8
THE MORNING OREGOXIAN, TUESDAY, AUGUST 27, 1907.
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PORTLAND, TUESDAY", AUGUST 27, 1807.
REPUBLICANS AND TIDE TARIFF.
If Mr. Taft shall bo nominated for the
Presidency, the Republican party will
be definitely committed to the policy
of tariff reform. It Is certain that he
cannot consistently accept a nomina
tion on aetandpat platform, and doubt
less he will not. The party, of course,
wants a candidate who can win and it
wants a platform that will aid him to
win. Four years ago the party had a
candidate who could have won on any
platform. The convention, being In the
hands of the standpat element, natur
ally would not adopt a tariff revision
resolution. Yet there seems to have
been among the Republican leaders
some faint glimmering understanding
of public sent(jnent and some desire to
have it appear that the party was not
Irrevocably committed to the sacred
Dingley tariff. The following appears '
as the official party declaration of 1904: '
Protection, which g-uarda and develops
our Industries. Is a cardinal policy of the
Republican party. The measure of protec
tion should always at leat equal the dif
ference In the cost of production at home
and abroad. We insist upon the mainte
nance of the principle of protection and.
therefore, rates of duty should be read
Justed only when conditions have so
changed that the public interest demands
their alteration, but this work cannot safely
be committed to any other hands than
those of the Republican party. . . . To
the Republican Congress and the Repub
lican President this great question can be
safely intrusted.
That Is to say, the great question of
tariff and tariff revision can be safely
Intrusted to a Republican Congress and
a Republican Pres'ldent. If this dec
laration does not look to ultimate tariff
revision, what does it mean? It means,
of course, that if the Republican Con
gress and the Republican President
shall undertake to revise the tariff,
that's all right with the Republican
party. Or if the Republican Congress
and the Republican President shall de
cide not to revise the tariff, that also i
all right.' So it is either a standpat
plank or a revision plank.
Mr. Taft has said that if he shall be
elected President he will revise the
tariff. If the Republican convention of
1908 should adopt a flexible plank, such
as the resolution of 1904, he would be
Justified in going ahead with his pur
pose. But if Mr. Taft's opponents shall
control the convention, it will not adopt
such a plank. They will Insert a high
tariff, no-revision declaration of the
platform as a means of forcing the Sec
retary out of the race. If Mr. Taft's
friends control, however, he will doubt
less get the convention to do with the
tariff whatever he wants, and that will
be a straightforward demand for the
tariff to be revised by its friends, 1. e.,
the Republican party. The attitude of
the party on the tariff, then, will be de
termined by the success or failure of
Taft's candidacy for the Republican
nomination.
A WORTHY EFFORT.
It is announced, that the state board
of the Young "Women's Christian Asso
ciation will provide means for the en
tertainment and safety of the young
women and girls, who, unaccompanied
by parents or other persons of respon
sibility, will go hopplcking next month.
This is a worthy task, and one that
will no doubt be greatly appreciated by
this class of Autumn laborers. While
technically, and in a majority of cases,
perhaps, these workers are able to take
care of themselves under a temporary
environment that brings them tn daily
association with strangers who may or
may not be unfit associates, the records
of past years contain many a sad chap
ter which .proves that all are not able
to do so. Hopplcking is both a pleas
ant and remunerative occupation: it is
work and earning combined with pas
time. It furnishes, moreover, oppor
tunity for an Ideal outing. But in the
very nature of things it is not prudent
or safe to permit either girls or boys
to go to the hop fields without the re
straining presence of persons who have
an Interest in and authority over them.
Gross indiscretions have in past years
resulted from carelessness in this par
ticular, and lifelong misery has not in
frequently followed in its train. Mur
der has in several cases found Inception
in the social lawlessness engendered by
too familiar association with strangers,
and the demoralizing influences of the
midnight or all-night dance.
It is natural that young people should
desire amusement, hence the plan pro
posed by the Y. W. C. A. to provide en
tertainment of a wholesome, light and
legitimate character is likely to meet
with the favor of parents and employ
ers and the cheerful acquiescence cf
the young people who early next month
will be abroad in the hopfields seeking
both pleasure and money. This effort
of the Y. W. C. A. is at once wise and
timely, and if carried out as planned it
will prove its worth in protecting
thoughtless, unsophisticated young peo
ple from themselves and each other in
unguarded social relations.
JUDGE O'DAY, DEMOCRAT.
Governor Chamberlain appointed a
Democrat to succeed the late Judge
Sears on the Circuit Court bench for
Multnomah County. Of course. Every
body knows that the so-called "non
partisanship" of our Democratic Gov
ernor is all humbug, and is ja device
used by him during political campaigns
to deceive and mislead the voter, and
never afterwards. It was superfluous
for the Governor to announce before
hand that he "believed it would be best
that there be a Democrat on the
bench," because, as he said, the other
judges are Republicans. That Isn't the
reason. The Governor threw to O'Day
this small piece of accidental patronage
because O'Day is a Democrat and a
partisan, and a faithful ,and unques
tioning supporter of the Chamberlain
machine. O'Day may be useful hereaf
ter. That is the reason he put Thomas
O'Day on the bench. There is no other.
No other need be sought for under this
"nonpartisan" administration. When it
comes to honorary appointments, an
occasional Republican gets recognition.
But the good Jobs, with power, patrort
age and emoluments, go to George's po
litical friends.
The Governor thinks there ought to
be a Democrat on the Multnomah
bench; but the people here do not think
so. It is many years since they have
elected one. They even refused to elect
the present Governor to such a place,
along in 1896, preferring Sears to Cham
berlain by a round majority. But the
Governor gets even with them in the
long run.
HELPING OUT THE SPECULATOR.'
Secretary Cortelyou has followed the
example of his predecessor by coming to
the relief of the stringent money mar
ket in the East with liberal deposits of
Government funds in the banks. When
an Individual or a nation is hard
pressed for funds there is not much dis
position to question the. source from
which they are forthcoming, but it
would seem that this country was
about old enough to adopt a -plan by
which these constantly recurring strin
gencies could be handled without the
entire responsibility resting with one
man. The frequency with which the
Governmenthas rushed to the relief of
these bankers has naturally had a tend
ency to cause them to expect aid when
ever it is needed. This encourages
speculation of the kind that brings on
money stringencies, for, if it were defi
nitely understood that Wall street
would be obliged to weather its storms
without the aid of a paternal govern
ment, more caution might be exer
cised in money matters.
As matters now stand, money tied up
in speculation cannot be used for mov
ing the crops or for other purpose
where it is badly needed. The aid, of
course, is timely, but it will not encour
age any habits of thrift or postpone
any future stringency whenever Wall
street "overplays" its hand in specula
tion. PESTS.
The flay is coming when the killing
of pests will be a duty of Government
and what is now in some cases a simple
matter of state law will be enforced
by the iron hand of the Federal- official
who knows no one and favors nobody.
It is well, we spray the apple and kill
the wqrm before he can crawl. We
spray for the scale and mostly succeed
in killing the industrious female who
knows no limit of reproduction. We
thereby eliminate the undesirable red
speck on the fruit, or, if not, we throw
the apple or pear to the hog except
when the small boy getsit first and
gets away with it without harm.
Nothing can affect a boy to his hurt,
that is, internally. Now we are spray
ing the sheep for scab, ticks and other
maladies; we run the ovine through a
chute whereby he is immersed in a vil
lainous compound that Covers all but
his head and as he passes a Federal
inspector bobs that under and collects
five dollars per day' and expenses.
This is good for the sheep and fine for
the inspector. Presumably it is great
for the owner, but he has not yet said
so. The Dairy Commissioner looks
after the cows and the barn at two dol
lars per look,, with an occasional poke
into the milk to measure the butter-fat
content. Sometimes this benefits the
baby and sometimes the benefit gets
into the police court fund. In that case
it is fine (with costs added).
To carry the matter to a logical se
quence it is to be hoped Professor Dry
den, the new man at Corvallis who is
to show us all about the chicken -business
in a professional and scientific
way, will when the time Is ripe get
busy and do a little spraying, too.
Think of the million hens in Oregon
that are inhabited by myriads of para
sites to their serious discomfort and
that suffer under a handicap that
keeps them scratching when they
should tie laying. The Oregon hen is
worth thousands to the -sheep's hun
dreds. Why discriminate? Here is a.
possible avenue of industry that would
make the scramble for forest ranger
Jobs too insignificant to be compared,
to say nothing of the benefit that would
accrue from tbespraying. That ben
efit, by the way, would be a blessing
also. Lots of old hens and countless
old roosters need to be ducked period
ically. This is a hint to the new de
partment 'of O. A. C. for which there
is no charge.
Carrying the idea further, let it be
remembered that school will soon be
gin. Then the boy who is too "rest
less" to figure out how long it will
takes James and John to do a certain
amount of work if James, and Thomas
can do it in half the time it takes
Thomas and John to do it, will take
a note home from the teacher that
will make his mother cry before she
disarranges the whole internal economy
of the household while ranging and
raking with the family search-warrant.
Here is where the school machine can
save trouble for teacher, boy and
mother and use more of the school
money by creating the official position
ot sprayer. The boy will like it much
better if his head be put into some
kind of apparatus from which he will
emerge a hero in the eyes of his com
panions. The teacher will feel relieved,
while the mother if she ever recovers
from the "disgrace" and quits "lick
ing" her offspring but that is too pain
ful to dilate upon.
As has been said, spraying is all
right. Let it become general.
NATURAL TIDEWATER TERMINALS.
The San Francisco papers are much
elated over some pleasant words ut
tered by Mr. Harriman in an interview
at Reno. iAs Mr. Harriman has since
denied many statements credited to
him at that celebrated Interview, it is
possible that he has been misquoted in
his expressions regarding the Bay City.
The statement, which was especially
pleasing to San Francisco, is as fol
lows: San Francisco Is the natural tidewater
terminal of the Pacific Coast, and nothing
can dislodge her from that position. The
railroads and their capital center there,
and despite their efforts tbward that end,
neither Seattle. Oakland, nor any other city
will ever be able to destroy San Francisco's
paramountcy.
As the unfortunate California me
tropolis has recently had so much cloud
and so little sunshine, it may seem un
kind at this time to point out the weak
spots in the Harriman opinion regard
ing the future of the Bay City. If Mr.
Harriman made any such statement, it
offers corroboration of the general be
lief that he has been hypnotized by the
California triumvirate, Stubbs, Krutt
schnitt and Schwerln, and is viewing
the transportation situation on the Pa
cific Coast from the old Huntingtonlan
standpoint.
San Francisco is no more the "nat
ural tidewater terminal" on the Pacific
Coast than is Puget Sound, Gray's Har
bor, the Columbia River, Coos Bay or a
number of other "natural tidewater
terminals." Had Mr. Harriman stated
the situation exactly as it is, he would
have said: "One railroad and its cap
ital centers there," Instead of "the rail
roads and their capital center" there,"
for San Francisco even now, as in the
days of Huntington, is still a one-railroad
city, and will remain such until
completion of the Gould line to the
Coast. Two transcontinental lines now
enter Portland and Puget Sound, a
third will reach Portland In. a few
months, and a fourth (the Canadian
Pacific) comes so close that it has easy
access to both Portland and Puget
Sound cities. In addition to these, two
other roads, the Milwaukee & .St. Paul
and the Chicago & Northwestern, will
have trains running Into the northern
ports by the time the Gould line brings
the second railroad into San Francisco.
From this it is quite clear that the rail
roads and their capital are "centering"
on a much larger scale at Portland and
Puget Sound than at San Francisco.
There are excellent reasons for the
centralization of more railroads and
more capital at these northern ports
than at San Francisco. The bulk of
the traffic which flows through the nat
ural tidewater terminal to which
Messrs. Stubbs, Schwerln and Krutt
schnltt are devoting all of their ener
gies and much of Mr. Harriman's
money, does not originate in California
but is diverted to that port 'by the one
railroad which "centers" there. The
northern ports are not only "natural
tidewater terminals" for transconti
nental railroads, but they are also the
market place and headquarters for a
vast producing region on which even
California Is dependent for immense
quantities of lumber, wheat, oats, flour,
potatoes and other products. This
great. producing region which lies adja
cent to these ports supplies all outgoing
Oriental liners two-thirds or even nine
tenths of their cargoes, while only a
fraction of the Oriental cargoes leaving
San Francisco consists of California
products.
In capacity to produce freight in the
immediate vicinity of the ports, and
with an advantage in distance to the
markets of the Far East, Portland and
Puget Sound are immeasurably better
situated than San Francisco aa "nat
ural tidewater terminals," and the
sooner Mr. Harriman recognizes that
fact the better it will be for his pres
tige and his profits in this territory.
San Francisco isa great port, and she
will in time recover from the stagger
ing blow which she suffered more than
a year ago. But, even had the earth
quake never touched the city, it would
have been impossible for her to main
tain her former impregnable position in
the face of the irresistible competition
of the northern ports, which are "nat
ural tidewater terminals" for more rail
roads than will ever center at San
Francisco.
IN DUE TIME A SUBWAY.
A subway for the relief of the over
taxed Ijridges that span the Willam
ette River will t)e required to meet the
Increasing demands of traffic "within a
few years. There can be no doubt of
this. The East Side will be the great
residence district,, not only for those
who are able to build and maintain
elegant homes, but more particularly
for the much larger number whose
homes are In the suburbs, but whose
daily work is in the business and man
ufacturing sections of the city.
These people men and women are
now here In force sufficient to-tax the
facilities of the street railway system
to the utmost to get to and from work
during the "rush" hours of the day. In
the Winter time especially the cars are
enormously overcrowded, and when the
bridges open at the demand of river
traffic this army of laborers Is held up
for five, ten and often fifteen minutes,
causing further discomfort, great an
noyance and not infrequently loss from
being late to their work.
Of course this thing cannot go on and
on. Increasing year by year, without
relief. The forest of trolley poles on
the streets, the network of wires over
head and the congestion at the bridges
when it is necessary to open the draws
show that surface transit has already
become cumbersome, while the crowded
cars show its inadequacy.
A subway 4s the natural and, indeed,
the only way out of the dilemma. A'
newer city would probably take up the
matter more promptly than Portland is
likely to do. The shifts and makeshifts
of isolation have left their influence
upon our people. The pioneer habit. In
duced by necessity, of "doing without"
still lingers, though it is not as fixed as
It was a few years ago. The city will
In due time yield this point,, as it has
many others, including the bridging of
the- Willamette itself. A subway will
be constructed because it must be, in
order to meet the problem of rapid
transit between the two portions of the
city proper and Its wide, outlying sub
urbs. A disadvantage under which a city
labors whose early growth has been
slow and each advance step carefully
considered, is in the slowness of move
ment that has become a habit difficult
to break. Overtopping this, however, is
the advantage) that accrues from
careful business methods and the safe
advances that they insure. A city that
Ml . 1, I . 1 1 I 1-A.,BA I
Diluna uu wen ill luc uieaiuis-uuuac,
leading, week after week, toy a substan
tial and growing margin its more
boastful competitors, will "get there"
In due time, whether by surface trac
tion, the elevated or the subway, or
all three. And it will be doing a safe
and increasing business and engaged
in homebuilding and manufactures long
after the city that boasts similitude to
Jonah's gourd will have finished its
growth. In the meantime, ttie subway
and other things that go to make up
a city of substantial growth will come
and it now locks like its coming will
not lie long delayed.
Yellow fever has broken out at Cien
fuegos, Cuba. A searching investiga
tion is being made- by the Army medi
cal authorities to (race the source of
the disease. A hundred experienced
men will be sent to Cienfuegos to clean
up the town, which is said to be in a
condition that mocks at sanitary laws.
This indicates that the theory that the
bite of a certain variety of mosquito is
the sole cause of yellow fever is not
fully accepted by medical men. Per
haps, however, the slogan "clean up,"
that has long been sounded whenever
yellow fever has appeared, is a 'matter
of habit. Still, as cited by the New
York Sun, a great many physicians
whose experience entities them to re
spectful consideration are far from
being satisfied- that the pestiferous
mosquito is the sole carrier and. propa
gator of this disease. This Journal fur
ther finds it of more or less significance
that these so-called dissenters are to be
found chiefly in localities where yellow
fever has prevailed at various times In
the past, whereas the cocksure disci
ples of the mosquito theory are to be
found chiefly In New Jersey, Pennsyl
vania, Illinois, Michigan and Kansas.
The death of Amzi Smith, for many
years in charge of the document-room
of the United States Senate, is an
nounced. His remarkable memory of
faces, facts and the location of docu
ments made him Invaluable In the po
sition that he had long held. Without
a moment's reflection he could locate
any document called for, and in this
capacity was one of the time-savers of
the Senate. Though 64 years old at the
time of his deaths his memory was un
impaired, and his vitality enabled him
to put up a strong fight against typhoid
fever. Though one of the more lowly
and unostentatious of the Nation's
servitors, Amzi Smith will be greatly
missed in his place and vocation when
Congress convenes.
Two years hence, Argentina will cele
brate the centennial of Its establish
ment as a republic. Plans are already
under way for a fitting celebration of
this anniversary. The government will
indorse the celebration on a scale befit
ting the growth and prosperity of this
oldest Latin-American republic. Many
surprises are no doubt In store for the
world's visitors, who In response to the
invitation of the state will flock to
Palermo, where this exposition Is to be
held in 1910. The vast region hailed by
Hon. John Barrett recently, in an at
tractive magazine article, as "the land
of tomorrow," will no doubt present at
that time abundant proof of the fact
that it Is essentially the "land of to
day." Continuation of the rains which have
been drenching the wheat fields east
of the Cascade Mountains would be a
very serious matter. In no former sea
son has the prospect for a recond-break-ing
wheat crop of fine quality been so
good as it was ten days ago. Even
now, with clearing weather, this excel
lent yield would not be cut down very
much in the aggregate, although indi
vidual losses Where the storm was at
its worst will be heavy. It is to be
hoped that any further rainfall In the
upper country will foe postponed until
it is needed to moisten the ground for
another crop.
It is estimated that over $1,200,000
was paid to the fishermen for salmon
this season, and of that amount the
gillnetters received by far the larger
portion. This money will be turned
over a good many times between now
and next Spring, when another harvest
is ready, and it will aid In building or
improving many a little home along the
lower river. Few, if any, resources in
the state turn out dollars which are
more nimble and which buy more than
those which are paid the salmon-catchers
of the Lower Columbia. . ,
The Kentucky feud goes merrily on
and is making 'a record for bloodshed
that makes some of the Indian "kill
ings" of the West seem quite tame.
John Smith, who turned state's evi
dence, and Anse White, an important
witness in the Hargis murder "trial,
were both shot from ambush last week
and dangerously wounded. As insur
ance risks, most of the residents of the
back counties in Kentucky would be 'in
the high-premium class.
Governor Chamberlain is a Democrat
all the way from Mississippi a Demo
crat first, last and all the time. It is
not necessary, therefore, for him to of
fer an excuse or give a reason for ap
pointing' a Democrat to an office when
a vacancy occurs to which a Repub
lican had been elected by popular vote.
Only a political oaf would have expect
ed him to do otherwise.
Mr. Harriman is making a personal
Inspection of Central Oregon. This is
the most encouraging news regarding
a Central Oregon railroad that has yet
been given us. Let us hope that he will
find it unnecessary to confer with the
California triumvirate regarding any
future action he may determine on far
that section.
Perhaps the indirect promise of larger
wages to men and officers will prevent
a strike in the United States Army. At
any rate, it ought to popularize the
Secretary of War with a large and
widely scattered list of voters who have
no vote.
If the people of Crook County are
alive to their own Interests, they will
provide a day's - good fishing for Mr.
Harriman lively sport in a better class
than Pelican Bay can boast.
But why does Mr. Harriman go Into
Central Oregon secretly? No man
would be more welcome there, even if
hi3 mission is simply to gain informa
tion. Wonder if Mr. Kruttschnitt didn't
suggest to his employer that it would
be worth while to drop in and see the
Ochoco country at his first leisure.
It would be a pleasure two years
hence to record Mr. Harriman as say
ing: "I came, I saw, I built,"
Mr. Harriman's ' invasion of Central
Oregon will not be resented.
THE PROVIXCETOWJf SPEECH.
Supreme Appenl to tbe Masses.
New Orleans . Picayune (Dem.)
The blast from the President's bugle
screaming defiance to the money mag
nates of Wall street may be considered
the President's supreme appeal to the
masses of the people.
Community to Be Congratulated.
New York Herald (Ind.)
Every good citizen desires to see the
law enforced, but the community is to
be congratulated upon the fact that
a halt has been called in the mis
chievous programme projected by the
Attorney-General.
The People Mandate.
Philadelphia Press (Rep.)
Discrimination must cease. Evasions of
the law must be suppressed. Equality
for the many In railroad senvlce must re
place discrimination for the few. When
President Roosevelt demands this at
Provincetown he has w.th hlrp the Ameri
can people. This is its mandate. By
him and his successor it will be executed.
Irtrnllntic, Not Cynical.
New York Tribune (Rep.)
The movement to reform corpora
tion methods and enforce higher moral
standards In- business which President
Roosevelt has directed with such strik
ing success, is in its essence construc
tive and not destructive. It aims at
greater security for the investor and
greater good to the public. It is idea
listic, not cynical or revengeful.
Btialnra Has Nothing to Fear.
Chicago Tribune (Rep.).
Business has .nothing to fear f rtim
Roosevelt's administration. He purposes
to defend property and the individual
from the attacks of anarchists, whether
they be capitalists or demagogues. The
President's speech was temperate in tone
and will be generally indorsed. The Ad
ministration has put its hand to the
plow, and the people do not want it to
turn back from the calm and honest per
formance of its duty.
Will Constitute Next Yenr'a Platform.
. . Indianapolis Star (Rep.)
The truth is that the view of our
National issues held by Mr. Taft in his
Columbus address and expounded by
the President at Prlncetown yester
day, is the natural, inevitable - and
necessary view of those issues which
the -country holds in the main, and
which in some form or other will con
stitute the platform on which the Re
publican party will go before the peo
ple In next year's great National con
test. Another Nervous Shook.
New York Evening Post (Ind.).
With the substance of the President's
speech at Provincetown today, we see no
reason to quarrel. It is a stout reaf
firmation of his well-Tcnown views in his
well-known language. If he were to say
anything at all, this was what he was
sure to say. Those anxious and confid
ing Republican business men and editors
who expected the President to utter a
reassuring" word, did not know their
man. His way of calming a nervous pa
tient is to give another shock.
No Qnarrellmr With His Position...
Philadelphia Inquirer (Rep.)
No one who does not find the halter
drawing can quarrel with this posi
tion. The great evils have been the
building up of monopolies and the
crushing out of competition by the
secret rebate and by discrimination.
Destroy rebates and discrimination,
prevent any corporation from annihi
lating another by illegal methods, and
nothing more can be asked. We do
not understand that the President re
quires more than that.
iRoOsevelt Not Old-Faahlonrd.
Brooklyn Eagle (Ind. Dem.).
Let no voice be heard In behalf of those
who took up the inheritance of the Pil
grim Fathers and let the whole world be
told that the name pf the American busi
ness man is a synonym for dishonor. We
have had Presidents who sought to stim
ulate development and to fortify the
credit of the country. We have had
Presidents who were proud of the prog
ress made In the direction of commer
cial supremacy, whatever they may have
thought of materialism, sordid or other
wise. B-ut, they were old-fashioned.
TjnacrnpulouM and Deaperate.
New York Sun (Rep.)
There is practically only one sen
tence In President Roosevelt's speech
with which the public Is likely to be
much concerned. It is that in which
he asserts that rich malefactors have
combined to bring about financial
stress for the purpose of discrediting
the policy of the Government. A more
unscrupulous 'or a more desperate
statement it would be impossible to
make. His great position forbids its
adequate characterization. We can
only permit ourselves to say that if
Mr. Roosevelt does not .know It to be
false, both his circumstances and the
circumstances of the country are such
as to occasion grave alarm.
No Comfort to Wall Street.
New Orieans Times' Democrat (Dem.)
The most interesting part of the
speech is that portion where he threw
down the gage to Wall street, and an
nounced his determination to continue
his course during the remaining 18
months of his offlcial life. It was
asserted a week ago that Wall street
had received assurances that the Presi
dent In this speech would indicate that
he was to halt in his attack on rapaci
ous corporations, the wish was prob
ably father to the rumor, unless it
was started by a coterie which wished
to .give securities an artificial and
temporary advance, for their own pur
poses. However, the President has de
finitely replied to that rumor in un
mistakable language, and the street
can find no comfort in his utterance.
"L'etat Cent Mol."
Richmond (Va.) Times-Dispatch (Dem.).
In his address yesterday at Province
town, Mass., the President made -it clear
that he stands pat on his "trust-busting"
program. If he has said anything that
he was supposed to be sorry for. he seems
to.be glad of it. He goes so far as
to say in so many words that "the pur
pose of the' Administration is . to stamp
out the evil; that we shall seek to find
the most effective device for this purpose;
and that we shall then use it, whether
the device can be found in existing law
or must be supplied by legislation." In
all this the President speaks of "we" not
in an editorial sense so much as the im
perial. A monarch speaks of himself in
the plural. It sounds like an echo from
Louis XIV, "L'etat e'est mol." ,
Amazlngc Hypothesis.
New York Times (Ind. Dem.)
Mr. Roosevelt . is a politician. He
knows that he has "the people behind
him," In the policies he is executing.
In their present temper they would ap
plaud and approve even more radical
policies, we doubt not. Is it reason
able to suppose that he will now take
the back-track when by pressing on
he may make more certain the triumph
of his party next year? How little he
concerns hjmself about the disaster
and ruin he threatens to bring upon
the business community appears from
his amazing hypothesis that recent
violent declines in security values may
have been caused by "certain male
factors of great wealth," who have
combined "to bring about as much
financial stress as they, possible can
in order to discredit the policy of the
Government, and thereby to secure a
reversal of that policy."
WHEN WILL DIRECTORS DIRECT t I
Powerful Lesson of the Late Portland
Bank Failure. J
Pacific Banker.
According to two of the Oregon
Trust and Savings Bank directors it is
a case of too much one man banking, i
They say that the cashier bought these
bonds without any authority from the
board of directors. .This attempt to
shift the responsibility will not stand
and for two very good reasons. First
by retaining the cashier in his posi
tion for months after the act com- I
plained of was done they ratified it;
and if as is suggested they knew noth
ing of the bank s condition until a
few days before it closed, their ignor
ance Ib criminal in its density. What
are directors for? Had they no idea
of the duty which they owed the de
positors? They are business men.
This plea of figure-head Immunity will
not to be accepted in this day. If they
didn t know, they should have known.
They held themselves out to the world
as knowing something about the bank's
condition. Their names gave the bank
a position it would not otherwise have
possessed and they knew it, and the
duty they owed the depositors was
one of the most sacred that can be
conceived.
The failure of this bank ought to
be a marked lesson to "every bank on
this Coast. In the first place it ought
to hasten the day when directors will
direct, when public opinion will force
a sense of duty and obligation upon di
rectors before they accept their posi
tions. And this failure shows, it seems to
us, a marked weakness in all the state
laws we have examined . and in the
National law as well, in that they do
not provide for such a case as this.
They limit the amount of loans that
can be made to any. one interest, but
they do not limit the amount of other
obligations which the bank can as
sume of any one interest, nor is any
regulation whatever attempted of the
purchases which a bank can make.
Here is an Inconsistency. A bank can
loan to a company only a certain por
tlon of the banks capital. But it can
purchase' the bonds of that company
without stint. '
LONDON CATERS TO AMERICANS
Remarkable Advance in Our Country's
Social FrextiKe.
Harriet Qulmby in Leslie's Weekly.
That American money is aristocratic
to a degree and highly desirable is the
unanimous opinion here, and there is
no scruple against tainted money. The
London shops are displaying the sign,
"Americans are cordially invited to en
ter and" inspect our stock." There is
nothing to indicate that the Germans
and the Frenchmen are also cordially
Invited, nor are the price's of goods
displayed in marks or francs, as they
are in the dollar sign of Uncle Sam.
Last year it was almost impossible to
procure an ice of any kind outside of
the fashionable hotels or cafes, but
this year all the little shops and un
pretentious eating-places, as well as
all of the large places, display the
sign. "American ices." These ices are
a delusion and a snare, however, to the
patron who knows a really good ice,
is only in one or two places in all
and it is only in one or two places in
all London that anything -If offered in
the way of frozen refreshments that
can compare with the same article in
New Yory. Ice cream soda is adtretlsed,
but it is not ice cream. soda as Ameri
cans know it.
Another amusing effect of the Ameri
can Invasion of London, and one which
admirably sets forth the prevailing
idea and not without reason of
American social ambition and snobo
cracy, is to be found in the want
columns of the daily papers. Taken
at random and from the leading papers
of London, the following are quoted:
Lady of noble birth would spend part of
afternoon in promenading with Americans.
Lady and daughter of noble birth would
travel with Americans one of them only
to receive remuneration.
Lady .of noble family would arrange for
social introduction of Americans. Secrecy
observed.
Just why any free-born and sensi
ble minded American would pay
lady of noble or any other birth to
promenade with her during the after
noon is not explained, but it i to be
presumed that some of these adver
tisements are answered, or they would
not appear so continuously and in
varied forms.
Born of Noble Desire,
Hartford Courant (Rep.)
The finest thing in his truly fine dis
course is the President's declaration
that, after all, it is not so much the
laws as the citizens themselves that
make our life, and the real thing is to
bring every man to a living sense of
bis civic duties. You can pick flaws
in the address and accuse its author
of various offenses: but, after all Is
said and done, you must admit that
it is a speech born of a noble desire
for the progress of the country and
the welfare of its people.
PUZZLE PICTURE
The ona8 obeying: the law may be located by the expressions of radiant Joy
and reassurance which are flitting over their feature.)
- f - .. ... A I a l r
Klf NO IKDIVIUucvl. nv
LAW, HA5 ANYTHING TO
FtAR FROM THIS
r
HOW TO PREVENT A PANIC.
Be Careful In Avoiding Inflation of
Values.
PORTLAND, Or., Aug. 26. (To the
Editor.) Just now there is general
fear of a financial panic. It is re
garded as being about due, and that it
is only a matter of a little time more
or less. We fear what we do not un
derstand, and it is apt to make us
more panicky than definitely known
dangers. Economics is a "dismal
science," because it must be made to
agree with the interests and views of
the powers that be. The beclouding
that results makes panics possible.
The situation is charged with suffi
cient danger to make us stop to think.
It is, pf course, understood tnat the
cause is the inflation of values. The
danger comes when inflated values
have to be contracted. The contrac
tion is not apt to stop at the right
point because nobody can say definite
ly where that is. That is what makes
one uneasy and panicky. The value of
articles which are the products of in
dustry is the cost of production ex
cept in a -few cases of miscalculation
and bad judgment in the direction of
the productive power. Thus the value
of these articles Is not likely to be"
much inflated above the cost of pro
duction, nor depressed much below
this point. Were there no other values
panics would, of course, be out of the
question. But unfortunately the other
values are larger and very unstable
in their very nature. They are capita
lized earning power or capitalized
future and expected earning power.
The values which are wholly a dis
count of the future are naturally sur
rounded with the most uncertainly.
Nobody can tell definitely how much
the productive forces in the future can
be made to yield up in ' support of
these values. It depends upon the
strength of the pull and rests on
opinions which differ. The market or
transfer value is established by a pro
cess of betting, the seller betting that
it is worth so much and the buyer that
it is worth a little more, but neither
can tell. It is in the inflation and
contraction of these values, therefore,
that the danger lies. In order to guard
against panics or comparatively "hard
times" they must be watched and un
derstood. We can tell with reasonable accuracy
what amount of earnings is required
to attract the actively productive
forces because competition fixes that
amount. But the total earning power
will be which will be available for the
support of these values. To illustrate,
some time ago we were told that the
steel trust leased from the Great
Northern Railway Company certain
iron ore deposits. The value of the de
posits is very great and the steel com
pany figured that it could afford to
pay the Great Northern a certain
amount per ton over and above the
cost of the production. In other words
the iron industry could carry the load.
The matter is an element in the valua
tion of the stock of both concerns.
Suppose that a bad miscalulation had
been made by either party and that
the ore was not there or that it was
not worth as much as supposed. When
the fact became known the stocks
would tumble.
There is, of course, a limit to the
load that Industrial activity can carry.
Optimism as to this, or overestlma
tlon of the power and willingness to
carry the weight, is therefore danger
ous and needs to be discouraged. If
booming and inflation can be prevented
the danger is avoided. If you never
climb there is no danger of falling
down. Therefore, when a- panic is
considered due, the only way to pre
vent it effectually is' to expect it and
and tolerate no inflation. But it is
due to the active forces of production,
both capital and labor, that they be
protected from the disturbance of
panics. They are often to the great
suffering of the whole community
sandwiched in between unyielding
monopolies, and more or less injured,
as the lumbering industry is now
threatened to be. The Oregonlan
pointed this out very clearly In the
editorial of August 26th, on the new
lumber rate. A. S. FROSLID.
POLITENESS.
Cleveland Leader.
On a very pacific trip.
To a very Pacific Ocean,
Ship on ship on ship
Gently, quietly slip
Never the slightest commotion.
Twice across Capricorn.
Twenty-eight thousand miles.
All the way 'round the Horn;
Officers wreathed In smiles.
Sciloi men all polite;
Nothing exciting to mention,
Eattleshlps painted white.
To show their pacific Intention.
Out on the pleasantest Job,
Tame as a flock of lambs
Even "Admiral Bob
Uses his quietest ahems!
o peaceful, indeed, the effect
That even the noisiest Jap
Becomes, In every respect.
The calmest man on the map.
pee what is wrought by kindness
Courtesy, peace and tact!
Force Is the maddest blindness,
BlufJ Is a savage act.
Every one's happy now.
Nobody talks of fight.
But the Orientals bow
With a welcoming, glad delight.
V'ar? It is obsolete
Down with the very notion
Fef the pacific fleet.
With never a bit of heat.
On a very pacific trip,
Gntly. quietly slip.
Ship on ship on flhlp.
To a very Pacific Ocean?
-SL
f V&LV fc,
-From the New York press.