this MUKiiu utiSOUHUAH, rKiOAY, utrv JSUIBKR 22, 1907- BRYAN 'S PLAN TO MAKE BANKS SAFE Proposes Government Guaran tee Deposits in All the National. GIVE IMMEDIATE RELIEF Criticises the Postal Savings Bank Scheme and Offers Alternative. States Might Guarantee De posits In the State Banks. WASHINGTON, Nov. 21. William J. Bryan arrived here today and attended the wedding of the daughter of a friend, Cutter P. Bride. He held a conference with several other friends. To reporters Mr. Bryan said: The administration Is prepared, so we are Informed, to recommend a postal savings bank. While this would doubtless encour age deposits and while those deposits could In turn be handed over to the banks, it does not furnish complete relief, because the plan as presented limits deposits and does not contemplate the opening of circulating accounts. The business community, there fore, cannot use the postal savings banks to any great extent, and besides it would take some time to Inaugurate a postal sav ings system and secure the necessary num ber of employes to make the plan effective throughout the country. Let Government Guarantee. I believe It is possible for the Government to give Immediate relief by an act of Con gress providing for the guarantee by the Government of all deposits In all Natiojial banks, the banks thus guaranteed to agree to reimburse the Government for any losses Incurred and to make this reimbursement In proportion to their deposits. The advantage of this plan is: First. That every depositor In such guar anteed bank will feel secure. Second. The expense of It will be paid b the banks which get the benefit of It and this expense will be small compared with the benefit gained. Third. It can be put Into effect immedi itely, thus restoring confidence and enabling business to be resumed. Banks Would Be Willing. It Is probable that al! tho National banks would be willing to take advantage of this guarantee, because the additional security given to their depositors would be of great advantage to the banks. During 40 years the average annual toss to depositors has been small, less than one tenth of 1 per cent, so small that It would be an insig nificant tax upon the four or five billion dollars of deposits. The Government would have ample security in the capital and sur plus of the banks which would voluntarily Join in the plan. The only objection that occurs to me is that state banks might be less attractive to depositors If National banks are guaran teed. But there are two answers to this objection. In the first place, state banks are Ukely to suffer. If this financial string ency continues, and they are therefore inter ested in restoring confidence; in the second place, there Is no reason why state banks should not be protected by a similar sys tem under which the state would guarantee depositors in state banks and collect tha expense from state banks guaranteed. FAVORS GREAT NATIONAL BANK Andrew Jackson's Famous Veto Un fortunate, Says Shaw. NEW YORK. Nov. 21. The Chamber of Commerce had as Its guests and Fpcakers at its 139th anniversary dlnnef tonight, J. J. Jusserand, French Ambas sador: Baron Rosen, Russian Ambassa dor; ex-Secretary of the Treasury Iieslle M. Shaw: John C. Spooner. cx-Unlted States Senator from Wisconsin, and Pres ident George Alexander, of Union Col lege. Mr. Shaw said: "I am disposed to believe that the most unfortunate act of Andrew Jackson's ad ministration was his veto of the act re newing the charter of the United States Hank. I say this recognizing that no act of his was more popular at the time and that from then until now none has been more universally approved by the Amer ican people. "A large central bank, clothed with authority to discount commercial paper and to issue currency against the same, as In other great commercial countries, would do much to prevent a repetition of conditions such as we are now ex periencing, but the American people are against such centralized commercial power and I don't believe 5 per cent of either house of Congress could be In duced to vote therefor and whatever per cent should vote for such a measure would be probably retired to private life at the next election. And it must be con ceded that there are some valid objec tions to such an Institution. "Much good would be accomplished If the banks of this country were permit ted to indorse acceptances drawn against actual values and In ordinary course of trade without reporting tho same as rediscounts." SAYS PANIC WILL BE BRIEF EASTERN EXPERT WRITES OF FINANCIAL, SITUATION. Ititcrostinfr Letter From Max Holtz, of Dry Goods Economist, to His Brother in Portland. A. Holtz. of the Meier & Frank Com pa ny, yesterday received the following letter from a brother. Max Holtz. of the Dry Goods Economist, a recognized au thority in the dry goods markets of tho East. The letter gives a splendid state ment of conditions in general and will prove interesting reading to merchants In general: The peculiar and stringent monetary condi tion which have prevailed throughout the United States during the past few weeks, breaking out with com banking troubles which were largely local to New York, and spreading with lightning rapidity through the United States-, caused an immediate and op pressive contraction in the amount of ready money in circulation, due to the hoarding of cash by thousands of people who wilfully, or from pure Ignorance of the true conditions, believed that the only way to safeguard their funds was to force the banks to disgorge, and to lock the money away In bureau drawers, safety deposit boxes and old stock ings. The peculiar nature of our currency laws and their lack of elasticity to meet such a condltlor has brought about a great scarcity of cash in many center, and resulted In the substitution of certified checks and other forms of temporary currency to meet the pre vailing situation. We are firmly of the opinion that thta money panic, so to speak, will be of short duration. We have none of the conditions which tended to retard recovery In ISM. and made the business and general conditions of that trying period long remembered. The period from 1803 to 1896 was one of suc cessive crop failures, political excitement baaed cm lha . aUvxr aue&ilpn, .jvlUi lie re flection on the value of' silver and paper money, together with low prices for agricul tural commodities and all kinds of manufac tured goodf, and a tremendous mortgage in debtedness on Western farms and homesteads. The railroads were bankrupt, both financially and physically, and with it all a depleted re serve In the United States Treasury, which was being pumped out until it became neces sary to issue Government bond, in order to provoke gold Imports. None oS these condi tions have we with us at the present time. A gold import movement at the present writ ing of upward of Z50.000.000. largely pro duced by natural conditions and the sale of our commodities, a Nation which is largely a creditor of Europe instead of a debtor, with the tremendous accumulation of wealth, pro duced during a period of long prosperity and large individual money circulation, good sound agricultural conditions, will all tend to make "ton present situation a matter of history be fore many weeks. In 1893 our cotton crop was worth $230,000. 000. against $650,000,000 this year. In 18&3) our wheat crop was worth $225,000,000, against $630,000,000 In 1907. Our corn product that year was less than $600,000,000. This year it is $1,250,000,000.$ Our foreign credit bal ance is estimated at $400,000,000, against a debit balance of $36,000,000 in 1896. and so on through all lines of commerce and Industry. A certain and perhaps beneficial contraction of certain lines of Industry Is bound to fol low; prices eoared to points where merchants In self-defense were obliged to reduce their commitments, feeling that the prici of sta ples -was getting beyond the purchasing power of the people. The writer touched upon this point very strongly In his review of trade conditions throughout the United States which was mailed to all clients of the Economy Service Company about August 15. for the feeling was then apparent that a reaction which would bring production and consump tion into greater harmony and prices within the bounds of reason, was necessary, unless a greater disturbance than has actually taken place was to follow. It will do no good to discuss all the causes which lead up to the present financial outbreak you are familiar with all of them, what's more Important is a clear understanding of the situation, with ef fective co-operation towards the restoration of normal conditions. We urge upon each one of our clients to continue to pursue the same steady, conser vative course that has marked the general policy of dry goods merchants throughout the United States and Canada during the past year. It Is safe to say that this trade, as a whole, was never !n better condition to stand a whirlwind, such as we have gone through for the past few weeks. The tendency to wards "plunging" has been noteworthy by its absence. It semis as if nine merchants out of 10 saw the storm coming and trimmed their sails to meet It. The temporary currency stringency will soon right itself, as hoarded money -begins to flow back into the proper channels of trade. And here Is a point that should be kept In mind by every dry goods man throughout the country: There Is more actual cash in the hands of the people today than at any previous period In our history. If the money has left the banks, it can only go Into the pockets of the people, and the millions in gold which have been Imported within the past few weeks are a very sub stantial addition to the sum of ready money available to the people over the amount on hand only six weeks ago, when everything was smooth sailing. Dry goods merchants, as a class, are among the largest receivers of currency in the coun try; probably as much actual money passes over their counters as any other form of trade or industry- Now. if the money Is In the pockets of the people, or locked up In bureau drawers, who stands In a better position to help bring it back into its proper channel than the dry goods merchant, who supplies a good part of the actual necessities of life which the people must have and are able to buy with that hoarded money? One New York store, realizing the logic of this proposition, made a very strong bid for business during the worst period of the stringency by offering exceptional inducements in the way of tempt ing values, advertising In an unusually ag gressive manner, and the result was that the store was packed with eager buyers who were exchanging their cash' for merchandise right at the time the newspapers were running their biggest scare heads about bank runs, etc. We understand that the receipts In cer tain depart men te of this store were doubled during this event, and while a good many lines of goods were sold at considerable con cessions from previously prevailing prices, this store was quickly and effectively turning mer chandise into money. We believe the way is open to a greater or less degree to every aggressive mrchant. While retrenchment and economy may be the order of the day, tho progressive merchant Is gotns to say to himself: "Now is the time when I want to hustle for business and hustle hard," and to the extent that his advertising is the strongest and most effective bid that he can make for business, he will strengthen his arm and not alone increase his advertising, but will make It more effective by offering the people better Inducements to do their shopping in his store. One of our Western clients who called at this office" a few days ago, when asked how business was affected in his town, said so far as present conditions go, "We are gslng to take the sting out of them as much as possi ble; we are using a two-page ad every day, and we are giving the people some corking values, and we are getting more than our or dinary share of the business. All I want my competitors to do Is to sit quiet and pursue the policy of economy and cut down their ad vertising, while I keep sawing wood, and I'll wager I will get the business." This senti ment is worthy of careful consideration. It requires no wonderful -skill as a mer chandiser to get a good Increase In sales when the demand Is heavy and hard to satisfy -but when the current of trade slackens the skilled merchandiser comes to the front and proves hU ability as a money-getter. During the rocky times of '93. 94 and 95. It was very eaer to distinguish between the "real mer chant" and the "near merchant" In a com munity, for real merchants kept their doors open and pounding away for more business. The usual percentage of net profit might have been cut. but they sold goods every day. and those same merchants are in business today, bigger, stronger, more powerful and more progressive than ever before. The "near mer chant" has fader! away. Sunday as Seen in Boston. Boston Herald. How It changes! A Jewish congrega tion In Boston uses Sunday for worship In addition to the historic Hebrew Sab bath. New York financiers assemble to maintain credit. Boston politicians hold political rallies. Mr. Taft. in Manila, dedicates a Protestant church, is guest of honor at a Roman Catholic banquet, and attends a reception of the Japanese consul in honor of the Mikado's birthday. HIS NOTES NOT PI 25 per cent off on cut glass at Metzger's. COAT SHIRT you will find the highest degree of comfort as well as shirt economy They're well-made in white or color-fast fabrics. SI J0 and More. CLUSTT, PEABODY . CO. MAKERS Or ARROW COLLARS Walsh Only Renewed Them With Old Security. DEFENSE GAINS NOTHING Attempt to Prove Banker Paid What He Borrowed Falls. Bank Eiam iner Showing Nearly $2, 000,000 Still Due. CHICAGO. Nov. 21. That 20 of tho memorandum notes discounted by the Chicago National Bank, representing $1,840,000, f remained unpaid when the bank suspended in December, 1905, and that many of the notes declared by the defense to have been paid at maturity were not -paid, but simply renewed, were facts brought out today in the trial of John R. Waish, charged with misappropriation of the bank's funds. On the redirect examination of Na tional Bank Examiner E. P. Moxey, the same process of identifying entries in the books of the bank which was pur sued in the direct examination was crrled out. The witness identified entries showing discounted notes paid to show that the obligations were met when due. Another register, however, indicated that on the precise dates that payments were made new notes for the same amounts were made. The, col lateral book also was used to show that the security for the new notes was the same as for the old ones. Evidence was also introduced to show that the notes were drawn and signed in various names, as previously indicated by bank employes, at the direction of Mr. Walsh. The first inquiries of John 8. Miller, attorney for the defense, related to the sale of other bonds than those used as collateral for the various memo randum notes mentioned by Moxay on his direct examination. It was mown by the defense that these bonds had been sold to the public at prices equal to those received for them from the Chicago National Bank." CANNON RESERVES OPINION Will See President Before Talking on Currency Bill. WASHINGTON. Nov. 21. Speaker Can non, of the National House of Represen tatives, arrived this evening, and will confer with members of Congress as they arrive In regard to the organization of the new House. Speaking to a representative of the As sociated Press, Mr. Cannon carefully outlined his views on the financial situa tion. "Many people have in mind that imme diate legislation should be enacted touch ing the currency question," said Mr. Cannon, "and there are almost as many schemes presented as there are Individ uals to present them. There are, how ever, very few. If any, who could put in black and white legislation amending our currency laws that would be satisfactory to the man who wrote the amendment or to the great mass of the people, ron gress will meet on the second day of De cember, and the question of what legis lation is practicable no doubt will be pre sented to both houses. I do not care at this time to suggest my opinion in detail A man who knows the actual finan cial benefit of always appearing in up-to-the-minute clothes is imbued with "clothes wisdom." A Dunlap Hat purchase is the greatest economy; we have any num ber o smart shapes from which to choose. ( "Cambridge Correct Clothes" in clude business suits, dress suits, over7 coats (cravenelte and cloth) J every thing for a particular man's ward robe in the choicest grades. Men's furnishings of all kinds but poor kinds. Our low prices amaze the exacting man who is accustomed to paying much more for good grades, elsewhere. ROBINSON 8 GO. 289-291 Washington Street. Distinguished Clothes for Men. as to what legislation should be enacted. I prefer to await the recommendations of the President, the Secretary of the Treasury and the action of the appro- I priate committees of the House and Sen ate. BRIEF NEWS BY TELEGRAPH Cincinnati. The Limits LipP Company' establishment at Winton Place, a suburb of Cincinnati. Wll destroyed by fl re -"Wednesday night. Loss. $80,000; partially insured. Chicago. Fire destroyed the Baltimore & Ohio freight sheds at Eighty-sixth and Erie avenue Thursday. Eight freight cars loaded with merchandise were burned, loss $50,000. Chicago.- Henry Toppen. a Chicago stu dent, said to be the son of wealthy French parents in Switzerland , Btood before the lions' cage In Lincoln Park Wednesday and shot himself dead Marietta. O. Edgar Grubb, his wife and 1-year old baby, were cremated in their home near Beverly Thursday morning. It Is be lieved that Grubb had killed his wife and baby and set Are to the house. . Los Angeles, Cal. Louise Williams, a young mulatto woman, was arrested hero Wednesday night on a charge of throwing a 5-months-old baby girl from a Santa Fe train at Cucamongo last Monday night. Tha child sustained injuries from which it died. Newton, Mass. Mrs. "William T. Hedges killed herself and her two sons, William, aged 11. and Butler T., aged 6, by asphyxi ation at her home in Newtonville Wednes day night. All the cracks In the doors and windows had been plugged and the gas turned on. Chicago. Charges that Chicago is rapidly becoming the greatest "white slave" center nf Y,a n-nrlil onH frint fi nna-Arfnl evndlcntp ! for traffic In young girls exists In this city. has stirred religious ana settlement workers to form a large organization to Join In a crusade against the traffic. Helena, Mont. George Melville was placed on trial Wednesday on the charge of killing Wlnfteld Guthrie, at a mine near here, the victim boarding with Melville. The defense is 1hat Guthrie abused Mrs. Melville, whose testimony aided in convicting a former hus band of murdering her father. Chicago. Mrs. Evelyn Romadtka. the wealthy Milwaukee woman who confessed to various burglaries and larcenies in this city, In which a negro man was her accom plice, was taken to the penitentiary at Joliet Thursday to begin her sentence of from one to 20 years for burglary. San Francisco. After a desperate flight Into the mountains of Salvador and weeks of perilous Journeying in the Jungles of Hon duras, John Molssant. upon whose head the government of Salvador has set a high Great Special Sale Boys' School Suits 660 of the Best Make of School Suits in Every Size 7 to 16 years All This Season's Style, at prices that should march them out of our store in short order Thrifty mothers will take advan tage of this unprecedented Sale $5.00 SCHOOL $6.50 SCHOOL $8.50 SCHOOL $10.00 SCHOOL $12:50 SCHOOL SUITS, SUITS, SUITS, SUITS, SUITS, SALE PRICE SALE PRICE SALE PRICE SALE PRICE SALE PRICE $3.35 $3.95 $5.65 $6.85 $8.35 We rarely have a Sale When we do, the reduc tions are great and genuine Ben Selling LEADING CLOTHIER price, has returned to San Francisco, his former home. While the Salvadorean navy was searching ships for him on the Pacific he embarked on an Atlantic steamer, made liis way to New Tork and came across the contltent to San Francisco. New York. The Board of Education ha ordered that no hymn or carol In any way mentioning Christ or Christmas shall be sung henceforth in the public schools of New York. The srng books In use in the schools are now In the hands of printers for revision so that they may be free from all sectarian reference, even the words "Christ" and "Christmas." The board's action is the result of agitation a year ago by Jews, who complained that the Christian festival as celebrated In the schools was essentially sectarian. San Francisco.' The motions to quash the IS Indictments AtyUnst the Southern Pa- ! rifle and Pacific xfill 'ornpnnles for Illegal ' rebating were set by Judgw De Haven In the United States District Court for a wek from Saturday. Washington. The monthly statement of the Collector of Internal Revenue shows that for October. 1907. there was an increase of receipts compared with October, 18.06, of $$71,309, and the Increase for the four months of the prsent fiscal year amounted to M.T 10,347 over of ipoe. the corresponding period QUR GREAT MONEY-RAISING SALE Is gaining prestige every day. Throngs are buying. Are you sharing in the great bargains'? We've planned some sensational selling for Friday. Values you have seldom met with, here or elsewhere. Circumstances compel us to sacrifice our mammoth new stock of Ladies' Stvlish Ready-to-Wear Apparel at less than the manufacturers' prices. We quote here a few of the wonderful specials for Fridav, BUT BEAR EST MIND, EVERY ARTICLE EST OUR STORE IS LIBERALLY AND DECISIVELY REDUCED. Your choice of any $30.00 Coat m the house $15.00 Children's Coats, regulai $7.50 values $2.25 VERY SPECIAL Your choice of a bier assort ment of pretty Waists values up to $15.00 , MB V ai $3.95 LADIES' SUITS- Regular $15 values. .$4.50 SILK PETTICOATS $12.50 values $4.75 $ 6.50 values $2.65 CAPE GLOVES $3.50 value $2.00 STREET GLOVES $1.50 value $1.00 SILK HOSE Values up to $6.75, choice $2.95 KIMONOS Regular $1.50 val ues, choice 69 $&.Gt xfH Your choice of any $30.00 Suit in the house $ 1 5.00 Skirts, values up to $15.00, choice $5.95 EXTRAORDINARY VALUES FUR TIES Regular prices up to $15.00. S5.00 WF HAVE CUT GOOD AND DEEP ON ALL MILLINERY 200 TRIMMED HATS Values up to $3.50, at 95 200 TRIMMED HATS Values up to $6.00, at $2.49 ALL PATTERN HATS AT HALF PRICE. ODDS AND ENDS IN LADIES' Jersey Ribbed Vests and Pants Wool, silk and wool, silk and cotton, all sizes, including extra sizes. Values up to 7Cn $1.50 f Ob Ladies' Muslin Drawers Plain, hemstitched and lace-trimmed, values up to $1.00. Your choice MISSES SUITS Regular $15 values. .$7.75 BATHROBES Gray, pink, blue, red. Values up to $7.50 $3.35 UMBRELLAS $1.25 value . 75d $3.00 value $1.50 ELASTIC BELTS All colors, steel buckles, 50c values 25 ODDS AND ENDS IN FANCY LEATHER BELTS Values up to $1.75 Choice 17C Wholesale and Retail THE J. M. ACHES0N CO. Corner of Fifth and Alder