The Coos Bay times. (Marshfield, Or.) 1906-1957, September 26, 1908, Image 7

Historic Oregon Newspapers

The Coos Bay times., September 26, 1908, Page 7, Image 7

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Newspaper Page TextTHE DAILY COOS BAY TIMES, MARSHFIELD. OREGON, SATURDAY, SEPTEMBER 26, 1908. N ----i --- i I North Bend Iron Works ron and bronze castings. All kinds of repair work and logging tools a specialty. FOUNDERS and MACHINISTS. X Nelson Iron Works, (Inc.) iLuiiiuauLuiuia ui iiiatiiiMtiv mm oummea iui .uuis, minus, iianroaus i and Logging Companies. We are pioneers in the manufacturing and repairing of Gas Knyines. Don't forget our Gas Engine Supplies. t Foundry and Machine Shop DIRECTORY Of Coos Bay Manufacturing and Wholesale Houses : : : Tho way to build a city Is to stand together. Coos Hay factories and jobbing houses mnko nnd have for salo many things thnt Coos County people buy In Portland and Sim Francisco. Keep tho money at home. It helps prosperity. Tho following is a list of rcliablo nnd up-to-date cstablislunents that ore worthy nnd deserve your pntronngc. PATRONIZE HOME INDUSTRY Phono 321 NOKT1I BEND, Oro J. L. KOONTZ Machine and Repair Shops GENERAL MACHINIST Staam and Gas Engine Work Marshficld, Oro On Brondwny, near Holland Bonthouro jrarshfiold, Ore. J The Modern Company Wholesale I Marshfield, Oregon CIGARS. PIPES. ETC. r , -. Rugs, Hobos, Elk, Peer, Bear and Cougar Polls Mounted J. E. GRAHAM Taxidermist Formerly with A. Helming & Co. Call or write for terms North Front Street Mnrli(lelu. Ore. 4 North Bend Manufacturing Co, Manufacturers of SASH, DOORS, MOULDINGS All kinds of Millwork, Special Furniture and Myrtle Novelties North Bend- Oregon If you are a t Coos Bay Booster J you must drink t Coos Bay Beer I Phone 1271 for a dozen NORTH DEND, ORE i Coos Bay I Monumental Works i :F. SI. STEWART, Prop. Corner 3d and D' Sts. Slarshfleld, Or., Phone Slnin 1731 Pettijohn, Nicols & Co. WHOLESALE AND COMMISSION MERCHANTS Cor. Broadwny nnd Queen 8ts. Phono Private Ex 1021 A LAND-GRANT INCUBUS. Say Ladies! Do you know that in the history of Marshfield there never was as nice work being done on shirt waists and skirts as we are doing at the present time? Remember too, that your nice waists and skirts are strictly hand washed. Marshfield Hand and Steam Lattnd J. B. HBBAR.D, Manager PHONE 229! o--- G3&U&S& H Saw Mill Proposition w MILL 2-Story 32x48, with addition for planer 24x5G, and EN GINE ROOM 20x40, filing room 10x12, 3 tramways and slab con veyor 120 feet long, 35 barrels, water tank and 20-ft. tower. MACHINERY Atlas engine, 12x18, boiler 48x16, steam pump 125 ft. hose, Maine saws 2-50 in, 32 ft. carriage with 3 head blocks, log haul cant gear, 4 saw edger, 2 saw trimmer, cut off saw, 2 wheel trucks and 2-4 wheel trucks. PLANER Cx24 S4S, 30 In, blowers, swing cut off saw, emery knife grinder and grind stone. FARM 195 acres with 5000 ft. stumpago left and 1,000,000 ft. piling, 35 acres under cultivation, houso lGx30, 2-story and addi tion 10x28, 5 rooms first floor, 4 rooms second floor. BARN 50x50 stalls, G head of horses, 10 cows and largo storago rooms for hay and grain. Wood shed 1Gx24, chicken house. Extra houses for mill hands cts. COOK houso 24x32m. 2-story with sleeping rooms for the em- M ployes. 5 rooms on second floor, Michigan rango cooking uten sils and dishes. I, 16x36 one story D, 2 rooms I, 14x16 ono story D, 1 room I, 3 6x26 ono story D, 3 rooms I, 16x36 ono story D, 3 rooms I, 16x24 ono story D, 2 rooms Large dam In Elk creek not yot completed. Dam In BIdwell creek GO ft. long 10 ft. high; also 2-floor dams in BIdwell Creek. BLACKSMITH SHOP 14x16, with forge, anvil, bench, vice, die press, pipe vice, stock and dies, pipe cutter, 4 augurs brace and two sets of bits, 8 crosscut saws, 8 axes, 2 cant hooks, 8 peaves, 5 shovels, 2 picks, 2 mattocks, 3 sledges, 4 wedges, 2 large and 1 smalljack, 1 automatic Jack. Donkey engine, Ledgorwood 9x10, with 7-8 in, main cable 3,200 ft. Va, in back haulo, line, 150 ft. 5-8 in yarding line, 2-20 ft. chokers, 4 return blocks and one Tomy moon Dut chain, 1 lead block. TWO HORSES 1 set heavy and 1 set light harness, 1 heavy wagon, 1 harrow, 1 plow. STUMPAGE 500,000 ft. not paid, 75 cents per m. 400,000 ft. $400 paid and if more than this amount of stumpage, balance at 1.00D, per SI, 1,000,000 stumpage $700 paid, balance when logged at 75 cents per SI. TOTAL STUMPAGE 4,900,000 ft. LUMBER ON YARD 1,000,000 ft. LOGS 50,000 ft cut piled and on tho creek banks. For further information call on or write STUTSMAN. & CO. Campaign Funds. "We welcome Mr. Tuft to this ad vanced ground," said Mr. Bryan in one of his numerous interviews since the Denver convention. Tho grouud refer red to Is Mr. Tuft's statement that no campaign contributions would be re ceived from corporations. Sir. Bryan iutouded to convey tlio Impression thut Mr. Tuft had como to that determina tion after the Donver couvontlon. In that the Democratic "peerless one" is not honest. Mr. Tnft Is a law abiding eitlzon. Such contributions arc unlaw ful, made so by a law passed by a Re publican congress ut tho Instance of a Itopubllcnn administration of which Judge Tnft was a part six months be fore tho Denver convention. Be hon est, Mr. Bryun, If you can! Bryan's Precinct Republican. At the recent primury election In Ne braska Lancaster Precinct No. 4, In which Is located Falrvlew, the voting precinct of W. J. Bryan, cast thirty-five Ilepubllcnn votes and twenty-six Demo cratic. The same precinct last fall cast forty-threo Republican votes and thirty-live Democrntle, a Democratic lots of slightly more than 1 per cent. When Mr. Bryan lived in town he reg istered In Precinct A of the Fifth Ward, n polling plniij which usually eouUl be depended upon to vote about the pro portion of three Republicans to one Democrat At tho time he removed to Fait view he remarked Jocularly that ho was going to a community where the nolitleul division was more even, and he hoped In time so to reform Lancaster No. 4 ns to maUo It veer nrouaj to his way of t'flnklng. All of the original capital stock of the defendant Oregon & California Railroad Company (lino from Port land to Roseburg) and substantially all of the capital stock of said West Side Company (lino to McMlnnville) was issued without consideration, and by reason of the premises, neither of said companies had any original cap ital or other funds for construction or other purposes, except such as was borrowed therefor. This recital, In the complaint of the Government's land-grant suit against the Southern Pacific, reveals a sample of the high finance by which the Oregon & California Railroad was conducted from tho first, up to the present time when the master com pany asserts title to a $30,000,000 or $40,000,000 land-grant in defiance of the terms of the Government's concession. Ben Holladay, and then Henry Vlllard, each with their con federate "promoters," were the pio neers of unscrupulous finance In Ore gon. They have been succeeded by Harrlman, who declares that the rail road shall keep 2,000,000 acres of land, which congress ordained, be fore giving it into tho railroad's clutches, should be sold to actual set tlers at not moro than $2.50 an acre. Holladay and Vlllard absorb ed vast sums of the money subscrib ed by bondholders. There was no paid-up capital stock. Holladay rul ed legislatures and carried on orgies of high finance by methods as daring as those of present-day Wall street. I These men regarded the land trust In ! them reposed by congress as their own fee simple possession, to do with or plunder as they chose. Harrlman , has followed their work of diverting ''a. 2,000,000-acre settlement, from J which the railroad was to receive not more than $5,000,000 bonus from ! actual settlers, into a $30,000,000 timber preserve, In defiance of the terms and purpose of congress. Nor is this all of the evil. The Oregon & California Railroad Is capitalized for $30,745,000 $19, 000,000 capital stock and $17,745, 000 bonds. Inflated capitalization has burdened Western Oregon ever since the railroad was operated. The peo ple of this state do not have to look beyond their own boundaries for a spectacle to match the "looting of the Alton." This capitalization amounts to $55,225 a mile for tho 053 miles of the company's road nn absurdity. Tho capitalization far exceeds the actual money Invested in construction and equipment. Large part of It Is Inflated and flctitlous.vas the government's suit may show. The purpose of these remarks Is to point out that the Oregon & Califor nia which means the Southern Pa cific has no equitable claim to pro prietorship of tho land grant. Tt should not receive a $30,000,000 bo nus where $5,000,000 was Intended. The railroad has practiced graft, from tho beginning, on tho people ot Oregon. As an infant It perhaps needed the succor. Now that It has grown to lusty proportions It should receive such nutriment no longer. Oregonian. DO NOT TAKE THE RISK. When you have a bad cough or cold do not let it drag along until It becomes chronic, but give it atten tion and get rid of It. Take Cham berlain's Cough Remedy and you are suro of prompt relief. For salo by JOHN PREUSS. NOTICE TO TAX-PAYERS. Please take notice that tho second Installment of taxes will bo delin quent October 5tfc, 1908. No cards will bo sent out except upon applica tion. . Dated September 10th, 1908. W. W. GAGE, Sheriff and tax collector. When you pay your subscription, bo sure that you get your votes for Tho Coos Bay Times Popular Voting Contest. .:mt:t:m:::::tttKKt:mm::j::KK:tt:: H I Quality ni rrices Si Are the twin foundation stones on which our growing business is built? FIRST Tho best meat that can be produced. SECOND The lowest prices at which It can be sold. HERE ARE A FEW FIGURES: Beef, per lb 8 to 15c Mutton, per lb. 10, 12 and 15c. VenI, per lb ..10, 12 and 15c. Corned beef, per lb. . . . 8 to 10c. Pork, per lb . ...12J und 15c. Pork sausage, per lb 10c Hamburger, per lb 10c Good Hams and Bacon, per pound 18 to 20c. 5 Pounds pail best lard, , . . , 05c. a I! The CITY MARKET R. H. NOBLE I Phone 1941 FRONT AND 'C STREETS, SLVRSIIFIELI), OREGON, ;;m;::i::::K::i:::::n::m:::m:m::ij:j:::mim::m::mim5mmmmm:mtmmnm OF JH EXPERT. Shall Banks Be Made Liable for Ono Another's Debts? Recognized Authority on Financial Questions Discusses Practical Bearings of Proposed Guar antee Plan. (By George E. Roberts, former Di rector of the Mint.) The proposal to require the banks of the country to guurantee each other's deposits owes Its present strength to the financial disturbance of last fall. It is urged as n means of preventing panics, and there is no disagreement about tho desirability of accomplish ing that purpose. Most of us agree that a repetition of the conditions which existed Inst fall should be madu Impossible, but this Is by no means the only way to do It, or the best way. For years the advocates of compre hensive currency reform have pointed out that with 514,000,000,000 of bank deposits in tli country nnd only about $3,000,000,000 of money all told In tin' country, both in the banks and out, there should bo some method provided by which, on the hnsis of good assets, the supply of lawful currency could be readily Increased to meet exceptional demands, whether such demands were duo to seasons of unusual business ac tivity or to alarm among depositors. Their foresight and arguments did "not avail, but they are hardly to be swept off their feet uow by impatient zeal for this new, nnd, as they regard it, ill considered scheme. They stand for a complete nnd scientific treatment of the subject. The guaranty of deposits is a crude and Imperfect remedy nt best. It doi'S not recognize or attempt to cure the defects In our banking nnd currency systems, but alms only at persuading depositors not to draw their deposits. Tiie losses to depositors by the failure of national banks has become nn insig nificant percentage, and Is growing less every year, as a result of natural, evo lutionary progress In banking. The standards are being constantly raised, and the efficiency of olliclal inspection and supervision constantly Improved. The true lino of development Is not by any revolutionary policy, but by hold ing Individual bankers to yet stricter account, and nt tho same time enabling ev'ry properly conducted bank to readily obtain a supply of cur rency to meet all demands upon it. The fundamental weakness in our currency system Is In the fact that It is not readily responsive to the needs of the country. Tho legitimate demand for money varies from year to year, and from season to season In the same year. If is a familiar fact that there Is a great deal more business to bo handled from September 1st to Decem ber ill st each year than In any other four months of the year, but there is no more money in the country unless gold is imported for tho purpose. Would I. end tit Heckle llmiltlnir. As n remedial measure the guarauty of bank deposits is not only Inadequate, but It is worse than Inadequate, for It proposes to overturn the principle of Individual responsibility by means of which the bunking business has been raised to Its present high standards, and upon which all individual and so cial progress Is based. The proposal contemplates that the public shall he relieved entirely from tho exercise of Judgment nnd dis crimination In the choice of banks, and while it Is highly desirable that all banks shall be made safe, to the end that een the most Ignorant and con fiding may bo protected, It Ib still true that an nlert public opinion has great inlluence in maintaining proper bank ing standards. We cannot afford to do without that Influence. Under present conditions the Invest ments, the personal habits, the general character und abilities of the hanker are under the constant scrutiny of the community, and u matter of public In terest. Notwithstanding occasional ln stonces In which the public has been deceived, It may be stuted as a general proposition thut au unblemished char acter and a reputation for good busi ness ability and conservative Judgment linve been necessary to success in the banking business. The public looks over the Individual who is to receive, and invest and be responsible for Its money with some discrimination, and the ellmluutloii of the unfit by tho scrutiny and composite Judgment of the community is a factor of the highest value in maintaining the stnudards of tho banking business. It la, however, a factor entirely overlooked by the ad vocates of this scheme. They calculate the Insignificant per centage of loss to total deposits under present conditions, and assume that no greater losses would occur after char acter ceased to bo u factor in the busl new, und all deposits were given blind ly to whoever would bid highest for them. To the objection thut this elim ination of character us a factor in the acquisition of deposits must tend to promote reckless bunking, reply is made that hankers will bo' deterred from recklessness by fear of losing their own money. The reply misses the point. All men am not deterred from ii'ckk'hHiioss by four of losing tholr own money, but iccklc&u men are now, ns a rule, kept out of the kinking busi ness by the unwillingness of tho public to entrust money to their care. Cnrcfnl UnnklfiK Moat. Under present conditions there ore compensations In favor of careful nnd' conservative banking. There nro peo ple who are not Influenced In their se lection of a bank by the highest rate off Interest offered on deposits, nnd who1 have their suspicions aroused by that tender of exceptional Inducements They know that sucli offers put cb strain upon the business, and they de liberately prefer to place their money wlth a bunker who will not subject himself to such strata. These deposit ors esteem safety above all other con siderations, nnd they nre numerous enough to exercise a very wholesome restraint upon reckless tendencies Iia the business. A banker now prizes the? reputation of doing n safe business, nnd cannot nfford to have a rcpututioui for imprudence and speculative in clinations. And yet, although held Im check by these powerful consideration the pressure of competition curries the business near the danger lino event now. There Is too much competitions for deposits, niul the ambitions of thw more venturesome members of tho fra ternity, and the puce they set, puts tho whole system under strain. But what are likely to be the con ditions in the business when the publfc Is no longer concerned about the man agement of a bank, and all tho re wards for conservatism und restrantw upon recklessness are removed? Tlus considerations which in the past have? tended to safeguard the business uudT advance its standards would be gon' The public would care nothing for the personality of the banker. Instead of looking to the institution which receiv ed the deposits, the depositor would re ly on nn outside fund. A aukuir might hot all the deposits on horsa races without the fact becoming ra matter of nny concern to his custoin-r-ers. v And how would tho conservative;!, prudent banker fare under thrvsc con ditions? The legitimate reward for maintaining that character would her lost to htm. He would get no deposits unless he bid ns high for them as lily, rivals, for the government would standi behind the hitter, and assure tho pub lic thnt they were just as safe us he nnd tax him to make them so. Irn short tho reckless and incompetent peo ple, who nre now either excluded froun the banking business, or held In check by the distrust which a discriminating; public feels towards them, would make file pace to which everybody else in tho banking business would be obligcdk to conform or get out of the busiuestd, "Would Dcmorullr.u Uuiiliicwa. The hardest competitor in auy llnor of business Is thu Incompetent or dis honest man who docs anything to got. business. Such people get into the bunking business even now, but theiir number and lntluenco for mlschlyr would be greatly Increased If they were hacked up by unlimited credit. In other lines there may be some question as to tho quality or service offered by rivals, but all bunkers deal In the sumo kind of money, and If deposits were made a joint liability, there Is no rea son why they should not go to tho. bunkers who offer the greutest induce ments to attract tlioni. The carefut banker would have no off-set or protec tion against demoralizing competition, and lie would be placed in the strange position of being liable for his com petitor's obligations. All efforts to make It appear that thr interests of hunkers are on one side- oY this question aiid the Interests oC de positors on tho other are untrue to tlfu facts. Nothing that in the long run la harmful to the bunking business, thut puts It under strain und tends to low er its stauda Is, can bo beueflclul to depositors or the public. It cannot b ndvantageous to the community to have Its savings and working capital pase Into tho bunds of tho veuturesouie cluss of bankers who will bid most for thein. The actual waste and loss through ..unwise Investments would In evitably increase. It would fall at first on the conservative bankers and penal ize them. Instead of an elimination ot tho unfit, which Is the true process oC evolution, tho tendency would be to aui elimination of the best. Eventually iho hurdcu of Increasing waste wOuld have to be borno by all depositors and the wholo community. Oklahoma Trial Inconclusive. Tho fact thnt the first bank failure lu Oklahoma after the law went Into-, effect, was followed by Immediate re imbursement of tho depositors, provea nothing us to thu practicability of the system in the long run. The fact that the State bunks of Oklahoma have gullied deposits since tho system went into operation, whllo national buuksr wlthln tho Stnte huve lost, If true, proves nothing as to thu merits of lb. system. The law Itself requires thut all public deposits must be kept hi hunks that belong to the system, nnd tills provision nlone would cause a con siderable transfer of deposits and In fluence some batiks to Join the system. The real test of the policy will conn In its Influence upon the banking busi ness In tho long run. Will it teud tc socure moro careful and prudent in vestment of the vast sums which thu people of the country keep In bunks, ot will It tend to wcuUen the personal re spousihlllty for tlie.se funds and dhecn them Into 'urupuble and wubtefuJ hands. It In u superficial view which) lays all can 'iusis upon tho Imniedlutu results of the law and gives no con sideration to Its violation of funda mental pilnHplos nnd the constjuencw which must follow. I - &