 - "i
NATIONAL MOMENTS.
GREAT WORK OF TUB GOVERN-
MENT IN THE SUBJUGA-
TION OF THE DESERT.
(1
Thirty-seven Million Dollars to Be
Used by Uncle San: In the Construc
tion of Great Works and Creation
of Homes.
There is no publlo work being done
by Uncle Sam which has, within a few
years, sprung into such prominence
and which promises such substantial
returns as the reclamation of his des
ert lands under the National Irrigation
Law,
Thirty-seven million dollars for Irri
gation. This amount, as shown by the
following table, is the estimated figure
of the appropriation for irrigation
4 - .
DAM SITE ON THE
work which will be available in the
fiscal year of 1908, the sum realized
from the sale of Western public lands
since the year of the passage of the
Irrigation law::
Tear Ending,
June 30, 1901 $3,144,821.91
" 30, 1902 4,585,520.53
" 30, 1903 8,713,996.60
" 30, 1904 6,826,253.69
" 30, 1905 4,757,978.87
" 30, 1906 3,250,000.00
' 30, 1907 3,000,000.00
" 30, 1908 2,750,000.00
Total . . . . .T. . . $37,028,571.50
The estimates for 1906. 1907 and
1908 are made by the General Land
Office.
This fund is. according to the law,
to be invested by the Secretary of the
Interior, in feasible irrigation pro
jects which will repay the amount to
the Government, In ten annual install
ments from the settlers.
The apportionment of the fund by
Secretary Hitchcock has been practi
cally completed and the plans matured
for expending the entire fund on cer
tain definite projects In the West,
which practically brings to an end fur
ther surveys and examinations, and
permits the concentration of effort of
the Reclamation Service on the build
ing of a few Important projects,
irrieatlon and Rivers and Harbors.
There are many people who do not
entirely understand the difference be
tween the appropriations mad6 for the
reclaiming of arid lands and those for
the Improvement of rivers and har
bors. There is a disposition to criti
cize Congress for permitting the ex
penditure of millions in making hab
itable and productive large areas of
the public domain now worthless, ana
at the same time cutting down the ap
propriation for work on our national
waterways.
Apparently the fact has been over
looked that Congress has never made
an appropriation of any specific sum
for reclamation. On June 17, 1902, the
is the title of Our New
lui ana instructive wuuuuui uui.v.u..u. .
186 pages 700 engravings 7 superb colored plates
7 duotone plates of vegetables and flowers.
To (IM tUt cattlogu tht Ucgat poutbk dUtrlbutlou, w null tha following llbcnl offiu B
Every Empty Envelope
Counts as Cash
tmnm who will where thl drrtlmi wu ien mi whs
enrloua Tn CenU (Id lltnipi), w will mall the eiltlofiie, and alto lend ireo
S."ZTo SOnt " M.ndenH,n " Collection of d., conum
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reclamation law was passed setting
aside the proceeds from the sales of
public lands in certain Western Stater
and territories for the construction ol
irrigation works within the:. borders.
The law at the same time provided
that every dollar so expended should
be returned to the Government by the
settlers who take up the lands re
claimed. In other words, the nation
made an advance of the receipts from
the sales of certain public property to
make marketable other public prop
erty. Out of the many millions ex
pended by the Government in river
and harbor improvements, not a cent
has ever been returned directly to the
Treasury, nor was it expected that any;
return would be made.
Departments Wide Authority.
The irrigation act gives the Secre
tary of the Interior a very wide lati
tude in the Investment of this large
fund, although he is required to spend
GUNNISON rJVER.
the major portion of the fund arising
irom uie sale or public lands within
each State or territory for t.iia limintit
of their lands, so far as practicable.
it is a recognized iact mat tne con
tributions to the fund from the vari
ous States are in most cases not In nrn.
portion to the need of those States for
irrigation, Arizona and Nevada, for
instance, whose lands have contrib
uted very little to the fund, have
probably the greatest need and oppor
tunity for reclamation, whlln nn tiia
other hand. North Dakota and Oklaho
ma, uiuuga large contriDutors, have
perhaps the least actual need for irri
gation of any of the Western States,
in some cases the chief aim of politi
cians has been apparently not so mucb
to develOD Irrigation aa to broiita thn
expenditure of Federal funds In the
secuou wey represent.
Has the Lnmlty of Land Crabbers.
ment as displayed by Secretary Hitch
cock has of course given rise to mora
or less adverse criticism and attack,
especially iron) men who have viewed
the reclamation act as a great oppor
tunity for either direct or indirect per
sonal advancement. The men by whom
the public domain has long been con
sidered a legitimate prey, hailed Urn
passage of the Irrigation act as an im
proved method of converting to their
use the nation's resources in the West.
Mr. Hitchcock's vigorous measures,
however, have seriously interfered
with their proceedings and they are
correspondingly bitter in their denun
ciations of his acts.
The States thus far to chiefly benefit
through the Irrigation law are Ari
zona, Wyoming, Montana and Nevada,
although some of them have them
selves made to It considerable contri
butions. Wyoming, because of its stra
tegic geographical position and the
fact that much of the water supply of
the West originates in that part of the
State, must of necessity have the stor-
(Contlnucd on next page,)
Catalogue for 1 906 the most beautD-
a.anni in tnupm - -
t-A - .mira.h na.nvnt on any orcef