PAGE TWO PHE SPRINGFIELD NEWS TIIVRSDAV, MRACH 10. I»33 THE SPRINGFIELD NEWS Published Kvsry Thuasday at Sprlngllald, Louie County. Dragon, by K THE WILLAMETTE PRESS U . K. MAXEY, Editor Ei.Uiad as second elsa,, matter, February 24, 1804, at tbe puslollU Bpnngtietd, Dreguu MAIL SUBSCRIPTION RATE c u e Year la Advance $1.6U Six Months t ko Years in Advance $2.60 Three Months BANKS OPENING ON SOUNDER BASIS itaiikh all over the country are opvtung tin» week under the new law and regulations (aid down by m e tedeiui governm ent. While there is no guarantee ot deposits as such tne new regulations should m ake the banks winch su r­ vive the exam ination just given as sate as possible under (he present set up. ill the first plat e all the gold and gold e e rtilk a e s have been called in. it is now against th law to have either gold or gold certificates either as individuals or hunks. All this has gone hack or is going to the treasury, in lieu of this gold federal reserve notes have been issued both against the gold supply aud federal obligations as well as hank acceptances, which have greatly increased the available supply of money. Under the new law a run ou a hank may be stopped without closing the hank and liquidating the assets. If the bank becomes w eak the governm ent steps in aud oper­ ates it for a period until it is in condition to retu rn to the directors or to be properly liquidated. More than 10,000 banks in this country have failed. New ch arters to banks will now be hard to get even if there were people who wanted to go into the banking business. Consequently if business retu rn s to normal or thereabouts the volume of banking business in the existing institutions will be greatly increased. There can be no doubt but that the banks are now re­ opening on the soundest basis they have ever operated ou. Failures should be very low aud loss to depositors practi­ cally eliminated in the future. ---------- «----------- DEBTORS WHO CAN T PAY Our country is now paying the price of cheap money and easy credit during the boom days. That is all that lies at the bottom of ou r present difficult financial situation. The situation is no different, except in degree, from similar situations which have followed every previous boom in our history. This time the whole world was taking part in the frenzy of speculation with easily borrowed money, aud not only in America but in every other nation, debtors today outnum ber the creditors, and creditors are reluctant to consent to the scaling down of debts and starting all over again. It seem s to us inevitable, th a t that is w hat must happen. In some directions this movement has already begun. No one who lent money on Kreuger bonds or Insull securities, or on some of the obligations of foreign govern­ m ents expects to get his money back, or any part of it. In m any parts of the country there are not only municipalities hut whole counties and groups of counties whose bonds are worth only a small percentage of w hat was borrowed on them. Other im portant classes of debts have not yet, how- ev«r, been scaled down. Farm m ortgages based upon flush- *time valuations can, in m any cases, never be paid off. Bank Ioans made in flush tim es on security then worth m any tim es what it is worth now, constitute an enorm ous burden of debt which hangs like a mill stone around the necks of hundreds of thousands or millions of small busi­ ness men and m anufacturers. We do not believe th at a return to real prosperity is possible until some m eans is found of scaling down these and other unpayable debts. Wc think all classes of credit­ ors have got to take their medicine. We have no particular plan to bring this about, but we are confident th a t it is bound to come about sooner or later. TIME TO PLANT LESS W inter is nearly over, and it will be but a short time before spring planting is under way in every part of the United States. And in every part of the country farm ers are more or less in a quandary as to how m uch acreage to bring into production this year. If half of the th re a ts of a “farm ers’ strik e” which we hear about are carried out, there will naturally be a m aterial reduction in the volume of agricultural production for 1933 and th at of course, will have a tendency to bring higher prices for such as is produced. We think the realization th a t it is necessary for the fan n ers of the nation, as a whole, to reduce the acreage under cultivation has now become quite widespread. Farm ers understand th at a large part of their troubles have come from retaining under cultivation m arginal lands which were put to the plow during the war, when the utm ost possible production was stim ulated by the high prices fixed by the governm ent for agricultural commodities. With half the world at war the United S tates had to feed more than half of the rest of the world. But th a t condition could not be m aintained, and the American farm ers’ export m arket has been steadily falling off for the past ten years, since the rest of the world got back to its agricultural operations. Our belief is th a t this export m arket is going to con­ tinue to diminish. Country after country which form erly was a steady and reliable custom er for American wheat, cotton, m eat and dairy products, is now raising nearly all of its own necessities. We think that 1933 is a good year for every farm er to begin to try to help himself and his country by cutting down his planting by anywhere up to 50 percent. If all farm ers agreed to this they would find, by harvest time, that they were getting higher prices than they have dreamed of for years. They could pay off their m ortgages, buy the new equipm ent they need and so sta rt the wheels of prosperity spinning again. OREGON MAY BENEFIT FROM DISASTER & While our sorrow goes out to southern California for the terrible earthquake she has just gone through Oregon m ay profit some by the disaster. A g reat many buildings were wrecked or badly damaged in I» s Angeles and Long Beach. Rebuilding will go ahead as soon as insurance ad­ justm ents have been made. A brisk demand is anticipated for Oregon lum ber for rebuilding and repairs. This will no doubt put m any sawmill people to work. F ear of the earthquake will no doubt cause some peo­ ple to move to the northern part of California and into Ore­ gon and others who flock to the south each year will no doubt be persuaded to look for locations farth er north. Oregon is free from earthquake and other disturbances and has m uch to offer as a peaceful, and com fortable place to live. H We m ight brag about our fishing stream s to the world. If there were a fishing stream running completely around Hie eartli at the equator it would not he as long as the stream s and lake shores of Oregon available for fishermen. Come on boys— wade in. ----------- - ♦ ------------- We hope this earthquake in California was the jar when the depression hit rock bottom and started bouncing up again. If it was the quiver was worth all it cost Cali- fornla. We did not get beer by C hristinas but now they tell us its to be on April fools day. 7 L Editor. Hprlugfleld Nows Dur lig i the past six weeks. 1 have noted the splendid support you have ac­ corded the cause of higher educa I lion III Oregon through the editor , lul columns of your paper. ■ In times such as II iimi », the edit rational In tllutinns, along with oilier public activities, must do their part In relieving the econo- * title distress of the people of the I slate But sound, discerning Juda ! ment, rather than hysler a, la nae- easary to preserve our basic social Institution from Irreparable dam age. Through your leadership and co­ operai Ion, you have rendered a great servire lo the s tale and Its fulure citisene—th« boys and girla of today. I take this occasion lo cipreaa my personal appreciation and that of the Institutions aud sludm it. 1 represent. Sincerely Yours, W J. KERR. Chancellor I < 1 h X J » U 0 A Y 8 0 » A U CO THIRSDAY, MARCH 1«. 1823 --------------- «,--------------- RUBYM. AYRES ■ seit." he paused. "At any rale, w.th Apparently he hud not. He got up Ninth Installm ent UHara I thought you didn't like at the usual time, buthisl, ittbl Pauline moved hurriedly, het him." went downstairs to breakfast. pretty fac? flushing with pleasure "You ought to real," Pauline at the casual word ot endearment. | "1 don't remember dlacuaalt g the scolded I'm sure you mu t he dead j subject with you." Barbara noted It pityingly. "You did You said It was u bore tired." Later, when ahe « a s danclug Hut Dennis haled breakfast in < R eg in a ld Root, Yale *$ $ ,•( l e Roy, with Jerry Haruet, ahe »aid sud­ when you heard they were routing bed and said so. N. Y., sad aa assistant m ark under to town." denly : "I'll huve mine downstairs aud Matvta A. Hteveas, new retired, has "Have you ever uotlved, Jerry, The street look'd dreary and de- . . . . .. . .. , come up again, he said. Bo Paul- been nude football r u a rh at Yala la that wheu a man begin» to call hla sert««d. there was not a light In any , a mn|e to bring ths Blue lutek to top . .. . ,, . , . . .. wife my dear" It’s the end of ro­ window of the tall block of flats . Ine hud tiers alone. There was u gridiron rating u. . ... „ . i . lo"* »Mirror In a wardrobe mance." Barbara shivered. "Well good- . , , door op ‘ . .. . ,, i poalte. and In It ahe could aee her Jerry guffawed "Can't aay 1 night, »he said . . . reflection a very charming re- LOCAL FOLK ATTEND have, but 1 dare any you're right. Barnet tried to put his u n its1 „ J * ’? 7 Romance la the ahorteat lived round her. "Are you going to have; ALBANY VET MEETING thing I know of, anyway. Awful!" an affair with that fellow?" he Barbara glanced across the room inanded Jealously. "1 saw him lake wtalfuly why Dennis had not told Mr. and Mrs Davo Mitchell, Crea her ao. i to where Dennis and hia w ife aat you Into Rltaen's room— or did you well, and Mr and Mrs Sam Rich Rhv sighed and took up the let­ mond and Mrs Myrtle Kgglmunii, > togetner at the aupper table. Paul­ take htiu?" ter. My thirling Child (her mother Springfield, all members of the ine was watching the dancers He broke off sharply, for Instead eagerly, her face flushed and her of the burst of anger he had ex­ wrote): i General laiwton camp Spanlsh-Am , Wherever there Is . ____ sporting eyes very bright. Dennis was pected. Barbara begau to cry— • I am sitting up In lied writing nrlcan war veteraus and auxiliary event of Importance you will find a watching them too— moodily, hla softly, almost like a child. thia, as I have not been very well, of Eugene, were among those who 1 corps of news reel camera men evening to |r e se c t These men would rather hand Idly playing with a wineglass. She slipped away from him, and It seem s such a long ttn> since I drove lo Aftmny Sunday When ahe and Barnet went back ha let her _ gu. Barbara In a rage __ MUW J“1*' l*aullne, and as Daddy attend the mi*etlng of the Camp cover a ski-jumping content than he could understand and cope with,I*1“* ,o «*’ *° *‘<>* Angelos on hual- Phillips group of that city. (any other. to the table. Dennis rose. wonder ■»------------------------------------------------------------------------------------------ — "Am 1 to be honored?" he asked But Barbara In tea r» - sobbing lik e ' "**"* ,or • f**w •*“>" 1 a girl—left him helpless an() i ‘“K 'f I*«"'*« will stmre you to me? stiffly. | 1 have not been very well— It’» tny Pauline broke in. "Do dance with ashamed. It was a strange thing that, once •" ,y 0,(1 •»•»« •" l,r ■’»» him. Barbie— I should love you to. and it la a w alti they are playing safely in her room. Barbara's chief *ny». hut I feel sure a rest and feeling should be one of guilt. It “ ° f you will put me right now." Spring titty« are pooping around the corner und Barbara laughed. “Well, to please was not that she had any great a f-), , ” w “rM 5'ou’ •w eethrart?* Your yon will hooii ho Hiking long drives to other townn, faction for Pauline She felt that l*u ‘>r« te,i 1,1 ” httle. and I long you. . . .“ . Into the country or out to fitthlng ntroaniH. D oii 'P he She moved away onto the crowd­ somehow ahe was wronging Dennis ,o "*** 5rou *nd know thal you are bothered with a Iroubleaotno car und have expenalve He waa, as he had said, so uu NlRRY- Of course. If Dennis will ed floor with Dennis. breakdowns far front home. We can put your car Into They danced for some time in like other men Dennis was differ-i “ ,n,e ,o°- w* *hnl* b*' only '«•<’ tip-top condition at our garage at very low coat. silence; then Dennis asked abrupt ent and she knew that he despised •” have him. but I am sure I ionic of Violet Hay, Motogaa and General Ethyl. himself for the thing he could not h* b,‘ anxl"u* not to leave ly: "Do you really like thia sort of control. Yet the strange Inexpllc business after such a long absence able attraction which she had fell There whs a good deal more, thi"« 5th and A S treets Springfield "This noise and glare— aud -and for him for so long had now com- ( ^Ike details of (he home life which artificiality." municated itself to him und was '<> Pauline so far away now ? "1 adore It," Barbara said. It was • proving stronger than his own In- *nd uninteresting Then a last up- w< not the truth, but to-night she was herent loyalty. peal: afraid of the truth. j Barbara was ea»entlally honest I)” than ever before. She closed her eyes, and as al­ was life as she knew It. And you ran »leep in a comfof- table tnuriat berth for the night most unconsciously she swayed She tried to feel brave and de­ fo r a» little as $1.50. (T o u ris t toward him, Dennl caught her In termined. hut when at last she got berth» are the »ame »ize as Stand­ his arms. Into bed sleep was Impossible. She ard Pullman bertha— not as lux­ * • * urious, but very com fortable.) kept living over and over again On the way home Jerry Barnet those few moments with Dennis Stopover anywhere w ithin the lim it o f your ticket. Roundtrips was silent and sulky. It was three O’Hara. His kiss had been the real are good for 21 day». ’ o ’clock In the morning, gray nnd thing—a seal set upon her heart j chilly with a fine drizzle of rain. and aoul forever. S A M P L E T O U R IS T FA R ES Wrapped In her fur cloak Bar­ , bara sat with closed eyes and tried The O’Haras had been In New One Round- Way trip not to th,nk H was on|y wh£n theY York tfiree day» when a letter came SAN FRANCISCO 114.60 $19.86 s,°PPe,i outside her flat that she from Pauline’s mother. Pauline LOS A N G E L IS $21.78 $29.00 roused ........................ suddenly with a start. She was breakfasting In bed. Hhe had anJ many olhm flung the rugs aside. "I’m tired. had three late nights and was tired. Why do we do these mad thlnga, She also had a very new and be­ Jerry? It’s a loathsome life." coming negligee, and she wanted "You aeemed to be enjoying your to see whether Dennis noticed It. ' C A R L O L S O N , Agent inanti’a rhorolatea are not surpassed. A little candy la aa good aa any aprlng tonic. It la u concentrated food aa well aa a dellcloua confection. F G G IM A N N ’S “ W h » r> tb<« H e r v ir » D ifT o r m t Î What Is Greater Than Health? F.very persnii I k entitled In ull in* nr nhe can get out of this life. Health Is one thing thal can he had cheaply. It ian’t the prevent inn llutt la expensive... It ia the cure. Dr. II. C. Herman aaya, “Vitamin A, which ia found in BUTTER, la it wonderful aid to health." “There It No Substitute for Good Butter and Other Dairy Products” Ask your dealer in Eugene or Springfield for I MAID 0 ’ CREAM PRODUCTS S I ANDARI) (JUAMTY Diatributed Only under une label. ¡Springfield Creamery Co. HAVE YOU OVERLOOKED New train fares to C alifo rn ia the obvious advantages o f ... electric cookery? S S o u th e r n P a c ific W hen m illion* of Y ou’ll be turprued, loo, sfevtr homc-maJceti have a* the uniformly *plrn