THE OREGON SUNDAY; JOURNALS PORTLAND, SUNDAY MORNING, FEBRUARY 2, .1913.
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Seattle Skyscraper Progressing Rapidly
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cunt of Depositors' M oney
fictional Banks Are Allowed
to Keep on Hand:lnsuffic
icr.t Is' Claim; V , '
rortintifl. .Tan. 26. To the Editor of
! o Journal Under the National Bank
t all associations r ' banks - are re
irod to keep on hand a working fund
f lawful money called, a "reserve.''
inks in certain cities 5 designated as
serve cities are required to keep as
( h fund an. amount equal to 25 per
it of their deposits andj all other
i - nihiv IS tier cent. The' chief
t uinfj fault" of our currency system
. the disbursement of this working
I or redemption of national bank notes
itional bapkg are required to maintain
i the United States treasury a reserve
r lawful money equal to 6 per cent of
Mr ftrciuiation and - this i lnay. be
ontcrf as wart of the 15 per cent: work
fund; an additional three-fifths of
workin fund may consist oi oa
tops due front approved reserve city
ika i Ro with approximately, mree
tphthB of this v worklnsc -j fund at
, ashlngton and nine-fifteenths In New
ork a country bank can comply with
lnur ntifi have on hand an amount
f money equal to only 5 per cent of
s deposits which is not enough for
a conduct of a normal business. fTiflr
1907 speculative competition among
nks was carried to the extreme limit
nd in lieu "of reserves established
i s.iits were resorted to. .4- In 1907 these
1 1 diis were withdrawn, and the panto
as the result The law Is lax in per
Mting the re-deposltlng of reserves,
at George M. Beynolds Is mistaken
Omn he attributes that panic to an at
nipt of depositors to withdraw de-
osits. It la an indictment of bad Dan
,' business rather than bad banking
aws. .. . ' :' -'-,'"':
Having exhausted all lawful credit
o bankers, resorted to unlawful credit
v Issuing clearlmr house certlfcates.
;,awful authority , cooperated by the
-aal- holiday ruse. The present un-
artdtie, ""senseless--Ttn-greeilTla'
r the privilege ot.lssulng circulating
tea or bills of credit is tna aner
icth of that panic. The stereotyped
'.duration that nhey have no panics In
:: ii rope" Is simply rot ; '
Fonctlons of V. 8. Trsasary. '
In our currency system the banks
ue not burdened with the responsibility
if redemption. The 15 per cent which
'u v are or rather should be required
in keep on hand is merely a check and
iraft working fund. Unincumbered with
lie burden of redemption they are- prone
. n overlook its Importance and : lmpera
ive necessity. . For the. purpose of r
! 'mptlon the reserve fund of $150,000,
"19 in gold coin Is set apart i in the
reasjury, and can be used foe no other
urpose. ' It Is replenished from the
inerai fund by the exchange of re
li emed notes for gold and otherwise
ml finally by the sale of Interest bear
n coupon bonds, which connects It
ith the power of taxation and makes
t a veritable and expanseless reserve
md makes the United States treasury
he strongest fiscal institution the
world has ever-known. The treasury;
through Us reserve of gold, maintains
'lie parity of value of United States
'Hinds, United States notes, the treasnry
ootes of 1890, national bank notes, sil
ver certificates and coined silver. These
ire all pecuniary Obligations of the
United States and their respective val
ues are stated in terms of the standard
unit of value which consists of 25 8-rO
grains of gold, nine-tenths fine,' called
the dollar. Mr. Douglass, ex-governor
of Massachusetts, is wrong, the banks
an not susDend soecie tiayments nor
do they maintain specie payments. The
! anks havn only to meet their honest
obligations like other honest men and
tiiy can do that by using only 85 per
rent of their deposits in money making
investments "and holding the other 15
mt cent &s a check and draft working
fund,- He wrong again when he gives
tlia bankers credit for maintaining re-
rif-er.icblllty of national , bank notes.
Vi'heti. "greenbacks" and United States
iionds were below- par national bank
holes were below par. " They are a na
tional obligation and a national ; cur
rency. , But the banks , should be per
nutted to count them as part of their
lawful money reserve of 15 per cent
riiat prohibition Is a defect.
JAMES B.' C ARK.
SCHWAB CLOSES DEAL
INVOLVING MILLIONS
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' - Photo by Frank H, Nowell, Seattle,
Photo of architect's perspective of 42 story Stalth building, now under
construction In Seattle. The work on this building Is progressing
very rapidly.. Twenty-two stories of steel has already been erected
and the tower feature is now under way. This 'Is to b the tallest
building west of New York City.,
ra
E
ED
OREGON
Oregon Congress of Mothers
Backing .-Bill; Argument
Issued. '
; Charles M. Schwab;
I Br fie Intrrtutloml Nw' Frlo.)
1 i.'ol). l. An international deal
invuhinr hundreds - of tnllllons of dol
lars Iihs been consummated by Charles
M. Schwab, while in Prance.' When
!i'k"J for detail of the deal Mr. Schwab
i,!: "I am not at liberty to give out
i f details, but the deal' Is c!oHed and
. ' "f vast magnitude. Involving
r;. iH h. South 'American and American
i"iiin iinni Bimut i,vuutvuu inns
.1 .ht yvar, the greatest tonnage
The Oregon Congress of Mothers is
urging upon the legislature the im
portance of enacting tho widow's pen
sion bill, which has been passed in Its
original form by the house.
Its passage would give the -juvenile
court of each county power to grant a
pension to women whose husbands are
dead or Incapacitated for earning or in
mates of state Institutions.
Its purpose appeals to the head as
well as to the heart. It commends Itself
both from the standpoint of economics
and of humanity. ' It is manifestly our
duty (a personal duty of each or us)
tn BfuilHt a. denendant mother to take
care of her children and make a home
for them," reads. In part, a formal ar
gument Issued by Mrs. "Robert H. Tate,
acting president, and Mrs. A. E. Boudin
ant, committee chairman of the Con
gress of Mothers. . .. .
Editorial Comment Cited. .
Editorials from newspapers are also
quoted from In support bf the meas
ure. v ".' :" ." '
Twenty-five women who have en
deavored to support families of one to
even children by their own labor and
have been compelled to seek aid of char
ltable institutions bucauee unequal to
the task, are told of In one enumeration.
Twelve women whose husband cannot
work because of rheumatism, heart fail
ure, paralysis, , comprise another list.
None of these women has leas than
three nor more than seven children.
The husbands of seven women are) af
f Ucted with tuberculosis. The bus
bands of two women, are In state's
priaon. The WtaUia 43 . wemen who
have children, who must depend on
charity or their own efforts to live.
"It is the purpose and Intention of
this act to keep the children, to which
it is applicable." reads section S ot
the bill, "together under tho guidance
and control of their -mother, and the
mother shall make a home for the child
ren." -.; "' ' :v: ." ;''.? "
The bill provides that a'woman.elig
ible for the aid it provides and en
tlrely dependent on her' own labor for
support, shall receive flO a month for
the first and $7.60 for each additional
child under the age of II, For the
woman partially dependent on her bwn
labor is to receive for self and children
such sum as, added to Income, othei
than labor, shall be equal to the amoun
she would receive if entirely dependent
on her own labor for support ,
: Borne Exceptions Made.
? Children with independent income or
who do not live at home are tiot in
cluded in toe-purposes of the bllt If
mothers are negligent or incompetent
to: administer the aid, another person
may W appoinTed y the juvenile court
The court is given power to. summon
and compel the attendance of witnesses.
Any woman 'who has received aid and
who marries, forfeits further 'aid. The
bill applies only to women who reside In
the state or who were residents of the
state at the time of occurrences enti
tling them to assistance.' .. -
There ftas been a feeling that the ef
feet and operation of the bill should
be carefully -studied before " it ; final
enactment. It has -been . suggested
that women deserted by their husbands
v W""wwwTPS'"irrTrPi T . I riw, H I nVJ
that every care, should be taken to pro
vide agHlnut propagating pauperism, by
Ill-Judged aid.
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COST 0. S. MOST
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Messenger With Presidential
Electors' Ballots Travels
Nearly 3100 Miles,
(United Prei Utied Wire.)
Washington, Feb. 1. Forty-eight ex
cursionists .are now putting the finish
ing ' touches on the last presidential
election. They come from the nearest
and furthermost parts of the United
Btates," with 'expenses paid in a gener
ous, manner by Uncle Ban, and each
carries with him a packet addressed to
The President of the United States
Senate." t
Theirs is an important function, al
though a very pleasant one. They are
charged to deliver the certified votes
of the various electoral colleges to the
presiding officer of the United States
senate so that the president-elect may
be formally declared "elected" on March
Fourth. For this service. Uncle Sara
appropriates 113,972.25 every four years.
On the second Wednesday In February
according to the constitution, the certi
fied copies are carried by two messen
gers, with the presiding officer and
members of the senate following, to the
nouse cnambers, where in the presence
or potn nouses or congress, they are
opened, counted, compared with dupli
cate copies, and accepted as documen
tary proof of the election of the .president.
While the senate is now presided over
by both Senators Bacon and Oalllnger, In
alternating periods, It is to the Georgian
tnat rails tne nonor of "declaring" .the
election of Wilson. He will occupy a
place on the rostrum beside Speaker
Clark and will preside at the cere
monies. This formally closes the elec
tion and marks the inauguration of the
incoming executive. .
- Tne trusted bearer from Salem who
brings the votes of the electoral college
of Oregon travels a distance of approx
imately 3,100 miles, the greatest of any,
and receives I783.80--not to mention the
"trip east."
The California vote is brotight from
Sacramento, 2,979 miles from the na
tional capital, and costs Uncle Sam
$744.75.
Annapolis is the nearest state capi
tal, and lies within an hour's ride of
Washington. He who brings the vote of
tins state, although exercising a com
mission equally as Important as any of
the others, receives only $9,50 for his
troubles.
PARIS CASHIER LOSES .
$11,000 tM HARD COIN
' (Br the International .New Berrlce.)
Paris, Feb. 1. M. Verhec, a cashier
employed by a motot car company, r-
lostly last a pocketbook containing $11.1
uuv in notes ana goia, part of the i
workmen's "ray, between the bank "und
bis firm's works at Puteaux, near Paris.
When he lefUbe car for a drink at a
cafe, he sat on his pocketbook 'for!
greater safety.. A few minutes after i
he had driven away he realized that ha
had forgotten it after all. ;-He returned
Immediately to the cafe, but there was
no sign of the money. ; M.' Verhec stated ;
reraorseiuny-arterwaras that he wished
he had left the money Jn the cab. .
What might' be termed an Jceless re-,
frlfforator ban hppn Invntai K.. Bn -,..
0aarl44ublea4le4hMerbetweeTT4
ninlln 1 4 I . , . a .... I
m i niiivu is piicKea sail to
protect Its contents from surrounding
warm air. : ., --
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And Buy for Less Dependable Goods Only
-Youiiiaylbe besciged withJ'Furniturc .Sales,", but when you seek QUALITY IN FURNITURE you instinctively turn to Gads
bys'. This house is famous for the GRADE of furniture sold here. And in spite of the fact that quality is always the first con
sideration, every shopper who compares value for value finds invariably that GADSBY SELLS FOR LESS. " .
Everyone Who Intends to Furnish1 a Home Should See Gadsbys
3-Room Outfit A Double Value in a Complete Home Outfit
Credit Terms to Suit Everybody FREE-Complete Dinner Set With Each Outfit :
SPECIAL VALUES THIS WEEK IN, COMPLETE HO ME AN D SINGLE ROOM OUTFITS.
Tvyo-roem Home Outfits, spe- J Three-room Home Outfits spe- I Four-room Home Outfits, spe- I Single-room Outfits, special at
cial only $40 to $75 ; cial af only $60 to $250 . I cial at only $125X0 ' onIv ?25 10 150 ' "
Special
1 FfuV vJ
m.f :. TT ,iJ.M ls i . ... aisw
Comfortable
This large com
fortable Rocker,
made of choice se
lected q u a r t e r
sawed oak dull
and wax , finish,
spring .seat, uphol
stered in the high
est grade brown
Spanish leather.
This Rocker sells
for S16.50. Gads-
AFm.wii I""rt !
Sach Bangs Bold with a Guarantee
Gadsbys' Steel Range
Tliis range embodies every feature neces
sary to make it first class, and is buut to
meet the demands of a first-class range at a
""medium price. Mounted in heavy blue steel.
protectea Dy.asDestos Doaras, neia 111 piace
by extra sheets. The ov.en is reinforced by
heavy iron braces and has a heavy duplex
grate. The 'nickel trimmingon the range
is a work of art and adds to the beauty of
the stove. A range that will give you serv
ice f6r years.- High renters have to get $45
tor ranges as good as ; this,
Gadsbys no-rent price.
$27.50
WhoButGadsby
Can Sell You a
Dresser Like4
. This for
Here is a Dresser
that others ask $12
for. Gadsbys' price
is $7.50 for this
sale. ' "
Sale Davenport Beds
sua A Ai4U44a 44 II
1. 1
Upholstered in Chase leather, full
spring seat and back ; oak frame ;
$35 value. Gadsbys' special at
$22.50. . a
Use Our Exchange Dept.
If you have furniture that doesn't suit better
phone us and we'll send a competent man to see it
and arrange to take it as part payment on the kind
you want the Gadsby kind. We'll make you a
liberal allowance for your goods, and we'll sell
you new furniture at low prices. The new furni
ture will be promptly delivered. Easy terms on
balance. Have furniture you'll be proud of.
Three-Piece $25.00
Parlor Suite $19.50
'Parlor Suite, this style, three dif
ferent patterns, in birch frahies;
finished a dark, rich rosewood ;
(upholstered in velour ; regular
$25 cut to '.$19.50
Others as low as $15.00
Iron Bed Sale
1 i i i i i i i a ... ...i. .-1 . -.
, This Bed. Like Cut, $3.50
$ 3.50 Iron Beds, now.,..S 1.95
$ 4.50 Iron Beds, mow . $ 3.50
$ 5.00 Iron Beds, now $ 3.75
$ 7.00 Iron Beds; now . 8 5.75
$20.00 Brass Beds, now $14.50
$25.00 Brass Beds, now . $18.00
Gadsbys' Great Sale
of Extension Tables
7v
$15 Extens'n
$18 Extens'n
$25 Extens'n
$35 Extens'n
$15 Extens'n
$50 Extens'n
$60 Extens'n
TablS,
Table,
Tables
Table,
Table,
Table,
Table,
safe price
sale price
sale price
saie price
sale price
sale price
sale price
$' 9.50
12.50
18.00
27.50
$35:00
$40.00
$46.50
Carpet Bargains-
$2.50 Wilton Carpet sale price,
yard :....$1.60
$1.80 . . Axminster . ..Carpet sale
, price, per yard $1.35
$1.50 Axminster Car'pet sale
price, per yard. . . . . . . ; .$1.10
$1.60 Wilton Velvets sale price,
per yard $1.20
-"Look at This"
$1.60 Wiltons, ,no border sale
price, per yard. $1.00
$1.35 Roxbury .Carpets sale price
per yard ; ,.$1.10
$1.25 Brussels Carpet sale-price,
. per yard .95J
$1.00 Tapestry : Brussels sale
price, per yard T5J
Our Helpful Credit Service : feH?v.cSl S
you to open an account with us and make the payments to fit your circum
stances. We charge nothing extra for the accommodation 'of credit, and all
our prices are marked in plain figures. ' We charge no interest nor do we
require you to sign any notes or give bonds. We are content to take your
promise to pay and we are anxious to make it as xasy for you to pay as
possible, ' - ' - . ,
Here's another good, couch, upholstered with gteeri
or red small check velourr sold by the trading stamp
stores at $12.00. Gadsbys' price is $6.55, and no re
striction as to quantity. ' You. may purchaser '&('' 1? t
ai dozen if you like for only. . , . U . . . . . ww t))
WE PAY
NO-RENT
THAT'S
WHY WE
SELL FOR
LESS
T
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Nft Mnt .fnrWIint Ynn V'ht In P..W..
' -.f . . ' ;l ?t 1 ' ' .' .. !..:,. ..1 .
! WE PAY
NO RENT.
P THAT'S a.
h -WHY WE
. SELL FOR
: LESS