TITO OREGON DAILY JOURNAL. PORTLAND, FRIDAY ' EVENING, SEPTEMBER 11, 1008.
WOT (IE
..Not Iicyolutionary, jiiitUlroady in- 'Use, v Adopted by.
. Bankers TJiemselves-Figures Show How little .
' " vHv iOuarahty Will Cost Banks. J
e
"A ; s
a n- y a, s li w r
'-'' By. John IE. ' iAtbrop... . '
"Chicago, Sept 11 John Barrett, d
' rector of ths bureau of American re-
publics, recently gars an interview In
which hi said ha had traveled .through
a number of -slates lately and he had
' found' the plan for the guaranty of bank
. v. deposits growing n popularity every
day among ths' voters. Ho appeared to
" believe It waa proving- to be a powerful
? card for tha Democratic ticket-
1 Every Indication Is such a to sub
ttantlate Mr ' Barrett's assertions.
' That It U,at present the, moat popu
, lar specific proportion put forth by the
Democrat Is" further pro'ed "by the
fact that the opposition SU 'making Its
most strenuous efforts to discredit the
- proposal before the vpterg. It is den
nltely known that requests have gone
. - ror l a to KepuDiican newspaper. i av
. tnlr ' tha rua.ra.ntv nlan persistently.
.-, snd to keep up tha fighting until No-
i vember.- Attention sucn as inn n nu
, given to trivial Issues.
, eo.ulrsd Guaranty Fund a Trifle.
. Twn nlana are nndar consideration:
- .' Tn law a tax on tha combined capital
surplus and deposits of national banks
to create a-fund -to Insure depositors,
- that they may get their money In the
, 1 went ma panss jau. .- ,
To levy the Ui only on capital and
; i. surplus, .
I am not eretendina to select between
these plans as to desirability. But
from the official reports of the treaa-
- n ry department at-wasnmgion i nna
' that even though tha tax were confined
to capital and surplus, the losses from
failure of all national banks from 1S6S
to 1S93 annually were f 837,110, or 0.137
of 1 par cent on the aggregate average
annual capital and surplus, which was
. - Taking the whola period from 186S
' to 1807, the average annual losses were
. $771,705, or "only 0.104 of 1 per' cent on
- total averager annual capital and surplus
: Of 1740.642,189.
; -In other words, a tax of one ninth of
1 per cent on capital and surplus would
- have been sufficient to cover all losses
' to depositors from failed banks from
; the beginning: of the present stage of
.. the development of the national banking
system. .-.
Thesei figures are worked out with ex
. ' ceedlng rare from the official reports
s of the treasury department, and it Is
believed that they will tend to dispel
. .. the 'Wrong impression, sedulously c.ul
. tlvated in some quarters, that the guar
. anty rund would entail a heavy. " burv
den on the solvent banks.-
' It is noticeable that some effort Is
made to create tha Impression that it Is
j proposed to make the government -re-;
, sponsible for the t bank deposits. - So
Y far as I know, no such proposal ever has
been put forward, excepting by the So-
cialieta, "who, of course, would have the
government conduct banks "as well as
Industries. ,
It is the impression that the ruling
of the comptroller that national banks
in OKianonia cannot jawruuy tana pari
In tb plan Jn that state for guaranty
of bank deposits Is purely political,
rather than technically . legal.- Ills rul
lng waa based on an opinion of the
attorney-general to that effect.
When It Is cited that practically all
national batiks wire permitted to par
tlclnatu in cienrlns house associations
during in panic wmcn Degan in uc-
loner and carry on ajmosi exactly in
same work as that proposed in the
guaranty plank, ' Including national,
state and -private banks. It Is -urged
that the attorney-general and treasury
department have slightly mixed- law. and
politics in thus prejudicing the publU
mina ngainm tne guarantee pian.
It Is hinted that, if some nations!
bank were to Ignore the comptroller's
ruling and participate in the Oklahoma
state guaranty plan, no court would
uphold the comptroller In enforcing any
further ruling on the subject.
For Instance, the facts pertaining to
the John R. Walsh failure in Chicago,
which drew down several banks and
wrecked several railroad concerns, wers
rehearsed in the open senate by Sen
ator Tillman several times, they wore
known to a whole nation, and. openly
xn rnn fanned I v. China to banks asso
ciated in the clearing house association ,
banded themselves to guarantee the de
positors, and thus did whatT Precipi
tate an era of reckless banking in Chi
cago and throughout the country? Ob
viously that action quelled fears which
might easily have brought on a local
panlo In Chicago, no bank suffered ma
terial' losses, and there was an illus
tration oiUiha praotloal operation of
the guarantee plan, although neces
urtlv tha nneratlon waa bunding: be-1
cause the plan was more or less bun
gling.
But depositors got their money, nev
ertheless, and In countless other In
stances the same thing has Jeen done
with similar results.
System Already la Vogue.
.It is notorious that this community
of Interest among banks has developed
until It -Is true that in every city The
banking houses are today virtually
banded together to perform with more
or Ibhs thoroughness, the very thing
called for in the proposal to raise a
guarantee fun for that purpose.
Under existing conditions, the band
lnir of the banks Is subject to the
voluntary decision of the bankers; In
the nlan nroDosed. what Is nowadays
almost universally done would be done
in an orderly manner, and there would
be this difference, as heretofore cited,
that, instead of waiting for months
for their money depositors would get
It without delay. .
' . Fire and life Insurance has been cited
as' virtually the same thins: as the d re
posed guarantee of bank deposits. As
the discussion proceeds, it is apparent
that the parallel between the two ideas,
one already in universal use, the other
merely proposed, is appeal in ar to me
uusiness juugmem ui lue cuuuiry.
''t
TAFT'S NAME CAUSES CLASH AMONG
G. 0. P. CLUB ORGANIZERS AT SALEM
. (Sulern Bureau of Tb Journal.)
Salem, Or., Sept, 11. Luke-warm en
thusiasm for Taft's candidacy and Inter
mittent outbursts against State Organ-
Izer John C Young" marked the attempt
"to prganlse a Taft club In Balem last
night. The organization at first refused
to be known as a Taft organization but
finally consented ' to name it the Taf t
. Sherman .Republican club. . C. I Mo
Nary, .deputy - district attorney, was
chosen president. , '
When a' resolution was Introduced de
claring -the club should ba known as the
Salem Republican club, "which should
have for its object the election of Taft
and Sherman,", trouble arose. J. N.
Smith was temporary chairman a)d lead
one faction in favor of calling the or
ganization the Salem Republican club.
Thomas : Kay and Representative-elect
Hal D.' Pat ton, with the Young Men's
Kepuoncan ciud memoersnip oenina mm.
contended ror a Tart designation
When John C. Young's name was -mentioned
by Mr, Patton, .who said he had
been In communication with Young, he
was met with "Who is John C. YounsT"
and similar cries from the Fulton side
of the bouse. Patton, however, won his
point and the club even adopted the
Srlnted form of constitution and - by
iws sent out by Young.
Earl Race was chosen vice-president;
Frank West, secretary; Frank Meredith,
treasurer. - The following were elected
to serve -as executive committeemen:
Chauncey Bishop. Lee Atcheson and Dr.
W. Carlton Smith. Five were appointed
to meet Mr. 'Young in Portland at the
time of the conference in Portland to be
held Tuesday, September 15.
IDENTITY LOST FOR TEN YEARS,
ASYLUM INMATE FINDS RELATIVES
. .,.-' Salem Borera of The Journal.)
Salem, Or... Sept 11. Emma Brain,
for 10, years an inmate-of the Oregon
. Insane asylum. - unbeknownst to ' her
well-to-do relatives in ' Topeka, Kan.,
was transported today and will, make
her home in the future -with a mar
ried niece In thar state. J. W. Haggard,
the husband of the niece, arrived In
Salem yesterday and took charge of
Miss Brain. - They will go to tha sea
side and thence to Topeka. I
- Emma Brain declares she was com
mitted to the asylum by a man who
wished to get rid of her. She remem
bers little of the details now and for
a long-time could1 not remember the
address of the Haggard family and other
relatives In the eastern states.
When she had remembered, she wrotj
them a letetr telling of her where
abouts, and negotiations were tnrt,.rt
at -once ror tier removal to the old
nome in jvansas.
r r i is c
.1
I.
av -
First Openiing Sale anraiftitioii rfiffiiffieil 'Hits
September 12th i
The Largest and
Best Selected Variety, of-Un-trimmed
Dress Shapes
These Embrace
Only the Newest Up:to-Date
Headgear From Abroad
And the very latest domestic fashions. We are
in constant touch ' with' the Parisian market,
which enables us to procure for our stock all the
very newest ideas in Millinery
To make this, our opening sale, interesting to
our many patrons, we shall place on sale for to
morrow only a line of nobby Trimmed Dress and
Exclusive Tailored Hats, values to A j ah
$8.50 for tomorrow, choice tbr 5
These Goods
Must Be Seen to Be
Appreciated
And compare the styled quality and workmanship
to any nats snown up town, none
' reserved no duplicates. .
You will buy Millinery here tomorrow wholesale
i prices at retail -
In every, new wanted color and style, from the
smallest to the very extreme, in braid and vel-,
vet English felts, satins, satin and felt1, all velvet
and the new two-toned combinations, at prices"
v starting from 07 and up.
We Are
, Headquarters for Everything
in the Ostrich Line
Direct from the manufacturer in plumes and tips
French, Amazon, and Princess styles. Ask to
see our special Black and Whita Genuine French
Ostrich Plumes, 17 inches long. t
Princess Heads, perfect black, guaran
teed tomorrow at . ........... ,
$4.97
Priced everywhere at $10.00.
MEEBINERY COMPANY
Cor. Morrison and First Streets
PTHE WONBBR
.
Ill ! ! :
Hi jmfw A lue dresi jc,xausive xvianery nouse m tne west Ijt&fSg
READY
AS OIL BIIIW
V
If Experiment Succeeds All
Xaval Vessels 3Iay Be so
Equipped.
:;Jr rrk rruot Tre Wkkh Errkt Under Wtigtt ct
JT.rtr H. JlscjirUa rrtt, . .
(Cnited Ptmw Leaiwd Wire.)
Mare Island. Cal.. Sept. 11. In ac
cordance with orders received here to
5sy the monitor Wyoming, which has
been equipped with oil burning- fur-
nao8 to be used for experimental pur-
win oe piacea in commission
September 28.
The performance of the Wyoming un
der the experiment will be watched
with Interest. If the test la success-
iui me largest vessels In the navy
will be similarly equipped. Since the
introduction of crude oil as a fuel on
practically all of the western railroad
lines there has been much discussion
and not a little experimenting in ma
rine engineering circles as to its adapt!-
oiiuy aonara large vessels. The fact
inai m vtyoming is to ne put in com
iDimOT at opce is signuicant.
The protected cruiser Albany will
leare ror Hremerton In a few riava tn
ds orernaoies. arter narmr dona natml
ouit ior KTtm monins ax Honduras,
pnifrimi American mieresta
Havfns- Keen reta.lrrf. tha i-nilu.
Colorado will arrive here from Bremer
ton late mis month to t fitted Out
with stores, later te proceed ta thm
piio ana awaii tne arrtrai of. tha Pa
C4iio liacu
select inoir SCHOOL
kSUPERIXTEXDEXT
. : reerial DtaMlch ta Taa JaaraaL)
Asteria. Or. fjpet II. John (1. Imel,
ef Edmvttd. Okla has be Wtel
pr1frlral of the Jtvlwla himh mrhnri
Ha Tr) Tery Ms h i r .nr4mnniH.
AcfnrMd fcia w as4 rfiurh.
Ur ta arr-rs fcr ta s rw caja
GOES IN SWOON
10 TOE GALLOWS
Constantino Borsel Hanged
at San Quentin for Kill
His Wife.
CTalM Prcas Lciard Wlr
San Quentin. CaL. Sept. 11. Fainting
and unaware of what was happening
to hlni, Constantino Borsel was hanged
today for the murder of Emilia D'Era
mo in the gallows-room of the peni
tentiary here. The trap was sprutis
promptly at 10 o'clock and at 10 if
J?".. Prononced dead. There
- "V lu lnw execution.
ui- 8 mn's last icu was to
LWI -'':"--,""'7'r m pieture of his
Wife. Who waa tha -m.. t v.i- ...w, "
ti.. a . :r y '"-.uvuuia.
geles whers Borsel was a lsboTer.
. . - r wui rr, latum Ten
T..,"1 fcAi.': infidelity
t i v,l" return he shot and
ANOTHER C03IPLAIXT
AGADTST GRAIN HATES
NEW MILL SOON
TO BE
ON 6
Waldport Industry to Give
Employment it o Large .
Number of Men.
Sara f Tba Joarasl t
Salem. Or, Sept 1L Another com-
piaint reiatirs to excessive tariffs on
rrmin rrom autra rrAM . - . . .
was filed by Own Peabler of FVnd la
ton yeeterdar in t3a nffi. .v- " . ,1
road commission. Tba L-
' ""ra pirta as were
cowed by tha InTestlgatinns of the
raQroad cotnnilssioa. for which haar
ltge wers wlard to be bld tha
ter part of tha mAmli Knk -. - -
and rendleton.
MsUmts. lmnl rase Cars!
l.SOf born nmitl antia -M t i. it
Sll r4. 17 M Aia. m). at ba pc,
cirra, inxnj tai-non. ror ; t.
(Special Dispatch to The JoarnaM
Waldport, Or., Sept 11. The
shingle mill building Is Bearing com
pletlon and will soon be In operation.
The company has eurehased Boo cord
of shingle bolts from William Brooks
and will begin hsullnsT next week.
Mr. Daly of Portland has the Con
tract for the hauling and will put on
a number of logging team a The bolts
will be haaled from the Brooks farm.
ur ml ls below Waldport. across -to
fo
Waldport slough and brought down by
scow.
The 'company has", made extensive
plans for the manufacture of shingles
mo a large numoer or men wm
given employment. -
Kotaera, Beware I Take Oars!"
1.004 bore aamnla anlta t ta tt
all wool. 7. S 9 value, on sale at the Bos
ton btore, 1st and salmon, for lt.lt.
Kidnap-d Girl Seeka Mother.
traltrS Tress Uml Wlra.1
Pan rranclao. pt 1L Kidnaped
oy her father frow her home wticn hot
svs . years of age and while h
mother waa near ta death, alra. Alina
aicueuan or this city . In trying to lo
cate nar rooiser. . wnnm sna last saw
In Rurrev county. North Carolina. 11
year ag-i. Mm. M"lelln says h-r
fathar. . T. CoekaraSam, ran away
from oma with asother woman and
retumad.ooe yer latar and stole th
children. rralf and h-r two toothers
Thay traIM trvr sararal atatae ant
finally aatld is F-tli, hr !-
workM as a iVL Latar t h-v
m" 1 -to fa Fro-ia'-a wbara ah w-s
irarrta4. nr fthT a rr tw hm' h
e"Ti t !s Argr!a. wbere thy,
are tow iirirg. . .
"PORTLAND DAY"
OREGON STATE FAIR
Next Thursday, Sept. 1 7
"Portland Day" is the one great day of the fair and it will
be a bigger and better day than ever. .
The Southern Pacific Co. win provide Special Train Service.
GOING '
Lv. Portland 1:00a.m.
Lv. E. Washington Bt...t:14a. m.
Ar. Salem Fair Gds... .11:16 a. m.
RETURNING
LV. Salem Fair Gds. .. .6:09 p. m.
At. E. Washington St. , .(:04 p. m.
Ar. Portland :10 p.m.
Tickets at Third and Washington Streets, Union Depot, and
East Washington Street. -
WM. M'MURRAY, Gen. Pass. Agt, - Portland, Or.
"
3IES. WALTERS SAYS
J. FKANK CHOKED HEE
fralta4 trass Laaeaa Wk-a.1
Can Pranctsoa, Sept. 11. It became
known here today that J. Prank Wal
ters, a prominent capitalist and real
estate promoter ef this -!ty and Loe
As gales, has been' Sefendast tn ft suit
for divorce file by his wife, charging
Mm with having beaten -ang cbokM
ar at various tunes during the past
few years. Tno rotrpltlnt a!si eharsaa
tSt flad t oerraud o wtfa
t Of H '- arartk at frfmtit t
rrfanv lv rriT-(rt It to tha tr-rr-;tsi
ren-rev an4 than tii;r.f lar1
he would never live with her again.
The complaint recites a long list of
alleged cruelties supposed to have bean
endured by Mrs. Walters after her mar
rlajte in New -fork In l0i.
Tbey lived In San rmnclaoo at first
but have made thalr Kama la T a a -
raies for the past two years. Wallers V
Is now In tbe aast A
His wlfs asks for an fntartitratara-
oVcrao of dlvorre and for as Injunction
to prsvant the sal ef any ef tne r-ren.
ertv ef the Intarborourh C"m par r
which she says la community rrtmn
' Xotarlra CommcsstotiexL 4
Bakna ftvraaa The aaaraaLl
tlm. Or., Spt II. Cotnratsslons ss
ootartes fcara baon iMuod to A. X.
n-vH.a. Oflt.Ii": I. T. Woa-aw r..
Ir4. and x. B. Ksdy. T..:nscx k.