THE MORNING OREGONIAN, FRIDAY, JUNE 26, 1908.
NEEDS OF B1UG
Arthur Reynolds Discusses Re
forms in Currency.
SCORES ALDRICH MEASURE
Financier Who Will Address Oregon
Hankers at Salem Today Assorts
High Hnle Tax on" Notes
Is Mistaken Policy.
.Arthur Reynolds, recognized as onft
of the foremost authorities on currency
questions in the United States, reached
Portland yesterday and will leave to
day for Salem, where he will deliver
an address before the Oreson Bankers'
Association. He Is president of the
les Moines National Bank, of Les
Moines, Jowa, and a member.of the cur
rency commission of the American
Hankers' Association.
.Mr. Iteynolds has delivered addresses
in various other cities of the Northwest
and is enthusiastic in his advocacy of a
chanpe of the currency system. He
will deliver an exhaustive address on
"The Unsettled Currency Question" at
Salem today. He visited Portland 20
years ago and declared last night that
the city has been rebuilt in that time.
There are few, if any, landmarks today
of the Portland that existed 20 years
apo he said.
.Mr. Reynolds is severe in his attacks
on the Aldrich-Vreeland bill, designat
ing it as, "one of the worst pieces of
makeshift', crazy-quilt legislation ever
put through an American Congress; ut
terly unscientific and not feasible." He
atrongly favors an asset currency based
on cold reserve in the banks.
"Our theory of a change in the cur
rency system," he said, "is . first, that
any new issues of currency must be
based on gold reserve must be subject
to , dally redemption in gold, which is
the highest standard of value.
"Second, that there must be a reserve
carried against notes 'the same as is
now carried against deposits, like a
kind of credit liability.
"Third, it has been demonstrated dur
ing an experience of 43 years of Na
tional banking that a tax of 1 per cent
was five times greater than necessary
to take care of the notes of all the
failed National banks without any se
curity at all; hence, you will readily
see that a low tax rate will serve every
requirement and will not create anun
necessary burden'-on the people in times
of stress.
"It is erroneously believed that a
high tax rate is necessary to create
prompt redemption of notes when the
need for them is passed'. A high rate re
tards the issue. It is necessary to bring
into play selfish vdeslre of banks to
make money, making it profitable "to
banks to issue notes, thereby creating
an incentive to forward the notes of
every other bank promptly for redemp
tion, so that they can issue one of their
own at a profit.
"While a bank could stop Interest by
paying funds into the treasury, of the
United States sufficient to take up all
its credit notes, there would be no in
centive to other banks to forward its
notes for redemption. Redemption and
nut taxation ia the keynote of the
whole subject.
"The American bankers' plan provides
for a deposit of a five per cent guaran
tee fund to take care of the notes of
all failed banks. Vhe history of Na
tional banking and taxes paid by banks
demonstrates that the amount of this
fund would be ample to satisfy -the
most critical."
WHAT THE PRESENT SAID
DOIXG THINGS IS WHAT MAKES
OUR GREAT MEN AND WOMEN.
Then Wake Up and Do Things This
Month Will Be Your Last Chance
to Buy Pianos at Wholesale.
We now appeal to the good people of
Portland for the last time. The one
chance of your life is staring you in the
face and you can count on your
fingers the remaining few days in which
you will have an opportunity to take
advantage of this big deal of 100 pianos
to 100 Individual purchasers and get your
piano at absolute rock-bottom wholesale
cost, saving the entire retail profit of
from $135 to J155 on your purchase with
two and one-half years to complete pay
ment. This is an unheard-of. proposi
tion. Just think; you are only paying
the price that large dealers pay. If
for no other reason you should buy
one on a speculation. Another thing,
you are practically given one year's
trial, and to cap the climax we give you
an iron-clad guarantee of satisfaction or
money back. Again we say to you that
now is your time to quit thinking and
commence doing things. v
On the first of next month we will move
to our wholesale quarters, where we will
ship in carload lots to all parts of Ore
gon, Washington and Idaho, and from
now on will solicit the patronage of
dealers In open territory.
Remember the place and come today.
The Wiley B. Allen Company, 80 Sixth
street. The House of Peace, Harmony
and Good Will to AH, Where Sweet Music
Dwells. .
ONLY ONE IN FIELD
Wjlls Alone Has Come Out for
Mayor.
OTHERS WILL ENTER FIGHT
If yu meat dealer does not carry U.
S. Government-Inspected meat, change
your dealer, or request him to get it
for you; he can' do bo. -
White Canvas Pump J2.50, Rosen
thal's. ,
Although City Election. Is Year Dls
. tant. Interest Is Already Shown
tn Mayoralty Race Vaughn Is
. Mentioned by Democrats.
Although one year remains before the
next municipal election, there is much
speculation as to who will be put forth
as candidates for Mayor on the Republi
can and Democratic tickets. Thus far.
only Councilman Wills. Republican, has
come out as an avowed aspirant, but it
is known that an organized effort is on
foot among some Republicans to persuade
City Treasurer Werlein to enter the
race. As to whether he will' allow his
name to be used Is unknown.
Prior to the state and county election,
many people were endeavoring to per
suade Municipal Judge Cameron to run
in the Republican' primaries in the Ma
yoralty race, but as he was elected to
the office of District Attorney, this elim
inates him from the list of possibilities
for Mayor of the city.
Councilman- Baker has friends who
have spoken to him about running, but
he has replied that he believed condi
tions to be such that he could not leave
his business" interests to perform the du
ties of the office,, and he therefore seems
ouf of the race among Republicans. Mr.
Bakjy expresses the opinion that some
prominent business man should be select
ed by the Republicans, all of whom
should unite in a determined -effort - to
elect him.
Democrats, so far as learned, have not
as yet declared themselves as to a
choice, and there Is no avowed 'candi
date It Is said. Whether Mayor- Lane
will run for the office another term is
not publicly known, but some declare
that he has had enough of it, and that
he will step aside at the expiration of
this term.
Asked as to his Intentions on the sub
ject. Mayor Lane quotes his favorite
passage of scripture, "Sufficient unto the
day is the evil thereof." and leaves the
matter In doubt. However, it ' is sui -mised
by some that he will more than
likely enter the gubernatorial race, and
it Is said that his wires are being laid
in that direction. "
A good many people declare that Coun
cilman Vaughn is good Mayoralty mate
rial, and it is believed by them that he
Intends to enter the race in the pri
maries. He refused to allow his name to
be mentioned as a candidate for the Mu
nicipal Judgeship, soon to become va
cant by the resignation of Judge Cam
eron, and which Is to be filled by ap
pointment of Mayor Lane. This is taken
by some to indicate that Mr. Vaughn in
tends to line up for the Mayoralty , race,
and that he will serve out his term as
Councilman with that end In view.
MAYOR GIVES UP FIGHT
Executive Board to Authorize Audi
tor to Ask Bids for Lights.
The City Executive Board will this
afternoon authorize City Auditor Bar
bur to advertise ftr a period of 60 days
for bids for furnishing electric lights
for three and five years. The lighting
committee of the Board met yesterday
afternoon and drafted a report recom
mending such action, and the report
will be adopted at the Board's session
this afternoon.
The action of the lighting committee
Kimnlv recommends carrying outi the
provisions of an ordinance passed three
months ago by the City Council, author
izing the Executive Board to advertise
for bids for lighting the public build
ings, parks and streets, for periods of
three and five years. For a time Mayor
Lane had hopes of securing some kind
of a municipal lighting plant, and he
tried hard to bring this about, but
nothing was accomplished.
The Executive Board will adopt the
reDort of "the lighting committee, in
eluded in which is a call for proposals
for gas lighting. It is doubtful whether
any bid for gas will be received, as
there is no practicable means of dis
tributing it. Gas might be used in the
public buildings, but nowhere else, it is
said.
The only corporation that is able to
bid on the lighting, so .ar as known, is
the Portland Railway, Light & Power
Company. It was because Mayor Lane
declared this company is charging too
much for its electric current that he
attempted to secure municipal lighting
by a city-owned plant.
ALARM NEEDLESS..
i
"Bad Meat" Article In Journal Need
Not Worry You.
ThorA fa nnA nttnnluttfTv guaranteed
nv.r.i of AAonninsr all imDUre meats
and that is by ordering and insisting
on getting tne u. a.'uuvennuciii m
spected article. These meats provided
by the wholesale aeaiers, me union
Meat Company, have been Inspected by
a United States official both before and
ffor. cimnrhtur' it is an absolute im
possibility for unfit meat to reach your
table If you Duy oniy me men carrymf
1. rrtvir nmpnt's Rtamo of soundness
Daily, unfit animals are destroyed,-only
those proper for food purposes being
accepted. The law permits slaughter
houses, however, inai are not iuoiiiu-
ort tn thin Government inspection, and
it is from these places that danger
comes In the rorm oi tjaa meai. -
& ' - .
LEADING FURRIERS and LADIES' OUTFITTERS
FOURTH AND MORRISON
GRAND FRIDAY SPECIAL BARGAINS
Exceptional bargain offerings throughout all departments.
Radical reductions prevail on all white merchandise.
Ladies' $7 Wash
Dresses Special
ly Priced at
We offer a limited number of ladies'
fine Shirtwaist Dresses, excellent
quality, in white and colors ; regular
values to $7.00, low price of $3.98
Ladies' Parasols
at V4 Off
Your choice of any Parasol from
our extensive stock, in linen,
pongee and silk; all at ONE
FOURTH OFF regular price.
$5 White Linen
Skirts Specially
Priced at
These are exceptional values in
white Linen Skirt3, both plaited and
gored; trimmed with self folds and
tucks; regular valuea to $5.00, for
only rT$37l5
Millinery at COST and
LESS
Radical reductions still prevail in our Millinery Department
on all our high-grade Street, Dress and Pattern 'Hats, which
'we are closing out at cost and less than' cost of the material.
All hats are this season's and good, clean merchandise.
Extra Special on
LADIES'
PERSIAN
BELTS
In gold, silver and embroid
ered effects, all colors, with
handsomely engraved gold
and silver buckles:
$3.50 and $4.00
values for
$2.25 and $2.50
values for
$1.25 and $1.50 val
ues for ,
75c and $1.00 val
ues for
$2.69
$1.79
98c
63c
Special Offering Children's White
Dresses
Mothers, we call your attention to the
exceptional bargain offerings in chil
dren's white dresses, all ages, from 6
months to 10 years, about 200 of them,
which we offer in the following lots:
Lot 1 : Children's Dresses,
values to $4.00, for
Lot 2: Children's Dresses, fcO in
values to $5.00, for ipi.ll
Lot 3: Children's Dresses,
values to $6.00, for.....
$1.89
$2.89
Every economical mother should take
advantage of this sale. -
STORE YOUR FURS NOW
It is not generally known that we have a most complete and up-to-date cold-storage plant for preserving-
Fur Garments during the warm weather. All Furs taken for storage are thoroughly cleaned
before being , returned,' and small fee charged insures them against damage by -moths, etc.
' .-GREAT .
ALTERATION SALE
i
STILL ON
MEN'S SUITS and OVERCOATS
$15 Suits and Overcoats (1 A CA
Reduced to P JL VJ kJ VJ
$20 Suits and Overcoats (1 A
f Reduced to ) JL. mUD
$25 Suits and Overcoats (PIQOC
Reduced to pAOwO
$30 Suits and Overcoats QO' CA
Reduced to pJ9DVJ
Blues and blacks included.
Alteration starts prompt on July 1. Big cut in men's and boys'
'.' Furnishings and ,Hats.
Golf Shirts and Negligee $1 val., 75c
$1.50 values, $1.15. '
$3 Coat Sweaters for man and wom
en, sale price, $2.
Boys' all - wool Suits, knickerbocker
pants, and Wash Suits, A Off.
SAM'L ROSENBLATT 8 GO.
Home of Hart Schaffner & Marx Fine Clothes
CORNER THIRD AND MORRISON STREETS
Mill HfoSsfei
"muling,
""mi,
Sanitary 'Desk
For $36.75
is a neat. 52-inch roll-too desk with the new style fog base.
It is well made of Golden oak. has oaneled sides and back
.and quarter-sawed oak bed, and is a decided bargain at thq price.
Same desk without roll top , $24.25
WE CAN SAVE YOU MONEY ON YOUR OFFICE FURNKTURE
KILHAM STATIONERY AND
PRINTING CO.
...mi P1
4UJ
m. n&
LOOK IN THE HEM
39
rAlcrir
flNCEKTIrTtD
Xlie whole secret
is in the hem. If you find
name "KAYSER" you have
genuine, the kind that don't wear out
at the finger ends.-
LOVES
1 '
the I!
the ti