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,