1 1 '
4
THE OREGON ' DAILY JOURNAL, PORTLAND,' SATURDAY EVENING, AUGUST 18, 1913.
4 f
, !)'
THEJOURNAL
..tMbUeher
" pabUea mntac (tnwpt Saeaayl
. ry XMlof at Tba Journal Pall.
;r inc. rouwtr aea i buibiii rwinw
kwiM l IW Mtvttkw at t-tlan4. Or, tot
trtaeaiueloa uirouo Me maiia aa iww
UI.IUnMK9 Main TlTSl HoBM. A-S0M.
. All departments (cache by Uwm umber.
gOKKlUN ADVKHTlSiMU BBlKK8NTAtlT
:. Bmjanil Kentoof Co., Branewtes BuIldlOf,
fci Ml itouu. New Swkt 1218' Peoplee
Building. Chicago.
, :;. ' tfauMirwUoa lerma by juaH or te any Witm
' r la the Ualle States or Uexlcoi
DAILY.
,? ,lna year ...... .$3.00 ) Co moat ......I .60
h 1 SOMOAI
, ,OM year (......ISO On roauta I .
f PAH. AMD BUN OA I
' On rear $T4S0 I On month, ..-.-.I .05
-8
. Nothing la so wretched- or
foolish as to ' antlolpate misfor
tune. What madness Is It to
too expecting evil, before It
cornea. Seneca
NEW YORK'S BOSS
f
tO PREVENT any "unseemly
Straggle, I suggest that counsel
for the lieutenant governor and
for myself agree on a Method
; ni InhMlltlnr fha hiiasMab to ' t h
- oourta ' for decision," was Sutler's
1 "proposal td Glynn.
, Lieutenant Governor Qiynn re-
' Plld:
The entire matter Is now In the
highest court of the state the) court
of impeachment No order that any
. other court could make, no Judgment
'. that it could render, would have the
slightest binding force upon this high
:: eourt,
' Has- Boss Murphy set aside the
courts of New York f la every is
aue of procedure leading up to the
r Impeachment to be passed npon
only by the Tammany majority In
- the) senate? la a Tammany senate
thus to ait in Judgment on Its own
acts, utterly denying all courts the
right to question any of Its moves?
' Never did boss so completely as
sert his authority. He causes bis
. puppet, Glynn, to deny the right of
any court to question the things
that the boss is causing bis leglsla-
- ture to do. Not even Under martial
law wad personal dominion ever
more completely exercised.
Murphy la in command, and Mur-
, phjr la for revenge.. No court, no
law, no constitution will be allowed
' to swerve the great ;boss from anni-
- hllatingiWilliam SuWer, from anni
hilating him as a frightful warning
to other governors as to the terrible
fate) of those Vlo disobey the boss.
It; ii fc-a political Mafia that
Tammany HaTSow-Mleld. Sulsey re
' fused to appoint Murphy puppets to
office. He refused to accept Tam
, many's bogus direct primary law,
- , and' demanded a good primary law.
For such refusal he is to be politi
cally black handed.
- - TfiJUrtatiy says It Is Impeaching
Suiter for speculating with campaign
contributions a most serious of
fan, if true. But what rtrna a
Tammany boss for speculating in
.campaign lands!. What jrould Mar!
phy have cared about Sulser'a cam
paign fund record, if Bulser had
- only named a highway commission
er that would have permitted Mur
phy to get a hand in the juicy high
way contracts for expending millions
of public money?
Tammany has sold nominations to
Judges, as was proved last year, it
has committed every political crime
-1. in, the calendar. It exists for plun
der.' Murphy,, who hat no visible
means of support, has, as boss of
. Tammany, become very rich on
, plunder.
-Plunder, indeed, is the coheelvo
: force that holds -. the organizatl' n
are - members of the automobile
club.
: Nobody has been stronger' in urg
ing The Journal to condemn reck
less driving and advocate proper
punishment of the practice than
have members of the automobile
club.
It should be a splendid encourage
ment for Municipal Judge Stevenson
in his present policy of using the
rockplle as a just reckoning with
those who are making the auto an
instrument of menace and man
slaughter. ,
ON TO THE BONEYARD!
P'
UBLICATION of the San Fran
Cisco Call will be abandoned,
and the plant be dismantled
A great sum has been ex
pended by a San Francisco million
aire n an effort to keep the Call
alive. The money so spent is vari
ously placed at 13,000,000 to $5,-
000,000. it was futile, and the old
est Ban Francisco newspaper will go
into the discard of the Journalistic
boneyard.
No newspaper can .bear up under
the burden o -ownership by the idle
rich. . It cannot survive, as the play
thing or diversion of a millionaire.
It cannot exist as a caudal append
age to ft colossal fortune.
Conduct of a newspaper Is a seri
ous business. There must be mis
sion and objective different to that
of an ownership which holds the
publication as a toy.
It is a paper's heart that keeps it
alive1, and lack of heart that lets it
die.- There must be pulse beat in
response to the exquisite touch of
the masses in their appeal for bet
tered conditions. There must be ear
to hear the petition of poverty and
eye to see the tears of the luckless.
There must be soul to know the
"cots where poor men lie and the
chore's that poor men do." There
must be purpose to build and power
to conceive.
It must oppose government by
money and government by the mob.
It must fight for human rights,
strive for . human welfare, struggle
for truly human Ideals and seek to
conserve human hopes.
In these things, the Call did not
meet its responsibilities. Its ama
teur ownership by a millionaire
robbed It of its power to know how
to renaer numan service. It was
an ownership that destroyed the pa
per's kinship and sympathy with the
great commonalty.
Its ownership was its blight, its
connection with idle wealth its
calamity!
up the city'. Los Angeles is finding
ready sale for ik per cent bonds
with Los Angeles residents.
These two cities furnish illustra
tion of the difference between
financing a city and bankrupting it.
The- experience of these two Cali
fornia cities with late bond flota
tions is eloquent proof of the value
of offering bond issues in, such a
way that home people may become
buyers. Los Angeles actually sell
ing its 4 per cent bonds to home
people while Oakland could not sell
6 per cent bonds to the-. usual bond
buyers is- unanswerable argument
for a program under which home
bonds in every city may be placed
within the easy reach of home
buyers
but as none 'is apparently available,
the suggestion arises that our Eng
lish cousins might bO willing to
spare him Sylvia pankhurst.
PERTINENT COMMENT AND -NEWS IN BRIEF
Whatever may be lacking in the
way of vexatious Incidents arising
from the Mexioan problem is sup
plied by Henry Lane Wilson.
Recent diplomatic events have
done much to show that Japan is a
tactful and discriminating nation as
well as a courageous one.
The best news from. Mexico now
adays is no news of any further
complications. " i
F
BOUQUETS OR BUSINESS
RANK WATERHOUSE Is right
If Portlanders want a Steam-
ship line to the Orient they
must patron lie it.
Steamship owners go where there
is cargo. They operate their ves
selB for business. They can not pay
salaries and fuel bills with promises
or felicitous words.
Much as the Rovat Mail or the
Hamburg-American may love Port
land, they cannot operate here on
sentiment They must have cargo.
Our lines to the Orient in the past
would not have vanished like morn
ing mists if there had been profits
for them.
The direct vessels of the Ameri
can-Hawaiian line were withdrawn
from Portland because there wasn't
enough cargo. The may never be
put back. In nine months of 1912,
westbound freight via the line for
Portland fell off fifteen per cent
while every other port on the coast
increased. Ban Francisco increased
23.4, Hawaiian Islands 62.7, Los
Angeles 20.8, San Diego 20.8, and
LPuget Sound 81.9.
land-owned and Portland-operated
Oriental line, the next best alterna
tive is to have service by powerful
establishments like tho Royal Mail
and Hamburg-American. They are
stable. They are responsible. They
have the vessels and can at all times
meet every need. They are good
lines to tie to.
Portlanders should give them
ineir ousmess. meir vessels can
not afford to come into this port
empty and go out empty.
Portland needs these lines worse
than these lines need Portland, and
now that we have them, we should
sustain them not with bouquets but
with business.
THE COST OF WAR
OST of the Balkan wars in men
and money have been esti
mated, and the totals are grim
argument of the futility of war.
It is now said that 400,000 lives
were sacrificed in battles, massa
C
Letters From the People
IN THE BAY STATE
E
CONOMI8TS and labor unions
are watching with great Inter
est the operation of a mini
mum wage law In Massachu
setts. Although the law was passed
last year It did not go into effect
together, that gives it power, now
manifest, to defy tLe courts, to ,put
the commonwealth into a. political
receivership, to name the receiver,
and to administer Its affairs, make
appointments to office, move the
'seat of government from Albany to
Tammany hall, and award fat con
tracts in the office of the boss.
cres and epidemics. The money cost nntll the first of last month. In
approximated - 81,800,000,000, and
the Balkan states have dropped back
in- dvHijatlon'r-mareh so far that
years must elapse before the lost
ground can be regained.
The Boer war cost England 20,
000 dead and U. 000, 000, 000 In
money. That conflict was a tre
mendous sacrifice, but the Balkan
wars exceeded it in dire results.
Turkey mobilised 460,000 soldiers,
of whom 100,000 were killed at a
cost of $400,000,000.
Bulgaria had 350.000 Soldiers in
the field, of whom 80,000 were
killed in the war with Turkey and
60,000 in the later conflict. The
first war cost Bulgarl a $800,000,
000, and the second 8180,000,000.
Servia mobilized 260,000 men, of
SEEKING TRADE
a NOVEL trade crusade Is to be
A inaugurated -by Philadelphia
Jr manufacturers. Within a few
days a ship laden with home
made products is to sail down the
Delaware river and encircle the
globe. The purpose of the crusade
is to show the merchants of the
world what Philadelphia can do and
it la expected that an Increased de
mand for her products will result.
The , Philadelphia manufacturers
are taking a leaf out of the book
of experience of the Germans.
Through a study of local transpor
tation problems and commercial cus
toms the Germans have greatly built
up their foreign trade.
The German trader la noted for
his attention to detail and his care
ful canvass of the possibilities of new I
territory as well as Its advan
tages. AS a result the expectations
of Germany have reached a vast
tonnage and successfully compete In
all parts of the world.
This study Of local conditions
Should be done in all export trade.
The American trader la woefully de
ficient in some lines.
Tho methods of the German have
lessons for Portland merchants:
whom 80,000 were killed fighting
Turkey and 40,000 fighting Bul
garia. The Turkish war cost Servia
$160,00v.000, and the Bulgarian
war $100,000,000.
Greece used 160,000 fighting men,
of whom 10,000 were lost In the first
war and 80,000 In the second. The
money cost to Greece was $120,000,
000 in both wars.
Montenegro's army numbered 80,
000 soldiers, of whom" 8 000 were
killed with a cost of '$'4,000,000.
The former allies spent 1534,000,
000 and sacrificed 128,000 soldiers
in the war against the Turk, and
spent $330,000,000 and sacrificed
130,000 additional lives in war over
division of the spoils.
Armed conflict has not only crip
pled the combatants and set back
civilization, but has saddled the
future' with almost unbearable burdens.
keeping with Bay State caution this
was to give time for preparation.
The law applies to women -and
minors only and follows along the
general line of similar laws In Great
Britain. It Is so conservative that
It would seem that little can be ex
pected of it. It has no teeth and
the only way to force recalcitrant
employers to comply with it is
through the creation of a public
sentiment by means of publicity.
The law Is to be oarrled out by
a commission of three appointed by
the governor. This commission has
wide latitude for the exercise of
judgment and discretion.
The body is Inquire into the
wages paid female and minor em
ployes of any Industry in the state.
If it has reason to believe that any
considerable number are receiving
a wage inadequate to return the
necessary cost of living and main
tain the worker In health it may
recommend an increase. In its in
vestigations the commission must
take Into consideration the needs of
the employes, the financial condi
tion of the industry and the prob
able effect of an Increased wage.
FrOm this and other data Is to be
determined the proper minimum
wage for time rate, or piece work
for workers of ordinary ability.
The tango is good for Ills of the
feet, According to a Chicago chiropc
dlst; but he would do better to point
out a remedy that isn't , worse than
the disease.
8PXEXDH ENCOURAGEMENT
THERE could be no more favor
able condition with respect to
auto speeding than appears in
Portland. ' ,
Nobody I more urgent for the
poliw-to-Trest-re,ckless and irre
sponsible Urivers than are members
of . the automobile club.
j Nobody is more anxious to have
the municipal Judge send reckless
, and irresponsible drivers to the
rockplle for violations of law than
0
0
per
the
"Many a man doesn't realize how
small the world is until he begins
trying to dodge bis. creditors," says
an Omaha World-Herald paragraph
er, who probably knows.
(Commnnlcatloni lent to The carnal for pub.
llcatloo In this department abouUi be written on
only one aide of tbe paper, ahonld not exceed
SOO word la length, and blunt be aocotppiinled
by the tit me and addreea of tbe tender, if tbe
writer doea not drelre to have tbe name pub
lished, be enould ao -iftnte.)
.Socialist Replies, to Critic.
Portland, Aug. IS. To ths Editor of
The Journal Socialists will all agree
with J. E. JohnBon in his reaent contri
bution to Ths Journal when he says clt
izens should expose frauds and hum
bugs. I hbpe he will agree with u
when we say that to deal intelligently
with economio problems on must study
themi Snao Judgment, guess work. and
hearsay are of no value.. ,
'Ilow are things publicly used tp be
.acquired V
In .whatever way . tho people decld
when they make ud their minds to take
over the Industries.- Socialism embodies
an economic ' principle, and should not
be mistaken for sr mere dry formula.
There are two chief ways Of acquir
ing- the Industries confiscation and pur
Chase. Confiscation the method ap
plied by ths men.f J7s to tha "divine
rights" of George III In tha Amerloan
colonies; by Abraham Lincoln In free
ing ths slaves, and by public service
commissions when they order reduc
tions in charges, thereby depreciating
the prices of securities legally acquired
by the Investors.
How could the people purcnase inea
industries?"
By issuing non-Interest bearing bonds
at their physical value, to be paid off
at, say, 6 per cent per year. Socialism
being against all profits, there would
be no Interest or dividends paid. The
workers would own what was produced,
In 20 years at 6 per cent the industries
would be paid for. Under the present
system the workers will produce rnuoh
mors than 6 per cent per year lndlvi-i
dends, and at tha end of the 20 years 1
tha capitalists will still own the Indus
tries. There would b JltUaJnterf er-!
ence by litigation after the people haJ
SMALL CHANGE
Was it cool :ough for you? ,"
Oh, there'll be a bit mora tt summer
If you have nothing else to do, swat
riles. ,
Hopplckere don't have to carry guns,
in Oregon. ,
e. .
The youth who start out to be a
sport seldom gets rich.
a '
- Leslie Scott didn't need. or even want
the office, but he mads good in It,
Tom 'Lawson Isn't a titled "Blr." but
be is a dead game sport, all the Sams.
Keep cool about President Wilson; he
has a lot of sense in, that head of his.
Possibly Sulser could be convicted Of
being foolish; that is apparently about
all. i
e 'I
Annthar amhaanador ta TurkeVl
Thought Turkey had been wiped out of
existence.
The wasted ground, yearning for cul
tivation, is one of Mother Nature's per
petual tragedies. i
Huerta may be a little smarter than
he seems; he has got General Felix
Dial out of the country for a spell.
A lot of semi-oivlllied generals and
I. W. W, ranters would look well yoked
ud together: hut we can't do It. It is a
fres country. .1.
The proud Castllians may sneer at us
peaceful Americans, but we will con
tinue to believe that mush is better for
tha first dish at breakfast than a rev
olution, i
OREGON SIDELIGHTS
SilveVton, with three miles of con
crete paved streets and two of maca
dam, claims to be the beat paved town
of its sire In Oregon.
a . , " .
IN EARLIER DAYS
By Fred Locldey. '
, "Thirty years ago robbing stages was
One . of the recognised businesses of
eastern Oregon," said Lot Llvermore,
Pendleton's oldest pioneer..' "I come
Aatoria. ha. o -, m.iinn ,((, j-vrwy near knowing, or i was the
Stringent provisions for muzsllng dogs , Wells Farge agent as well a the agent
and specifying June, July. August and
o(iimuer as me ciosea season.
Among ths Improvements urged upon
Sherwood pnople by the News-finest are
a, public drinking fountain and a eom
plate . eet of street' sign. The News
Sheet says there are residents who "do
not know what street they live on, or
even that ths streets ars named."
In lta remlnlacnnca flftliinrtn tha yrtna.
yille Review reproduces this street
improvement item under date of Au-
guest is, 18881 "The gravel sidewalks
reoently put in are so appreciated by
I'rinevlll tdeatrlana that in order to
preserve them tot future use they walk
around them in the middle of , the
street." .,--.
Grants Pass . Courier's best hunting
story to date: "Air. and Mrs. M. A.
Steward of Wolf creek camped tor a
time on coyote creek to hunt tor deer!
but wera unsuccessful in vthelr-Guest.
whll abaejit from their homestead, how
ever, Mr. Bteward's brother killed two
fin bucks that came down into the
family orchard."
Woodburn Independent: Pastor H. K.
Ford or the Christian church her wll,
close his labors In this city with t
farewell -sermon Sunday night. Me
leave a monument her In the new
ohuran building, so large a part of ths
work on wnioa waa done with ma own
nanna. jtev. ADyn juneon or AlDarsy,
president of the Christian church or
ganlzation for Oregon, will till the pul
pit here. , .
THE PROBLEM OF M0NY
IV. Curtailing Wall Street Specu
lation..
By F. F, 8earlng.
Wan street speculation will inevitably
be- curtailed . by on provision of the
Owan bllL Investment purchases will
not be seriously Interfered with, it in.
terfered with at alii But th man who
iraimhU on the market will find bll
e-nmhltn .cheeked.
Good banking Is an exact science. ' It
cannot b successfully conduotea in de
fiance of eertalnnatural laws. It Is
true that the accommodation it affords
the cltisens leads to th establishment
of a bank In a community, but lr mai
bank 1r to continue in business it must
pay. In order to pay.lt must loan out
not, only its capital, but its deposits.
Every dollar must b mad to hustle
for its keep.
Hmerlenca has shown that in ordi
nary times th country bank may safely
loan out 85 Per cent of its capital, sur
plus and deposits. Th remaining IS
ner cent is retained as a reserve fund.
one resolved on this course, and with The national banking aot provides that
the judiciary all subject to recall.
Th statement In regard to benefits
to be derived from stock ownership in
companies In whldh th investor Is not
"adapted" is ambiguous. The greater
part of stockholders today have little)
personal knowledge of the industries in
which they own stock. The managers
and superintendents and other hired env
ployeft, and not ths stockholders, are
the ones Who operate the Industrie.
The employes may or may not be stock
holders. Thelf Wages are entirely hide
pendent of that, and the payment of div
idends is not based on the usefulness ef
the Individual receiving them, or on
whether he is in any way connected as a
worker with either that or any other
industry. )
Socialism can stand, and, in faot. In
vite.- intelligent -riolsm, -Thos whorl
condemn it would accomplish more byfvaults. Thus the system of call loans
two-fifths of this fund must be in cash
on hand in tho bank's vaults, and th
balance may be kept on deposltsubJect
to check, with a reserve agent approved
by the government In either a reserv
city or a centra? reserve dlty, which
cities are designated by law.
Because th reserve agent allows the
country bank Interest upon its dally
balances, aa much of its reserve as It
can safely spare is ordinarily Kept with
the reserve agent. The reserve agent
must loan this deposit out in order to
make a profit. Aa the country bank's
deposit may fluctuate from day to
day, subject to the demands of trade,
the reserve bank must be in a position
to call it in again on short notloe. The
banks In the central reserve cities ar
required to keep 29 per cent of th re
serve deposits on- hand in - their -own
careful discussion of disputed point
than by sweeping assertions .'hat "th
theories of socialism are the most ab
surd things that a person can conceiv
of." Will not Mr. Johnson kindly spec
if rw nf thmia abaurd theories? So
cialists base thel movement on the be dally speculation on the exohang
has grown up in Wall street.
Call loans are secured by collateral
quoted on the New York Stock Ex
change. If the loan is not paid when
called ths collateral is instantly of
fered for sale in the open market. The
IS
llef-dhat they can solve many of the ills
of present society. Their belief is based
on study. If they are wrong they will
welcome enlightenment. Socialists con
tend that 11 is Capitalism, and not so
cialism, which is "in conflict with nat
ural laws and natural conditions." They
claim that it Is unnatural for women
ever to find it necessary to sell their
bodies for bread; for children to be
robbed of their youth and health to
make capitalist profits; for the useful
workers to live in dire poverty, while
idlers are surfeited with wealth; for
business to be dull and times hard, with
the' land and machinery standing idle
while owners deny work to the laborer
because they can not employ them at a
profit.
Socialism wishes to remove these un
natural conditions and develop to th
utmost the possibilities of our growing
civilization.' W. M.
financed almost Wholly by call loans or
limited time loans. The Investor the
man who pays fot what h buys and
takes it away is only seen in Wall
street occasionally. The speculator Is
the backbone of the market. Often he
Is the only man with courage enough to
buy when the investor is frightened
enough to sell. Cripple the speculator
and you cfamp the market.
be
More than 1800 aeroplanes are
said to be In regular service In
France, which nation seems to be
doing Its best In this and other ways
to hold the race suicide . record.
HOME BONDS AT HOME
AKLAND, California, Is com
plaining that bond brokers
have combined to preveht that
city from disposing of five
cent securities. Last Monday
Oakland city council received
only three small bids, aggregating
S14.000. for $990,000 worth of five
per cent bonds.
At a recent election Oakland au
thorized bonds at & per cent, but
empowered the council to offer five
per cents. 'This action was taken
by the people after a ,4 H per cent
Issue turned out to be unsalable In
the usual markets.
The Los Angeles harbor commis
sion last week placed $500,000 -of
4 per cent harbor improvement
bonds on sale with Los Angeles peo
ple, making the bonds 'available to
the Kusmall investor. . By Saturday
npon $107,200 worth of the bonds
had been purchased in blocks of
from $100 to $10,000, and there
were assurances that the entire lssde
will be sold to people of that city.
Oakland officials will resrdvertlse
for bids on 6 per cerbWds, re
lying entirely upon ; bond brokers 1 Slam's young king says that he
wnom the officials assert are Holding will marry only an American grrl:
A new drug called heroin Is said
to Inflate tho user with an exagger
ated sense of his own importance
but nothing of the sort is apparently
needed by Senator Works.
Mr. Charles Rye and Miss Alice
Bourbon were lately married in Ken
tucky, and we may be aIte sure
that they had Marse Henry's bless
ing. Some careless person left the
gate of the political graveyard open
t Chicago, and Lorltner has broken
out again wun "A voice From, the
Tomb."
JU8t as Mfcurfelted world had be
gun to hope ihftt the Chinese rebel
lion was Over,' further revolting de
tail! Are heard from the" Orient. " .
ferred to the federal reserve banks'at
once.
This will obviously take from certain
national banks the greater part of their
business. These banks loeated in the
central reserve cities, are the reserve
agants for many country banks, who ar
their chief depositors, and employ prac
tically all of the funds thus secured in
financing the speculative operations in
Wall street Such banks will very like
ly make good their threat to give up
their national charters and become state
banks. By so doing they can avoid the
necessity of Investing one-fifth of their
paid up and uhlmpalred capital In the
stock .of the federal reserve banks.
This Is how the speculator will
crippled under the Owen bill.
At present the reserves of all the na
tional banks amount to $781,176,994. Not
all Of this is on deposit in New York.
Not all of the reserve deposited in New
York Is used on the exchange. But a
great share of it is. So that if the spec
ulator is aeniea access to tnis bulk of
money his operations must necessarily
be hampered. And the Owen bill spclfl
cally provides, that the federal reserve
banks may not loan money for "the pur
pose of carrying Or trading in atocks.
Cnst of Thine to Eat. 1 bonds, or other Investment securities."
nTn th. Traitor nf ; Under the Owen bill all of thla vast
rm, ThAr la aiwavx nomn- reserve fund must be taken from the
body talking about the high cost of 'national banks and I deposited I with th
living. Can Th Journal explain how it, federal reserve banks within S months,
i. ,k . n miji ea mto a restaurant I One-third of this fund must be trans-
and get a steak' cooked and served with
potatoes, bread and butter, for the
same price that it cbsts him if he gets
the steak raw from the butcher? If
the restaurant can make a profit, it
must be the butchers' association that
stirvgs the housekeeper. Why not break
the butchers and grocers associa
tions? They are certainly the kings of
the hour, more powerful than -the
wholesaler, whom they f orbidv to sell
to anyone not belonging to their asso
ciation. I can get as big a rib steak, cooked,
for 2Bc, as I can at the butcher's, raw.
G.GOSNOLD.
Transition to Socialism.
Portland, Aug. 14. To the Editor of
The Journal J. B. Johnson, writing in
Tuesday's Journal, opposes Socialism
KatstnHA Via jilalrrtar, tn hallava it -a Kb u.
foundatlonless and an absurd thing. He
bases his belief on the difficulties he
thinks we would meet in the transition
from individual to collective owner
ship Of things publicly or socially
used. I think Mr. Johnson magnifies
the difficulties to be met, for we have
already socialised many of these thing
Without any great difficulty.
Ko ean Socialist expects this great,
transition to be made at once, but it
can be mad slowly and it will eventu
al ty have to be made, for it Is the only
logical course for civilisation to pur
sue. Mr, Johnson asks, "How c&H a person
with '120 buy property worth $100?" -1
Will answer by saying that I bought two
lots in Piedmont eight years ago, worth
much mors than $100 and I had but $10
to pay,. for them with. I gava mya ob
ligation for the rent, and Instd a year
had paid the full amount, and in two
years had built a home on efiVof'th
lots, flow did I do it? By my Indus
try And I paid 7 per cefitIntrest On
my Obligations, which would not be
necessary, in taking over ' propertyfor
public use, -
, The Interest and "dividends which the
workers pay to the captains of lndu
try" and property holders would in 20
yeara pay for; the-property and invest-
ee.ll loan buslnes. Which lias been taken
rrom the national bank. On the eon
trary, the nature of th business the
federal reaerv banks may do 1 spclfl
cally set forth as follows:
A.' They may dial in gold coin and
Dunion, make loans thereon, contract
tor loans, and give therefor, when neo
essary, acceptable security.- - .
B. They way invest in UniUd Stat
bond and In short obligations of th
united State or its dependencies or any
tat or foreign government.
C. They may purchase from member
bank and fell, with or without indorse-
mem, cnecKa or bills of exchange aris
ing out of commercial tranaatinn-
suoh bills may not have mpr than 9(1
oays 10 run ana must bear two good
signatures, of which th last 'most b or
a auDscrioing bank.
D. They must establish each vwk
or oftener, If needed, a minimum rat
Of discount to ba Charged far aanh
of paper, aubject to tbe review of the
reaerai reserve board. "
B. With th consent of the federal
reserve board, they may maintain bank
ing accounts In fore J am countries for
th purpose ef dealing in foreign bill
of exchange, and checks or private for
eign bills of exohange, which, have not
mor thart 90 day to run, and which
bear (wo responsible signatures .
ThatuNall that may be don bv th
bank In dealing with th public at large.
it cannot - loan money, on time or on
stock exchange collateral, exceot as
indicated. In dealing with its stock
holding banks It may discount note
and bills of exohange of not mor than
48' day maturity, arising out of com
mercial transactions: but such deflni-
tlon "shall not include notes or bill
dl-awn for the purpose of carrying or
trading in atooks, bonds or other invest- i
ment ecuritlca," except notes having a!
maturity or not more than four months,
and secured, by ...United .States, state,,
county or city bonds.
Lpon the indorsement of a member
bank, a federal reserve bank: may dis
count acceptances of such bank which
ar based on theexportatlon or impor
tation, or good, which mature In not
mor than 90 days, and which bear th
signature of a mmber bank In addition
to tho acceptor.
And thla is a most Important clause:
"Whenever In the opinion of the fed
eral reserve board the public Interest
requires, the federal reserve board may
anthorlie th reserve bank of the dis
trlct to discount the direct obligation
of member banks, secured by the pledge
ana aepoBii or satisractory securities;
but in no cnae shall the amount so
loaned exceed three fourths of the
actual value erf the securities ao pledged,
or one half the amount of the paid up
and unimpaired capital of the bank."
These are the only ways in which
the tremendous capital and deposits of
the reserve banks may be used. It will
be observed that whatever paper they
discount must be Indorsed by the,tnem-
for th stage line for many year," One
day word came to us that the stage
trom PenJleton to vmatllla had been
robbed. It was held up Just about where
Hormlaton Is now located. I Wnt down
there with th flputy sheriffs. 1 It had
rained Just bafor the hold Up'.i o we
wre abl. to track ; thorn till we lot
their tracks on th mountains this siod
of Meacham.iT .'''.' , . f'V , --:,'" ;
"A few days later John Bowman, th
llvryman, told m he; bad heard of a
ooupl of stranger camped near Wes
ton. He suggested, that . w drive up
there and who they wtra, As w
wr-putting up our ..tiam at Weston,
w saw a hoM that. corresponded with
the description we had gotten of the
hors ridden by one of the outlaw. The
liveryman thought the" other man had
ridden pn to Walla Walla. Bowman
went on to Walla Wall whila T hM m
J t the stall to wait for tha owner i
of Ihej horse to turn up. Presently ne
came in. .Th llvryman gava m a nod
I stepped out. 'Hand up.' 1 said. II
whirled Uk a flash on rh.. He aW h
was covered. 'All right, you've got th.
drop on me,' he said and stuok up hi
hands, we searched him. and I turned
him ovr to a couple of man X could
trust, m a little while word cam to
m. that the other man was still m town
andwa at th hotel eating dinner., t
went there, made him put-up hi hand '
and marched -him ou and turntd him
over to th guards-! had with th other
man. - '
"I returned to Pendleton and got a
warrant for their arrst and sent the
ae,Pty herlff to Weston for them.
They wer trld, convicted and en
Unced to 10 years, -one of them,' Billy
Maxon, became Very friendly with mr
On the roorhing the sheriff left wltn
them for Umatilla Maxon asked the
sheriff if h could speak to me. He
told rn h would locate the stolen tras
ur, from th Wll Fargo xpre box
!'w "ould try to get his f entncu
shortened. 1 told him I could not make
promises for the company.
.,"A ,'w months, later Superintendent
Morris, at Boise, told . m to go to
Meacham and meet a passenger way
billed as William and to go with him
to the camp of the outlaws near Maen-
am. We had discovered wher the twi"
outlaws had made camp In th timber
nr. Meacham ant the passenger way
billed aa William was In reality the
father of Billy Maxon, the outlaw. I
met him and w spent all af trnoon
looking for th buried treasure i,.
oould not seem to get th lay of th
land from hi on's description. I told
him I would deadhead him through to
Portland and pay his expenses If he
would go to the penitentiary at film
see his son and get a map of the place
the money, was burled. He was a fann
er near La Grande and a good citizen. "
o weni to oaiem, secured the In- -formation
and came back tn iTrr,nia
where he was met by H. C. Palg. en
of our division superintendents. Thu
f";M- Want thrugh Pendleton at 3
o elock in th morning. Maxon wantd
to stop and have m go along, but Su
perintendent Paige would not consent.
He said he was in charge of the caa
and he would not let me come along
Maxor, said 'Very well, I will stop off
her and see Livermore. J wui not a-n
a step unless a gop aiong.' pir
eureed and stormed and threatened but
Maxon wouldn't, give in, eo-th.y -canto
past mr house, wok mar uo and t m..
along..
When w got to . tha eamn Mn
took out his directions and read them
to u. Thy read: 'Go to the elbow ef
tho prairie- Jtmt- above - our camp. At
the point of the elbow there la a dea l
pine, the only tre there. Iook du -
east to where a large fir ha bn
stripped of it limbs on the south si J a
by a falling tree. Beside this big fir
there are two trees down, on aoroM
the other.' W roogniaed the pIo. W.
C. Paige said: 'On of you fellow bear
off a little to the north and on to the
south and w will all meet at th fir.
You may see soma ether tre stripped
of its branches.'" We refused to go lso.
where .1111 ..we had looked, under th. -
down tree, Billy Maxon had said th-
ktreasura was hidden under th down
tree, not buried. We Soratched undy V
the trea and found first 'a baking pow-,
der can full of currency. Then we
struck two buckskin sacks, one With
1800 the other with $000 in gold dust.
Next we found a gold brick valued at
$2600. W soon located all th treasure
and Palg took it With him -to Boise.
Maxon had been promised $1200 If h.
recovered the contents of the Wells
Fargo chest. Palg went to him and
told him they had decided to OrnsacntA
I him as an accessory to the crime. H
The national banks whloh retain their
charters will . not be debarred from
Lof fering rail loans, but their- capacity
I will b pared down.' Not only are they
deprived of one nrth of their capital
by th forced Investment referred to,
but they lose at one stroke all of th
reserve moneys heretofore deposited
with.thettu Nor Is any provision made
in th Owen Mil for carrying on th
- - - - sju ji uuttuiy
had? him sin a receipt for J1200""p,ai--'
tng him $i90 and claiming he Would
have to use th $1000 to buy th big
officials nft. H.lm lmx 1.. ...... i.
. . .v .mci gur ui... - ,
via i nj..t...l..i .... ... .
"uiunruucni, t-nigm, puned orr
a Very successful fetag robbing himself.
We never recovered the treasure he took.
Tho jury was hung though his guilt
was perfectly clear."
ments three times over, and therei heed
be no confiscation, either.
I predlat that the change from pri
vate to public Ownership Will come
about naturally and peaceably.
I also maintain that Mr. Johnson is
wrong when he say that the theories
of Socialism conflict with natural laws
and natural conditions, Socialism
would harmonise mankind, a 4t Is in
accord with "the highest and best Sen
tlirients of th human mind. ,
A to hi suggestion about the pae
pi investing in railroad stock, Jttrn 1
completely muddled, for tinder social
lam there would be no such thing.
. , - W, H. BLAC&
"About Mr. King's lWest,
Amity, Or., Aug. IS. To the Editor of
The" JournalI see In The Journal of
August 9 that Charles H. King 1 mak
ing... a . kick, -about -ill high telephone
ratea. Now if he Is not careful he will
soon b classed with the I. W. ,W. arid
Socialists,, for they have been making a
protest tgaihst all abuses of such cor
porations " and ha V .been asking such
people a Mr. King to help. Now if that
Is the only thing he. ha got to -kick
about, h had better pay hi extra "ex
pense and help th poof phone company
all h can; for tt would b too bad to
hare him Classed with the I. XV, W. at
Socialist,-,.' r 7 JAlES MAHOOt).
- Pointed Paragraphs
Der oanKs tneir stocknoidcrs. This not scar.d th old man hadjy and probably
paper, first by the" official of t,h mem
ber hank and then by those of the
reserve bank, but It places the whole
Strength of the member bank behind
each such piece. And as the federal
bank can loan In no other way, th
business of hacking, the Initial loaning
of funds, iJef-t precisely where it la
ntw. " There can b no ecmplaint that
loans will be maduupon tbe say-so of
politicians. Every official who passes
onn transaction must be an experi
enced banker,
An in tha direct loans to the member
banks whlcfl alone might be taken for
the purpose of loaning on call the con
sent of the federal reservll board must
first be secured. It is to 'be had only
"If a public necessity is served:" And
then n more than three fourths of the
value of the collateral may be loaned,
and no more than one half of the un
impaired capital of the--member bank
whleh appears a the borrower. Not
Only Is every requirement of safety met
there, but the total amount of money
available for call loans Is Infinitely
smalt, as compared with hat -now
placed dally. Further, ths indorsement
by th member bank does away with
th possibility that the federal bank
may evar atacount a aummy not se
cured by collateral.
If there IS an error inthis It is onl
the side of aafety. Conceding that Wall
street speculators and twill street banks
Wilt be pinched, let usVca how the rest
of th country will br affected.
"Dead Game Bport" is most ex
pensive title.
e
The strut of a turkey- gobbler isn't
in it with that of the leading citiitri
in a village.
A pair of yellow shoes doesn't eg
more quickly than a pretty girl after
a mistaken marriage.
It s hard for some children to under
stand why they should take their
troubles to the Lord when they hav
a mother.
The man who Is too effusive In ex
pressing his gratitude' for a smait
favor is baiting his hook for a larger
one. .
': Questions,"
Portland,' Aug, 14.' -To th Editor of
Th Journal Kindly permit me, through
th Column of. your' valuable .paper to
tsk th thinking' people a few question
in Order 'to determine Whether or not
my theory may be correct! .,
Will some one, please define ihe' mean
ing of ' th three colors of our. flag?
What to they-symbolixe? '. "
., What invention ,1s of th greatest
known value or benefit to all marVkind?
ll .".t:-:,v,j,-1. l: -lY-Vy. E; C. CAMPBELL...
Why Wilson sent Lind. cJ
From the NeW York Evening post.
Both in Mexlc6 City and in Washing
ton there is a subsidence of the pantcky
feeling, as this oh consideration comes
to the fore: that the sending of Mr.
lind to Mexico waa neither a bit of Ill
temper nor a happy thought on th part
of Mr. WlUon, but the first step in a
reaaoned-out polloy. JVr from seeking
to Impose our sol will en the Mexican
people, It now appears that the admin
istratlon at Washington has kept official-foreign
opinion? In touch With Its
plans, so that Mr, Lind goe to Mexico
on a mission which Is in the knowledge
6f other-ttovtrnment. From the Mex ican
capital come what sound very
much' like an. acknowledgment Of re
gret for the unfprtunat Ume adopted
by Huerta's secretary of foreign .-'at-fairs-with
regard ,, to Mr. Lind' ' mis
sion. ; A pro-Hueita demonstration 1
to take place In the Capital, but instead '
of the previous intimation ' that Mr."
Lind's life might not be safe in Mexico, '
comas now th plain assurance that ev
erything wiube done to prevent - an
antt-American outbreak. Peac may. not
be ,0 near in the distracted country aa
Senor da la Bafr would haV u be
lieve, but good sens, has apparently
not altogether disappeared. j:
.' ''!''' " .' '-,'"' .;'. "! 't
.A..
ft