The Shedd Fair
A m erican E agle
Y o u n g E x h ib it o r s W i n
By Anne Pennell)
m ig h t
g et fo r
it
in c a s e o f fir e .
Th 5
k A m e r ic a n E a g le F i r e In s u r a n c e c o m p a n y
| w ill p a y y o u 8 5 % o f t h e c a s h v a lu e in e a s e l
o f lo s s b y f ir e .
‘
on “ te t, 1 8 , C la ric e M tC u ti-
a a o n ./l
t O .
A ______ a *
nell second,
$2 ; Ann*
Prance* Mc
n o ,,
HALSEY STATE BANK
Halsey, Oregon
AND
SURPLUS
$ 3 5 ,0 0 0
Commercial and Savings accounts Solicited
W ho Inflated Curreny? I business at lower price*
George E. Roberts Gives Com
mon Sense Explanation for
Currency Increase and
Decrease.
GOVERNMENT TOOK NO PART
Due to Changes In Supply, Demand
and
Pries* ef
Commedttlee
Caused by W a r—Federal
Reserve Net te Blame.
released cur
rency from use and caused It to re
turn to the Reserve banks.
“There has been absolutely nothing
new or strange In these price move
ments related to the war. Inflation
and deflation have been Just as al
way* when wars have occurred. The
only new factor has been the popula
tlon. That la always being renewed,
and moat people do not learn by the
experlnce of other*. When hard times
come It ta always the thing to lay the
blamed on somebody, and thia tlm<
the Federal Reserve System ha* taken
most of IL”
Ju d g in g a G reat
In s titu tio n by
Sm all D efects
The mistaken notion that the cur
rency la Inflated and deflated by the
government la the United States from
motives beyond the understanding of
average people I t effectually aet nt
rest by George E. Roberts, noted
banker end exponent of sound money,
in an article la the Journal of the
By J. H. PUELICHER
Am ericsn Banker* Association.
President Am erican Bankers Asso
"There ha* been inflation by the
ciation.
governments of Germany and other
It
would
be
difficult
to find a bank
European countries, which have is-
r, understanding thoroughly the Fed
sued money for the purpose of paying
their expenses,'* Mr. Roberts say*. -eral Reserve System, willing to admit
that w e could
"The United State* Government ha*
continue a first
done nothing of thia kind since the
class commercial
Civil W ar.
nation,
without
"There is a genuine need tor elas
the Federal Re
ticity in the volume of currency, and
serve Banks, or
for machinery to adjust It to the legit
mechanisms aim
•mate need* of the country.
The
lia r to them. Yet
means provided are the Federal Re
there Is antes
serve Banks, authorised to Issue cur
onlam to the Fed
rency to their member banka, either
e r e 1 Reserve
in payment of deposits or for lean*.
Puellehcr Banka baaed In a
•Ide-Traeked Like Freight Cars
measure on some
"More currency Is needed in Sep minor mistakes In administration, but
tember, October. November and De
more generally on a misunderstanding
cember than In January and February.
of their purposes, of what should be
Aa bustneee slackens, currency nat expected of such a system.
urally retiree tram clneulatioa. Money
The banker, aa much aa any man, ts
aectfmulatea la the member bank* to blame for the present misconcep
and they send It In to the Reserve
tion.
He found Federal Reserve
banks, which la effect retiree IL • •
Ranks a ready scapegoat to blame for
freight cere are retired when traffic
no matter what happened.
If It
fa ll, off.
seemed desirable to refuse or call a
"W hat caused the great tndatlon of
loan It was easy to say that the Fed
credit and currency? It was due pri
eral Reserve Bank wished IL although
m arily te the war. which made ex
It should have been refused because
treordlnary demands apen the Indus
contrary to good banking practice.
tries and caused a tre a t rive of wage*
Most of all was the system blamed
and prices. I t was Inevitable that for the fact that violent inflation
more credit and money would be which hundreds of business men and
called for te carry an baslaess.
bankers heped might be continued
"The boom year of b a s in « * that fol
tdrever was aaatiy caecked by putting
lowed the armistice was likewise ab
up Federal Reserve Interest rates
normal. The end of the w t * released
There were those who blamed the
a great many demand* that had beea system for not having put up the rate
held In check. The foreign damned*
soon enough and others who blamed
upon on at first lecreeeed. There was
It because It put up the rate at a ll
* temporary itlmnlns, but the volume
The penalty tor thua blaming every
ef bustaes* we* abnormal *n<f could business mishap en this valuable eye-
not be seotalnefi. Agricultural pro- tern may be the loss of Its much
deettea la Europe revived, the price* needed benefits. If we wish to save
ef agricultural product* moved hack the present bank of the United States
toward normal, Importations from flip from the fate of Its two predecessors
United State* fell off, price* decllaei. we moat make known to America, to
"deflation" began.
Its rank end file, the splendid useful
"Seme say 'laFAtlom should not be nets of these Inatltutiona.
permitted.’ but It w ar occur* Inflation
We must admit at th* oataat that
la ueavmldable.
Racrultieg armies la their administration mistakes have
make* a labor scarcity. Contractors
been made, that governor* of Fed
hid above golmt wage* to attract men.
ersl Reserve Bank* end member* of
The war ladvstries did the same and
fke Federal Reserve Board are humaa
the peace tr.dustrle* raised wages te
bring*, and In the administration of
hold their 'men. Government* of Eu the affair* of any Institution by
rope sent Tepre*entatlvea te this conn- human beings mistakes will be made,
try to buf/ food and they bid op prices
bat these here been so Insignificant
oa the grata exchange*. Higher levels
aa compared with the outstanding
ef wages and prices meant that mere
usefulness of the initltutlon* them
credit and money w u required te
selre* that they should he Judged by
bowdla Xnafaees.
the good which they hare performed,
mere »«mnoao, Mere Money
which. after all, has been along the
i "T h * Increased leases of eurreney
llria of thetr designed achievement,
was a recult ef allowing buaiaess to
raider than by those error* which
ge ahead, upon the rising level of
tlm * and experience can easily all ml
wage* and prices. Wham a factory
pay-roll doubled, twice an much cur
reaey had to bo furnished tor IL
Whoa cotton roeo from Id cents a
T H E PO LITIC A L C M A fit
pound to M and dd. more currency
wee required to handle the crop, and
“Our friend has been defeated
so ell around the circle.
''Deflation did not come by an aet for office many a time, but you can’t
ef the government or the Federal Re any he’* a lam* duck.”
serve authorities In suddenly with
"No," rephed Senator Sorghuat
drawing money from circulation
l?o-
datloa came naturally when bustaes t “He '»n’t a lame duck. He's a wild
gooee"
f-ll off and pries* declined
Just as
an Increasing volume of bnslnsss at
ey I' Monday it the ■otsrpris* edito r ’»
higher prices called more currency
.
Into uee, so a < serene Inf volume •f | fi»J
ny J^/)irectory
Best one-pound loaf of bread made.
7 cents ; 3 for 20c. Wedding cakes to
order.
J. Cram oi H arrisburg has
t>een sent to the insane asylum.
Twenty
m arriage licenses
A
s
howeTer- that the I 4 Ul£ " V B* kerT. M l Lyou street,
W
. -
time. Flowers, wire anywhere in U S.
or Canada. Flower phuuc 458-J.
ALBANY
GARAGE.
F an cy w o r k — D ivisio n
I — M rs
S
b a k e r" and " S t a r " automobile!.
decided to borrow enough
General repairing and supplies.
_ money to
.
.
.
_
construct IL In order to obtain the |G . T, Hockensinith.— Lloyd Templeton.
money the city has Issued bonds, each
of which la a promise to pay one thou- R ' l,e B ‘ r<^ R u ata u ran t, 301) L j o d
ian8
M at * a —
—_a^ ■ date,
»
>> Albany.
street. Pat
Eat ham
here tL'kan
when ■
in
•and strallttO
dollar*
specified
and .1
Open from 6 to i and 5 to 8.
Interest In the meantime at a specified
Mas. B l o u n t .
rate. The bank buys one of these
bonds. Thus the farmer has had a
D R ü N 8 W I C K
part in providing the city with
1J
PHO NO G RAPHS
school building; and the farmer has
at
Just as much right to expect interest
W O O D W O R T H 'S
for the use of hl* money at though he
had loaned the money directly or In- I |?«stburn Bro*.— Two big grocery
directly to Neighbor Brown."
| ~ stores, 212 W. First aud ?25 South
Mrs. C. II. Bone of Spokane,
Thursday to visit the rest of the
week
The grand ju ry did not indict
Ramsey, the driver of the Pick
wick stage which was wrecked
near Shedd, and he was released.
Jess Davis of Halley, who had
appealed from the verdict con
victing him of m aintaining a
bootleg nuisance, changed his
mind and plead guilty Friday
M urderer P arker gave notice
of an appeal at the last m inute
and Governor Pierce gave him a
reprieve to allow it to come be
fore the supreme court.
R. T. Brown, county clerk of
Umatilla county,
and Mrs.
Brown, one tim e Miss Plym ate
of Halsey, were in town T hurs
day visiting old acquaintances.
The Missionary society of the
Chrietian chuich w ill meet nenL
Tuee.lay at 2 p. m with M r * .
Forster. Mrs. Lyle Chsnc* will
'ead. A * it I* a boine-comiog
meeting, every member i» uri ed to
attend.
The Hill Interests are acquir
ing so much tim ber in the east
ern p art of this county th a t
they’re «xpeofed to build a railroad
connecting the
with Cascadia
M ade-T u - Measure Clothes
ing beyond the
e
en and money are best when
Mr. and Mra.
to make the employee live wltbln hla
F
Siode- f'gtar of M r*. Faille Krura, nnriyeu
Connell third. 81, Division I l -
Edna Pugh firat, 83; Division I I I
- E d it h Pugh th at, $ 8 ; W il l *
M cC onnell second, 83. Chats pion
calf, Edith Pngb.
Sh-tland
ponies— Katherine
Pugh first, $3 ; Kenneth Smith
Halney) aecond,$2; Elmer Abru-
ham third, $1.
Saddle h je e a — H .
B. C'avk
first, $3; Elgin Northern second,
Maio. Good merchandise at the right
¡2 ; Cdith Pugh third, 81.
price«.
COMPULSORY THRIFT
I pfw
Ponies—Floyd Juh eon firet, 83:
Earl Clark second, $?.
Epilin» developed and
printed.
A We mail tbeiu right back to yon,
Sheep— J. M . McConnell first
In Kansas a group of power and
Woodworth Drug Company, Albanv, Or-
end second, $3 and 82.
telephone companies ts trying a com rgon.
Naildriving couteit— Mr». N
-----------
pulsory thrift plan, which affects .
House fir»t, $1.80. Mr», Grant about 1,200 employees and applies to
dry good* store is the best
Thompson seeond, 81 ; M r*. May every member of the organisation
?'’ ce 10 A,^*ny to bny dry goods,
from the president Io the bumblesi o X “
"O0O“‘ ’ S * " * * “ ° “ r
Kobnelt third, 5 0 \
Horse tace—O. A. Pugli first, day laborer. The plan require* that
$3 ; Floyd Johnson tgcond, 82 ; E
each shall aave and Invest monthly p , 'J R D SALES AND S E R V IC E
at least 10 per cent of his Income.
1
T,re’ ,n J ««xeseorie*
t. Pugh third, 81.
Shetland pony race - Katherine
Every month each employe, must
K in E -P oiL A n 1 Moron Co.
Pugh firet, 83 ; Kenneth 8mith I make a report to thq general office of
»econd, r t
how much be has saved, and in what C ^ u tm ille r F u rn itu re Co., fu rn i
Free-for-all rsce— Elvin North he has Invested IL The Investment „ ,ure- ru»’ - ’inolvum. stoves range*.
ern firet, 83; Fh yd Johnson sec « . . . b .
>, . « « ^ u .
ond, 82.
competent to advise. Government *e-
, Free f o r -iJ l
foo'race — Elgin cnrltles, saving* bank accounts, build- I li< > lm a n & |ackeou— Bverythiug
Northern flr.-t, $ 1 5 0 ; R iy Wright ing and loan stock, payment on a
f°r vour table exceoi the linen
aeoond, 8 1 ; R >bsrt M ¡C onns') home, even payments on furniture are "'gbest quality and prices reasonable
bird, 50c.
' . - — .a
te a .x * .
u - ................' I J ™ " * <•’
Oppoeite Foetoffice
."owed. If debt* have be* a Incurred.
B >y*’ footrace — R oy D an n en these must be listed and payment* [ J u b C leanin g W o rks, Ino.
first, 8 1 .6 0 ; S ta n le y M o rg na geo may be arranged on them, but no
l 'o r- Fourth and Lyon
Master Dyers aud Cleaners
ind, 81; James O ’ H a ra third, 50c
more are to be assumed. T h * Idea la
Haverland firet, 82 5 0 ; Mrs. A
Clark aeond. $1.50; M s. W il l
LaM ar third, 50'. Division I I —
Hope Clay first, $1.60 ; Ruth
M ilan-i second, $1 ; Grace Satch-
well third, 50o.
Cut fliwers— Mrs. Kitchen first,
$2 50 ; Mrs. Croft second, $1.50 ;
Berth* Shedd third, $1.
Potted plants— M i. H. F.eerk-
«en first, »2 ; Mr». Croft second,
$1 ; Mr*. Kitcbsu third, 5 0 j .
Canned fiu i*— Mrs. J. C. Cl«y
first, $2.50 : Mrs. Shedd sioond,
$1.50.
A fenturs of the fair was a room
full of ell kind* of antique thiog»,
conducted by Miss L io ille Shedd,
who appropriately wjre an eotiq1 e
coetume. In the room were an
tique dresses and picture* and
almost everything old.
The Shedd exhibit* are at the
oounty fair this week.
2 Shepherd Pups
Jots and Tittles
., , _
_
w»nt to buy land and
w ill h elp some food cause.
Neighbor Brown does not want to
Prizes were aMgrded as follows : borrow money.
i B that case the
Shorthorns— Division
I — Juhh farmer deposits his thousand dollars
Ouncau first, $8; Jean Datinen In a bank and the bank pays him in
second, $2. Division II_ P e a r l terest for the use of hla money. But
Daunen first, ?3. Division I I I — the bank can pay Interest only If it
makes profitable, use of hie money.
Eugene D-innen firs t, 13.
M.JUro 7 f i t e t « ig c Î;
‘ V A ”*
C. P. STAFFORD, Agent
C A P IT A L
H A LS E V E N TER PR ISE
PAGE 3
the w e of IL NeMhber Brown sate
rally would expect to pay rent. In
FOR SALE
stead of buying the farm, however, he
could lend the thoueand dollars to hie
neighbor In order taat hie neighbor
might buy the farm. In that case
* 2 .f t O e a c h
This is good advice; “ I f you live
Neighbor Brown should expect to pay
for the rent of the money. AU thle in Albany, trade iu Albany ; it you live
». M. M u u n , Harrisburg.
in some other town, trade in that town."
Meme dear. When the traneactlone But in these automobile days many re
are as simple as these It le plain that siding elsewhere find it sdvisahle to do
there le juet as great propriety In at least part of their buying in the
charging for the use of ____
money _
as in larger town. Those who go to Albany
charging for the use e f things that 110
business will find the firms
money Will buy.
named below ready to fill their require-
(Continued fro m
1)
Loanad M .n .y
. S e b .c
' ",ent*
f" rn‘ M
Considering the busy time of the
ysur, tbs Shend community fair
last Saturday was a success as fa r
as attendance was concerned, and
it was a eucoeaa without a doubt in
the matter of exhibits on display
The lunch at noon, served by
societies,,#b r o u g h t * » S 6 w i n c h fa™ *
U a y is w o r t h j u s t as m u c h in s to r a g e a.3
you
a
L o t o f A w a rd s
Fire Insurance Co.
SEPT. 6, 1923
Ufl he can let Nelghber Brown have
means and also lay aside something ! M
In a definite form.
busy. Make yonr dollars work in
Report* for the firet nine months ju r savings department. A l b a n v S t s t u
H a n k . Under government supervision.
rhow that about 12 per cent of the
wage* have been saved, no single em
iller Motor Sales
ployee falling below I t per cent. Thl*
Oakland and Jewett car*
Supplies and accessories
amount* to over $100,000. Failure to
Albany, Oregon
report or to save bring* dismissal, bat First and Baker Sts.
in only two Instances among th* 1,200
orton A Speer Service Com
employees was such action needed.
pany
Budget books are distributed and
Headquarter! for good tires
Ficat and Lyon
tbelr uee explained as a helpful Phone 65
method in establishing a working rhnSPnh- i m g u J a p n w a p p
scale of living that w ill allow for
W rio C O E A M E S H A R D W A R E ,
ik.Ki
I
th»
the
thrift.
W IN C H E S T E R S T O R E
122 W. Hirsi at.
M
M
Oregon Electric
and perhaps go
Cascades.
Robertaoii, Mr».
Adda Ringo and Ja*n Cruse re
turned 8und«y after »pending the
week end al Newport. Mis* Don
na Robertson, wbo had been
spending a week with the Kuontx-
vfl, accompanied (ham homo.
Fi'ed Jackson is going back to
Salem to his old job as guard a t
the penitentiary and will sell off
his stock and equipment a t auc
tion Bert Haynes will succeed
him in charge of the Shepherd
place.
Thursday evening Phillip H art
of Illinois tried to drive his car
past th a t of Mrs. A T. Fenge-
Com ing to Albany Albany.
ward of Minnesota, Ixjth coming
this way, ju s t this side of Shedd
8. O I L B E It T & 8 O N
and collided, and both cars were
ditched and damaged. TTie lady
Chinaware and g ift shop
330 Weal Hirst
Albany and h er son were somewhat
Specialist
G T IM 8O N T H E SHOE DOCTOR bruised up.
in
Interna]
Medicine
for
the
I
Second streeL opposite Hamilton's
John Bennett, the Eugene
Interest Same as Rent
store.
, past twelve years
Register pressman, called a t the
“ Sudden Service."
Enterprise office as he and his
V L ^ a id o Andervon A Son. d ie trib - family passed through town on
Abolition of Rent No More Plausi
D o e s N o t O p e r a te
T v utors and dealer* for Maxwell, Chal the way for a visit to his home
ble Than Abolition of Pay
mers, Essex, Hudson A Hupniohil* cars.
Accessories, Supplies. 1st A Broadalbin. city, Salem, Sunday. HiS par
W ill be at
on Loans, Expert Shows.
ents have removed from the cap
ital city to Portland.
It la no more unreasonable to pay In
terest on a loan of money than to
Tien Halsey high school stud
pay rent on a house, declares Wlllism
ents of the last term plan pur
Frriday, Sept. 21,
T. Foster, Director of the Pollack
SHOE § suing education further, as fol
Office hours 10 a. m. to 4 p. m.
Foundation for Economic Research. In
exposing the fallacy of the attack on
<
V SERVICE g lows; Misses Mearle S tratey and
LaVelle Palm er a t Monmouth
Interest charge* by Henry Ford snd
Shoes that coet less per month of wear and
Pearl Pehrason, Delma
Tbomas A. Edison In their commodity
money scheme to do away with the
Wahl, Glenn Frum , DeLos Clark,
present financial system. Mr. Foster’s
Virgil Corbin, William Cor
argument Is reviewed In the present N o C h a rg e f o r C o n s u lta tio u I
coran, Kenneth Cross and Wayne
New
article which Is one of a series pre
FURNITURE AND Robertson a t O. A. C.
and
pared by the American Bankers Asso
FARM
MACHINERY
used
ciation.
Dr. Mellenthin is a regular graduate
H. M. Moore, who is employed
’T h * Ford-Edison commodity money in medicine and surgery and is li bought, sold and eachanged at all time* aa a deputy sheriff to round up
plan 1* regarded aa a step toward the censed by the state ol Oregon.
He
the delinquent dog taxes near
abolition of all Interest charges." Mr.
B E N T. S U D T E L L
visits professionally the more important
Halsey,
called a t a home to in
Foster say*.
“ 'InteresL' say* th*
towns and cities and offers to all who| Phone 76-H, 123 N. Broadalbin *L, Alba»y quire about a license and was in
Dearborn IndependenL ’I* a tax that
few ancient tyrant* would have dared call on this trip free cnnsaltatios except
the act of looking to see if th e
Impose. Interest In actual modern the expense of treatment when desired.
dog had a collar, when he waa
According to hi* method of treatment
practice 1* a contrivance whereby all
bitten in the hand. Moore ahot
production 1* taxed by parasites, and he doe* not operate for chronic append
an ear off the dog and it later
whereby money Is given a supremacy iritis, gall stones, ulcers of ttoinach, ton
We are making five-year Inant on died. The canine did not have a
over men. material snd managsmsnt sils or adenoids.
Linn comity farm* at 5%% plus commis collar for this year, it was re
which It cannot sustain.’
He has to h it credit wonderful results sion. Call on
ported.— Lebanon Express.
R en tin g Money
B u m L a m p C o .,
ia
dueases of the stomach, liver, bow
"But la there really anything more
133 Lyon St., Albany, Ore.
Chester, son of C. A. Kelty
terrible about paying for the use of els blo-wl, skin, nerves, heart kidneys
and
wife of Albany, was drown
money than about paying for the nse bladder, bed wetting, catarrh weak lungs,
ed while swimming in th e river
of anything else? Suppose a farmer rheumatism, sciatica, leg nicer* and rec
at th a t place Thursday. O rt
finds blmself In need of a harvesting tal ailments.
Irons of Pennsylvania waa a t
machine, and without enough money
W
h
y
s
u
f
f
e
r
f
r
o
m
I f you have been ailing forany length
to buy one. In that cate he eaa either
the
fair ground overhauling an
headache?
borrow a machine of Neighbor Brown o f time and do not get any better, do
airplane which he hail Ixmght.
or borrow money and buy a machine. aot fail to call, a* improper measure* I
Have
y o u r eyes
Hearing of th e drowning and
The farmer would consider It right rather than disease are very often the
e x a m in e d
th at men were searching for the
to pay la soma way tor the nse of tbs cause of your long standing trouble.
body, he hastily put together
machine. Why should he expect te
C lie c ia iiz e d shoe re p a irin g . Good
year welt sole sewing.
White's
, Shoe Repair Service, Opposite Hotel
Dr. Mellenthin
s.
HOTEL ALBANY ^
ONE DAY ONLY
FARM LOANS
borrow money— which 1* honored la
th* market* In payment for the same
machine—without paying for the nse
of the money?
"Now let ns suppose that the tann
er uses the machine so successfully
that he saves a thousand dollars.
With that money he can hay a far
Remember above date, tbat con. I
sultatioa on this trip will be f rre |
and tbnt bis trestment is different.
Married women must be accompanied |
by their husband*.
Addre**, 211 Broadway bldg.,
Angeles, Cal.
Los |
S. T . F R E N C H
Optometrist, with
r.
m .
F rench
a
S o n s
J E W E L E R S — O P T IC IA N S
Albany, Oregon
the parts of bi* partially dttman-
tled machine and went to aid in
the search, but ju s t aa he
reached the place the plane be
came unmanagenh'e and plunged
and Irons was fatally injured.
(Centlnueff on p *s * <)
■■