Image provided by: Monmouth Public Library; Monmouth, OR
About The Monmouth herald. (Monmouth, Or.) 1908-1969 | View Entire Issue (July 23, 1915)
The Herald D. E. STITT, Editor. wkj-vww miur Mjumrxr H, tt th pMi uffW At Mmmouth. Oron, under the Act of Ifarrh 1 1C ISHL'KD KVKKV KKIHA V Subscription Rates One year . . n.50 Six munthi . 75 cU Three month . 60 cts Monmouth, Oregon. FRIDAY, JULY 23, 1915. Transforming The Currency Retirement of bond-securer! currency, by the Federal Reserve Jionni lias begun mid w ill be in full swing next year. The cur rency law gives the Board au thority to compel the reserve banks to buy not more than 1251000,000 n year of the 2 ner cent bonds which are held to secure National bank notes. The total of these bonds is (101,. 000,000 and 1135,000,000 of other Government bonds are used for the same purpose, but the law does not require their purchase. The reserve banks have al ready bought in the open market 7,001,000 of 2 per cent bonds nd on January 1, 1910, will be gin buying the first 125,000,000 required by law. They may either use the bonds to secure circulation of their own or may exchange them for one-year United States gold notes bearing 3 per cent interest or for 30 year United States gold bonds at the same rate, neither notes nor bonds being available to se cure circulation. This will bo the beginnini' 0 the process by which currency will be divorced from bonds, after the two have been couplet together since the CLyil War. 1 hat unnatural union has been largely responsible for the alter nato plethora and strinjrencv n money which has been a moving cause of panics. The supply 0 currency being based on the supply of bonds instead of on the needs of business, we have endured the anomaly of being able! to get money when we did not need it and of not being able to get it when we did need it The National bank notes are to be replaced by Federal re serve notes, to bo issued by the (.Tovernment to reserve banks, the new notes to be secured by 40 per cent gold and tlnir face value in commercial paper ac cepted for rediscount. This latter provision will cause the volume of the new currency to expand and contract in propor tion to the needs of business, while the gold reservo require ment will guard against inflation. The processof transition from the old to the new currency, which has already begun, may ie extended over twenty t 1 . unt it may be hastened, for National banks have the right after January 1, 1910, to retire thew entire old-style circulation and to sell the bonds by which it is secured to the Government. Probably long before the twenty years expire all National bank notes except those iu the hoards of misers will have been retired. Weekly Oregonian. seaman's law is driving Aineri-folC30Pll can snips under foreign nags: The steamer M. S- Dollar, of the Robert Dollar Company, sold to IJirkall & Co., of Shanghai, is well known at Taconia and has loaded here frequently. The Dollar Company has alo ?old the Mackinaw, another vessel that died out of Taconia to San rrancisco a number of years m the coal trade. The reason given by Robert Dollar for the sale of the vessels is the sea man's law, which goes into effect in November. Captain declared some time ago he would again take his vessel from the Ameri can registry and place them under the British flag. The sale of this vessel now leaves the Minnesota the only vessel plying Lin the Oriental trade flying the American flag. The Pacific Mail has announced that they will withdraw their vessels from the service. Naval Aeroplanes We are ofi- On ad-writing this week, but we are not off on Goods and Quality. Call in when you need anything; We'll find time to wait upon you. You need our goods; We need your money; The benefit is mutual. Vemogogy Downs The Mag Following item shows how Senator LaFollette's demagogic One lesson of the war that1 will probably be made the most of iu develonini? the naval i 1 n - s fence of the United States is the j part that can be played by the' aeroplane J It has been learned through experience that a navy without I aeroplanes is as helpless as a submarine without a tierismno 1 - r- It has also been learned that the aeroplane is one of the best de fenses against the submarine. Aviators flying at an altitude of 300 to 500 feet can see from 150 to 200 feet below the surface of the water and detect the presence of any submarine craft' in U.p vicinity of a ship, warning it iu time to escape destruction. In connection with the loss 0 the Lusitania it is asserted by those versed in aeronautics that this could have been prevents had the British government em 'loved on the Irish coast such mi air patrol as that bv means of which the Russians have kept their Black sea coast free of German and Turkish vessels This ut least is the opinion of i Charles L. Witner, an American aviator recently returned from Russia, who says that govern ment has been able with an equipment of seven air ma chines, costing about $100,000 to dispense with the services of several cruisers and to insure roteetion. A similar opinion is expressed hv II house in a communication to the New York Times. He saw "The small investment of 20- 000, the cost of two aeroplanes, would haveaved the Uisitania, the terrible loss of life and an actual loss of over two million dollars." A battleship costs seven nr eight million, an aeroplane seven or eight thousand. This i years, cheap insurance. Looking into the future Mr. Woodhouse says recent developments in naval aeronautics show clearlv the 1 advent of a new epoch, a period when the ships of the sea must face a uew and poteutial adver sary, when transports equipped with .torpedo launching aero- planes will be a match for ar mored war ships in naval battles, and the side winning in the air 111 win nave a prepouderous advan tage over the other Journal. MONMOUTH MERCANTILE CO. Monmouth, Oregon CZ3QCZofi States may be obtained from the.' following figures. On June 1,; the total number of automobiles was 2,000,000. The total" run ning expense for all cars in use was 730,000,000. Add thereto the value of the (500.000 cars purchased during the year ! at an average price of 7f0, or 1150,000,000, and we get the immense total of 1,180,000,000 spent in a single year on the sport of motoring. Is it any wonder that a certain automo bile factory can cut a big melon? Journal, Canning Work Popular Reports of attendance at the canning demons. t ducted by the 0. A. C. on special cars provided by the Southern Pacific Railway company, show that the people are verv mnnU interested in practical phases of this subject. Attend. nf first day of the demonstration reached considp .-.j n,vic man five hundred, all nf u-i n tiuiu were directly interested in im-rn. canning methods. . The second demonstration was given at Mon- mOUth. Where shirlonta ,J t.. U e 1U lue" ulty of the Summer School turned out in full force. I Attendance at Albany, Jeffer son, Gervais, Turner and Salem on Tuesday and Wednesday of last week, was also nmtn - sans- factory. At Salem there were 12o persons present in the after noon and manv movent tho "'- CICU- msr demonstrntinno kn .- Commercial Club rooms. Canning equipment and ma- -na,s are carried in one car The other car is used as a lecture room in inclement weather. The baggage car I'saW;, ...:.L 2W chairs for the accommoda tion of these "sW ,. """" vuurse students. This servi ,;n . continued during the remainder Newport Oregon's Popular Beach Resort An ideal ouMoor retreat. Hunting, fishing, boating, surf bathing, etc. Interesting visiting points in the neighbor hood. Convenient camping grounds, electric light, pure water Low Season and Week-End Round Trip Excursion Fares Two Daily Train From Albany " Ask for illustrated folder "Newport" giving list of hotels, rates, etc. Two A Visit to the World Expositions at San Francisco and San Diego is an event of a life-time and one you cannot afford to miss Special Fares in July to San Francisco, LoS Angeles and San Diego on certain dates Low Round Trip Fares Daily with stop-overs in either direction Four Fine Traini Daily in Each Direction 1 Stop-Overs at Expositions All tickets to the East via California permit stop-overs at han Francisco and Los Angeles to see the Expositions Ask nearest Agent for "California and Its Two World Expositions" "Way Side Notes Shasta Route." SOUTHERN PACIFIC John M. Scott, General Passenger Agent, Portland, Oregon An idea of the size of the automobile till of the United . Himes Engineering Co, Surveying and Platting Estimates furnished on Drainage and Irrigation Work. frossM Pallas, Ore. CITY MEAT MARKET GRIMES BROTHERS, Proprietors Always on Hand: Fresh and Smoked Meats, Bologna; Minced Hams, Boiled Ham's, Ham and Bacon Fresh Fish on Fridays The highest cash price Eaid for all kinds of hides General Delivery. Phone Main 2302 -' TT . . TO " , one year, Hera d and Pacific Homestead one year Hera d and Weekly Oregonian one year Hera d and Daily Telegram one year, Herald and The Weekly Blade one year $2.25 25 2.50 5.50 1.85
