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THE GAZETTE-TIMES. HEPPXER. OREGON, THURSDAY. SEPTEMBER 14. 192.
h 1 Uncle Sam's Neptune Ace On Longest Flight
L. MONTERESTELLI
Marble and Granite
Works
PENDLETON, OREGON
Fine Monument and Cemetery Work
All parties interested in getting work in my line
should get my prices and estimates before
placing their orders
All Work Guaranteed
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I A. M. EDWARDS I
WELL DRILLER
Lexington, Ore. 5
Box 14
S Uses up-to-date traction drilling outfit, equipped for
s all sizes of hole and depths.
WRITE TOR CONTRACT AND TERMS
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When Lieut. Walter Hinton,
V S. Navy, flew the first seaplane
: across the Atlantic in 1919, he wrote
! his name in history. He is now on
: another assignment, in a Navy
I plane flight from New York to
Rio de Janeiro, which if completed
j will be a record trip of 8.400 miles.l
Lieut. Hinton with a pilot, a me
chanic, one newspaper man and a
Brazilian passenger, left New York
August 17th and is expected to
reach Rio September 7th, in time
for the opening of the Brazilian
Centennial Exposition.
All down the Atlantic coast Hin
ton s craft, the Sampaio Correia. en
countered heavy head winds am'
was often turned back This is om
of the biggest seaplanes yet buili
by Uncle Sam. ,
The pictures show Hinton m
dicatcd by arrow), and crew lnsir
shows seaplane at start of the tl'i:::
iust before raisinz from the a;i
Pioneer Employment Co.
With Two Big Offices
PENDLETON AND PORTLAND
Is prepared to handle the business of
Eastern Oregon better than ever before
Our Specialties
Farms, Mills, Camps, Hotels, Garages, Etc.
W1KK HISH ORDERS AT Ol'R EXPENSE
Fortlaaa OBW
14 N. Imil It
Peadtletn Osse
111 U. Weak it.
Only Employment Office in Eastern Oregon with Connections in Portland
B1
Financial Expert Points
Out High Lights in Pre
sent Conditions
MONEY BURDEN BIG
The Byers Chop Mill
(Formerly SCHEMPP'S MILL)
STEAM ROLLED BARLEY AND WHEAT
We handle Gasoline, Coal Oil and
Lubricating Oil
You Find Prompt and Satisfactory Service Here
iSjOU have been walking In the
nrncnpnfv
?-t sppms secure. Youth and
strength are careless and forgetful. You
have spent money as you have earned it.
Suddenly a flood of hard luck fk
comes rolling toward you. r
Will you be overwhelmed by it
A BANK ACCOUNT IS A SAFETY
ISLE. START ONE TODAY!
Dollars deposited in this
bank draw interest at 4 per
cent They are safe dollar?-
busy dollars. A small
bunk account serves as an
Incentive to save, tare. Save
If you have only small
sum put aside, deposit it
with us today. All large
fortunes had small begin
nings. The biographies of all rich
men start with their first
bank account.
YOUR BANK CAN HELP YOU
FARMERS & STOCKGROWERS
NATIONAL BANK
Heppner
Oregon
Reforms Hold Off Until
Sure Way to Relief Is
Offered World
By FRANCIS H. SISSON,
Vice-President Guaranty Trust Com
pany of New York.
Editor's Note Francis H. Sisson is
vice-president of the Guaranty Trust
Company of New York eity. The com
1 pany is keenly interested in phases of
foreign banking, as are all the great
financial organizations of this coun
try. Mr. Sisson has made the foreign
field one of his specialties and is an
acknowledged authority on the econo
mic and banking situations that are
now resting on the world's shoulders.
What that situation is and the poss
ible relief make up the bulk of the
! following article.
Ever since the conclusion of the
' Treaty of Versailles, one of the Euro
' pean situation has been the potential
burdens of the inter-governmental
debts. The purposes for which these
obligations were incurred, the approx
imate totals, and the means immedi
ateiy available for their repayment
are all well known. It is well enough
understood, also, that in respect to
these debts the United States and
Japan are the only important count-1 Government to let its currency be-
nes in the position of being creditors i come debased and its hnances dlsor
solely, that Great Britain and France ganiied almost to the point of insol-
are both creditors and debtors, and vency.
that the remaining nations, especially j The economic difficulty in obtain
Russia and Germany, are in varying ing payment of reparations and other
degrees debtors. i inter-governmental debts lies in the
Interest is being paid on some of' fact that transfer of funds trom one
the lesser miscellaneous obligations ; country to another can now be made
such as resulted from the sale of sur- only through the medium of transfers
nlus materials to France and of silver 1 uf goods and services. So far, how-
of doubtful ertu'Si-y; while estab
lishing nure lenient terms, as re
gards a further moratorium before
bi'cinning interest payments, would
only leave the question where it is
continuing the potential burden and
its uncertainties.
Remove I'ncertainty.
It is desirable, therefore, from a
purely business point of view, that
this uncertainty about what may be
the ultimate actual demand on Euro
pean national treasuries should be re
moved at the earliest possible mo
ment. It has been suggested that this
can be done under present circum
stances only by cancellation of cer
tain inter-governmental debts by all
the creditor governments, leaving a
comparatively small part of the re
parations debt and a few of the less
er obligations covering transactions
indirectly connected with the war.
Such a course would, under any
conditions, have its drawbacks, and
it would be quite useless, if it were
pursued without obtaining sufficient
guarantees and substantial evidence
that the debtor governments of Eur
ope would stop further inflation of
their currencies and floating debts re
sulting from expenditures in excess
of revenues and would undertake
either to deflate their finances or,
better, to inaugurate a program of
public improvements destined to bu
ild up their industry and trade. This
latter policy would involve less hard
ships than deflation, and would place
the debtor countries in a far better
position to carry the burden of their
internal obligations, the floating
parts of which could be funded from
time to time and so gradually accom
plish the stabilization of financial and
economic conditions.
There would really be little use in
the remission of the debts due to us
unless we would have some assurance
The complete reorganization of the
U. S. Grain Growers, Inc, has been
nude, . H. Cunningham of Crcsco,
la, secretary of the Iowa Farm Ba
: ream, was elected president of the
Board of Directors and chairman of
! the Executive Committee, J. F.
I Reed of St. Pant, president of Min
nesota Farm Borertu andR. A.
, Cowles of Blooraington, 111, are the
other members oi the executive com-
ever, the foreign trade of most of the
European countries is only a small
fraction of their pre-war trade, and
the trade balances most of them be
ing very unfavorable to the debtors,
Men Who Will Run
Grain Growers, Inc.
fr
3 "4 4 "
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COWLES J$L
POLITICAL CHAOS.
to England for the account of India,
and is also being1 paid on part of the
reparations debt, although the am
ount is scarcely enough to cover the
cost of the armies of occupation. As
yet only Great Britain has taken are still fluctuating widely.
steps to pay any part of the interest j We can hardly expect, then, that
on the large loans, due this fall when ! any very serious effort will be made
the present moratorium expires. j except by Great Britain, to meet pay-
n . iv i ments due this fall on the debts owed
Reforms Distant. tQ the Unjted gtates Government 0n
While the debts exist on paper, the other hand, efforts to devise a
they are not now an actual burden on ! funding scheme on the basis of the
the debtors, the reparations debt ex- ; tt-rms laid down by Congress will be
cepted. iSevertheless, these debts re-;
present a heavy potential burden to
European nations; and, until the un- j
certainty which this occasions is re
moved, there is small encouragement j
or prospect for governmental finan- ;
cial reforms on a far-reaching scale.
There have been frequent efforts j
in Europe to reach agreements re- j
garding some of the inter-government
debts, and the reparations debt act
ually has been funded into long-term
bonds. These negotiations however,
have not sufficiently recognized twd
essentials; namely, the extent to
which the debtors can pay or the cre
ditors are willing to receive payments
in goods and services which is the
only way payments can be transferr
ed from one country to another, since
gold is not available in sufficient
quantity to be of material usefulness
for this purpose. As a consequence,
the agreements made have not been
fruitful of concrete or beneficial re
sults. The Congress of the United States,
now about to enter into similar nego
tiations with our debtors, has ap
pointed a Debt Funding Commission,
but has limited the scope of action of
the Commission by laying down
terms of settlement in advance of
both investigation of the facts and
negotiation of a funding scheme
"The Bond Burden.
The reparations problem has reach
ed its present troublesome position,
largely because of the vast overhang
ing burden of the inactive Series C
bonds, amounting to approximately
$20,000,000,000, which are held by the
Reparations Commission awaiting a
time when Germany can pay interest
on them. The burden of the Series A
and B bonds, totaling approximately
$12,000,000,000, already issued and
subject to interest and amortization
charges, is quite within reasonable
estimates of Germany's ability to pay
although, owing to the present finan
cial demoralization of Germany, a
moratorium on cash payments has
been found necessary.
It is the potential burden of the
Series C bonds, similar to that of the
other great inter-governmental debts
which has encouraged the German
OOH'T AAKE FW OF THE NEW
I PEA OF THE YOUNG FELLER
-fOPAY-UE M16HT GEO UP AND
Show wu it's a eooo one I
Poem by
h Mm
POOR OLD U. S.
Acconlin' to palaver, which we sel
dom fail to hear, we're totterin' on
tha brink of certain doom. . . . We're
hoverin' o'er the stage of dissolution,
mighty near, We're flounderin' in
the shadder of our tombl We're
due to have a panic, an' a universal
strike, we'll never see the taxes any
lower. . . . The eattle market's bust
ed O, you never seen the like, and
every bloomin' bank will close its
doorl There won't be any money, an'
there won't be any coal. . . . They
tell us in their every-day palaver,
we can't escape calamity, to save our
little soul, or add another woe to our
cadaver. . . .
. . . It's true the crops is splendid,
and the medder grass is tall; the
country1! full of everything to eat.
. . . Old Dobbin seems to fatten in
his sanitary stall the souper-sixes
crowd him off the street! The golf
link an' the movie show is peopled to
their gates, The billion-dollar prise
fight draws the crowd. . . .-The big
gest diamond market is in these Uni
ted States, where jewelry that's
phony ain't allowed! . But we mustn't
let delusions shet out the awful truth
that poverty has got us by the pants.
. , . The crack of doom pursues us,
like a never-faliin' sleuth we have
n't even got a fightin' chancel
that their remission would be accom
panied by lasting financial reforms in
Europe. Europe has been waiting for
some sign of our willingness to deal
leniently in the matter, and we have
been waiting for evidence of Europ
ean accord upon a reasonable and
possible solution of the reparations
questions and European financial sta
bility. Power to act in this matter
and to initiate and ratify a policy on
our behalf, however, is vested in Con
gress, and at the present there is no
disposition on the part of Congress
to consider the remission of these ob
ligations. Probably time and economic
necessity will accomplish more than
the statesmen can do. In the mean
while, the uncertainty will be fully
discounted as we come to understand
it better.
HOMEY PHILOSOPHY FOR 1922.
There was a man out in Long Is
land a week or so ago who took a
horse around to a chap that runs a
riding academy and he offered to sell
the animal at a bargain.
"What's wrong with it?" asked the
riding master. "Why, nothing," said
the man with the horse. "It's really
a fine animal for riding or driving.
It's gentle, has lots of spirit and good
staying power." The riding master
asked the man why he wanted to sell
it. "Well," he said, "my wife now
has a baby and since she has a baby
she has no time to take care of the
horse." There were folk who criti
cized that man forcettine that it's
a nice thing to be kind to animals
and see they fall into good hands.
lllickJohlis
MtMttS
by
TvMA. MATTHEWS
D.D. LL-D.
Who doubts for a moment that
there is at this time more or less
political chaos in this country?
The political chaos of this country
is approaching the political confus
ion in other parts of the world.
We haven't political parties today
as they were understood at one time
in the history of this country. We
have what might be called political
organizations carrying the names of
ancient political parties.
In other words, the political par
ties have a name to live but they are
dead.
The reason they are in this con
dition is because they have abandon
ed great fundamental principles of
government, and doctrines til the
Constitution. They abandoned them
hoping that they might surrender
principles for policies.
You cant build a great party on
a policy; it must be builded on a
principle.
If the parties of this country are to
be revived and invigorated you must
inject into their backbone the virus
of inviolable principles, fundamental
doctrines, constitutional programs.
Men tell you that the reason for
the chaotic political situation of to
day is the primary election law. They
say that the direct primary has de
stroyed party organization and re
sponsibility. They want the primary
law repealed. The primary law will
not be repealed. It ought to be
amended and in the following par
ticular: First: Amend the law by creating
the right to hold a PRE-primary par
ty convention. If the party would
meet in a pre-primary convention and
nominate a ticket this would not pre
vent any individual or any number
of individuals using the provision of
the direct primary law and filing
their declaration of candidacy for of
fice. It would have the effect, however,
of making the individual stand alone,
on his merits, and independent of
party support.
The pre-primary convention would
file its slate under the same provi
sion. When that slate was filed, the
candidate under that tiling would
have the Buppurt, indorsement, and
influence of the purty.
In that way you would crystalize
the party, restore its organization,
responsibility, and accountability,
and at the same time you would pre
serve to the individual the right to
hie indehnttcyJ under ttie primary
law.
Second: You ought to amend the
primary law and raise the qualifica
tions for office. Men who are not qual
ified for the position have no right
to be elected. If you want to save
representative government raine the
.standard of office holders.
DfiniE HI WUERE'S -THAT BOTTLE Or ) FKANKIE MAP IT OUT N )
II U III L 'I NEW HAIR TONIC? J V THE HALL PLAVN0
SWEET f ,P ot-
AUTOCASTER Zjj -
' " f tf::::::ff j ( the' GROCERY SOY LEFTU UoMt
FCNl I l I weRE'S YOUR MAiR- r" U
Don't Put It in the Attic
It's Fun to Refinish It Yourself
We'll Tell You How
MANY lovely home things are
put in the attic when the
are old only on the outside.
They would look as good as new li
refinished.
You can refinish them yourself with
little paint, varnish, or enamel, and
a bit of work "that is really fun."
We organized a special department
just to tell you how to refinish things
successfully. Write our "Home Ser
vice Department," telling them what
you want to refiniih and how you
want It to look.
Our experts will tell you just how
to do the work, what materials
brushes, etc., you need.
We mske special paints, vsrnishes,
enamels, wall finishes and stsins for
you to use. They are the results of
73 years in the paint-making business.
Ther are the beat materials of their
kind that we know.
Ask for Fuller's Free Advice and
use Fuller's Products to make your
home even more attractive than it is
now. The work Is easy and fascina
ting. The results are a wonderful
reward.
Decoret Varnish Stain
DMortt V.nlA Stalos lor
niahfeJal firaltet. aaS
woodwork. Taor la wd
moiok 1. om op.riii.a.
M.t. ta. telor of uy M
tarol wood. M.do Is I ol
oro.
Wo ilao buU RobbtfCo
oat floor Pilot. All Par-
oooo VsntUooi. sltk'awilto I
Eaaaol. Wuooblo Wall Ho
loo. Flflo.0 (ot floor. V.r I
olok, rtill.twoor Vorolos.
floor Wii, Auto Eo.m.l.
Polloi. Hot W.tor Will Plalto lk.l,ml.l.
Porto oad Stn PtlM, Ud P10NM.H UITl
LEAD.
Fuller's
"Homt Strvice" Points
tame
Manufactured by W. P. Fuller A Co., Dept. 42, San Francisco
Branch., la II Cltloo In the Woit
Fuller's "Home Service" Point, are sold by the lollowio. la your city
W. F. BARNETT, Lexington
C. W. SWANSO.N CHOI' MILL lone
PEOPLES HARDWARE CO.
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I Reduced Cash Prices I
After August I st, our prices will be:
I Cleaning Pressing 1
$1.50 Men's Suits $ .75
1.50 Overcoats 75
1.00 : Coats 50 1
.75 Pants 25
i 1.50 Ladies Suits, plain 75
1.50 Coats 75
1.00 Skirts, plain 50
i 1.50 Dresses, plain 75 1
1.25 up Pleated Skirts 75 up 1
Hats cleaned and blocked $2.00
Fancy Dresses, 25 percent lower than city prices
1 See our line of Fall and Winter Woolens at I
$30.00 $35.00 and $40.00
I LLOYD HUTCHINSON I
I Where jLEAN
I Lir
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