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 *neen 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 * <) ■■