Keep Wampum Sound
D IS H E S
Ji
lust arrived. Good Prices. Good
Quality. Com e in and look them over.
Also
CONGOLEUM
9x12 for $17.00
RUGS
HILL & <S.
V arious M eaning* o f C redit— T h e W ay C haracter Beget*
C on fid en ce and O pens the W ay to Trust— T h rift
and H o n esty th e B asis o f B an kin g.
The secret of why some men can readily obtain credit,
while others are unable to borrow a cent, is disclosed in the
present article prepared by the Committee on Public Education
of the American Bankers Association. It tells an interesting
story of how a man of forty, of good reputation and fair suc­
cess, was nonplussed by his inability to borrow and had to pass
up a good opportunity.
Banka are said to deal In credit
The word "credit” has various mean-
ins*. When you deposit money, your
account receive* “credit" for that
amount When a man borrow* money
on hl* not* nt the hank, he 1* granted
"cred it" When a railroad, a manu­
facturing concern, a town, or a gov­
ernm ent issues bonds. It use* It*
“c re d it” When anyone buy* good*
without paying cash, at the time of
purchase, “credit" la granted. W ith ­
out credit, our present day business
system could not exist
Credit 1* possible only where peo­
ple have confidence In each other,
and confidence can exist only where
good character exists. Every success
ful business man look* upon h l* credit
standing a* a most valuable asset,
aad he maintain* It by square dealing.
To get credit a man must pay h l*
debts, or It soon becomes known he Is
not of good character and not worthy
of confidence. Those from whom he
would buy refuse to trust him and the
banks decline to grant him credit
Then comg business (allure and a long
uphill fight to get on h l* feet again
and Uve down the past
More Than Honesty Needed
*80 from the hank, and paying It off
out cf savings.
When ts Shun Debt
There are circumstances, however,
under which on* should never borrow
money. Never Incur a debt In a speo
ulatlve venture. OF T H E PEOPLE
W HO SPECULATE. N IN E T Y -F IV E
PER CEN T LOSX. Neither should
debts be Incurred to purchase plea­
sure-giving possessions. Such debt*
are mlllstoae* around the necks of
counties* families.
Progressive bank* adhere to the
same standards they exact of their
patrons
Their business method*
must be beyond reproach. They ex
elude business of doubtful reputation
and have no part In the feverish
struggle for euddeB wealth.
W ell
managed bank* are regarded with
great respect, and hold a place of
ever Increasing Importance.
Some thoughtless persons criticize
banks for not making loans more
freely but It must be remembered
that a hank’* business 1* to receive
deposits as well as to grant loans,
sad It is therefore the trustee of
money belonging to others. It must
safeguard It* depositors' funds and
so control them as to be always ready
to return them Intact upon demand
That requires great car* In granting
credits.
Honesty 1* not the only factor In
volved In credit For Instance, Mr.
Jones, a man of forty, of exceDent
morals, who ha* enjoyed a fair In­
come for many years, see* an oppor­ THE MORTALITY OF
tunity to purchase a business. He
. SAVINGS ACCOUNTS
requires financial assistance. He calls
on a banker and ask* tor the neces­
sary cred it The banker aska the na­
The Savings Banks Association ot
ture of the business, what It wtu cost,
Massachusetts ha* lssnad a tabulation
and what Mr. Jones can command in
ready money, or other resources, but made by a mutual saving* bank in an
learns that he ha* no money or prop­ average New England town showing
th a t ot the accounts opened during a
erty of h l* own.
I t Is clear that Mr. Jones lack* six months period, 88 to *0 per cent
ability to manage h l* affairs wisely. were open at the end ot the period
He ha* not had enough strength of At the end ot the next six months
character to save money by adapting about 70 per cent were open. A t the
expenses to Income, and therefore has and of on* year about «0 per com
not proved that he could make flnan were open; nt the end of 18 months
elal progress. Moreover, If men do about 88 per cent; at the end of three
not Invest some of their own money year* about 80 per cent; and then the
la the business they usually lack In­ figure rather steadily declined by 1 to
centive and become easily discour­ t per cent of the original number
aged. I t would be unwise for anyone each year. A t the end of ten year*
to assume such a financial risk, and abont 28 per cent of the aocount* were
Mr. Jones probably would fall to gat -still open. After that the changes were
credit from the bank. He must give very sm alt mostly on account of death.
up k it opportunity to eome one elee
who has saved money.
F e d e ra l Reserve Copied
Banks are public servants, but that
does not obligate them to serve those
who are unfair In business or lack­
Peru ts the first country In Latin
ing la the great principles underly­ Am erica to reoTganlsa Its banking
ing success. To be known a* a care­ system according to Federal Reserve
ful and thrifty person la the best prlnclpfie* by the enactment of the
assurance that the bank will extend Federal! Reserve Act of Peru to de­
financial help when needed.
velop I he country’s resource* along
Many people think that on* should modern tines ot financing. Pern's new
shun debt Uke the measles. They bankina system Is modeled after the
fall to distinguish between wise and United States Federal Reserve, with
unwise debt It Is wise to use credit, modlfic atlons such a* the banking
that Is. go into debt to buy a home. condltt- ins sad general financial sit
Such debt encourages th rift A stu­ nation there require. It provides tor
dent may wisely borrow mosey need­ the cr< mtlon of a Federal Reserve
ed te complete hi* education. It Is Bank In -. Peru. The directorate of this
an Investment that should pay dlvl- bank ts to be composed of nine mem
dends In greater «access. Another bere. t’ sree of whom are to be deelg
wise use of credit Is borrowing nated by the Government and the
to buy good bond*, sucb a* Liberty other stx are to be elected by the
Bonds, paying *20 down, borrowing membi r banks.
By S A M U E L H. B E A C H ,
President,. Saving* Bank Division,
American Benkers Association.
Although the United States Is today
npon a solid gold basis, we neverthe­
less know of our own knowledge what
Inflation means. It
would take long to
recall In detail the
bitter
experiences
which this nation
suffered during the
Civil W ar ana the
years which follow­
ed I t and In onr
present easy condi­
tion we might think
such c o n d i t i o n *
». H. ecash
could never again
arise. But with such men as Henry
Ford and Thomas A. Edison talking
about commodity money there la no
foretelling what may happen.
One of the plainest lessons taught by
financial history 1* that whenever a
nation Issues paper money with noth­
ing back of i t that nation la on the
road to disaster. Look at Russia with
its worthless ruble* and Germany
with its worthless marks. Think of
what happened In France during the
years Immediately following our Revo­
lutionary War.
The common people ot France rote
In their m ight tore down the Bastlle,
and made reprisal for centuries of
kingly crime and oppression.
The
profligate court had piled up taxes un­
til they were unbearable.
The en­
raged populace killed King Louis X V I,
and also his qneen. M art* Antoinette.
But they only threw themselves out
of the frying pan Into the fire so far
a* finances were concerned.
Unsound Money Tyranny
A t the very worst point of their cur­
rency inflation they foand themselves
under the absolute domination of
Robespierre. In order to meet the
growing scarcity of coin, paper money
called assignats were Issued. First
400,000.000 francs worth, then 800,000,-
000 were added with the distinct un­
derstanding that the 1,200,000,000
would be the full extent of the Issue.
This pledge was soon broken and fur­
ther Issues brought the total up to
8,700,000,000 francs.
Frightful depredation was the In­
evitable result; and legislation was
passed making It a crime, with six
yean' Imprisonment as the penalty, If
any on* thonld refuse to take the pa­
per aasignatS at their face value. Just
think ot It l A French peasant after
working the entire year to produce a
crop was compelled by law to accept
payment for that crop In paper mon­
ey. which he knew to be worthless, or
go to prison.
I t was simply legalized robbery.
When the penalty was increased to
twenty years imprisonment the Inevi­
table climax came. The Reign of T e r
ror was at Its height
Robespierre
was In supreme power. He suggested
that more assignats be Issued and If
the people did not take them the guil­
lotine should be the penalty.
Robespierre** End
This unheard ot outrage was more
than the people could stand. An un­
known man arose on the floor of the
oonventlon and denounced Robes­
pierre. reciting the heinous crimes he
had committed, and so worked upon
the feelings of the audience that
Robespierre, t h e
tyrant, became
Robespierre, the convicted criminal
Two days later he was led to the gull
iotine. France had learned her flnan
d a l lesson well—that money must
have value back of i t
The fallacy ot unsound money Is
sure to confront us again. Never 1*
there enough of everything for all the
people. The struggle for existence Is
a real struggle, and those who find
themselvee in the lower strata of hu
man society ere ready at any time to
grasp at flat money or any of the oth
er things which misguided politician*
hold out to them.
My whole purpose is te drive home
the fact that danger lie* ahead and te
urge every one to let no opportunity
go by to use voice aad Influence to­
ward keeping the wampum of tbeae
United States, as It Is today, the
soundest currency in t ie world.
BANKING REFLECTS BUSINESS
A m e ric a n E a g le
Fire Insurance Co.
C. P. STAFFORD,- A gent
Farmer"
and
(Continuad from paga 1)
This is good advice. " I f you live
Frauk Ganal* spent the week
in Albany, trade m Albany ; if you live
in some other Iowa, trade in that town." tnd at Oregou City.
Hut in theta automobile days many re­
Davts ha* discootinusd the A l­
siding elsewhere find it advisable to do
at least part of their buying in the bany Brownsville stage
larger town. Those who go to Albany
Andrew Niohollsof Lebanon has
to transact business will find the firms
named below ready to fill their require­ been sent to Iba i o sane asvlutu.
ments with courtesy a n i fairntss
______________________ _ _ _ _ _
Mrs. Esther Rike bss gone to
A lb an y Bakery, 321 Lyon street, Albauy to keep bouse for Mrs.
Best one-pound loaf of bread made. Foster.
"The Am erican banker's m arket 1. / « i u ‘
Necessity fo r Foreign Credits
w U d .a ^ k o ’
Ramsey, who drove the stage
in the fatal collision near Shedd,
Orders Abed is out of ja il under $1000 bail.
O ftic T
A Ibany Floral Co.
carefully for everywhere or any
time. Flower», wire anywhere i n V . h
o eC in ada, Flow er phone 4589.
Miss Audrey
Minnville, who
A L B A N Y G A RAGE. “ Stüde- mer school at
b a ite r" and " S t a r " automobile!. week-end guest
borne.
General repairing aad supplie».
lue Bird Restaurant.
B
Alfred Steinhauer atid wife of
309 Ly­ Greenleaf, the latter
W illiatn
o n street
K at
h here
e re
w
k
on
Eat
when
in A l­ W h e elet’a g ra n d d a u g h te r, visaed
bany. Upen from b to 2 and 5 to 8.
_______
B
r
u
n
s
w
i c
k
The Oregon National Guard fur­
nishes regulation m ilitary teuts.
which are already being set tip at
Fish Lake, for the Boy Scouts’
l^ a s tb u r n Bros.— Tw o big grocery
encampment, which opens July 30.
PHO NO G RAPHS
*t
W O O D W O R T H 'S
»tores, 2X2 W. First aad 225 South
Mam. Good merchandise St the right
-prices.
ü lo o d ’e dry goods store is the la st
A place in Albany to buy dry goods,
luruisbings and notiena. Service is oar
motto.
EVirtuiiller Fornitura Co., furtti-
M
M
,
R
Frtim ’s new warehouse, as big
aa before the fire, is ready fur the
big hay crop, and a new baler, just
off a freight train, stood between it
and the depot staring at it over a
week.
John Duncan of Shedd, whose
serious illuess was mentioned in
Rsiterprise last week, died Wednes­
day but the news did not reach the
this office until the paper had gone
to press
He was 78 years old. J.
E. and C- C. Duncan of Shedd are
his sons.
D. R. I . Michener, once a
Brownsville schoolteacher, and hie
wife, formerly Lennie Ratneay,
with their daughter Mildred, have
been here from their home at M ul­
vane, Kansas, visiting at Amoe
Ramsay's.
K. H Porter of Portland was
attending to business In this vialn-
ity the first of the week. He has
purchased a fine new home in Rose
City park in Portland and with
his family expeols to move in the
last of this week,
We are thankful to friends who
send in little social items like this,
but (his one came in last week af­
ter the Enterprise had been p rint­
ed : Mr. and M ’ »- W. H- Beene
tnd snn Allen spent Sunday at'tlie
Pearl True home.
There has been a change in the
Sunday mail service at the Hslaey
postoffice. No mail goes out Sun­
Chinaware and gift shop
days except on the north-hound
Albany
330 Weat Pirat
11.37 train. The postofficn will be
T IM S O N T H E SH O E DOCTOR epen only from 10:50 Io 11 a. m.
Second street opposite Ham ilton's and from 12:15 to 12:80 p. tu.
s.
8.
G IL B E R T
& SON
S
store.
" Sudden Service.”
R, K. McGuire, 50. of Portland,
and Harold Gray, 18, of Lncomb.
aldo Anderson A S o n . d is t r ib ­
were killed Friday at the H am ­
utors and dealers for M axw ell, Chal­
mond lumber company’s work* at
mers, Essen. Hudson A liup iaob ile cars.
Accessories. Supnltes. 1st A Brosds'bm. M ill City by a heavy donkey en­
gine, which was being moved,
when a cable broke and let it run
over them.
W
The U N IV E R S IT Y of O R E G O N
contains: .
.
The county Red Cross handlod
the cases of 45 ex-service men and
33 civilians in June. Disburse­
that cost less per month of wear ments were $80 00, of which <60
went for ex-service men, <7.35 for
civilians and $12.71 for expenses.
Miss Edith Forrest, the efficient
executive, leave* Ssturdav for a.
F U R N IT U R E A N D
FA R M M A C H IN E R Y month's vacation aud Mra. A . C.
Hayman substitutes for her.
SHOE
SERVICE
The College of Literature. Science
and the A r t* with 22 departments
The professional schools of A rchi­
tecture and Allied A rts— Business
Administration—Education—Grad­
uate Study— Journalism — L a w -
Medicine— Music— Physical Edu­
cation— Sociology— Extension.
Shoes
For a eatoloiu* or on]) mformotton
u/nU TE* R*iutror. Unroorritp of
Ort^on. Euftn*. Or*fon
bought sold and exchanged at all times
New
and
used
rw 4M
A
Year Opm Sep«»«*" 25.1923
Modern
Barber Shop
Laundry sent Tuesdays
Last T hursday there was thun­
der and lightning, with hailatonee
Pbone 7b-R, 12.3 N. Broadalbin sL, Albany aa large aa English walnuts, at
Fish Lake. Tries had all their
leave* beaten off by the down,iour
in some places. But that's tame.
Over at Bend they got hailstones
that weighed a pound apiece. A
We are m aking five-year loans on greenhouse lo»t 11500 worth of
Linn county farms at ,5X% plus commis­
glass and much other damage was
sion , Call on
don«.
R b a m La n o C o .,
B E N T. S U D T E L L
FARM LOANS
133 Lyon St., Albany, Ore.
A B E S PLACE
Other
Why Buffer from
headache?
Have vour eyes
examined
8. T . FRENCH
Markets Create Demand for Inter­
national Financial tervlea.
The Idea that bankers engaged la
flnanotag foreign trade aad la han­
O ptom etrist with
dling foreign bond flotations are a par
tlcular cult of 'International bankers”
F M . F r e n c h Si S o n s
actuated by motive* differing from
J E W E L E R S - O R T IC I A N S
those ot other hankers was refute!
Albany, Oregon
recently by Otto H Kahn of New
York, la an address before the Bock
IvAAAr*
eater Chamber of Commerce.
"There Is no snch thing as an I n ­
ternational Banker* In America, as the
meanlqg of the term Is generally The dark or cherry tone on the crystal
understood.” Mr. Kahn said. "He exists
frame
Aak to tee the samples
la the Imagination of people nil too
numerous. bat he does not exist In the
Efficient Service.
Motor Hearse
flash. You might Just as well speak
Optometrists, Msnafsctnnag Optician*
Lady Attendant
ot tha,International Farmer’ because
Albany, Oregon
B ro w n an lle............................ . .Oregon
itflg*
Alluringly Attractive
The Newport
“ F a s h io n ”
Frame
Meade & Albro,
«
him Monday aud took him to A l­
ban; and back nt their car.
Mas. B l o v h t .
M*
Business Men Who Bell to Foreign
----- H
9howalter of Mc­
is attending sum ­
O. A. C , was a
at the B. M . b ou d
G. T. Hoekeustnith.— Lloyd Teispleton.
“ • ture, rug*. linoleum, stores ranges.
"In saying this, I do not mean te Funeral directora 427 433 west First
Imply that there is anytbing that call! Street, Albany, Oregoa.
for apology In the floating of forelgr
loan* In America and In the loanln, lpilius developed and printed.
of American funds to Europe, provid A We m ail them right back to you.
ed such loans are considered sound at Woodworth Drug Company, Albany, O r­
to security and are made for leglti egon.
mate, constructive purposes. Indeed LTolman & Jackson— Everything
such loans ought to. and I believe will AA for to u r table txceot the linen
be made in Increasing measure, when Highest quality and prices reasonable.
condition* In Europe will have become
Huone 43
Opposite l ’oatofiice
such as to warrant It.
en and money are best when
" It Is manifest that the promotion
busy. Make your dollars work in
of o -r export trade. Including, nl
courie, the export of farm product* our savings départaient. A l s a n v S t a t e
requires us, under the circumstance! B a n k . Under government supervision
a* they now are and are likely to
iller Motor Sale*
remain for some time, to aid the pur
Oakland and Jewett cars
chasing power of other nations by ex
Supplies and accessories
tending to them financial facilities tc First and Baker Sts.
Albany, Oregon
a reasonable extent.
orton & Speer Service Com-
" It Is the function ot the banker to
pauy
he Instrumental In carrying out sucb
Headquarter* for good tires
transactiona. In doing so, be ts ths
First and Lyon
means of serving a useful national Phone 65
purpose. Just as he served a useful.
oscoe ames hardware
Indeed a highly Important national
the
purpose, Jn being the means of attract
W IN C H E S T E R S T O K E
log and bringing European capital to 322 W . First s t
America In former yeara when condi­
ood-
tions were reversed and such capita) Cpccinlizad shoe repuiring. Go-
sewiug
White's
year welt aole sewing
Whi
was nothing less than vital to the de­
velopment of thia country and the Shoe Repair Service. Opposite Hotel
Albany.
realization of its opportunities."
U n ivERsiTYof O regon
Jots and3'i,lles
^ b a n y j^ re c to ry
tz w w ta s
aebu*
1 111*
X 4 » success i Is
» con­
.
the m P homo
m w arket
ditioned upon the capacity and will
Ingneas ot the American Investor to
absorb the securities wnich he offers
Hie very existence depends upon the
confidence and co-operation of the
public aud ot his fellow bankers—and
any banker whose activities would
Justly create the Impression that he
was actuated by cosmopolitan rathei
than by American Interest* would
very soon lose that confidence and
following.
“The business which he does for hie
own account In. with, or for Europe
la Inconsiderable as compared to the
bustness'be does In America. Hts prln
clpsl functions In relation to Europe
are to provide the requisite bankina
facilities (or export and Import and
for travelers. That part of his tune
lions which consists In financing loam
of foreign government* or Industrie!
ha* hitherto been, with sporadic ex
eeptlon*. of relatively Inconslderaob
proportions as compared to the vast
Dess of the volume of his transaction!
In finanedng American industry, oom
mere« and enterprise.
Dyeing, Cleaning and Pressing
"International
Mr. ami Mrs. H w Chance and
M r . and Mrs. Alfred W right and
soif Glenn and grandson Harry son J lomer of Portland spent the
visited at the Henry Bateman week end at the J. W. Moore home
home 16 Brownsville Sunday.
in tb .¡a city.
of hl* crop* to Europe, or of the ‘la-
ternatioaal Manufacturer.'
"The banker maintain*, and can
maintain. International contact, and
eonduet International basine**, only te
the extent that American Industry,
commerce and agriculture are Inter
national. True, the banker muat take
within hl* purview continuously the
conditions of affairs and the current
of things throughout the world, hut
so must the exporter end Importer,
and so must the fanner take Into ao
count the prices end tendencies of the
world market la Liverpool.
Banking Mostly Home Business
DELBERT STARR
Funeral Director and Li­
censed Embalmer
Five sisters who had not been
together At one time for forty-
three years met st the home of one
of them, Mrs. A K Randall, 727
Madison street, yesterdav noon.
They are daughters of Rev, anti
Mr»- 8. T. M iller, pioneers, who
lived near Scio They are Mrs.
lohn M iller of Halaey, Mrs. J. C.
Hudson of Pullman, Wash., Mra.
Sarah Gnmher of Albany, Mra.
Fannie Buchner of Salem and
Mra.
Randall. Tb*
fallowing
friend* and relatives were invited ;
Mr. Randall. Miss Daisy Bschner
of Albany. M r. and Mrs. Robert
M iller and daughter of Harrisburg
and Rev. and Mrs. J. G. Kpencer
and daughter of Florence, — A l­
bany Herald, July 12.
Monday Mrs. O. M. Larkins,
23, an Albany bride of three
weeks, drove her auto upon the
railroad track in that city and a
train hit and wrecked it and her
right thigh and left knee were