HEPPNER GAZETTE TIMESrHEPPNER, OREGON, THURSDAY, JAN. 28, 1932.
PAGE THREE
ONE MAN'S GUESS.
New York has been so thick with
gloom that we have had to carry
flash-lights at mid-day. Men talk
about "thirty years of bad business"
and "the collapse of the capital
istic system" and "the end of the
gold standard," etc.
Millions of dollars In cash are
hidden In safety deposit vaults.
Since all the authorities have
proved wrong, and one man's judg
ment is as good as another's, I ven
ture to publish my little guess as
to what is and what is not going to
happen.
It has been the record of history
that times of great tribulation re
sult In the removal of great abuses.
Said Lincoln in 1864: "At the
end of three years' struggle, the na
tion's condition is not what either
party, or any man, devised or ex
pected. God alone can claim it
Whither it is tending seems plain.
If God now wills the removal of a
great wrong, and wills that we of
the North, as well as you of the
South, shall pay fairly for our com
plicity in that wrong, impartial jus
tice will find therein new cause to
attest and revere the justice and
goodness of God."
If the Civil War had ended quick
ly it would have settled nothing.
It dragged through four weary
years, but it abolished slavery.
If the present depression had
been easily cured no good would
have come of it. It is so bad, so
world-wide, that' it is compelling
the peoples of every nation to real
ize the two fundamentals which
were set forth convincingly In Sir
George Parish's book ,"The Way
of Recovery.
1. We are compelled to realize
that the old-time insular, national
istic thinking is out of date in a
world which has been shrunk to a
neighborhood. No nation can pros
per unless all nations prosper. Tar
iffs and reparations and interna
tional jealousies are shackles on
trade and mean less prosperity for
us all.
2. If trade Is once freed from
these shackles, including the worst,
which is international suspicion,
the future has possibilities beyond
our wildest dreams. The' consump
tive power of humanity is unlimit
ed. Even In the most advanced na
tions the standard of living is still
low. There are potential markets
enough to keep all our resources
employed, and to make all of us
well to do.
I, therefore, am optimistic, not
because this is a minor depression
but because it is so very serious, so
world-wide, so packed with suffer
ing for everybody.
Before it Is finished we shall be
compelled to effect international
economic reforms that we never
should have considered in prosper
ous times.
And when we do get business go
ing again our prosperity will amaze
us.
COOLIDGE
I heard the latest Calvin Coolidge
anecdote the other night from a
gentleman who had recently visited
the ex-president at Northampton.
"Everywhere I go I find an over
whelming desire to have you back
in the White House, Mr. Coolidge,"
my informant said to him. "You
really ought to run for President
again."
Mr. Coolidge shook his head, with
a faint smile.
"No," he said, "It won't do. The
basis of that idea is all wrong.
They all want to get rich again."
Which confirms my long held be
lief that Calvin Coolidge has about
as sound common sense and as
keen an understanding of popular
psychology as any living American.
HOOVER
I think there has been a notice
able change in the public attitude
toward Mr. Hoover in the past
month. At least, I hear less abuse
of the President and more express
ions of sympathy. People are re
alizing that he has been unfairly
blamed for conditions for which he
was not responsible, and now that
he has presented a sound and com
plete rehabilitation program to
Congress, and Congress has started
off by accepting it, I hear less talk
about his supposed inaction In the
face of a serious crisis.
I have not seen the President for
several months, but friends who
have talked with him lately say he
acts and talks like a man who had
found the answers to problems that
had been baffling him.
Washington's favorite Indoor
sport is lying about the President,
whoever the President may happen
to be. Mr. Hoover has suffered
from more than his share of mis
representation, but he has acquired
the philosophical 'attitude of most
of his predecessors, who learned
not to let pin pricks worry them.
UNEMPLOYMENT
The town of Peekskill, New York,
as a part of Its plan to raise funds
for tie relief of the unemployed,
put tin boxes at every eating place
in town and asked everybody to
drop one cent In the box for each
meal. The surprising result Is a
fund which runs to $1,500 a week.
More important than raising
money for the unemployed, it seems
to me, Is making sure that this
money does not go to people who
could get Jobs, but who will not
take them, The other night in a
hotel elevator I heard two men
talking.
"There were forty-two jobs at $6
a day," said one of them. "The un
employment bureau sent us fifty
men and thirty-six of them refused
to work because they would get
their hands dirty." They said they
could get money from the unem
ployment fund to live on and they
would rather do that than do "dir.
ty" work.
There Is no doubt In my mind
that, In the cities at least, a large
part of the money which kind
hearted people have contributed to
help the unemployed Is being spent
to keep In idleness men who could
easily find work If they were not
what Down-Easters call "choosy.
DOCTORS
Doctors, like everybody else, are
not finding It easy to meet their ob
llcntinns or collect their bills these
rfjivu. Too manv Deorle think that
the doctor can wait until everybody
else has been paid.
' The American Medical Associa
tion has been making a survey of
doctors' Incomes and reports that
Wedlong My dear. It's no use
for you to look at those hats; I
haven't more than a dollar In my
pocket.
Mrs. Wedlong You might have
known when we came out that I'd
want to buy a few things.
Wedlong I did.
First Stude Wasn't that a juicy
lecture by Professor McCullom on
"The Culture of Prunes"?
Second Stude It surely was. He
was so full of his subject
it takes altogether about tert years
In college and hospital work and
getting a practice established be
fore the average doctor begins to
earn enough to live on. The next
ten years, or a large part of it, his
surplus has to go to pay for the
cost of his medical training. Very
few doctors get to the point of in
dependence in less than twenty
years after starting their medical
studies.
Every doctor has to do, and does
do, a certain amount of charity
work. Those who can afford to pay
have less excuse for postponing
their doctors' bills than for deferr
ing 'payment of almost any other
debtst.
HOLMES
The retirement of Justice Oliver
Wendell Holmes from the bench of
the United States Supreme Court
at the age of ninety-one removes
from public life not only one of the
ablest and most distinguished of
jurists, but the only surviving vet
eran of the Civil War to hold high
public office.
Justice Holmes served as a cap
tain in the Union Army from 1861
to 1865, and was seriously wounded
In battle three times. His father,
the famous Dr. Oliver Wendell
Holmes, was the author of such
poems as "Old Ironsides," "The
One-Hoss Shay," and "The Last
Leaf," as well as many books and
essays. Justice Holmes ' inherited
his father's literary skill, and his
opinions from the bench were mas
terpieces of simple, plain English.
Very few men in America have
had such a long and distinguished
record of public service.
NEW RECONSTRUCTION CORPORATION
EXPECTED TO HELP BUSINESS IN U. S.
By CALEB JOHNSON
Congress has agreed to Presi-1 ly.
dent Hoover's proposal for the es
tablishment of a Reconstruction
Finance Corporation, to come to
the aid of banks, railroads and oth
er institutions which are suffering
from "frozen assets." With two
billion dollars two thousand mil
lions at its disposal, what is this
pool of capital expected to do, and
how will it do It?
This is the most Important move
which has been made so far to re
lieve the depression from which
everybody in the United States is
suffering in some degree, and it is
something we all ought to under
stand. To begin with, the Reconstruc
tion Finance Corporation, which
probably will be popularly referred
to as the "R. F. C," will get its cap
ital by offering bonds for sale to
Investors. As these bonds will be
guaranteed by the United States
Treasury, they will be as secure as
Government bonds, and therefore
it is expected that there will be no
trouble experienced In luring timid
money out of hiding and putting it
to work by this means. We can
take it as assured that there will
be two billion dollars, or as much
of It as may be needed, speedily
available for the work of the R.
F. C.
There will be a board of direct
ors of seven men to manage the R.
F. C. They will Include the Secre
tary of the Treasury and the Gov7
ernor of the Federal Reserve
Board, - together with one other
high Government official and four
men not connected with the Gov
ernment, but selected because of
their banking and business know
ledge and experience. - President
Hoover has already intimated that
the two Democrats who will be
appointed to these posts will. - be
Bernard M. Baruch, who was. chair
man of the War Finance Corpora
tion, and Edward N. Hurley, who
was chairman of the Shipping
Board and a member of other im
portant commissions during the
war.
The War Finance Corporation is
the model upon which the R. F. C.
is based. It served after the sud
den end of the war to carry great
industrial enterprises over the sud
den slump due to the cancelling of
war orders. The principal differ
ence is that the R. F. C.'is larger,
just as the present economic con
dition is more serious than It was
then.
With its two billion dollars avail
able, and its management on the
job, the R. F. C, will come to the
rescue, in the first instance, of
banks which are unable to make
loans because so much of their as
sets is tied up in securities for
which there is no market at pres
ent, or the price of which is so
much below the original cost that
to sell would be suicidal.
A big bank has, say, a million
dollars of assets, but half of this is
in real estate bonds, secured by
mortgages on property of undoubt
ed value but which nobody has the
money to buy, and on which the
owners rind trouble in paying the
interest, let alone paying off the
mortgage. It does the bank no
good to foreclose, because it then
has an unsalable piece of property
on its hands, while its customers
business men, merchants, and man
ufacturers are clamoring for cash
loans with which to keep their bus
inesses going and so keep men at
work.
The R. F. C. will take such "fro
zen assets" off the bank's hands,
advancing money to the extent of
the real value of the property in
volved, which the bank will agree
to pay back within five years. The
R. F. C. is secured by having a first
lien upon the "frozen assets." These
may be loans based on real estate,
or upon commercial securities
which cannot be realized on quick-
Every kind of bank, commercial
bajiks, savings banks, trust com
panies, may borrow thus on long
terms from the R. F. C, and its fa
cilities will also be available to
building and loan associations, in
surance companies and similar fi
nancial institutions, as well as to
the railroads and clearing house
associations. It is specifically pro
vided that agricultural and live
stock credit corporations may be
aided also.
One of the paramount features of
the R. F. C. plan concerns loans
to the railroads, the only industry
which would receive benefits Inde
pendently of financial institutions.
The railroads are made special ex
ceptions because of the widespread
ownership of railroad bonds by in
surance companies, savings banks,
national banks and trust compan
ies, and individuals. Next to the
construction industry, the railroads
represent perhaps the largest sin
gle concentrated unit for purchas
ing materials and employing labor;
and their credit position is an ex
tremely important item in the na
tional structure at the present
Ume. '
The R. F. C. is an emergency
measure, and is not expected to
continue in operation after the
emergency has passed. Any insti
tution which needs its help must
apply within fne year from the
date of the President's signature,
although the President may, by
proclamation, extend this period to
two years. Loans will be made for
an original period of three years,
which may be extended to five. At
the end of five years the non-offlce-holdlng
directors are to be dropped,
but the R. F. C. may continue in
existence for another five years, to
give time to dispose of any of the
frozen assets it may have left on
Its hands. After that it is to turn
over whatever it has left to the
Treasury and the final liquidation
will be up to the Government
There is every reason to expect
that the establishment and opera
tions of the R. F. C. will accom
plish the two things which all fin
ancial leaders agree need to be
done. These are to provide a mar
ket for securities of banks and rail
roads which are now unmarketable,
althuogh of great value, and to re
store confidence, - the unreasoning
lack of which, in the face of the
really solid foundations on which
our economic situation stands, Is
the basic cause of our present busi
ness stagnation.
There are other factors in the
general business situation, of
course. The worst of them, at this
time, is the European financial sit
uation. Little that can be done by
legislation at Washington can have
any direct effect on that, but a
great deal can be done to strength
en our situation within our own
borders. The Reconstruction Fi
nance Corporation plan is the first
of the President's major recom
mendations to be enacted into law.
Congress still has before it his plan
to strengthen the Federal Land
Bank System, to create a system
of home-loan discount banks, to
enlarge the discount facilities of
the Federal Reserve Banks, and to
create a $150,000,000 corporation to
aid depositors in failed or Insol
vent banks.
In addition, the President seeks
action upon proposals to revise the
transportation laws so as to restore
confidence in railroad bonds, to re
vise banking laws to safeguard de
positors and to curtail national ex
penditures sharply, with a view to
helping balance the budget
All these plans must be speeded
through Congress, in order, as Mr.
Hoover states, "to re-establish con
fidence, to restore the functioning
of our economic system, and to re
building of prices to values and to
quickening employment.
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Job Hunting on Motor Van
Legionnaires, Selectmen, Clergy, Boy Scouts and Camp Fire Girls
united in a drive to uncover' occasional jobs for unemployed men an East
Bridgcwater, Mass. The touring van is the famous "House on Wheels"
that carried Legion men to the Detroit Convention.
SIMPLE FOOD BEST
FOR SCHOOL LUNCH
Attractive Sandwiches, Vegetables,
and Fruit Suggested as Good
for Growing Children.
Simple and inexpensive garden
and dairy products form the foun
dation of the best school lunch,
says Miss Lucy A. Case, nutrition
specialist at Oregon State college.
Whole grain bread and butter
sandwiches, a raw tomato in sea
son and a bottle of milk will go a
long way toward satisfying the
body needs of the growing child,
Miss Case explains. She suggests
whole grain bread and butter sand
wiches containing eggs, cheese,
meat, fish or nut " butter; a raw
vegetable, a bottle of milk and a
fruit or custard dessert.
"Make the school lunch as com
plete a meal as possible," Miss Case
says, "and have the food appetiz
ing. Wrap it in waxed paper to pre
vent mixing of flavors and drying
out, and pack it compactly in a
washable, ventilated container. Put
the heavy foods on the bottom, and
those to be eaten first on top. Time
and effort may be saved for moth
er by teaching children to pack
their own lunches as soon as they
are old enough."
A hot dish, served at school, is a
desirable complement to the packed
school lunch, says Miss Case.
To give children sufficient time
at noon to eat lunch without undue
haste and still have time for the
play, which they also need, Miss
Case recommends a lunch period
of not less than 45 minutes and
preferably an hour.
"A simple, balanced school lunch,
with adequate time for consuming
it," she says," "is an important fac
tor in the economy of health, and
it is daily receiving more attention
from both parents and teachers."
For Sale 3 V, cords dry lS-ln.
cord wood, $6 cord at Robertson's
barn. Leave orders at postoffice.
John Henderson.
Run a G.-T. Wsnt At!.
NEW ACCOUNTS
1 ,
Life is a gamble
but we all play
our own cards.
This bank Is a Financial
Service Station for you and
all the people of this com
munity. Our officers are eager to ad
vise with you on money mat
ters or business problems.
If time is money many are
rich and don't know it
Don't put your problems off
pat 'em OVER.
Farmers
and Stockgrowers
National Bank
There Is No SubstJtato for
Safety
MacMarr Stores
Phone 1082
Free Delivery
SPLIT PEAS
2 Excellent in Soup.
LBS.
23c
RAISINS
resh, use in pi
and cookies. 2-LB. PKG. ,
Clean and fresh, use in pies i Qs
Prices Effective Sat. and Mon., JELL-WELL
Jan. 30 Feb. I America's favorite dessert
6 PKGS
49c
LARD
8 -LB. Armour's Star. QQ
PAILS OtfC
BROOMS
Medium weight and fine tie. Regular
89c value. fV
EACH Q.tJC
FIG BARS
Oven fresh
LBS.
23c
COFFEE
MacMarr Coffee is a quality prod-
3 lbs "1 89c
Honey
PAIL .. U V
Pure Butter Creek strained
honey.
-i n-LB.
All
Syrup
Max-l-mum Cane and Maple.
5 -LB.
CAN
69c
Macaroni
or SPAGHETTI Use with
cheese and tomatoes.
10 LBS 49c
Shri
nmp
Southern whole shrimp. Fine
for salads.
CANS
29c
Pancake FloUT
MacMarr. Ready mixed.
IOSck 52c
Bacon
Eastern sugar cured. Mild and
sweet
PER LB. ... 19c
MATCHES
6 A real value. f "
-BOX CARTON LDiZ
SOAP
Harmony, C. W. or P. and G.
37c
-i A laundry soap
IV BARS
Lettuce
Crisp and solid.
O HEADS .... 25c
Celery
Large, well bleached, crisp and
tender.
M BUNCHES 25c
PEACHES
Yellow Cling halves.
No. 22 Cans fl
EACH J. DC
ROLLED OATS
9Alber's Cream Flaked. AA
-LB. BAG OtIC
Dates
Fresh and clean.
2 LBS 19c
Vegetables
Bunches CARROTS, TURNIPS
BKETS
2 LARGE 4 Q
BUNCHES JLOiZ
Oranges
Sweet and Juicy navels.
PRICED
15c to 25c Per Dozen
Bananas
'rult.
mo.
25c
Firm golden fruit.
A REAL SAVING,
DOZEN