THE. OREGON DAILY, JOURNAL. P ORTLAND. FRIDAY, MAY ; SO, 1919.
Economic Expert Gives Wahiing of Vital Necessity of Stabilizing , Exchange Rates
EXCHANGE RATES
MUST BE FIXED,
VIEW OF EXPERT
Swedish . Authority on Financial
Matters Points Out Necessity
for Joint International Action.
.UNCERTAINTY BREEDS CHAOS
He Sees Business Paralyzed, Pro
. duction Reduced and Increased
Unemployment if Not Remedied
Br Bassstt Dig-by
Special Calrla to The Jonrnal and The CMcaso
. . Daily Nam... ;
(Copyrlrbt. 119, by Chteaco DmDj Tfws Co.)
Stockholm, Sweden, May J 9. Scan
dtnavla'a formoat economic- expert, the
Swedish professor of political economy
and finance, Gustav Cassel, consider!
that an International conference to stab
Ills exchange rates la vitally necessary
to the world's recovery from the shock
of war. ; He has drawn up a scheme
aufffestlngr possibilities of such stabiliza
tion and world wide redaction In the In
flated prices which the. American mln-
t later, Ira Nelson- Morris, has sent to the
j Americas peace commission in ;, Paris.
; I am herewith to give the outlines of
' the scheme. 4
. "Great uncertainty prevails at present
In all countries as to the future pur-
i chasing- power of mdney. Prices were
- run up during; the war to an unprece
dented level. Through It la generally
,' expected that they will now move down
. .again nobody knows whether such a
movement will really occur or how far
it will go. In some countries measures
; have been . planned in order to brine;
t about a certain reduction of prices but
; the aim to be attained seems nowhere
.very clear. In a market with falling
I pricea buyers necessarily hold back ex
I pectins- the fall to be general and to
f extend Itself, over a long, Indefinite
s period. . , ' : v :. .
i DA2TGEB.8 OF SITtTATIOIT
f "Business activity will be paralysed.
s production will be reduced to the minl-
mum and .workers will be threatened
iby increasing; unemployment. That is
Just what la now occurring-. There Is
; a great demand for all sorts of com-
moditles and there la urgent need of
house accommodation and means of
: transportation. .
"There ought to be plenty of orders
? for producers in all lines. There are also
big atocks of food, raw materials and
manufactured groods besides unused re-
NEVER TOO OLD TO FLY :
I if i n in ii in i id in i n i H i hih i i in hi iii mtmmammlttMrtmnimmitrnni -n-iti i
t a f ftff' -Vfc''Jf;Ltl"' 1 TBsjiiuaaj -4-'
: jJ .T : j s
. If- - " . -r ft il., n - - T ,-', V
Although born 86 years ago, Mrs. Mortimer Armltage of London Is a most
enthusiastic flying fan. Accompanied by her son. Dr. -Armltage, who
Is orer 50 years of age, she had her first aero joy ride, starting
'from Hounslow flying field. The photo shows Mrs. Armltage anQ her
son about to start on a flight. - - ; :
serves. Production and capacity ''rep
resent together buying- power of quite
sufficient strength,, but commodities can
be traded in society as at present con
stituted only through the medium of
exchange. When confidence in this
medium la shaken the fact cannot but
have a disturbing- effect. There we have
no doubt la the essential reason for the
general - depression from which the
world's trade la now suffering".
"While the future of every monetary
standard of the world Is Uncertain the
uncertainty of the International exchange
must be still greater. These exchanges
are governed essentially by what I used
to call the purchasing power parity,
namely, by the quotient between the
purchasing- power of one country and
that of another, i Clearly this quotient
must have a double degree of uncer
tainty. Furthermore international ex
changes are influenced by every one
Bided, hampering- trade between the
countries. Of this recent years have
provided many instances.
FIXED EXCHANGE XECESSABY
"The restoring of anything- like fixed
exchangee la clearly a necessary con
dition for the regeneration of the world's
trade for which, we are longing. But
the first step to this end is to establish
stable monetary standards with each
country and, second, to abolish com
pletely the present arbitrary regulation
of international trade. . Of course each
country must determine its monetary
policy for itself, but international dis
cussion of the problem would be ex
tremely useful and may indeed become
vitally necessary. First we should have
examined the question, which form of
the old gold etanrard should be main
tained and if it is thought desirable
that international trade should return
to a gold basis. How this should be
made possible is a question that depends
clothes
ie name
in your
A good name is the custom
er's guide post. The Mathis
Label in your clothes puts
you at ease when it's a ques
tion of correct style. It
assures you the most in good
faithful service that your
f money can buy.
Years of faithful endeavor
have brought our name to
a place where it means a
great deal to
the good dress
er. It goes hand
in hand with
Quality and
Service. !
. . I. i .
" s i , 4
Spring Suits
$25 tb-$65
i .
Ghenev (
Silk" jjV
Gravats
New patterns in ffsSf '
faincy figures and j r i '
dotted effects. pj (
The best tie made P i
that sells for A Ti
f . ;
Dollar V .
MEN'S WEAR
Corbett Bldg. 'A Fifth and Morrison
very much en the future value of gold.
This again will depend essentially upon
the monetary demand for gold.
"Now the actual circulation of gold is
almost everywhere abolished and greatly
restricted and so tar the demand for
gold baa diminished, i On the other hand
the European note banks and the federal
reserve banks In the UnHed States feel
themselves obliged to keep gold reserves
which, though not proportionate to the
bigger paper circulation, still will be
greater than it used to be before the
war. The balance of the monetary de
mand for cold will -doubtless Jl&ve been
relatively reduced namely, in proportion
to the volume of circulation.- ,
GOID TALCE BEDtCED
tfZf means that the value of geld
expressed' in money will have fallen.
The result presents itself already in the
United States where the dollar may be
taken to represent gold at the present
moment more truly than perhaps any
other monetary unit. But the price level
of the dollar is about 200 as against 100
before the war, Thus gold has now only
half its value relative to commodities.
This ratio must probably be fixed. Then
if the European countries, which now
have the higher price level, should re
store the old parity of their money .with
the dollar this will Involve the reduction
of their price level which will make it
very much more difficult if America la
going to duce hers at the same time.
"Therefore the United States should
abandon every attempt at a reduction
of the price , level which it has now
reached- and concentrate Itself upon
stabilization. This Is the easiest and
most agreeable end which the country
can : establish for its monetary policy.
The European countries would have to
lower their' price levels until they came
down to the index of 200 as compared
with 100 before the war. Thn they will
have reached parity with America. This
will be difficult enough for them, at any
rate, for the Scandinavian countries. .
HABS MUST BE BEDUCEB
"Some of the belligerent countries such
aa Germany could not even attain this
end. If they ahould be able to reduce
gold payments they would have to choose
a new gold standard. Thus the German
mark must probably be reduced to some
thing better than a third or a fourth of
Its former gold value. In Eastern Europe
quite new monetary systems are to be
created. In some colonial countries
where the rise has been much less than
in America further Inflation Is desirable
and can easily be attained If these
countries will give the rest of the world
sufficient credits. .
The essential point is that the world
should apeedly come to an understanding-
as to the course to be pursued In
order to ' restore the stability of the
monetary standards of the various
countries and the rates of exchange be
tween them. Which standard and which
rates are of minor Importance, The
chief object is to create fixed and stable
conditions in monetary matters and thus
lay the foundation on which a new com
mercial development can take place. It
would be Indefensible net to act res
olutely In a matter of vital Importance.
The world's social and political condi
tions are not such that we can risk a
period of prolonged industrial depression
ana unemployment without the most
serious risks. Only an international con
ference can clear up the matter. Such
a conference ought to have in the first
instance at any rate only an advisory
capacity but if it were composed of the
most prominent representatives of bank
ing, finance and economic science it
would certainly be expected to lead to
good results."
ITALIAN
NEWSPAPERS .
HUSH THEIR CLAMOR .
GOVERNMENT ORDER
Soft Pedal on Nation's 'Wrongs'
and Iniquity of Men and
Deeds in Paris.
pounu
WRITER BELIEVES
T
BE GIVEN SILESIA
4 '' '- V:eBBSsaaaaeeBaBseaMBaaBseBaB
People ' Unanimously German in
Sentiment; Future ' Trouble
Predicted If Severance Forced.
SECTION INDUSTRIAL BEEHIVE
Workers Showing Just Sort of
Spirit Needed if Indemnities
Demanded Are Collected.
By Gordon Stiles
Special Cable to Tb Journal and The CUoaco
Dally Newi.
(Oopyritnt; 1910. by Chicaco Datt Newt Co.)
Ixmdon, England, May 14. Advices
from' Silesia regarding- the attitude
taken by the population toward annexa
tion by . Poland is calling- forth much
comment in London. It must . be mad
clear, however, that the. German, army
rsferred to in the dtspatcres is not a
new feature of the situation. This army
has been mobilised for more than two
months and has been distributed alopg
the Polish and Czecho-Stava frontiers
where constant disputes have taken
place accompanied by, a number of
skirmishes, It 's composed entirely of
volunteers and is commanded by Field
Marshal von Hlndenburg-.
In one of my dispatches X referred to
the Quality it these troops, having been
in upper Silesia six weeks ago when
Hlndenburg; was making a tour of in
spection there. As I pointed out. the
cession to the Poles of this region is
about the sorest point with the Ger
mans. Recent dispatches confirm my
statement that practically the whole
population of 2,000,000 or more is decid
edly opposed to incorporation, in the
Polish republic. . v
' George Ren wick writes In the Chron- j
lele: :
"Nobody X could find really grants to
fight, but an feel that they must. Bres-
lau, KoenJgBbera; and t the . east have
saved Germany before. , Perhaps they
can do a little In that direction again
is the frequently express! consolation.
Among the working- classes the-feeling
la particularly bitter - Harr Xtchten
stein, the independent socialist leader,
hates this tlaxneup of national feeling.
But. he - adds. who . can blame the
workers? Here In Germany they have
an eight hour day and waxes are rlatng
There are sick insurance benefits aid
our unions are recognised. If upper
Slleala is handed ever to the Poles they
feel that they will toee all these. In
addition they fear boIb7ism. .
. "Indeed, all political parties have
dropped their antagonism and stand to
gether to face this totally unexpected
turn of events. I also talked, to many
workers of Polish extraction but not one
could I find who wished the region to
be turned over to Poland.. X hare dealt
tvith this because X believe that the up
per Silesuuf question contains for all
of Europe potentalitles of serious trouble
snd that the ease from this side ousht.
late as the hour is, tc be stated im
partially, as I have rted to do, with a
view to the avoidance of at least one
menace which threatens Europe's tran
quility' . .
SliESIAIfS BACK AT WOttK
X remember when I entered Silesia in
March that X was struck immediately by
the contrast with other parts of -Germany.
; Everywhere the people - were
hard at work tilling the soil and putting
factories in shape to resume business.
I while mining was in full blast despite
me sinus irouDiea. ingrv was nooi vi
the political unrest or uprisings which
obtained in other sections of the coun
try.. And here I will call attention to
the fact that the first sign of Bolshe
vist activities in Silesia came upon the
heels of the announcement of the possi
bllity of the cession of upper Slleala to
Poland, which previously had not been
dreamed of by - the populace. X covered
the region pretty .well, vlaitlng Brealau.
Oppeln, Meisse,, Kattowltz, . Beuthen,
Lamsdorf and other centers, and found
the sentiment overwhelmingly German.
It is a rich country one of the rich
est in Germany and the inhabitants
were working with Just the sort of spirit
needed to pay the indemnities demanded
by the entente. From what I saw. I
cannot help feeling that the cession of
Silesia to Poland will not only work
harm to Germany but to our own cause.
ARMENIAN PRESIDED
WANTS AMERICA AS
NATION S MANDATORY
Belief Expressed People of the
United States -Interested and
Would Prevent Exploitation, ..
By Loala Edgar Browne
Special Cable to Th J on real and The Cbieaca
, uaur fteva,
(Copyright. lilOby Chlcage Uefly Neva Co,)
Constantinople, Turkey, May 29.
"Should the peace conference-make the
United States the mandatory of Ar
menia we Armenians would be over
joyed, because we realize that America
is warmly Interested in Armenia and
also that there would be no expioita
tlon of our country for the benefit of a
few groups of foreign capltaliats. - Ar
menia must be independent and have its
own government, but the Armenian peo
ple lack education and experience in
self-government. We sincerely hope
that the United States will come and
ShOW US hOW." '
This Is the Conclusion of an inter
view I had a few days ago with Preai
deni Katlssan of the new Armenian re
public In Its temporary capital, Erivan,
where X attended the first plenary sea
sion of the cabinet. M. Katlssan is 60,
years of age and as a mayor of Tlflla
has had considerable experience in the
tempestuous politics of the Caucasus.
"We desire," he continued, "to thank
President Wilson and the congress of
the' -United States for .making it possi
ble to furnish us with the flour and
other food supplies which are now com
ing- to our country. The whole-hearted
generosity -of the American people.
which supports the tremendous relief
work here is directly responsible for
saving-; hundreds of lives weekly. Our
government is merely temporary. We
are attempting- to better the situation
until the peace conference decides the
fate of Armenia and the limitation of
the frontiers, after which there prob
ably will bo a constituent assembly at
which all Armenians Turkish and Rus
sian and also those llvur in : Englano
and America will decide upon a consti
tution and the future form of the gov
ernment," ' v
Kolchack's Setback
Is Blamed Partly on
Ukrainian Defection
By Paml A. Wright
Ufa, Russia, May 17. via PeWln. China,
May 28. The Russian forces under" Ad
miral Kolchack on this front have suf
fered a temporary setback jfue primarily
to me oetection or tne Ukrainian troops
and to the fact that the Gallltaln had
advanced so far that It was not properly
supported oy reserves, as a result there
has been a shake-up In the enmroao I
here that ahould make for greater unity.
The new draft of educated men is euro
to Improve the general morale. Those
new troops give an excellent lmpresilon.
The ruah of soldiers and cannon.ro th's
front continues. - , i
Reggie X haven't aw been, quite
myself lately, don't you know. Miss
Keen Indeed 1 I haven't noticed any
Improvement; Boston Transcript.
No Need To Be Thin,
Scrawny or Sallow
If you are thin and want to be plump r,
If you have wainkles In your face thuC
you are not proud of ; If the skin Is sal
low or subject to pimples or blackhead a,
take Mi-o-na stomach tablets for two
weeks and notice the change.
The majority of the thin people are
thin because the stomach does not per
form Its duties properly. It is not secret.
Inr sufficient of the natural digestive
Juices and in consequence does not ex
tract from the food enough nutritive
matter to nourish every part of the body.
Ml-o-na stomach tablets are Intended
to build up the stomach so that it will
act properly and extract from the food
the elements necessary to form flesh.
If you are thin try two weeks treat
ment of Ml-o-na stomach tablets they
are small, easily swallowed and are sold
on the guarantee of money back If they
do not overcome chronic indigestion,
acute or chronic, stop stomach disturb
ance, belching, heartburn, sour stomach
and any after dinner distress.
For sale by the Owl Drug Co. and all
leading; druggists. Adv. ,
T
By Edgar Ansel Mowrer
Special Wireless to The Journal and The Chicago
Dally news.
(Copj-richt, 1S19, by Chicaeo Daily New Co.)
Rome, Italy, May 25. (Delayed) A
government order ' has gone forth to
hush the clamor against the peace con
ference Immediately, and those newspa
pers In Italy which respect the wishes
of the government and they are in the
majority have soft pedalled In their vo
ciferations with regard to Italy's wrongs
and the Iniquity of the men and deeds
in Paris.
Testerday Gabriele D'AnnunzIo ex
pected to speak in commemoration of
Italy's entrance into the war. but he is
still an officer, and in the morning was
summoned to the ministry of war and
forbidden to make public declarations.
This renewed the outbreak of the na
tionalists, who had planned a parade.
This was forbidden and soldiers guarded
a few streets and several of the public
squares. Nevertheless, the parade wasJ
formed and after a long- march and sev
eral affrays with the police and mili
tary, several of whose cordons were
broken, it succeeded in reaching- the
bote) where the poet was lodged. But he
remained silent and the crowd dispersed.
Baron Sonnino's organ, the Glornale
d'ltalla, now claims that the conditions
about , to be accorded to Italy are a
great triumph, while the democratic Se
cola states that the conditions which
eventually will be consummated will be
less than the democracy desired and
that the crisis when Bissolatl resigned
has shown the latter to be right. Tho
truth is that the conservatives, who real
ly control, and the democratics are mobilizing-
their forces for the coming- min
isterial and electoral struggle.
The terms imposed on Germany "have
new and detailed critics in the socialist
leaders, 'Treves, Turati and - Labriola.
The last' named declares that the treaty
is worse than the acts ot the kaiser t-t
1915. These leaders unite in urging the
workers of ' the world to combine in
forcing- a revision of the entire docu
ment. ;;' . i. ' T f. . . -
Britain Is Stealing
U . S. Secrets, Charge
Washington, May 20. Charging: that
the British government is continuing to
censor mail to the United States for
the purpose of stealing business secrets
and Information, Senator Sherman," Illi
nois, today introduced a resolution ask
ing; Great Britain to discontinue the
censorship.
Tf...- a VBOiesanxe-. deansH-.
ii GJiUelr CtlresMii ui eesllifl
2 MUtt-raxxrin0 for taew
r ffHri itM. Soreness. GramilaJ
. eif . tion. Itching and Bamfcj;
h9 f! Cvm ft Evriids: "2 Dross" Aft
lha Ilovies, Motoring of Golf .will win yogy
ooadence, fa xouj unas-as tarn sanrma
K-hea on CyeS Need Care. . m-jx
kl-ariavCws- ZlmvaMdjr CO- ssucasa
- -4 V :
New Lawn Mowers
Portland Is Learning to Shop at Simon's, Where Rents Are Lower and Profits Are Smaller I T
New Garden Hose
50 feet H -inch RubW Hose .. $5.25
50 feet U-inch Cotton Hose .. $6.75 ,
50 fee H -inch Moulded Hose. $8.75
Lawn Sprinklers
60c 65c 95c $1.25 and $1.95
PAYS!
' ' -J"
First- Second and Alder Streets
11
Self-adjustuif. . Ban-bearing.
14-Inch,
14-inch,
16-incb,
8 U -Inch wheels... $ 8.75
10 H -inch wheels... $10.35
10 1 -inch wheeU... $11.50
Grass Shears . . ........ . .40c. 60o
Grais Hooks . . . .50c 70c
r.r,i;'M'?'
' hop at tfiae Big r DowMtowffii Store!
Every Department Contributes Tomorrow a Wealth of Merchandise at Prices Unmatched in Portland
SATURDAY'S
GROCERIES
Klickitat Flour
Sack $2.65
Barrel $10.50
Olympic Flour
Sack $2.90
Barrel $11.50
Paints for Less!
r Base-Huetef Bungalow Horn
Paint, 5-gaL cans, gal. $2.55
Gallon cans .$2.65 -
Bass-Hueter Floor Paint;
gallon for . $2.65 -
Quart ..70c
Hat White, gallon ...... $2.85
White Enamel, gallon . . '. $3.85
Decoret Varnish Stain,
' gallon for . .... ...... $3.50
. Quart ............. .$1.00
. Pw t ... i, . 55c ' .
Bass-Hueter Floor and Linoleum
Varnish, gallon .....,$4.50
Kalsomine. Ib. ... . . . . .8c. 9c
Carter's White Lead, Ib..l3Hc
Turpentine, gallom ....$1.10
Whit Glue, lb., .........60c
$2.25
Values
the
Garment
Cane Sugar
11 Lbs. for $1
Sack $9,70
Coffee! Coffee!
M. J. Brandons tein's and
Edward's Steel-cut
30c lb.
SPICES ell leading brands; 1
' lb. cane ........ . . . .45c
CATSUP Del Monte, Fret's,
- Sunkiat; pint bottles . . . 20c
Booth's Sardines, doz $2.35
Can ............... .20c
Gold Dust, large package. 20c
Calumet Baking Powder, 10-Ib.
tin $1.45; S-Ib. tin... 75c
Cream Cheese, lb, ...... 36c
Shredded Wheat. Cora Flakes,
Puffed Rice, Puffed Wheat,
Post Toaaties, 2 for. . . . .25c
Karo, dark, No. 10 can...85c
Olympic Pancake Flour,
No. 10 sack . . ..... ,73c
Farina, 9-lb. sack, ....... 75c
Creamed Rolled Oats,
J 9-lb. aack ...70c
BROOMS Good quality. 73c
Overalls and Jumpers
$1.89
Heavy-weight? Union-made.
MEN'S COVERALLS
$4.48 Values $3.89
Union-made, Boss of the Road, Lee's
Unionalls, Can't-Bust-'Em and other
makes in khaki and blue A real saving,
. men!
$3.75 COVERALLS $2.48
Made of khaki; Just the thing for auto
repairing; or for berry picking.
$1.50 SHIRTS Only 98c
Heavy drill la black end white; splendid
values.
$2 KHAKI SHIRTS $1.39
Heavy drill khaki work shirts at a bargain.
- . .
Bovs Two-Knicker Suits
ipuitv; v )iii(uv .
Nobby waistline styles in attractive fabrics and patterns! detach
able beltst lined knickers with taped seams. The values are very
unusual at pur pricea. See them tomorrow I
CANDY
SPECIALS
Vogan's Assorted Chocolate
Creams, lb. . . .... .40c
Hard Mixed Candies, per
lb. w....25c
After-Dinaer Mints, per
lb. 30c
Boys', Youths' , and j
Little GenU'"
SH0ES$1.69
THE PAIR -
7 Different Styles- 7
Bluchcr or Button
We put on sale tomorrow over a
- thousand pairs of these shoes, -the
surplus stock of one of the .
largest shoe jobbers. - These v.
are lines that cannot bo replaced
every pair is in perfect condi- - ,
tion. Wo bought the lot at a
fraction of its worth. Wo offer
each pair . to you on tho same ',
basis. "-2"- 1 f
Boys'Sizes from 2i2 to 5a
Youths' Sizes from 1 to 2
"Little GenU' " Sizes from
' . 9 to 13ia -Worth
$2.50 to $3 the pair
Our Price $1.69
, Black and Fancy
COMBS Only 25c
jtmaslag ;vales seeered tkroeeh
forts sate parehase. Bay to-
morrow set more tkaa three to
a- ess toner. .
Peaa's Tsietr 8-spaee...T5
Spearhead Tbleka .. -5
Oraager Twlatf S fer...25e
SHOKIHC TOBACCO
Uslea LcAdcr . r li-es. Iseek
SOX e ttil"85l
.Telveti ls-es. Jar 1.4 O
XT. 8. Maiinei; ls-oa.....Tr
Pixie Qaaeai 14-os......t5e
Plug Tobacco
CIGARS
-IaB.Tweea , It la; a . next
- speelal ...45et
.'Waabiartaa's Cablaetf t la a
hex S1.25
Investor; a coed nslld crneae;
Ms tor ......fl.60
White Owlf box ef S3.40
' Jlaek 7
Owl i lot la hex fer....S6.QO
BBXXB, PIFZaWA very llae
ateertnteBt of eased and aa.
eaaad .briars at specially- re.
daeed prices for Satarday
bayera.
WOMEN'S SILK
LISLE HOSE
Tales to f ae ;
Only 25c the Pair
Breliea llaes la blaek asd white,
doable solest hlrh spliced beat.
All sixes la the lot. fte the pair
BBtll sold.
Women's Silk Hose
$1.39
Is black, white, brease, rray, ete.
Xoable soles, bleb aplleed beela,
elsatle tarter tops. The bote
will fire satisfactory service. ,
Misses' Fine Ribbed .
Hose 35c, 39c, 49c
Complete Has la black asd whltei
doable heels aad toesf elaatie
rib. Really attealshtaa- raises at
ear prices!
Boys' Heavy Ribbed
Hose 35c, 39c, 49c, 59c
Xxeelleat eaallty at the resnaa
. tlve priees. Doable . heels aad
- toes. Bay a sapply for year boys
teaerrow at ear tpeelaf prices.
J:& Ccats' Kcrccrizcd Crochet Cctfca, All Sizes, Colors, 2 for 25c Clark's and Ccats'- Sewcg Ccttca, AH Sizes, Ccbrs, 5: