IONE INDEPENDENT
lONlS, OMGON
Friday, Manh 27, 1931.
i
I
f
i
5
'V
ft
The Day and the Work
To ouch man in Riven n day nnd bin work for the day;
And once rnd no more iH he uivon to travel this way.
And woe if he flicsfrom tlic tank, wha.evcr the odds;
Fuf the task is appointed to him on the HcrollofthcKodH.
There in waiting a work where only hi.s hands can avail;
An ho, if he falters, a chr-rd in the music wi'l fail.
He may lumdito thenky, Ik; may lie for an hour in thesun;
Hut he dare tot go hence till .he lahor appointed is done.
To each man is given um:.rhle to carve for the wall;
A Mono that is needed to heighten the beauty of all;
And only his houI has the magic to give it a grace.;
And only hi hands have the cunning to put it in place.
f
5
2
si
DUAL BANK SYSTEM
FAVORED BY BANKER
State and National Institution
Supplement Each Other in
Serving Country' Varied
Financial Need
We are given"ouehour to parley and struggle with Fate, j
Our wild hearts filled with the dream, ot r Irani with
the high debate.
It is gien to !o kon life oi.cj and ome oV to J'c;
One testing and then at a sign we go otu .,i the sky.
lu! u' in Miirkltjin.
lit
BUS COMPEffiTji!
Danker Anociation President
AiU If Unfair Aid b Given
Motorized Transport
for Hail Mergers.
JIUV YOllK. 1'atr tP-M-wil fur tin
motor co:npwt ttliMi wu tailed Inr by
Homo C. Stci'l" iiHon, l'r'j-UiMit A:im
Iran Hunker Association, l:i ier..t
add re bore. Hi also s.rongly in
ilorsi.tl "iouikI fcfiritmil': nil'-ay
. !Mntl n" ntnl raln-d J'r'.i;ltiit How
(T for hU InHlitlWu In tliii ri'sprrt.
"I niu very struiKly of oplitiuii
I luil (i no of tli 0 muuiuri'.i which wuuM
help matfiially to ii.it lj.uk busluos
tvlci' It ought to bo U the i;teta
(uur ) .oiii ij 1 ft u of railroad tum.oli
ll.l'il'll Ul BUUOUlited recent iy follow
ing negotiations Instituted by l'u el
lent Hoover." said Mr. Stephenson.
"Its adoption by the Intrrsta'.o Com
ii.erco Commission would tend to staid
ll.o the traniipoitntlon Induulry, fit
ci'ltale operation and exert a favorable
lnluviaa on biuiliuni In general.
"It U a fait Well known to businc
1'iadtr that our railroad aro now fne
lug a crisis. Not only do thry need
t'tutt-ctl vo laws to mert coin pet Iti.o
lUtiatlona mining from lncr(V.ed ii'D
(f our highways uml weU'rways by
cilicr carrlt'in, but they ncnl ui.lnYi
lieu iriit h an tho l .ropo.i d fnur-syateni
plan provlds. O.ir IVnWlcnl hti
iiit''d wl.Hi-ly In atfuiiiltiK a Ii-adorsli-p
In thla r'.iii t ami liU imvo dems J
tlio Hunnoit of nvcry rU ar tliiuLInc !
titiivn."
Mr. KtcphPiiHoii dortartd that the
r.illKiad have "i ved this rou;.try "no
ui'Tla!lvely will that wo nro jnono lit
otir imhMc affairs lo overlook our dv
!'!. ilrmo upon thftn otjd our ibll.,.i
tious tu thinn. Tim past, present pnl
fist nro prosro: a of tim fn't-'d Stated l
ln-oparatdy hound up with thrlr wet
f.iic. In Ui'Kli'ctlliR Jil.'t orvildi raUc i
fur thi'Wi wo are fven nioio nrrlnct.'iil
of tin' piilillu's hci.t i-conomli! lntri'sti.
V.)
A Oncitum oi 1'uhlic Inicrett
aro controntad w'lth tha quim-
tluii a.t to how much muro tho public
ccuuomlc ItitoroKt will aland an li.w
aion of tho welfare of tao M.ilro.ui y
forces and dllllcultlcs not of their ok.i
crtutins and uut within tho acopo ot
thulr own uualdud powora to cuiuiiat,"
uld Mr. Sti'phi'iiBou. "I refer especially
to now conipotllluiia that arc undorinlu
in tho liard oarnod portion of tho rail
r.)!uU, not only with tho aid ot uiuurul
eciiiioiule foreua but alao tiiunr li tho
uidot govoruiiiuut pjllelea whteli, posU
lively or negative 1. , tend to give t.ie.ioj
lompotltors uinlmi -invantaKca ov.r tha
lalironda. '
"It goes without i .lying that tho nil
ioikIh have no rlulu, uor tliUni a.;j, ao
far us I have been ablo lo UImcitii, to
Louiplaln at legitimate competition lu
the Hold ot traiiHportatlon, for tho pub
lic Is oulUlud to tho bout posalblo tiaiin
puliation at tho lowest practical coat,
lint equally doea It go without nylii;;
that thla cannot bo fairly brought about
hy ualiig, or by f.tlMng to use', tha tax
ing powers of government to enablo
competltlvo niothodH of tramipartatlon
to do things they could not othorwlno
do as unaided private enlPrpriBCB, par
ticularly whon Hticli action ttupnlrs tho
Invented rlghta hold la good fulth by
great niUHues of our pooplo In cutub
liahod cnterpriaca that are uorvlng tho
public well."
Mr. Stephenson said It was not his
pui'POHO to arguo againat aueh com
!! Itlve tranHportutlon us tho highway
passenger inotorbus and motor truck
iuj mteli, whon comluetod under proper
condition!) and In keeping with public
woli'iu'o and benollt. Ho declared, how
cvci', thoro Is need for aerlous conchl
eratloii wholhor such competition li
helitK developed tinder conditions that
nro unfair to tho railroads, bocuimu
either the outright or obscure aid ot
government policy la t'ti deciding eco
nomic factor la that cctrpatltlou.
Would hvotijtat Hut Truflit
Railroad rights ot way, be declared,
rcpri'Huiit trntiiitndous capital Invent
inuiits, on which tho railroads have
alto hi-avy cirrent conts to meet.
' Thy pay ovory day a million dollars
In taxet and most of this Is on tlu lr
rights ot way," he said. "Abo thry
Kpi-nd dally ovt-r two million doilara ad
ditional for tho proper maintenance ot
way," I lo asserted that tho motor
Imihcs have not had to pay for tlifir
i l;:l!tnof way la any ncnsu that tho rail
loads paid for theirs.
"They have Imply taken posnesdon
of public highways built by publlo
funds, both statu and national." bo con
tinued, "and they have oxtonslvoly;
la.'do tho( highways vsstly lens com
fortahlo, less safo and less serviceable
for private motorist and others who
are contributing chiefly to their crea
tion and maintenance."
Mr. Stephenson declared that all
thcie matters should bo thoroughly In
quired Into by competent public
bodies, bn'li state and national, with
a view of determining the equities and
basic public economic Interests In
volved, "particularly In respect to the ir
tffects upon tho nation's railroads.
"I venture to say," he added, "that
inch Inquiries would show whether It
In to the public interest to M thing
remain as they are, whether the situa
tion calls for a new bisli of motorbj
s".d truck taes to satisfy tho equ!tl"j
of tho rase or whether It would call for
Mi h drantic action as the rxclutdon ot
this trafiic from our public general
lil,-hw:ys, and the requirement thr.f,
e.i'ii a tho railways. It provide as a
part of !s own private rspltnl Invest
mo-it In own rkht of way and for Its
own maintenance ot way out of open'.
li.g Income."
:-o::;.viii;iir is t;i:: v. r.-v.vn
a'l I liiiow h what I read In tae 1 ii i t.
ail lliiithei- listen J havent rcml a pa
I'er In two weeks.
'""''iL.f v I,,.,.,, g,,iliK too
I - ' .'"-' - i rust 10 read. ir:a
I v' Y about an acrl;:l t lr-
1 " a 0,10 N,!:!"
e' , r?fl Stand troop, a Kar-
'if j v' V't ,ll,rul! ,Ult ,vo nie
' J ' V:t a emahli::it!on of all
,., J iJ theso nii't then
"Jl AlSr i home more.
1 started my little
tour tj i also to:i:e
extra mo -.cy f..r tht
needy n ; ! encni
ployed 1 1 Tcx.ih.
J'tart 'l hi Austin tho ('.".'. I' I. I had
been 1. 1 tbo Movies for a eo;i!o of
years, and all tho Jokes I knew I ha I
rsed rm in my plr-rs, Sj v.!ie:i I
i:tai tod nut on this 1 miii'ity i.hoit
hau.lu.l on laugh:'. My wife said ta me,
"You cant go out nnd do an evening's
thnw. You havent u. " material."
I told her well Hum , it for Charity
nnd maliy I ran net by. Wlia said, "lie
a .'too:! t'.ilng It Is for i".in:'ily, or y.-i;
would bo In danger of your life."
Then I got to thlnki that I diikiu
have much materiel r I decided ni I
was Htartlng la Texna t'.iat I batter
I drop by Austin whe:. Hie State Lor.lf'
i laturo was In sohsIo'.i t .d get somo ma
i terlal. Well thnts v'.-y I v'.'.o o It. and
Jit was a God send l i iti. It turned
I out great, not that t o Texas login
; l.'.turo Is enpeclally bu: roua. Its not.
I IH Jiirt tho average, In fact I think
tliey got n pretty gi'n.l body there, i
j Iieglidutors go. They j," t hndent done
I anything, which m::do them on a p:;'
j with nil others.
I Met all tho K (lovc;,..a;':i. Dan Moody
win had Just gouo cat. Always llker.
1 Dan. lie Is a line youir; fellow. Then
i In roino my old Friend Jim Kur,;ei(on.
j Jim and Mn enmo pretty near getting
In again Inst time. Their nlo;;an wuh
"Two Governors for t'ao prlco of one."
I Out ot tliero rtter tlio Matinee and
; down lo tho old historic Han Antonio,
! v.'ucro wo suro had a flno great big
House, somo nine thnuuaml didlars,
j' Callleinons or. nnl.-.utlouH gave men
; reception before our show, and thai
really kinder got mo, for tliero Is one
I clans of men that wont be replaced.
I Hvery other lino of business Is being
carried on from Father to Son, nnd on
, by nuwHconiei'B In the unmo business.
but tho old Trail Drlvors, and the old
I time Cattlemen, thoro can novor be any
RECENT suggestions that all bank
In the United Btutes be under l'e
eral Jurisdiction, doing away with the
chartering of bank by the various
state recalls the opposition to this
plan presented at the recent conven
tion of the American Hankers Associa
tion by II. 8. Hocht of New Orleans,
Chairman of Its Economic Tollcy Com
mission. Mr. Hocht said: ,
"There aro Jui,t an good reason why
thoro should bo state as well as na
tional banks, as that there should be
state as well as a national government.
I do not think that analogy Is far-
I fetched. Tho stntet i.hould not sur-
render all political Jurisdiction to the
central government, and tho local busi
ness lite of tho states should not be
niado to surrender all control over
financial functions to national flnancla'
! Instrumentalities. There are many ra
1 rlatlons of business conditio::-, from
state to slat" and the; are l ueclal
! fiscal requli ....tiils ot the various
I spates.
! "It Is entirely logical, therefore, that
! the st: lor should retain the right to
charier banks so at to mold and direct
j their affairs In aecorda:.co with the
) staler" g.iVi.M-e. .4.1 &;.U business re-
qu!ciat:iU and l.-.-.y t..c a adapted to
localized sentiment and conditions,
j "Tbo argument Is sometimes d-
vancrd that tho daal syt.tui Jcap-
ardlzos the li.o o. the rcder.U Iteserve
System because ut.ier It tliero Is a
largo group ot banks that are free to
remain out of or to withdraw from
tho system. Facts and figures prove
that this I a spocioiu argument.
j "It Is truo that tliero hat been some
shlflluf from national to state char
ters) especially In t asea of merger of
' largo national bzn'.i with bunks op
erating under state charters. However,
the Federal Keierva System was not
weakened In thl process berauso tho
merged Institutions utmost universally
retained their membership In tho sys
tem on a voluntary basis. Moreover,
the record, show that state bank mem
ters are Just as good members ot the
system as national banks and tho ratio
of state bank resources In the Federal
, Keservo System Is constantly growing,
la 1922, national bank held about 63
per cent of the resources of reserve
! members, and state banks about 35 per
I cent, while la 19HI!, the iiailonala Lcld
! cn'.y 60 per cent and etate banks 40
J per cent,
' Banking Syitems Help Each Other
I "Reciprocally tbo date and national
i Ir.nka pyaieir.s have helped each other.
1 tho national banking law has served
la sjme respects as something of a
model codo toward which state bank
ing la w j more and more have ap
rrac'aed year by year, to bavo the
ktalo codes developed valuable reform
which have suggested Improvement
for the uailonal laws. A great many
undesirable competitive inequalities
have been wiped out by this mutual
evolutionary process and further prog
res along the line of uniformity so far
as Is desirable Is anticipated.
"However, 1 do not believe that It Is
a disadvantage to have two banking
ca.ies tl.at dt.Ter in some respects.. It
Is quite probable that the stato bank
lag codo in many instances represents
a closer adjustment to local condition
than could be bad under the national
banking laws, and this Is a situation
thai should be retained. There should,
however, not bo competition between
the two banking codes. Competition
should be between banks themselves
and not between the laws under which
they operate. Tbo effort to offer too
great allurem-".'! h codo rs
against tho o':: corld !:..! only to
woe!: l'".r.k!ng lurj. lie.t I do tl.b'.t
that there nluu'.d bo the ahernatlvo
opportunity thrt row exist which
banking lustitutlons and local business
lulcristn may choo. :, u that they can
function or conduct tl'.' lr business re
lationships umler. t'rr.t banking coda
which best meets tl; . . .ndition of the
times and ot the plui . they see them.
"This has been lllm trated In both
dlrecliono. In stat.; where such un
sound measures cs the guarantee ot
deposits were ope: .ive stato banks
had the opportunity to escape the bale
ful effect ot such law 3. On the other
hand, when a court decision was
handed down in Worcester, Massa
chusetts, which rendered uncertain the
position of trust as. . : acquired by a
national bank through a merger with
a stato bank, it was a real advantage
for national banks afc cted to take out
nnd operate undor n, state charter,
either on a temporary or a permanent
basis, as clrcumstaiui's make ex pod I
ent. "In my opinion, banker, national as
well as state, should combat the
thought that conceives ot depriving
us of the vitalizing benefits ot our dual
system."
Finance Fights Erosion
Farm terracing to stop erosion li of
major Importance in Noblo County,
Oklahoma, tbo county agent said, and
so one ot the county a national banks
bought five farm lovc'.a to be loaned
to farmer without cliargo. The ma
chines were Immediately put to use
and tho tanners aro ehowlng keen In
terest In terracing. Two terracing
school were started for adult and
i ll Club boy.
At Your Service
THE IONE INDPENDENT
High School
CARNIVAL
In the Local Auditorium
APRIL 3
"Thursday Evening" - One Act Play
"Moonshine" ----- One Act Play
Singing by High School Quartet
And
MUSIC by the BAND
COWBOY SONGS
By
Donald Heliker and Robert Botts
Food! First Class Pie, Cake, Coffee
ICE CREAM
CANDY
8 Booths Will Furnish
FUN FOR ALL
Admission - - - - 10 ct.
A SERIES
of
EVANGELISTIC
SERVICES
Will Be Conducted
In The
1. 0. O. F. Hall
In lone
Tuesday, Wednesday, Friday
and Sunday evenings
At 7:45, by
Oliver Barene & Alfred Cardwell
Who Extend to You a Cordial Invitation.
COME