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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Dec. 2, 1907)
THE JOURNAL AM INIHtl-KNPICNT MtWHI-AfltK ik KMON ul SuniUr) and mi Moadar morning. l Ia Jo-r..l Build Bit. Fifth and mhlll airaeia -..rinr"1 m- Ktfr4 ( lb. p-tof'tra .1 pur lis a '. Mxlnlue Uiruiigb it main c-)'' tranaailaaloe Uiruiigb nttf TELU'IIONIC MAIN JIT All dapaMiraiita rr-rt.e1 tT roml. fll 1h np'iiil Id' 1-i"''ninl w,n' rulllvKiN AliVKHI 11 Ml IIM'liHMi.MAi" .re.laii.1 rVnlimiln Sprrl.l Aitertl.lrg AgaMr y.r Trlhn.. loilhtlir hlrn Sunae-lptles l-rliii hj null In "T idllraaa ll Uw L'yllKl Male r.la or Maileo. fDa far $.1 n month B0 Cf'SKAT. On rvar 12 fto on- month nAlt ANI Kl'M'AY. Cm tt I; 8,1 1 0n ",n,h I Never to tire, never to grow cold; to be patient, sympa thetic, tender; to look for the budding flower and the open ing heart; to hope always; like God, to love always this Is duty. Amlel. PONT HIDE MOXET. ERHAPg' no good will be done P' bv further criticism of the practice of hoarding money at sucVa time as the country is passing through. Yet there may be pome who will profit, and to a little extent help out the country, by read ing a few further remarks. Though there have been losses by depositor In banks, the person with surplus cash, even though a rather small amount, who becomes his own bank er, and hides It In a safety deposit vault or an old teapot, Is as a rule foolish, as well as censurable for in creasing the "stringency." In case of hoarding at home, there Is al ways a large risk of loss by fire or burglary, and then when tens of ' thousands do this the country neces sarily suffers acutely, and these peo ple among the rest. Tbe government's reports show that there la between $2,500,000,000 and 13,000,000,000 of money in cir culation, or that is supposed to be or might be In circulation. The total deposits in banks and with trust companies of all kinds la said to be about $13,000,000,000, of which per haps 15 per cent, or nearly $2,000, 000,000, Is locked up as reserve for the safety of depositors. Then some where near $1,000,000,000, or $12 per capita, is about all that is real- 17 in circulation, passing around con stantly among the people. But the average man does not carry around even this much as a rule every day, for larger amounts than this must gravitate daily into the tills of stores and other places of business, so that the real amount in the average per son's hand or pocket for immediate use is perhaps not half of $12. So when there comes a fever of fear, and a large percentage of people hoard, a monetary paralysis must necessarily ensue. Each one who does this- thinks io protect himself, but he really subjects himself to more risk than if he left his sav ings la a bank, where, after all, it la in all probability safe, and he adds bis mite to the breeding and spread of a panic. Now If the man who has done this will not only return his surplus money that he does not Immediately need to a safe bank, and nearly every one is absolutely safe, but will 'advice his neighbors and acquaintances to do likewise, he will do something to end the "stringen cy," and dispel the signs of a panic, and add to the country's renewed or continued prosperity. Whether there is enough money in circulation is a question on which people honeetly differ. There prob ably Is, or would be, except for this epidemic of fear now, as it seems, nearly over. And more money, ever bo much, would not right things as long as the epidemic lasts. If. it were "good" money, as good as gold It -would only go into hiding, too; If not good, the country would be only plunging deeper into financial mire. Got rid of this fear of banks, and resist the temptation to hoard or hide money, and all will soon be well again. A PROPER ACTION. r"HE DEMOCRATIC minority of the house of representatives acted wisely and patriotically in rejecting by a large raa- . '.Jority in caucus the resolution of a 'member to filibuster throughout a ,the session unless the Republican , .(majority brought in or would con - elder a tariff revision bill. This v '.would have been merely playing "cheap, Tulgar, partisan politics, in rxafead of acting as statesmen and pa triot, n3 attending to the coun ' "trjr'a business as best they can. The Republicans are In a large majority, 'and are' responsible for legislation where aetlrfg together. If the peo 'jple want tariff, rerlsion and the Re publicans don't give It to them, then "the blatn will fall where it belongs, and Democrats will.be absolved If ther-merely bring forward a bill or bllli. without using, any flllbustcrlm? tactics. Tho duty of n minority ami also . . Its opportunity, Is to support what over good bills tho Ftp ti l 1 ii-n 1 1 iro- polio Hiid oppose tho bail om milt ing whenever possible with a minor ity of Hcpulilirnr.s. for pood mid HpnlriKt bad incnsii ros. TI.d only i thing to consider Is the tuituro of tho propoHll Ion from a statostu.'in llko and put riot lo and not im-rolv ( from u paitlsan point of h-v. Dem ocrats, as well as KopuMi.-.-tnn, aroinrted on at this session. Except In Btnt to congress riot to oppose und some unusual emergency, nothing is embarrnsH tho other paviv on every ever ncconi)llBhod In actual loglsla posslblo occasion, but lo work no-It Ion till toward spring and congress cording to their N"-t judi:ment for; tho best Interests of the people. Ki-:.isovs I ok I'KACi:. I N A SMALL pamphlet Andrew rirnftiln urmu-eru four f ih iff t i ll n to peace through arbitration In all cases of controversy. The first objection Is that all cases cannot bo arbitrated. Answer: Some nations have ulready done this by treaty. Only Sweden and Norway are cited. Second, Justice Is higher than pea"p. "Answer: Tho first principle of justice forbids men to be judges when they are parties to the Issue. A Judge cannot sit in a case in the outcome of -which he has an Inter est. An Individual must submit his cause to the arbitration of court and jury. A nation Is only an aggrega tion of Individuals. Third, It Is neither peace nor justice but righteousness that exalt eth a nation. Righteousness is sim ply doing what is right. To Judge of one's own cause Is unjust, there fore wrong, therefore unrighteous. A man can only be just and right by upholding tho reign of law. This reign should be extended to combi nations of men callod nations. Union of law and Justice, insuring "peare and good will among men" through disinterested tribunals, is "right eousness which exalteth a nation." Interested parties sitting in Judg ment is "self-righteousness that de grades a nation." Fourth, we cannot permit our country to be dishonored by any other nation. Answer: No coun try can be dishonored by any other. No man can bo dishonored by other men. Only ourselves can disnonor ourselves or our country. This we do by demanding to judge our own cause. If attacked after having of fered to arbitrate, wo havo a right to defend, but it is a holy duty not to attack others. War decides not who Is right, only who Is strong. A strong presentment of the causo of peace. Too strong for this day and generation. The building of navies and maintenance of armies will, go on Just the same for aw Mle. CONGRESS. HE FIRST session of the sixtieth congress convened today at noon. Fortunately there 13 no contest over the house or ganization and Speaker Cannon has had so much experience that he can make up his committees soon, If he desires, though this will probably not be done, as usual, until after the holidays. The Democrats wise ly chose Mr. Williams again as floor leader. He is the best qualified member for that position. Currency bills will command the most attention during the early part of the session. If, as reported, the Republican leaders have pretty well agreed on a bill, substantially em bodying tho president's recommen dations, there need be no very long delay in enacting it, though as a great number of members will want to debate tho question there is no likelihood of any bill being passed before midwinter, and more likely not till much later. The house, un der Its rules, can shut off debate and bring a bill to a vote In short order, but the senate cannot, and it has many long-winded talkers. Not much else of very great im portance is likely to be done. The Democrats will talk tariff revision at every opportunity, but it will be a mere waste of breath. The presi dent favors the abolition of the duty on paper, but even that is not like ly to pass. Another effort will be made to pass the ship subsidy bill and It will go through unless the Republicans fear that it will injure them next fall. As there will be no river and harbor bill, the main interest in this part of the country will center cn the Items of the sundry civil bill, in which appropriations for northwest rier and harhor improvements will have to be carried. It is believed tho jetty at the mouth of the Co lumbia and the Celllo canal will be fairly well cared for, and there is hope of favorable action on the Ore gon City locks proposition. Senator Fulton's amendment to the interstate commerce law, orig inally suggested by The Journal and advocated by Railroad Commission- '-..-'-' - . . WMfflXh YAGE OF THE JOURNAL r Altchlson at the mooting of the I state railroad commissioners of the , country, providing that rates nhall .. . ...... .... - 1 not io rmsea witnout consent ui -no interstate, commerce commission, ll another matter of great Importance j to this region, but no prediction can be made as lo the probability of Its piissxVc. It is not to bo expected that the president" suggestions as to amend' ments to this law, and other mat ters of much Importance, "will be will want to adjourn early, leat something might bo done to Injure the Republican party's chanefs in tho fall elections, and so that Con gressmen can attend to their fences. Tho position of Mr. Walker, can didate for councilman at Mllwaukle, Is not rendered much If any better by his latest explanation. Ills so licitude for the widow taxpayers whom he proposes to aid through the sweet and holy ministration of the Mllwaukle club would be pa thetic If it were not for Its ludicrous absurdity. That gambling Joints Bhould be made the mainstay of wid ows and orphans Is an Idea which Is almost worthy of a professor In Chicago university. But, according to Mr. Walker, the Mllwaukle club Is soon to be put out of business by the state. If so, he must have pri vate and exclusive information from District Attorney Hedges and Sheriff Beattle. But If that happens, what will become of "the poor widows? The accusations, and recrlmlna tlons between atuyvesant f ish on one hand and Harrlman and his supporters on the other continue, to tho greater or less enlightenment and entertainment of the public. There seems to have been a good deal of dirty linen to be washed in both kitchens, or else Mr. Fish and his opponents are making a good many slanderous charges. It is pos sible that neither side has brought out the whole wash yet. The police evidently did a good Job when they captured those youthful hold-up artists, who at the RaIt thoy were going would ppob- ably have soon committed one or more murders. What to do with such young yet hardened criminals Is a difficult problem. It seems o pity to send them to the peniten tiary, yet It Is evident that one or more of them are past help In a reform school. When we read about outbreaks In Novgorod, Russia, how many well read people know that It was once a republic? As such it lasted more than 1,000 years, organized with a governor and a "Council of Thirty." Tho historians call it the "Rome of the North." But in 1475 John III conquered it and annexed it to Rus sia after a memorable struggle. It is said that Senator Aldrlch and Mr. Rockefeller's National City bank of New York have a currency bill all ready. Then what need can there be to consider any others or to discuss the matter further? Atlanta boasts of being a $100, 000,000 city. But Portland can beat that about two and a third times. Possibly, as winter Is coming on, Mr. Bryan called at the White House to recover Borne of ihose clothes. But What of the Pilot? From the New Tork Sun. All the imagined perils and possible calamities connected with the presi dent's royal progress from Keokuk, Iowa, tn Memphis, Tennessee, last month have been finally dismissed under the clear liKht of an intelligent and compresen sive Investigation. It now appears, ac cording to the testimony of every ex perienced and enlightened person pres ent cm the occasion, that there was no "reckless navigation" at any time; that the life of Mr. Hoosevelt was never im minently threatened. The officers and crew of the accused steamboat, the Dick Fowler, have been honorably and pro fusely acquitted. Evidently there was no danger to any one at any time. The convulsive solicitudes of "Commander Vanduzen, T'. S. N.," have been referred to the domain of exhausted official ecstasy and tne whole Incident closed with honor and renown to all concerned. It would be wrrth while, nowever, to have a reassuring word as to the fate of Pilot C. I.. Nichols, whose license was summarily suspended by edict of President Roosevelt ond for a period of six months at tlac- same time and on tho same occasion. Doesn't he figure at all In t.ie general exoneration? Doesn't he emerge, somewhere from the now arrested stampede? Analyzed by Analyslsts From Half Holiday. Customer Are you quite sure this butter is fresh un d of good, unadulter ated ouality? Shopkeeper Oh, yes, sir; paralyzed by two anarchists. it's been No Cause for It. From the Philadelphia Press. "I admit," said Mr. Vane, "that I'm somewhat conceited. It's a bad fault." "Not only that," replied Miss Pepprey, "but It also indicates very bad taste." Poor Judgment. From the Washington Post. Mosquitoes not only kill 250,000 per sons every year, ut they display very poor judgment In the selection of their victims. " ... , wmmmmmTmmT ... ' , . . " . 1 ' . . ' ! The Play The Daughters of Men. Through the good arnso of tho man Moment of the Kaker thtatr Portland audience have this werk the opportu pity of aeolnr for the nrat time, In thla city, Charlna Kleln'a "The DauRhtera or Mfn." The production of uch a play waa an undertaking that Mr. ilnkera playrra may well have hml aome henltii tton In embarking dnon. It la a difficult thing to give and give aullably. 11 had no mull tireut popular euccxaM aa many nthora that are at the command of llio Haker company. Therefore It la till the more to their erdlt that the perform- once yeaterday afternoon waa a moat excellent one ond proved to De oi no orblng Interest to thoae who wltnoaaed It. In Mr. Klein mnny ace the moat Inter esting tlgure In the Hold of preaent-duy American dramn "The JlatiKhtere of Men' la tlm third of hi recent playe and In theme und Inlerent of conception Ktvoa plum neither to -The Mimic Mau ler, which la primarily a atudy of char acter and emotions, nor to "The l.ion and the Atouae" a study Of condltloiia. I.Ike the latter plav, "The uaugniern i Men." deaplte It n title, deala with con ditions rather than with action. In It Mr. Klein presenta for our considera tion that moat absorhlng and danKer oum problem the struggle of capital and labor. He ahowa to ua the condi tion we behold arrayed on one side the leadera of tho union men, on the other aide the plutocrats. Through three acta of at times absorbing Inter est we watch the struggle, and ut the end we are left where we began, ao fat os any solution to thla condition 1 concerned. Moat of the charactera Impress one strongly with their distinct drawing und verisimilitude. John Medman, the lead er of the Ilrotherhood, an Idealist be lieving In the brotherhood of man ami the love-ono-anulher commandment, und endeavoring to apply ' modern co nomlce, Is, of course, the most Interest ing of these. In many things he Is a self-llluslonlst. The mn of a clergy man and himself well educated, he early decides for tho play has a long fore ground to throw himself Into the work of elevating the condition of tho work ing classes. All his talents und hopes and ambitions he oiTera up on the ultars of unionism. At last he finds himself and his union engaged In a death struggle with thn Federated companies a great syndicate controlling hundreds of mills and fuc torlea. And ut this Juncture he meets anil falls In love with Grace t roshy. ",.,ii, whose family control the When this fact becomes known he is accused on the one hand of wishing to secure Miss t'rosby'a money niul on tho other of trying to sell out tlio union. Htedmon Is evidently a believer In In dividual rights und when he tries to cile el her the Mew of the (. rosbja the unionists The first act takes place in the Crosby home and shows us Stedman's Introduc tion to race Crosby's family. They, of course, Immediately declare war upon him. In the second we nre shown Sted man a apartments nnd a conference with the union leaders occurs. They, too, declare war upon him. The uct ends with an unexpected meeting of tho Crosby faction and the uniou leaders in John Stedman's rooms. As the curtain goes down they all seat themselves around the table bent on discussing the striKe and ending It If possible. Hut whatever hopes onu may hnve had of its satisfactory outcome at tho fall of the curtain are quickly dispelled at the opening of the third act. Where harmony reigned but the moment be-I fore we now find discord supreme. The two factions grow farther and farther apart and the between them wid ens until even John Studman sees that It is no use. "We don't want you," declare the union leaders, snarling at Ptedmnn; "you don't belong to us any more." "And we certulnly don't want you," answers back the head of the Feder ated companies. "Then where am I to turn?" asks John bewildered and disheartened. The answer conf-s to him as it did to Ibsen's Peer Uynt. Peer. frightened nnd despairing, hurrying to escape the button-molder, suddenly sees the light shining from Solvelg's cabin door Hnd the faithful Solveig holding out her arms to him. 'Where have I been with God s stamp on my brow?" he asks. In my faith, In my hope, In my love. answers Solveig. With Stedman, too, love Is the univer sal solvent. For as he finds his dreams shattered and himself disowned by those whom he had tried to help, Grace opens the door and in her love he sees the way to renewed hope and life. Thus Is Stedman's Individual prob lem solved. Hut he. runs hard against the stone wall of conditions as they are and comes out of the contest, It Is to be leared, something of a pessimist. In almost every Instance t lie members of tho liaker company proved to be very acceptable In their roles. They evi dently entered Into the spirit of Mr. Klein's play and their Interpretation of the characters was excellent. Especi ally was this true of Mr. Webb his John Stedman is a very fine piece of work and ho Is to be congratulated on It So, too, are Miss Kent upon her work as Louisa Htolbeck, and Miss Barney os Grace Crosby. In the scene between IjOulse and Grace, when the two girls meet In Stedman s room, both showed a gratifying appreciation of the psychol ogy of the dramatist and the act be comes one of the linest of the play. "Daughters of Men" is well worth seeing ut the Baker this week. It is an interesting presentation, if not of ac tion, at least of conditions. Prosjierity, Credit and Confidence. From an Interview with Speaker "Cannon. "The masses In the Cnlted States never were so rich as they are today. Toe cotton, the corn, the wheat, the meats produced this year and now awaiting marketing are of the value of at least J10. 000, 000.000, and the people who produced these products are sub stantially out of debt. There Is a de mand for the great hulk of the products In the 1'nlteri States, and there Is a de mand for all that we have to spare of the products in the markets of the world at extraordinarily high prices. These' products cannot start to market because of the currency panic or famine. They win pegin to go to the market the mo ment the banks resume payment of their obligations. New York the crreat clearing tiouse of the United States was the first to suspend payment or currency. It must be tho first to resume payment of cur rency, and the mornent New York re sumes, that will unlock the thousand millions of curreneyi thereby restoring credit. In addition to this. It will re store confidence and credit, and as 90 per cent of le business of the United States is done on credit, such restora tion of confidence and credit would at once be equal to twice the whole volume of our currency. "I am led to believe that the deposit of the public moneys In the banks under the law, tho Importation of gold from Europe, the rapid Increase of national currency by the banks, supplemented by the hearty cooperation of the. secretary of the treasury and the president, will In the near future enable New York to resume payment or currency, and the balance of tho country will ho doubt promptly follow suit." Germans, Business Winners. From the Boston Advertiser. Germans, then, regard business In a more personal light than do Americans. It la a point worth consideration by business men. We see Instances of this in many places. We see It in the meth ods by which German business houses gain a foothold In I,atln-Amcrlcan na tions, for example, where the personal representative, the German banking fa cilities and the German personal contact at all points have crowded American competition out or nearly so even when American goods are better and could be sold at lower prices. American business houses "have the goods." But German business houses have also the men to sell the goods. , I ft. m . i WEAK POINT IN From the Saturday Evening Post We have been dealing with an extra ordinary phenomenon. , We may nsaume that the eplaode will not long Impair that confidence which la so Important to commerce; that mer chant, farmer and 'artisan will return their money to circulation by depositing It In the banks aa freely as heretofore, und not become so many tiny stagnant pools, draining the general stream of whatever caah falls Into their hands. if we had elaatlo currency If. either In a tovernment bunk or In Individual banks, had been lodged the power to Issue uncovered circulating notes In an emergency there would probably have been no suspension of payment Ilut aa between sudden issues of emergency currency and the clearing-house certifi cate plan, there is simply the choice of two evus. I'he bank trouble, it should be re membered, originated In New York. It waa exclusively a Wall street product If a strictly local Wall atreet condition hail not frightened depositors there would have been no bunk trouble else where. The weakeat apot Is where the break appeared. Too generous extenalon of credit Is an occasional fault of bankera elaewhcre. About the stock exchango It Is a chronic fault. Bales of stock on Letters From the People New Zealand and the Trust Problem NEW Zealand and the Trust Problem Hood Hlver. Nov. 28. To the Editor of Tho Journal I'rofeaaor Farsona, in his lnte book "The Btory of New Zea land," says "It Is very interesting to noto how New Zealand turns to America for light on the trust Question. She puts tho whole world under her micro scope, studies each germ disease and social microbe In Its favorite habitat und ransacka every land for remedies ror social ins. Other nations may wen Imitate her practice in this regurd. We hope she will not look to America In vain and we are sure America may de rive great benefit from looking at her. F.ven on this question of the trust, al though comparatively unimportant to her, the discussion In her parliament I has gone deeper than any discussion of the subject In our congress and has presented clearly and concisely the principles on which a full and true so lution must rest." Professor Parsons quotes the remarks of several members of the parliament. tor example: The operations of the derbilts will op- have demonstrated to derbilts will op'" have demonstrated to us the potentU..ij' of combines. They may not prove enemies of the state In the long run. They will open our eyes lo the capacity of such concerna; and I believe with the honorable member for I.ytlleton that thty ure hastening the lime when the stute. will take a greater control over all the means of transit and all the necessaries of life, all the commodities and requirements of tho people. This being so, does It not strike home to the minds of members that the people f-hould have some means of con stant control over the possible abuse of governmental powers? Tho full Initia tive and referendum are needful, so that the people may fully control the government, or it may Decome the great est and most dangerous monopoly of ! all." (Hutchcson.) Money Is a good servant but a hard master. Money Is muster simply be cause It Is privileged beyond all reason. It is said that profit Is the Joint product of three partners, two living and one dead. The capitalist Is flesh and blood hardly more. Ho endures but for a. time. The laborer Is flesh and blood plus bone and sinew. Ho is more. He Is soul and spirit having a divine des tiny. Capital Is accumulated money, a dead substance. It needs no sustenance, it can accumulate but never dies. We have almost defied this substanre. Iike a Juggernaut it crushed tho very life I out of its worshipers. The trusts and combines cannot be trusted under the present arrangement Which is nothing short of privilege to rob, and there are some people who know when they are being robbed. If tho banking Institutions were all honorable In the highest degree, as no doubt many of them are, still the finan cial problem is too much for them. The situation at times cannot be controlled. It Is simply uncontrollable. Our sys tem Invites panics, or rather for lack of a system we are subject to panics. With all the vastness of the gold supply and notwithstanding the "soundness" of tho stuff, and tho cleverness of banking devices, it is found that as soon as the workers have earned prosperity, they find themselves "dead broke." The pro ducers must not produce "enough for all" lest they lose all. There must not bo "work for all" at good wages on pen alty of a panic caused by "too much money In the hands of the people." Meanwhile the hoards of the vaults, the people's deposits, are withheld alike from the provident poor and a rich business world, the real wealth pro ducers. Many are coming to think that the government must do at least a large part of tho banking business and all of the trust business. That an "asset cur rency" will suffice If tho people's assets are made the base of the currency and that "our Uncle Sam" alone shall bo permitted to pull the elastic Mean while let us watch New Zealand. THOMAS R. COON. Three-Way Use of Money. Portland, Or., Nov. 30. To the editor of The Journal Aa a matter of In formation to those who question, and the public who are affected, will The Journal please answer Can a three way money use be made of money? Say like this, Uncle Sam gets gold for his bond, the banker gets notes in us ex chango and Interest beside. Undo Sam circulates the gold, tho banker the notes: doesn't this double its volume In circulation? The banker gets note, use and Interest, Isn't this worth twice Its value to him? uon i goia circula tion, note circulation, and interest pay ing make it useiui inree ways : notice, use P. S. "Soundness" being in ex changeability what limit to note is sue, using the same gold by exchange for bonds, and what's the base value? c. w. s. Friendly Words from Japan Sendal, Japan, Nov. 6. To the Editor of The Journal By the kindness of a personal friend in Portland a copy of your "Fifth Anniversary Number was sent us and we enjoyed It much, and, thinking to pass on a pleasure, my wife gave the paper to G. Suzuki, the editor of the Kahoku Shlmpo published in Sendal the largest, best and most influential newspaper in all the coun try north of Tokyo. Mr. Suzuki, the editor and his brother-in-law, Mr. Jchl- editor and his Donner-in-iaw, Mr. icm very fine gentlemetn; both members of our Sendal Methodist church, and this paper is a most excellent paper. Yesterday Mr. Suzuki sent some extra Birthday Number," one of which we Blhthday Number." one of which we send you with his compliments in re turn for your anniversary number You will doubtless enjoy the editorials and contributed articles, as well as the notes and comments on current events all of which, of course, you will carefully read! You will fall to find, any Jingo Ism or "Yellow Journalism" or any ex pressed or Implied threat toward Uncle Sam. About all the war talk has beon by the papers or people of the United States. I meet Japanese of all classes, all the time and have never seen any evidence of a desire to go to war with the United States, or anything which could be interpretted as an unfriendly attitude toward us as a people, for they seem to realize that the trouble la caused by the vaporlngs of a few . . BANKING SYSTEM the New Tork exchange the last three J ears have averaged (oar values) zx, 00.000.000 a year. This Is over 1 times the gross earnings of all the rail roads In the country. It Is four times the annual value ef all farm Droducts. It Is 60 per cent more than the annual output of all our manufacturing Indus tries of every sort. This vast specula tlve business Is financed by the banks on a credit oasis more noerai man is known In legitimate lines. Stocks bought on the exchange as paid for In cash. As a rule, the lanka provide ko per cent of the caah. The gambler puts up 10 per cent, his broker another 1J per cent and the banks loud the rest, Suppose a merchant or manufacture! proposed to supply only one tlfth of tho capltul employed In tils business and to borrow from the banks, on short-time notes, the other four flftha. lie would be told that It wns Impossible. Tet the banks do that habitually for the stock gambler. At ins Beginning or this year New I org Denies ana truat com nan lea Im 11,100,000.000 loaned on collateral moatly stock exchange loans and thx truat companies had I300.000.000 more mveateu in stocks, or oaoer secured by one or more Individual or firm names loans to merchants the New York banks and trust companies bad only ou,uu,uuu. This great canker of stork a-nmhllnir financed by the banks on allm margin. a mo weaa spot in our banking system anarchistic newspapers and trade union men Irresponsible and nonreprosenta tlve. They are preparing to welcome In a rnenaiy ana cordial manner our fleet when It reachea theae waters. If our people knew the real heart of Janan they would fear her leas and love her more. Dal Nippon Bantal! i am aa you see by my letter heading, a mem ber of the mission of the Methodist Eplacopal church doing what I can, as evangelist and alao a medical mission ary, for the upbuilding of the church of God. In the sunrise kingdom. If you ever pray, please remember our work here. Great and glorious tlmea are before ua, I believe. 11. W. SCHWARTZ. Mrs. Logan's letter. Portland. Or., Nov. JO. To the Ed Itor of The Journal Mra. John Jogan's copyrighted letter In your last Friday's issue In the matter of American girls of large fortunes marrying the titled roues of Europe, is a fine example of the American spirit The specific reference to the coming marriage of Mlsa Gladys Vanderbllt to Count Szechenyl and the miserable end lng or her cousin Consuela s marriage to the Duke of Marlborough wherein the coming event does not promise much better results than the latter, was cour ageous and displayed a refreshing Inde pendence so rare nowadays in the col umns of the mollycoddle tommyrot Ihut Is sent out for consumption from the headquarters of Vanity Fair. in excoriating those gii'iei stirrs. whom Mr. Labouchre, the groat Dondon editor calls the scions of a "dlssoluto nobility, descended from a tainted an cestry, ' Mrs. Logan makes one remark which I believe site would revise upon aecond thought. It Is this: "It Is equally astonishing how Imperialists are able to Impress republicans with the Importance of titles which are abso lutely empty, the highest being mean ingless to most persons of ordinary ability." But do these titles Impn republicans as empty and meaningless? Contrarywlse are they not filled to the overflow with corruption? Do they not emit a stench offensive to high heaven? Are not many of these titles conceived In sin and founded In Iniquity? Take, for Illustration, the very house of Alorl- borough. which Mrs. Logan refers to in her letter. Is It not a fact that the first Duke of Marlborough owed his career In the first lnstant-9 to the se duction of his sister. Arnbella Churchill, by James II? Oh the shame of It all, that an American father would give sev eral millions of his dollars that his daughter may benr a title begot at such a price. J. HENNESSY MURPHY. Iron Ore Production in 1900. From the Iron Trade Review. Tho geological survey statistics sho total production of Iron ore in the United States In 1906 of 47.74a.728 gross tons, this representing a gain of 12 3 per cent over the production of 1S05, which was 42,526,133 tons. The total value, at mines, of the 1906 production Is given at 1100.597. 106, an average pet ton of $2.11, against $1.77 In 19.05, $1.66 In 1904, and $189 In 1903. As a rule, the large producing states showed a great increase in lliufi over 1905, Minnesota of course taking the lead with an increase from 21,735,182 tons to 25,364.077 tons. .Michigan In creased from 10,886.902 tons to 11, 822,874 tons. Alabama increased only about 200,000 tons, to 3,995,098 tons. The state of New York showed a de crease from 1,139,937 tons to 1,041, 992 tons, while Colorado almost dropped out, decreasing from 133,471 tons to 14,078 tons. ( In the proportion of Iron ore pro duction to production of pig Iron In 1906 there Is no evidence of any material decrease in the average Iron content of the ores mined, as compared with imme diately preceding years. Dividing the Iron ore production In 1906 by the pig Iron production gives a quotient of 1. 887, approximately the number of tons of iron ore per ton of pig iron; the quotient In 1905 was 1.850, while taking the production In the five years, 1900-4 Inclusive, the quotient comes out 1.886. substantially the same as that for 1906. In 1890 It was 1.742 and In 1895 it was 1 689. There was a decrease, as In 1895 the richer Lake Superior ores were mak ing their way to the relative exclusion of lower grade ores in various parts of the country. The Increase in ore per ton of pig iron from 1895 to the years of the present century shows tho In crease in the mining of Lake Superior ores in the direction of lower grade ores. Much has been said lately about the decreasing content of Lake Superior ores, and it is interesting to note that statistics for as late a year as 1906 do not tell any story upon this sub ject. This Date in History. 1780 General Nathaniel Greene as sumed command of tho southern armv. 1795 General William Miller, an Englishman who was chief of cavalry in the war for Peruvian Independence. born. Died at sea In 1861. 1804 Napoleon I crowned in tho cathedral of Notre Dame, Paris. 1814 General Jackson took command of the American forces at New Orleans. 1859 John Brown executed. 1868 Disraeli ministry resigned and Gladstone became premier. 1886 Panic on the stock exchange in San Francisco. 1893 Pauline Cushman, noted union spy In the civil war, aioa. Born in New Orleans, June 10, 183S. Miss Persimmon. From the Washington Star. Miss Persimmon by do fence One November uay Said she didn't see no sense To nuffln- anyway. It's very seldom that you s4rilte a disposition bad I Bo criss-cross an' so puckery like Dat Miss fersimmon naa. Jack Fros', as he comes along. Holed Miss persimmon mere. A-puckerin' so sharp an' strong. An" kissed her fair and square! De autumn leaves done laugh so gay Dev'i tumblin. rum ae tree. Cause Mlaa Persimmon Bence dat day Is sweet as sne can oe: Queens. From the Philadelphia Press. "You may not believe me," said the conceited beau, "but I .called on four ladles last night" - "Whatl ' snorted tn-vponer. riend, "you must be a aultter. .rTj keeD on raising all nlfht If I had a band like that" ll jhuu vj iangf To be continued the holidays. No prospect of crop failure yet e Whatever Is, Is unconstitutional, How would Jaft and Teddy do? Now what will uncle joe do ror usT j Mercy on us possibly the legislature. ,T' What a queer team panlo and plenty.! God made mnn and man made Sunday. The Gray boom Is about the alse Of his state. Three whole wojka of school without a vacalloa. Some Democrats tlngly of Gray. atlll speak heslta A panic can always be foretold by tha bellowing of bulls, Will Tnft lose any Oerman votes bf not visiting Germany? Shouldn't Bryan be Invited t come out ami iiiuku a speech? Alwiys somethlnr to be thankful for; the Bradley case Is ended. . Innulrer: Nn. the Duka ftt Portland la not an ex-boas of this city. e Senator Lodge wears only a i bat. but there's considerable under It Now the country has congress on Its hands again. (Original and new.) Educate vnur bov to ao to enlist: he might get Into a football team. a a Carnegie Isn't eligible for vlce-nreal- dent, so he cun't die poor that way. a We advised th) president to boll It down, but It is reported that he didn't a a Yes. commodities are coming down: radium Is only $1,000,000 an ounce now. a a The price of butter and eggs mar drop, but some kinds will always remain strong. a The Portuguese show signs of a dis position to unload their "fleshy incubus" King Carlos. a It will probably develop that Santa Claus did n t have any money In the bursted bunks. a a In Siberia Taft Indulged In anowball ng IYaotlcIng for a conteat with Fahf- bunks, perhaps. Hut we fear that It will be a long and difficult matter to restore confidence In the American hen. a If, as a professor wishes, Roosevelt she uht be made king, the motto would probably be, "In Teddy Wa Trust." a a But If Carrie Nation would and could kiss all the men who don t chew to bacco, who would eschew? a a A Buffalo man offered to bet $1,009,- 000 that Roosevelt would not be a candidate. But Senator Bourne waan't there. a a If Mr. Taft has to put on knee breeches when visiting the Britlsk court, what a fine display of calves he can make. a a Higher education has been organised nt Sing Ping prison, with a faculty of nine prisoners wno are college graau- stes. The principal feature or nigner lucatlon will have to be omitted, how ever, as triere is not room ana opportun ity for football. Oregon Sidelights Horseback riding Is a favorite Suw ay amusement of Echo women. a a iTuo-ena's booster has arrived and now that city expects to grow faster than ever. a A Polk county young man sold a five-acre apple orchard at Wenatchee for $5,500. a a Simplified spelling has been adopted In the Hlllsboro schools, says the Inde pendent. What have the children of that town done? a a Forest Grove, says the Times, Is nice ly situated In regard to storms that come from the coast, for we have a fine row of hills back of us that break the force of the wind every direction but the east. a a The ennnery nt Bnndon put up 5.000 cases this fall, and the cannery at Pros per packed about the same amount. This Is a small pack for the Coqullle, which is one of the beat salmon rivers on the coast. a a The Sllverton man, says the Appeal, who attended the benefit social last Fri day evening, and, after having been served three times with refreshments, endeavored to evade the small remuner ation, is a striking Illustration of man's ihhumanity to man. a a Swan Lake Correspondence of the Klamath Falls Express: Talk about vnur hard times. I know of a Pine flat farmer who pays bills and buys with carrot money. He raised something like 2,000 pounds of this fruit on a little plate less than an acre and there Is so much sale for them that he can buy whatever ha likes and pay, with carrots, a a Albany Herald: The railroad trains are simply crowded with Idle men who . aro moving both north and south hunt Ins employment. They are not all ho bos, but many are laboring men who have been thrown out of employment and are willing to work at anything they can get. Central Point Herald: W. H. Nor cross refused an offer of $35,000 for his orqhard and informed the would-be pur chaser that his price now la $50,000, or $1,000 per acre. The orchard has 12 acres In full bearing, with some 20 acres of young trees coming on, and the crop this year will pay 10 per cent in terest on $50,000. Less than a year ago Mr. Norcross was asked to put a price on the property and when he put It at $25,000 some of his neighbors declared that he was crazy fof asking so much. Francis Xavler Wernz Birthday. Rev. Father Francis Xavler Werns, general of tho great Catholic Order of Jesuits, was born at Roth well. Wurtem1 burg. December 2, 1842. At the age Of 15 years he entered the society of which he Is now the head. After a long course of preparatory work, he took up the study of canon law at JMttaa Hall and in 1883 received an appointment as professor In the Gregarfan university. In 1897 ho began the publication of a scries of books dealing with the most profound questions of canon law. About the same time ne oecame a consulting member of the Congregation Ecolesl hstics Extraordinary Affairs and Index Council. His election as general of the Jesuits took place in Rome in Septem ber of last year, when he was selected to succeed the late Father Martin. Very True. From Catholic Standard and Times. "Here, you," growled the "cranky man In the reading-room, "you've been snor ing horribly!" . - "Ugh! hey?" gurgled the drowsy one. "If you only kept your mouth shut." went on the cranky one, ."you wouldn't make so much noise." "Neither would ye-n replied ths other. - - v . ! -