THE DAILY COOS BAY TIMES, MARSHFIELD. OREGON, SATURDAY, SEPTEMBER 26, 1908.
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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.
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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!
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G3&U&S&
H
Saw Mill Proposition
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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.
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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
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The CITY MARKET
R. H. NOBLE
I
Phone
1941 FRONT AND 'C STREETS, SLVRSIIFIELI), OREGON,
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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.
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