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.-''- ( : ' 'I'.' " ; ::; 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.) ft FtftM Bnkb