THURSDAY, DECEMBER 15, 1821.
THE OREGON DAILY JOURNAL, PORTLAND, OREGON
GOVEHIBHHAS
NEW INVESTMENT
- TO RETIRE DEBT
- - ' -- s : .
I - By DstU Lawniei
(Copyright, ltll, fcr Tt JonrMl)
Washington, Dee. 15. Ths far-reach-
tnr proceaa of retiring- America! war
debts without, . depeodia? poa ; repay
ment from the allied countries has be
gun. .
President Harding- himself announced
-the decision of the administration to
issue, through the treasury department,
a new form of investment which is de
signed .especially for the man and wom
an of email Income. After all the ex
' - periences of the war with every kind of
security, the government has at last
evolved a -plan that will pay every pur
i chaser of the new certificates $25 for
I t every $20 Invested. $100 for every $80
and $1000 for every $800 if not re
i deemed in five years. .
For the first time, too. the govern
j. ' nent guarantees a uniform income. Ir
respective of the date of purchase or
market Values, i Thus, If any certificate
Is redeemed before the five years .pass,
the original $20 or $80 or $800, as the
case may be, is returned to the purchaser
but with additional interest t JVfc per
cent for 4be period that the certificate,
has been held by the investor. -3TO
LIMIT PLACED
Absolutely no limit has been placed on
I the number of certificates that will be
issued to the public as a whole though
an Individual is limited to $5000 worth.
The object la to prevent large banks
ana crust companies from buying all the
certificates . the government may issue.
Furthermore ' the government Intends to
reach the persons of large Incomes by the
issuance of another type of treasury
certificates, which bear a straight lnter
, est rate for short periods, like six
months or three years.
' The development of government policy
In this direction is to be gradual, but
for the moment the plan is to concen
' trate on the small Investor and teach him
the value of the new thrift ideas.
The government will thus take care of
about $80,000,000 worth of 1918 treasury
rtiflcatea which mature about a year
hence, and to that extent the proceeds
fof the new security will be used in re-1
funding.
YICTOHT LOA KEXT
Five months later $3,500,000,000 of Vic
tory loan bonds will mature, but that's
too big an issue to retire through email
thrift certificates.
Some new treasury certificates of
larger denomination will have to be is
sued and these In turn may be retired
through the smaller certificates. In
other words, the refunding process Is in
an experimental stage and the treasury
will know more about best methods of
retiring America's debts after the new
issue of certificates has been received by
the general public
No "stunt" campaign or flashy tactics
' will be used In selling the new certifi
cates, as the government Is depending
upon the press-, the postoffices and the
banks to let the small Investor know
about the opportunity. A dignified ef
fort will be made by the treasury de
: partment to reach the small investor
' and It is felt by the government that at
. least a security has vteen evolved which
gives the "small fellow" as good a chance
as the "big- fellow" on artractr gov
ernment securities. . ... t
BOYDS BACK AT PAX
Officials say there is no especial rela
tionship between the announcement of
the new issue of treasury certificates this
week and the fact that Liberty bonds are
back at their original par value. But
the fact Is the treasury has been work
ing on the new plan ever since it was
apparent that Liberty bonds were start
ing back to par. The psychological val
ue, nevertheless, of announcing th sew
iasu at the very moment when Liberty
bonds touched par is appreciated.
So many small investors bought Lib
erty bonds without knowing that market
values could cause them to drop In price
that the government now is benefited
by being able to point to the par value
of bonds as proof of the original prom
isee of the government.
Still the treasury has had to take Into
account that many Investors, disappoint
ed by their experience with Liberty
bonds, might be cold toward govern
ment investments unless given an abso
lute guarantee of the par value of a se
curity. The new certificates cannot fall
in value. They are redeemable 'when
ever an investor needs money and be
sustains no loss at all In fact, be col
lects interest besides. There Is to be a
continuous sale, moreover, of these cer
tificates. The . date of purchase does
not affect the values as was the case
with, war savings.
DEBT BEDISTEIBUTED j
The new process doesn't increase the
public debt, but rather redistributes It
The Intention is to create an army of
new investors, touching . a class which
might not otherwise be disposed to
save. The number of plans to be used in
retiring the war debt as a whole will
continue to increase from time to time
In order that all classes of Investors
may be reached. But in general the gov
ernment has embarked on a policy that
looks toward the gradual retirement of
the war debt by borrowing from the pub
lic at stated intervals and offsetting
these borrowings by gradual accumu
lations of surplus from taxes and im
ports. In other words, the government roust
go on the assumption that Europe can
not pay America $10,000,000,000 of war
debt and that if anything is paid In the
present generation it will to that extent
ease the burden and curtail the neces
sity for borrowing. The people of Amer
ica will, therefore, finance their gov
ernment by lending It money from time
to time until collections from regular
sources of revenue can be plied up.
Some opposition from small savings
institutions Is anticipated but govern
ment officials Insist that the effect in
the end will be to help savings banks.
Anything that encourages saving, it Is
contended, will help the general Business
of investment
BE HELD AT VALE
; Ontario, Or, Dec. 15. Arch Nichols, a
cowboy, who confessed to having- fired
the shot that killed Bfllie Hicks, ' pool
room proprietor here, -while Hicks was
grappling with Jim Mills; also Tom
Hayes, alleged to have been in a plot
with Nichols to place blame -for the
shooting on - Mills, were brought
here from the Jordan valley country,
where the shooting took place, and then
were taken to Tale to await trial Hays
Is accused as an accomplice to the mur
der and was unable to furnish bail in
the sum of $2000.
Mills was first arrested "for shooting
Hirks, but the bitter's dying- statement
was that Mills did not fire the shot.
Nichols confession was to the effect
that be had entered into a compact with
I .ayes to fix blame on Mills and. as the
men were grappling and fell to the floor
of Hicks poolroom, Hicks being on top
of Mills, Nichols says he fired at Hicks
with his own revolver. A gun belonging
to Hicks was lying on a table and that
was placed on the floor to indicate either
Hicks or Mills had been using it, and
confession, as given out by
Lytic, prosecuting attorney.
Syracuse Alumni
To Have Reunion
Here December 28
Bernard K. Frank, president of the
Oregon chapter of the Syracuse univer
sity alumni, has sent Invitations to 27
Syracusans residing in Oregon to attend
a reunion and luncheon, December 28,
In the Multnomah hotel.
Two former Syra6use educators, M.
Elwood Smith of the O. A. C, and Dr.
Phillip A. Parsons of the XL of O., will
speak
Syracuse alumni who have recently
moved to Oregon and whose names may
have been omitted from the Invitation
list are requested to communicate with
B. K. Frank. Multnomah hotel, so that
reservations may be made for them.
Nichols
Robert D.
was to the effect Hayes agreed to fix
the blame on Mills. There was an empty
cartridge in the weapon.
on arrival of the arrested men here
it was said that Hayes and Hicks were
not on friendly terms for some time.
Hi Hicks, father of Billy Hicks, is well
known in the state and for a time served
as a guard at the state penitentiary.
Nichols aged mother lives in Jordan
valley and a sister. Mrs. McCain. Is a
resident of Newport, Or.
The Jury that sat on the murder In
quiry conducted by Dr. R. O. Payne.
coroner, included A. L. Cochrun. nrei-
aent- of 'tie First National bank of
Ontario; Rex Marquis and J. M. Robert
son of Ontario: H. W. Gahan. editor
of the Jordan Valley Express; Thomas
Skinner and Harry Loney, also of Jor
dan valley.
Another Federal
Judicial District
Asked for Oregon
wa&mngton. Dec 15. Senator Mc-
wary weonesaay received a telegram
irom several prominent Portland law
firms asking- that the federal court In
Oregon be allowed another judge in the
omnibus bill Just passed by the house.
He will appear before the senate Judi
ciary committee Monday, when that
committee will take up the house
measure.
Robbers Take $25
In Holdup of Store
A lone bandit who entered the grocery
store of H. C. Hanna, 910. East Glisan
street, early Wedensdlay evening forced
the proprietor to stand aside at the
point of a gun, while he scooped up
$25.10. the contents of the cash tilL He
left before Hanna could est a good
description of him.
U. U;
T FX
Ti n J i m ei c
jQoiiaay ynns lor Men
From Ben Selling's Man's Store
SHIRTS
Madras Shirts; silk stripe;
regularly $3;
$1.95
Three for $5.50
Madras Shirts; extra heavy
fiber stripe; regularly $4;
$2.95
Three for $8.50
$9.85
Ruff-Neck
Sweaters
All-wool yarns ; all best color
combinations.
$12.50 Sweaters for $9.85
$10.00 Sweaters for $8.35
$ 8.50- Sweaters for $6.50
$ 7.50 Sweaters for $5.85
$ 6.50 Sweaters Jot $4.85
J
All Auto Gloves
Regularly $5 to $18.50
HALF PRICE
GLOVES
$5 Mocha Gloves for $3.95
$3.50 and $4 Cape Gloves !
in all shades $2.95
Bath Robes, made of
heavy, Beacon blanket
cloth; beautiful checks,
stripes and novelty pat
terns; regularly priced
512.50,
now ...
Silk Shirts; jerseys, crepe
de chines and heavy
satin -stripe broadcloths;
the new Qfl QFC
patterns ;. . tDOote)
House Coats, modestly
priced $7.50 to $25
Silk Lounging Robes,
handsome patterns,
priced $25 to $45
Blanket Robes, made of
Oregon City hew wool
fabric, $15 to $18
Silk and Fiber Mufflers,
priced $2.50 to $15
Fine Silk Hosiery, in the
proper colors, 75c to $3
NECKWEAR
Cut-Silk Ties, regularly $.So and gj
Three for $3
Imported Cut-Silk Ties, regularly
$2.50, $3, $3.50
Three for $5
Kmt Silk Ties, woven on hand-frame looms,
regularly priced at $2.50,
now at ..... .
Three for $4
$1-85
$1.35
(Buy Your Holiday Gifts for Men in a Man's Store!
BEN
SELLING
Leading Clothier Morrison tit Fourth i
nr t
s &ne
She Can
Kjin
f
Will Like Because
Those who are wise in the ways of giving, (will choose useful gifts this Christmas
knowing 'that such gifts will be welcomed and used and the giver gratefully
remembered long after Christmas is past
Charm and Utility Make Lovely '
Silken Underthin
the Most Delightful of All Gifts
1. . i . ! "
Fjor the small remembrance for the personal, intimate
silken underthings hold first place in every woman's heart
gift-
Radium Silk Things
Lovely in texture unrivalled for service;
Bloomers $5.95 to $7.50 Gowns $10.95 fo $16.95
$4.95 to $9.50 Pajama Sets .$22.50
$4:95 to $9.50 Camisoles $2.45 to $3.95
Stepi-Ins
Chemise
Crepe de Chine Silks
Very special!
Radium Silk
Gift Chemise
$5.50
Beautiful quality, heavy silk
tailored style also heavy crepe
de chines with dainty lace embellishments.
Bloomers $3.75 to $5.95
Step4Ins $2.75 to $16.95
Chemise $2.75 to $16.95
Gowns $6.50 to $12.95
Pajama Sets , ..$19.50
Camisoles $1.25 to $3.95
"Vanity Fair" Silks Reduced
$5,951 Vests, now .u..$3.95
$5,001 Bloomers now ...$3.35
$3.50 Vests now ......... $2.35
$6.95 Unions now $4.65
J
Special! 1-Star Kayser Italian Vests $3.69
Lustrous lovely Kayser Italian Silk Vests in fancy weaves special at $3.69
BLOOMERSi TO MATCH SPECIAL $4.45
First on Every Holiday Shopper's List Is
A whole box has no peer as a gift and even a
single pair is an attractive remembrance.
"HOLEPROOF Hose for Menj Women ami Children
"Buy it by the Box" ' j
. For Women
No. 590 Pure silk hose, 20 -inch' leg $1.35
Box of three pairs $3.75
No. 580 Pure thread silk, extra stretch $1.75j
Box of three pairs $5
No. 2200 Full fashioned, pure silk $2.25
Box of three pairs $6.50
War tax 3c per pair extra
No. 3190 Pure thread silk; full fashioned $3.50
Box of three pairs $10
War tax 15c per pair extra ;
"HOLEPROOF for Men 40 to $1.25
"HOLEPROOF for Children 40 to 75
fir
The Discriminating Giver Chooses
"KAYSER" Silk Hose
Two specially attractive
gift numbers
"SPIDERWEB" an allover silk lace
with glove silk tops and feet A fTC
brown and black j . . O
"FANCY STRIPE" Italian" silk wide
and narrow stripe effects
black and brown
dim Tf uv
$3.95
A Practical Gift That May Be Used Every Day in the Year,
Silk Umbrella
j Three Attractive Gift Groups
$5.68 $7.95 $9.85
! i
Plus Tax
Since Time was, women have welcomed the gift of an umbrellaand
these smart umbrellas will be 'joyously received! . With: their fancy
white bakalite and amber jtips and ferrules their novelty handles
some of them are jaunty Heather strap effects their splendid heavy
silks they are a happy gift choice. All wanted shades.
A complete line of
smartest silk umbrellas
priced from
$4.45 to $29.50
All Fur Pieces Are Now
HALF PRICE
Without Reservation or Exception!
$ 39.50 Fur Chokers ...... .$19.75
$295.00 Squirrel Stoles . . . .$147.50
$ 47.50 Wolf Scarfs : $23.75
$295.00 Mink Capes $147.50
i- A reasonable deposit will hold your .
selection until tne holidays.
HH
A
children
V-
4 o
" .V '
Next to .a
doll, perhaps
there is no
gift more treasured by a
little girl 1 than a set of
warm, jsnugcly fars .
Imitation Ermine, An
gora, Opossum, Coney
(natural and white)
$2.95to$16.50
f'
. XI .- X I
Make this a
practical Christmas
f9
Give a
Garment
Drastic reductions on
hundreds of stunning new
Winter Garments
make practical giving,
inexpensive! '.
COATS '
at special prices!
Warm, soft coats
handsomely fur. trimmed
in four groups
$27.50, $370
$47.50, $57.50
Other coats now priced
$16.50 to $94.75
All Winter Suits
HALF PRICE!
Values extraordinary! Ultra
smart suits many of- them
may be worn late into the
spring!!
$12.50 to $43.75
Frocks RMwoed!
Silk and Wool Frocks for
,:. fcvery occasion!
Two special groups
$25 $33.35
A sale of
Gift Petticoats
at
$4.95
All Jersey, Jersey top or Taf-'
feta silks wide range of
shades solid or combination
of colors- also new tailored
styles with fringed edge.
A New Hat for
the Holidays
To smarten your winter
costume one of these new
Slipper Satin Hats
$5 $7.50
Jaunty new sljpper satin Hats
that are indescribably smart
' - black brown navy
Beaver Faced
Sailors
$3.98
beaver
clever
Always smart these
faced : sailors in ten
styles are indeed excellent
; values at jpj.vs.
"f.
. v.- I A