THE OREGON DAILY JOURNAL; PORTLAND. THURSDAY -EVENING; JANUARY -29.. -1914. .1 FEDERAL RESERVE ACT ".' - ' t I. N. TEAL DEPORTING OF LABOR LtADERSFROM AFRICA DECLARES Speaker at Lumbermen's Dinner Points Out How the Law Will Create Credits. Joseph N. Teal. addressing the ret- logemer ainner or lumber manufac turrs,f timber holders "and logging ramp operators, at the Hotel Benson last Monday night, pointed out par ticularly the benefits that will be . gained by the country from the re cent passage of the currency bill. He aid in part: "This question Is one that should have, received attention long; ere this. financiers, publicists. economists. bankers and business men knew that conditions existed in this country Which would not be tolerated In any other civilized country on the globe A nation- with unlimited credit, with boundless resources, with thoroughly trained business men again and again passed through crises, leaving desola tion, bankruptcy, suffering and even death behind them, all because when needed, the credit and resources of this country were apparently of as little value and availability as the sands beneath the sea. Old System "Barbarous." "Our banking system has been de nounced as "barbarous There was no elasticity to our currency. It was as rigid and unyielding as a rock. There was no real discount market. While the country had been increasing in population, Industry and commerce al a pace that can only be characterized as marvelous we were still operating under a banking law that was the out growth of the sternest of all necessi ties a nation's life. "Though more than half a century had passed a; nee Us enactment, no changes had been made except of a minor character. The demands of commerce for a sound currency .and for Its automatic expansion and contraction as the needs of business required was not responded to. On the contrary, Increased produc tion and more business but made the menace greater, which, like the sword of Damocles, hung suspended by thread" over the neck of commerce and Industry. Large crops with attendant financial requirements but accentuated the difficulty of financing business Control of nuances. "As far as there was .any control of the currency and of finances It had been allowed to drift In the hands of a few Individuals who In truth and fact largely held In their hands through this control, the fortunes .and future or the commerce ana industry of this country. Whether this power was wisely or unwisely wielded ls e Side the question. It was a fact aod by reason of the failure of congress to act almost a necessity certainly' a necessary result .'."In other words. Individuals without responsibility to any authority were exercising the greatest of governmental functions. Again. I do not discuss whether this power was exercised pa Crlotlcalry or not. No such power cin safely be entrusted to any 'Indi vidual or group of Individuals. I speak plainly so you will better appre ciate what a revolutionary change has taken place. ioh Van's Paulo la 1907. ; "The i fruits the system or lack ot system could produce were displayed In trie so-called rich man's panic of 107; . With the country "In the midst of prosperity,-the. earth' heavy, with harvests, labor - fully employed," rail roads unable to handle thetraffie. Tike a bolt from the blue,The Wack cloud of the panic swept over us and It was- night Indeed. Banks closed their'. doors, those remaining open Is sued clearing house certificates and real money could only be. obtained In great financial centers of the country as a favor. One instance that passed under - my observation will illustrate the preposterous and Illogical condi tion that obtained: A bank had loaned money -to-a perfectly responsible con cern holding as security receipts for wheat In warehouse fully insured. Moreover, ' the wheat had been sold. Was awaiting cars for loading to ship Side when bills on London with docu ments attached would be Issued. The bank required money to meet demands of depositors; yet on tnis security, which meant gold coin as soon as bills could reach IiOndon and coin be re turned, say 60 days, this bank could not act a dollar. In other words, neith ex wheat (so staple a coiimodlty that at one time it passed by law as a circulating medium In this state), nor the highest credit both combined could secure one dollar In money. - - " - Money Was Hot Obtainable. "Comment Is unnecessary. Doubt less you think I am exaggerating con ditions.' . That such a situation would not.be permitted to continue. But r poses. It is a matter then for surprise nanclal authority, recently said: Text to the Declaration of Inde pendence and the constitution of the United States the federal reserve act signed by President Wilson December Z3, may be the most Important meas ure ever placed before the people of these United States. Upon Its wise administration : depends the good or 111 of a hundred million people and as a nation we shall probably live under it not only for the 20 years named in iue avi, dui wun me amendments i - rvfX' Ij.' r x found necessary from time to time, for tofaVe UlTTlCUltieS Between possibly many generations.' " Will Hot Conflict With Banks. After describing the terms and oper ation of the federal reserve act Mr, Teal said: , it win be noted the federal re serve banks In no way conflict with or attempt to perform the functions of the ordinary bank. To the average man or woman there will be no vlsi ble changes In the usual method of doing business. What It does create Is a discount market; it provides cur rency on a sound basis when needed which Is withdrawn when not required. It creates a condition where credit. securities and the resources of the country ; count for something. It will prevent panics as we have known them !boy SCOUTS ORGANIZE ! ! IN PACIFIC COUNTY RAISING BIG PROTEST Imperial and Colonial Gov ernments Threatened by It (United Press Uiwd Wire.) London, Jan. 29. That the deporta tion of labor leaders from South, Africa Tuesday night will be made a parliamentary matter seemed certain today. The affair promises to develop serious complications and threatens grave difficulties between the Imperial and colonial governments. To make matters worsefcthe national labor party's conference at , Glasgow yesterdav nassed atrnrr .n.nlntinn. and It will place legitimate business denouncing the manner in which the utusts wneie uue wiinoui anj I South Afrlfnn mithnHtUa a1nn,-.i . South Bend. Wash., Jan. :. Three patrols of Boy Scouts have been or ganised here within the last few days the Hyenas, the Owls and the Lions. Principal Earl Decker of the "A' street school is directing the boys and a number of the business men are fi nancing them. The boys qualified and were sworn in as tenderfeet before the Commercial club at Its last meeting. Tuesday night City Health Officer An derson gave them lessons In first aid to the Injured, and. Captain L. L. Darl ing cave" them Instructions in rope tying. This Is the first organisation of Scouts In Pacific county. Vancouver Marrlagn license. Vancouver, Wash, Jan. 29. Quite a rush for marriage licenses was experi enced in the office of the county audi tor yesterday, nine permits to wed having been Issued, and the majority of these to persons residing outside of the state. The following couples were licensed: John Wellnity of Portland, and Miss Lydla Bond of Topeka. Kan.: R. F. Hitchcock of Vancouver, and Miss Grace C. Atkins, 17 years old, of Fishers; . Ilolger Christ of fersen and Miss Jennie Mournoa. If years both of Portland; Vlto N. DePlnto etwt Mies Mary E. Dabruta, both of Port land: It 8. Ryel and Mrs. Florence Means, both of Metcger: Leatrr IX Smith and Miss Rarhael Scnelter. both of St. Johns: George A. M earns and Mrs. Margarrt Gate, both of Port 1 ; Richard P. DePue of Httte. and Mrs. Holl Rlncland ef Portland: Arthur Marr of Vancouver and Mrs. Josephine ! M. West of nelllngham. j llenvn Check Ilecrlvcd. Hood River. Or.. Jan. 2. Jule K. ' E. Stanton received a check yesterday 1 from 8. Benson of Portland for HOO,; old. t te assist In def raring the orpee of making tbe survey of tHe Colaanbla liver highway tbroegh Hood Uvr county. Mr. tWneon has prrtanair given Stt.eoe for wor oa tbe highway ta Hood KJr room jr. and the mixm was pm44 ta trv!14ing the roaj around aVhedt Rock snesBtata. Xtlttral arts wtmd ta Che IWM uie last rr was i-aiai te -eee.eee toae f cweL ' .1 J 111-1 - . - J i 0 - am not. Why it was permitted to con ttnue la not for me to answer. A test of thel truth of my statement is at band." M V any of my hearers during the panic of 1907 desired to secure money for the ordinary conduct of his busi ness I will be indeed glad to know what credit or security produced real .money In any quantity from any bank during that time, in What situation from a banking standpoint Is a coun try as rich as this when the only pro tection, to business lay in the declara tion of legal holidays from day to day extending over weeks. Surely any legislation that will safeguard us from and prevent a recurrence of such con ditlons, not only marks an epoch, but must make for safer and better busi ness, for prosperity. Such a measure Is the currency bill and such Its pur- on a fault of his own will not see the sav lngs of a life time swept away in the maelstrom of a panic possibly created by stock gamblers thousands of miles away; Mr. Teal then quoted from an article In the Outlook of January 3, 1914, a portion of which is as follows: It will be no easier than before for the man with poor assets of bad credit to borrow, but it will be Im measurably easier for the man engaged In a legitimate and profitable business to turn his wealth or his. credit into a form which will be accepted with out question throughout Hhe country. The Outlook company wHl probably never again nave to pay lis employes in cnecks because its bank has not the bank notes with which to meet The Outlook's legitimate demand on its weekly pay day for the money which it has deposited in the bank during the week. The technical state ment of the matter is that at last we have an elastic bank note currency, the volume of which expands as the number of the trade transactions throughout the country increases and which contracts as the number of nation-wide trade transactions de crease. We do not wonder that Presl dent Wilson, who signed the bill on the night of December 23, expressed 'a very deep gratification' at being able to sign it. He was entirely justi fied, by the provisions of the bill it self, by its history, and by the spirit with wnich both houses of congress have treated it, in calling It a great constructive measure. As to Power of Committee, Then Mr. Teal continued: "It has been said that an enormous power has been lodged in the hands of seven men. ' That is true, but what Is to be done? The power must be lodged somewhere, and man Is as yet the highest earthly exponent of the mak er's will. We can only use the best in struments at our command. The courts have the power of life and death over property and over personal liberty, yet 'theV are men. Seven men constitute the interstate commerce commission. .Men. make our laws, men administer them, men pass on them, and until there Is some better Instrumentality we must rely on ' men for everything calling for judgment or discretion. "I may say, it being admitted that we must rely on some man or men, for my part when it comes to exercising a control over the currfency and business of the country, I would rather rely on men appointed by the president of the United States and subject to its laws than to any voluntary aggregation ( f men, no matter how experienced, who are responsible and answerable to no one but themselves and their con sciences. Such a responsibility is too great to be thus assumed, and the chances too uncertain to be risked." policy of Administration. Speaking of the policy of the admin istration towards business, Mr. Teal said: "I hold no brief for tbe administra tion, have no authority or right to speak for it, and have only the same means of forming judgment as to its purposes as that possessed by any cit izen. I can but judge the future by the past, and take actions, not words, as the yarastick. Many or us nave come in close contact with some of the rep resentatives of the administration. I think all who have thus been favored will bear me out in the statement, that the sole purpose of the administration is the bettering of conditions, the cre ating of wider opportunities for all and that the time and talents of those on whom the direct responsibility Is placed are dedicated to this service. I have had occasion in a business way to be thrown in direct contact with the heads of some of the departments, and no one could fail to be impressed with the sincere desire found everywhere to so act as to advance the common in terests of a common country. What Is needed by us, what will be welcomed by them Is a feeling of confidence and trust that will naturally lead to closer relations between the men of affairs and those who administer the laws. No one "snows everything. Indeed, sometimes I feel that no one really knows much of anything. But If we are not to place our special knowledge at the hands of those who make the the recent strike in that country and demanding Lord Gladstone's recall as governor general These resolutions were adopted before it was known that the deportations had occurred. and with them to add to the general account tne parliamentary labor group win De in a position to make things extremely uncomfortable for the administration. That the strike Involved a formida ble revolutionary movement was con sidered certain in official circles. In deporting the ten men sent out of the country, howevert It . was generally agreed that Premier Botha had ex ceeded the letter of his authority. It was believed, however, that the in fluential South African upper class would support him in his action, so mat it may be a somewhat risky matter .for the imperial authorities even to administer a reprimand. on the other hand, with the labor party insisting on a full investigation and presumably showing that the col onial officials have disregarded legal requirements. It was difficult to see how action could be avoided. laws and those who administer them, who will be to blame if mistakes are made and misunderstanding arise? "The president has spoken and he has acted. You can judge as well as I whether those -words and acts Indicate that his object Is the general good, and that service to his countrymen is his chief ambition. From every stand point and for every reason, indeed tho most practical considerations, if there were no higher or nobler purpose. would impel the administration to do all It can to advance in every possible way the Industrial and commercial in terests of the country." 1 JJ Price Prevails on Every Suit, Coat, Dress, Fur!! SUITS AT HALF $14.75 Suits S7.40 Bays Blae-Blooded Bull. Forest Grove, Or., Jan. 29. Harry Underhlll, a farmer of .the Thatehen section near this city, received a reg istered Holstelri bull from the famous herd of W. J. Boynton tof Roehes'te'r,' Minn., yesterday, by express. The calf is three months old and cost S2po. Ifa ancestors have taken prizes at New York stock shows. -mmm eaaH nan Mme. Schumann-Helnk 111. Chester, S. C, Jan. .29.T-JU of bron-. chitls, Mme. Schumann-Helnk has can celled, her engagements. $17.50 Suits S8.75 $19.50 Suits $9.75 $22.50 Suits S11.25 $24.75 Suits $12.35 $27.50 Suits $13.75 $30.00 Suits $15.00 $35.00 Suits $17.50 $40.00 Suits $20.00 $45.00 Suits $22.50 FIRST FLOOR SPECIALS! This, means EVERY GAR- WENT! Positively no restrictions! See them tomorrow. COATS at HALF $ 8.25 Coats $4.45 $10.75 Coats $5.40 $12.50 Coats $6.25 $14.75 Coats $7.40 $17.50 Coats $8.75 $19.50 Coats $9.75 $22.50 Coats S11.25 $2175 Coats $12.35 $27.50 Coats $13.75 $30.00 Coats $15.00 $1.50 Petticoats, Friday at Cotton latletas in black, American Beauty, Emerald, Brown and King's Blue. $1.75 and $1.50.( HouseDresses at Neat House Dresses, well made, of Percales, Madras and Ginghams, in light and dark colors. Nicely taped and finished. Special OSf Every Umbrtlla One-Third Off O RT LAND'S New Lingerie Waists 51.29 Special 1 Extraordinary Friday Saturday Thirty-five ladies' plain and semi fancy tailored coats fancy mixture and broken checks some with belts and patch pockets; three-quarter and full length models, regularly priced at $15 to $22.50 $6.95 Third Floor WhyNotNow? Ml Work Guaranteed and kept in repair for 15 yean. The Modern Dentists , Specialists in Fin Dentistry 253Vi Washington,. ' Corner Third. The Fifth Annual AUTOMOBILE i Show is a success Everyone loves to see a winner. At the Armory PORTLAND AUTO MOBILE TRADE : AS SOCIATION, INC Fridayjand Saturday DOUBLE STAMPS AND 30 EXTRA WITH YOUR FIRST DOLLAR CASH PURCHASE IF YOU BRING THE STAMP COUPON (( 9 W Girt S. & H. Green Trading Stamps Leather Department Only a few days left in which to bay Leather Goods it Clearance prices. Choice of any Handbag in the store, no exception, at 25 OFF All Dressing Cases and Mani cure Sets at... 25 OFF Collar Bags and Toilet Cases at H OFF A few Mark Cross Work Bas kets, Values to 2$, spe cial at $15.00 Beaded and Mesh Bags now at 25 OFF Novelty and Imported Bars and Purses H OFF Collar Boxes Cases and Necktie ...25 OFF SUITCASE SPECIAL Before you buy, be sure to see this 1 8.00 value, spe cial S5.23 PATENTS $1.00 Danderine 79c 50c Danderine 39c 11.00 Newbro's Herpiclde at 65c Bell's Dandruff Remedy, the bottle 85c $1.00 Avers Hair Vigor 66c Milk Magnesia (Liny), full pint 45c S 0c Formolid Magnesia (Wampole's) 40e Cooper's Antiseptic Solution pint bottle 50c $i Gudese'Pepto Mangan83c 50c Pint Beef, Iron and Wine Wood-Lark brand the very best tonic. Makes rich, red blood; gives strength and energy. 3 for $1.25 Ovoferrin, bottle 90c 11.00 Scott's Emulsion.. 79c 50c Scott's Emulsion .. .38c 85c Chocolate Emulsion Cod Liver Oil, 3 for $2.25 ft Wampole's Extract Cod Liver Oil 80c 75c Elixir iron, Quinine and Strychnine indicated in nervous debility, general weakness, loss of appe tite, etc. 3 for... $2.25 Medicinal Stimulants $ Preferred Stock, an extra high grade blend . . .79c ft-50 Kentucky Bourbon, bond bottled, full quart at $1.25 Juniper Gin the very best medicinal gin In stock, at $1.00 Muskingum valley, the very best we carry $1.25 $1.25 Royal Canadian Whis ky $1.05 $1.00 Carlisle, bottled in bond 79c $1.50 Swedish Punch. $1.05 $1.25 Guckenheimer, bot tled in bond, full qt. $1.05 Three Star. California Brandy a very fine grade. $1.00 $1.50 Don Carlo Sherry a genuine Spanish importa tion $1.17 $1.75 Genuine Imported Sauterne $1.17 Try Our CU-Wood Malt the general tonic and strength giver, $1.50 per dozen. Purchasing Power of 7c DRUGS 50c Pure Virgin Olive Oil 35 10c Mixed Bird Seed 7d 25c Quassia Tonic Cups.. 20 Pint Neat's Foot Oil 25 Pint Sperm Oil 25 25c Peroxide 17 25c Assortment Corks. . . .20 1 pound Cascara Bark..., 20 y2 pound Cocoa Butter. . . .30 5 pounds Epsom Salts 25 10 pounds Gluten Flour $2.25 5c French Chalk .3 10c Pepper, Cloves, Alspice, ! Cayenne, Mustard... Tip Bordens Malted Milk (Eatfla Brand) j Is made where cleanliness and purity Are supreme. It is perfected milk food, wholesome and delicious, pre pared by the most Improved process whereby all the nutritive elements of the richest cow's milk and strengthen ing cereals are scientifically combined. XAXXS POTTT BABITS STXOVO AH3 SOBITST. Sold by us at CUT PRICES. j KOc Bize .......39e 79 .S2.98 $1.00 size .S3 SPECIAL SOAP SALE 3.75 hospital size 25c Societe Hygienique Soap, assorted odors 14c 10c Lucia Castile, white, 7-oz. cake 6c 10c Deland Castile, new process 6c 10c Hearts Violet Glycerine Soap 5c 25c Imported Violet de Nice Soap 15c 50c Hygienic Soap, 3 for 50c; unscented 25c 10c Boehm's Water Lily Floating Bath Soap, 3 for 25c 10c Lister's Antiseptic Soap 5c Tussaine, 3 cakes in-box; odors rose, heliotrope and violet.. 10c 10c Armour's Glycerine, 0unn nd Tar Soap 5c 10c Transparent Glycerine Soap 5c 25c "4711 White Rose Glycerine Soap 15c 25c 4711 Ala Violet Soap ...15 $1.00 4-lb. bar Castile Soap, "aged," special 39e Antoni Berti Castile Soap, bar 75c El Progresso Castile Soap, bar $2.00 Antonio Luggado Castile Soap, bar 89c Conti Mottled Castile Soap, bar $1.00 Steams' Bath Tablets, 3 for 25c 25c Cuticura Soap 15c 25c Woodbury's Facial Soap 15c 25c Pears' Transparent Glycerine Soap, scented 15c Valiant's Antiseptic Skin Soap, 3 for ..25 10c Physicians and Surgeons' Soap .....7c 10c Sayman's Vegetable Wonder Soap, 3 for....'. ..25c Wild Flowers of Mt Hood Complexion Soap 10c, 3 for 25c 25c Resihol Soap 19c 25c Gleen's Sulphur Soap 19c 25c Herpicide Soap . . 19c Throughout the Store FRIDAY AND SATURDAY BOo Whisk Hrooms 60e Br luiln , 60c rooln Tollrt Pmpr. . euc iuu Han kills or . Gloves 2 f duc Merpicia J! SOc Promo Saltier 50c Pocket Knives al neruiar aoc llsir Ilrush. special 27 Regular SOc Hand Brush. P-al 27 Recular 6c Ladles' fomb.. .27e SOc Manicure Scissors 27 speeUl 27 Rerular I$c Gents' Comb. special 27 Rerular SSc Tooth Brushes. special 27 neruiar c Kyraiin ivory Buffer, special 27a uo comoinauon Allarh. tnenta 21 SOe to 75c Tourist Csss 2j SOc to 11.00 Rubber Hponros . 2 , 40c to 11.00 Bulb fvrtnees . N. B. Means Take Notice !5c will be deducted from every article you purchase In the Rl'B BER DEPARTMENT amounting to si. bo or more.- 1 pound Candy in neat pai asket 4 So Grecian Rip Olives. 27t rsrkJ in Jars lth pure olive oil. 27 40c pound Chocolata Dixie Candr 27 40c i pound pure food hlch frnAt Chocolate Creams 27 SOc Formaldehyde 27t THIRTY Extra HVC Trad ing Stamps On first three floors trtn this coupon. With your first "h Purr has amounting to St. OA or more we -will give THIRTY KXTRA 8. If. TRAMS'! 8TAMP8 AND DOI BI.E MTAVIPrt on the balance of your pure has. Good onlv- Frldar and Saturday. January "ia ana jisu BEN SELLING LEADING CLOTHIER Morrison Street at Fourth " Fifty years ago, vhm Go Jen Wedding H' his key 1 tras ycung. ' ' ', 1 I Ot"A HTHERE'S some relatioruhip between "cotst A ing" and whiikey. You've gotta hare the jrade in either in order to derive genuine eatiifac- uon. You never fail to get the grade when you order choice, old Distilled according to a special formula under rigid government regulations and ripened by the sunshine. There's a mellowness and a mildness about Golden Wedding besides a particu larly rare, rich flavor that makes every body like it. You get none of the dis treasinf after-effect that you do from rrunr other wnttxiet, jr nne lor the health, becaue it it " Made Dtfermfy." m STAMP Full Quirt GO EAST VIA Oregon - Washington RaUtWd & Navigation Ca, Oregon Short Line, Union Pacific BLOCK SIGNAL PROTECTION ALL THE WAY TQ CHICAGO Eleetrlc-Efbted through train. Steel coach, standard and tourist siarpra, dining and obaerration can, count out eBploytt Everythint necctaary te safe and comfort tie travel. Leave L'roa Depot Orcros-Waihinrton Limited 1.10:00 A.M. roTtland and Pnget Soond Ea-pret halt JUake .ajrei Soo-Spokane Train dt Luxe, rta SpoV cine ana joo Ildc .......6 40 P. M. .... 12:30 A. U. int, Caaadun Pa- 9fn p. m. 0 m : Tot Information, Tickets, Berth Reservations Call at nr CITY TICKET Of PICK Third an4 Waafclnfton Strarta Phone Marshall 4S00,