The OREGON STATESMAN, Salem, Oregon, Sunday Moralnjr, November 6. 1932
PAG I! SEVEN
r
5
i FOR DAWES
Bit DEFENDED
Was Provided at Insistence
' Of DemocraU Member
Of R.F.C; Board
k i (Continued from pa$a ) -
upon (bean which they in tarn pay
to their flepitors. - -
Depositors Millions
PRECINCT BOUNP ARIES IN SALEM CHECK YOUR VOTING PLACE
Hnr, it wu found on snsUnn
tlon that ; thee 155 depesttiag
bank had f .50M99 depesJtors
scattered over 15 states. Bat'
that in not nil. There were 31,000
other bank scattered tbroaghoat
thai country, which had deposit
la iha 755 banks depositing with
this particalar city bank; and in
these 21.000 hanks were more
than 20000,006 depositors; and
they intolred widows, orphans,
workers, insurance companies,
manufacturers and merchants.
And. in addition to all this,
there was the position of the bor
rowers from all this mass of
banks. If this city hank should
fail, there must be Immediate de
mand for the payment of the
money due from its borrowers. If
any of the banks dependent upon
it should fall, their borrowers in
turn would be compelled to make
immediate payment ormocey due
and to realize Upon their property
. at a time when property could
not be turned into cash at jy-
thing like its real value. In this
city bank and in the 755 banks
which carried their reserve de
posits in this city bank, there
were 695.000 men and women and
institutions owing money on their
notes. They were scattered
throughout the length and
breadth of the land. They were
on the farms, in the cities, the vil
' lages and hamlets. Most of all
these groups of people were un
aware of their danger. They were
ia their homes and in their
churches, concerned'' with their
own af fairs but they were not
being forgotten.
The men who had conducted
this bank over a great number of
years were men of high esteem in
the whole community. To their
credit be it said that their chief
concern was the preservation of
these hundreds of thousands or
millions of people from disaster.
They were not asking aid for
themselves. "T
"The investigations and the con
versations occupied many hours of
continuous communication from
these two cities to Washington
and back again. Remember this
, was on Sunday when' the normal
processes of business were diffi
cult to conduct. Countless diffi
culties were encountered and so
lutions worked out. They were
working' against time.
I
MA
COUrt TY lOTfG
PRECINCTS
SALEM OREGON
tel
r si t
' m
1 15 1
1 22
16
Crisis Averted
I & OF
sr !Z4K$'
17
v
t
Finally, three hours after Sun
day midnight, the task was com
pleted. The assets had been
valued by the examiners of the
reconstruction corporation. The
banks of the two cities joined in
leading assistance and the Recon
v struction corporation agreed to
- furnish a sufficient sum to assure
that this bank could open without
'" fear and meet every demand of
its depositors.
At 10 o'clock Monday all these
banks opened for business as
4f usual. Public announcement was
" made that ample funds were on
band to pay every depositor. As
had been anticipated, immediate
ly excitement and panic subsided
and confidence was restored. The
crowds melted away deposits be
gan to return. The situation was
saved, not only in this bank, but
ia the other banks which had
been subject to heavy withdraw
al. The loans .offered by the co
operating banks and the Recon
struction corporation were never
fully called for and have since
been largely repaid, and every
danger In connection with that
episode is now over.
The central' human figure of
that bank waa-a man who had
served his country for 40 years in
many high capacities, who in re
cent years had been absent from
the country in a position of first
importance to the American peo
ple.
That is the story of the Dawes
hank in Chicago. You know the
use oar political opponents have
made of this incident. ."They ig
nore the fact that General Dawes
resigned from the reconstruction
corporation three week before,
on his first news that attacks
were being made on the bank
with which his name had long
,m ft,,
Associated Press Brings
Quick Accurate Reports
Of Way Election is Going
Governmental agencies in eaeh
atate will provide its voters No
vember t with facilities to express
their preferences between the can
didates tor the presidency.
Vigilant officers gnard the bal
loting, modern Invention speed
the task of registering aid count
lng the votes, every reasonable aid
to obtaining an expression front
the citizen will be invoked bat
there Is no official, governmental
provision for promptly informing
the voters what they decided.
The highly Important phase of
the election will be handled by
The Associated Press, of which
The States mam Is a member.
An organisation embracing.
conservatively estimated, 50,000
persons will tackle the gigantic
problem et accurately tabulating
the nation-wide presidential vote
as quickly as the polls close in
each section. The election ma
chine extends to every precinct or
Justice to General Dawes. It is a
characteristic example of the
character of this campaign. It is
an insult to the American people
to substitute this sort of political
action for competent discussion
of the grave issues which lie be
fore our country.
Emergencies Many "
f.j .
ev cem&try ...!
A
And I may tell you that this is
but on of six similar episodes in
great financial centers in the
United States, the direct result of
the shocks and fears which we
received from the collapse of for
eign nations. But such action by
onr government agencies has not
been limited to great financial
centers. In over 5000 towns of
Donulatlons under 25,000 the re
construction corporation has had
to Intervene to save their banks
under similar circumstances. Be
yond that they have made loans
to insurance companies with 15.
000.000 Dolicyholders, loans to
730 building and loan associations
with over a million and a half
members, loans to several hun
dred farm and home mortgage
companies, agricultural credit as
soclations, livestock credit cor
porations, all of them for the pur
pose of preventing the loss of
hundreds of thousands of homes
and farms and the destruction of
their family life. The totals to
dav aggregate millions of men
and women who were not forgot
ten.
I mar also remind you of one
thing in respect to these loans
The law requires that they should
be made on adequate security
The loans have been so made
Large amounts have been repaid
It is not a burden upon the tax
payer, but it is the salvation of
millions of Jobs to men and wo
men.
I have gone into this matter at
such length to Illustrate to you
by actual example what the oper
ation of the Reconstruction cor
poration has meant. This is an
example of the meaning of my
oft-repeated phrase about the use
by the federal government of the
full power of its credit in time of
great national emergency for the
protection of minions of families.
rotlag district in the country. ;
As soon as the precinct election'
adges complete the count; there-
salts are rashed by a reporter - to
tabulating center, usually
county seat. The cumulative to
tals are then - relayed to tone
center, and from there to the tab
ulating office for the state.
Stat totals are next transmit-,
ted over special leased wires to
rTh Associated Pres bureau at
Washington, where both the elec
toral and popular votes are tabu
lated at frequent Intervals.
A steady flow of news bulletins
d comprehensive accounts of
the voting is maintained from this
center so that The Statesman and
other -member newspapers may
give their readers the latest Information.
Electors in each state will cast
their ballots for president and
vice-president In January, and a
month later congress officially
will canvass and announce the re
sult. The nation will know the re
sult, however, in a matter of
hours after the polls close.
The Associated Press election
machine is geared to work at high
speed, but even greater stress is
placed on accuracy. From the pre
cinct reporter to the final tabu
lator in Washington, every mem
ber of the vast organization
guards against errors, reports the
been associated. He resigned to
try to save that bank without call
ing on the reconstruction corpora
tion, of which ho had been a di
rector. He knew and appreciated
the use that would be made la
this campaign of such calumny.
He sought to avoid it.
Dawes Reluctant
And you should know that
when that Sunday meeting start
ed General Dawes stated that he
could not bring himself to ask for
assistance from the corporation in
which he had so lately been a di
rector, but it was upon the in
sistence of the two democratic
members of the reconstruction
board, sitting in the federal re
serve bank meeting ia uaicage
and, upon the Insistence of the
leading democratic banker of Chi
cago, who was then mentioned as
a candidate for the presidency of
the United States, and upon the
insistence In New York city of the
leading democratic banker and a
leading democratic manufacturer,
also mentioned for the presidency,
upon insistence of the other dem
ocratic members of the recon
struction corporation .that this
was no case of the personal feel
ings of General Dawes br the ef
fect upon my administration, that
it was solely a case of national
necessity and those men then and
there jointly offered to take full
responsibility for the action.
These men acted net because
DOLLARS
TAXPAYER
OWNED
; pnoPEftTY
. v.w-.-.'-f-.-v-:..-'. . v.-''- ( :
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iiiii i t ,L,m mi, i I
Oregon
Needs Mott
Hia record, both as a
legislator and as Corpo
ration Commissioner, is
a record of achievement.
His election will as
sure to the people of this
district active and effec
tive representation in
Congress.
Vote 25 X James W. Mott
REPUBLICAN NOMINEE
Mr. Mott will speak over EGW 10:15-10:20 Tonight
Pd. adv.
they were democrats or republi
cans, hat because they were local
cltlxens of the United States. The
situation demanded broad vislea
and cosapreheaslv understanding
of the problem. Instant decision,
bold and eourageeua aetlon. Only
by this was a major disaster
averted. And I may tell you that
not only were these loans ade
quately secured, but In the ordl
nary coarse of business they are
being paid off.
The constant misrepresentation
or tai episooe ror political pur
pose by democratic politicians
ia a slander upon men of their
own party as well as a cruel In
MMi scsoox. TAX-savnta astx.
Re-elect ID. Dowet?
Sheriff
OF MABIOX: COUNT
No. 48 on Ballot
Election Korember s. 1331
(Paid AdvJ
When You Vote
SH2 K YES
you will vbte to give Oregon a
07,jj,S3 Himc3ifflctoy
providing a
0SS3 I?ayi?oE
and employing
Facts and Figures Tell the Story
baring the 10 years prior to the advent of
national prohibition Oregon had 25,000 acres as
land nroclaeing hops each year.
The average valae of Oregon's hep crop was
then $7,000,000 a year.
The average annual payroll ef $3,000,000
gave employment to tT09 men, wettest aad
children.
Today there ase 15,800 acres predating hopa
la Oregon. j
The average annual value of the crop la only
$2,000,000.
The annual payroa hag' been redaced to bat
$U00,00i to he distributed amen 55,000 work
ers. o
fiepeal the law whieh prohibit the m&nufactara or
possession of beer and wines in Oregon. Pave the way
for re-estaWishinent of the greatest agricultural in
dustry the Willamette Valley ever knew. Open new
markets for Oregon's hops, fruits, berries, and barky,
and promote Oregon' Teturn to PROSPERITY.
(Thii advertkesseni paid Ut by Orcgem Bay Gtdwets) -
- ; 5 ax. a, coaaroTsat,
1 facta and does not guess r.esU- .
I mate. . . 'f X
I Because" ef its enviable record
for the correctness of its reports; A -
hm elections and Other events. The ',
Associated Press "nnofficUl" tab-'
ulations, and not congress' can-. -rass
in Fehruary, will be relied on
to inform -the voters; whom 1 they
fclMt Art tn lb nrMnp' .1
HILlWiSllOT
TO LAPSE POUCIES;
A. H. Averill, state insurance t -commissioner,
has Issued a warn- -in
against what he termed tha
altogether too frequent practice -of
lapsing old policies having ac-"; .
crned values and, replacing.; them,
with other insurance- on -the soli
cits tioe. of an agent who has only'
a personal interest to be served. r
"It Is impossible tor a policy
holder to surrender a policy hav- a
ing an accrued value and replace
It with other insurance without -'
sustaining a loss", 'Averill de
clared. " i
"If a definite form of protec
tion is needed or the policy holder
is unable to repay all of the loan
accrued on the policy, the situa
tion should be explained frankly
to the officers of the company be
fore accepting the advice of one;'
who is serving only his own in
terests in advising the change.
"The past few years have test
ed the dependability of life insur
ance as never before, and one "
should give serious thought be
fore relinquishing any protection
under the policies now held."
VOTE
a
On a Bill Prohibiting Commercial Fishing
On Rogue River
The following excerpt from a letter from Henry OTdalley,
Commissioner of the United States Bureau of Fisheries, con
stitutes a conclusive argument in favor of the passage of the
Rogue River Fish Bill.
"I strongly feel that the Kogue Hirer, as well a the other ,
salmon rivers in Oregon, should be closed to commercial
fishing if it is hoped to maintain the rivers in anywhere near
their original productivity. These rivers are not nnlike the ,
rivers of Alaska, and we do not permit any fishing in any of
onr rivers in the north. In fact, some of them are closed a
mile or more outside their months. I believe that the fish
in the rivers ebonld be left there to reproduce their species.
This would give the steelhead trout, which is largely a game
fish, an opportunity to perpetuate itself, and furnish sport
and food for rhe people of Oregon and the thousands of
tourists who are now seeking the great out-of-doors. Theao
tourists will prove to be one of the valuable assets of tho
state of Oregon."
VOTE 308 X YES ON A BILL PROHIBITING COMMER
CIAL FISHING ON ROGUE RIVER.
Grants Pass Chamber of Commerce
By H. L. Wilson, Vice President
JT. It. Harvey, Secretary
Ashland Chamber of Commerce)
By B. O. BarkweU, President
R. E. Derrick, Secretary
Medford Chamber of Commerce
By W. S. Bolger, President
C. T. Baker, Secretary
Paid Adv.
hb3
WmB IT rnao
EPLn(e
There are twenty members of the Salem Police Depart
ment, including the Chief, the Police Matron, three Ser- ,
geants, and fifteen Patrolmen. Of the policemen, twelve
own their own homes and have paid for them; four rent
their homes; and four are paying for their homes. All but
one are married, and twelve have families.
They now have the training for efficient service in this
department.
THE POLICEMEN ARE ENTITLED TO THE SAME
FAIR PLAY ACCORDED THE FIREMEN
1TIHIEY mTTECTT YOU
These men are asking that their jobs he taken out of
politics for the securi tv of their homes and yours.
f -
The Merit System in Public Service
has succeeded in all branches ofl government. It has long
been used by the United States government with undeni
able satisfaction in the postal service and many other
major governmental departments. 9
Civil Service requires practical tests to obtain the per
sons best qualified for service without regard to politics
or religion and establishes a uniform method of promo
tion based on service and ability.
Civil Service Will Not Increase Taxes
TO GIVE THE POLICE A SQUARE DEAL
T7rCT7wT"
S3
1 I
(PakI Adtv J. U Cutler, nmy Smart, At! Wlnterateen, Committee.)
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