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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 29, 1960)
Honpy VI IS's Money Experience Carries Present-Day B ELMEIf C. VJfLZER UPI Financial Editor New York - (UPB-A banking "tority warns that we'd bet ter nae a bit o& modern-day moneyage than an attack of morbus nu mericus. c That means it's better to raise taxes than to debase the currency. The Feder eral Reserve WMrVal Bank of Phil adelphia is' the author of a cetory on. money which uses mese unusual woads. It has flon a superb job of explain in the story of money, using the3 vSjrds and phrases that have) grewn with currency de velopment and explaining all in simple, understandable language. Thestory of money is done under the title, "Henry VIII Revisited,, the Problems and . lemptations of Money Crea- tion," and is bundled up in an Tour moit it - :- BE yOEti...I10W ELECTRICALLY Starts at snap of switch ... no gas to Operates on residential current Smeam ELECTRIC ROTARY a lightwsight-Mly 29 lbs. Easv te ase-easv to store s 2-way Hewing swing-ever handle 76 88 Rutin txtension cords tor both electric mowers IN STOCK! mheam Self ELECTRIC REEL Completely enclosed power drive Raise handle to propel; lower for free Exclusive safety release protects motor S14Q25 WHC1D AT ONIY Completely enclosed power drive Raise handle te propel, lower for free wheeling Fftjer-tip control panel Exclusive clutch disengages reel for easy starts niCED AT ONLY 514950 fou cotcfcar ONLY $5.50 AN EXCEPTIONAL. VALUE ' Specially designed steel housing Powerful 4-cycle Briggs I Strittea engine Peeitive blade Close side trim Nejw ef new price n'y ' N 0 lew TERMS! Jmall monthly payments to suit you! PLENTY OF WEE PARKING (SI -v - frr SPECI AlltS III 245 9. Central at 10th attractive 20-page pamphlet, illustrated with little draw ings and charts. The author is unnamed. Where King Henry, the Eighth, comes in is an illustra tion of money debasement that was assumed as a prerog ative of king's ruling by di vine right. King Henry was a spender. When he needed money, "Old Copper Nose" as he was call ed, melted down silver coins his tax collectors gathered and added base metals to cre ate additional money to fi nance his spending programs. Other Devices Rulers of old used all sorts of devices to swell their cur rencies. If a private citizen were caught doing these things he was hanged. But the king could do no wrong. This regal means of debas ing currency was given the sonorous latin label, morbus numericus, which literally means money disease. There were sound thinkers in those days and they tried to outstanding bvy unhewti Self. Propelled CAS ROTARY Positive geared teeth drive belt Ne slippage-never needs adjusting. Specially designed steel housing-ribbed, flanged and reinforced for extra support Adjustable speed control on handle. Close side trim up to walk:, rences, etc. PRICED AT ONtT $115 GO Cofnpfot with Itof mulchar buy or store ! Twin Blade f f Opwototoa I midmrial I currant - Pronelled wheeling 71 i T Self-Propelled GAS REEL iei i w m l m Free Wheeling ROTARY drive $92M QUALITY AT LOWEST PRICES1 36 QQq MOMEWAKESl Phono SP 2-5201 Warning prevent this currency tinker ing. They submitted to a thing called moneyage, a heavy tax leveyed every third year as a recompense for the king not to alter or debase coins. Even then the monarch often re neged and did it anyhow. Banks Take Over Eventually divine right of kings went out of existence and bankers took over the money issuing job. They stor ed gold for their customers and issued notes against the gold. They found that since there were no wholesale withdraw als of gold . represented by their notes that they could is sue much more than the gold that backed the notes. Panics that developed from time to time proved this wasn't the best plan. Then came central banks to take over the money creation job. The nearest we have to a central bank is .the Federal Reserve System. Limitations were placed on currency issuance, but the Federal Reserve was given latitude to maintain an elastic currency. The Philadelphia b a n k's story reveals several things that have not been explained too carefully by politicians. Still Puzzles For example, to bring in terest rates down, the only things the Federal Reserve could do would be to expand the currency. That inflation ary move would result in higher prices. Deficit spending likewise involves creation of money with its inflationary poten tial. Having developed the intri cacies of the money story, the Philadelphia Federal Reserve Bank makes some observa tions on our present situation: "If the problem of cost push unemployment results from changed market condi tions and power concentra tion, it would seem more logi cal to attack the problem at its roots within that market structure rather than 'solv ing it' by debasing our cur rency. "If we need greater public expenditures in the areas of education, basic research, and defense why not first try to redirect some of our existing public expenditures? "If this proves insufficient, greater taxes would be a fair er answer than currency de basement. "Better a modern-day mon eyage, equitably based than inflation, the crudest and most arbitrary tax of all. History Repeats Self . "It has been said that his tory repeats itself, that men do not learn from the errors of the past. "Today it is possible that we have reached an import ant juncture in the historical cycle of money creation. "This juncture involves a fundamental choice. Will we continue to insulate the func tion of money creation from the day-to-day financial pres sures that beseeched the sov ereign? "Or will we follow the lead of Henry VIII, Old Copper Nose revisited? - "These are the problems and the temptations of money creation.". Drivers Should Be Alert For Playing Children Shouts of joy are filling streets and highways as youngsters take to the spring weather with baseball, bicy cling and other-forms of out door fun. It's a time for motorists to stay especially alert, Med ford's Chief of Police Charles P. Champlin says, so shouts of joy won't be turned into screams of pain. Champlin hopes the good weather will not cause driv ers' attention to be taken off the road where it's needed more than ever. He advises drivers not to assume children will do the right thing. He points to in experience and lack of un derstanding of problems faced in driving as factors causing youngsters to make pedestrian and bicycling errors. "Any youngster on the road, at the side of the road, or playing adjacent to the road is a human danger sign," he said. "Any ball nlling in front of your car may have a oungster just a few yards behind." Bicyclists offer danger signs to careful motorists, too, he said, because the bike rider may suddenly turn or lall in front of a car. Champlin urges parents to refresh their children's mem ories on safe bicycling rules as an added precaution for this season of the year. DIETETICS PIONEER DIES St. Paul, Minn. - (DM - Serv ices were to be held today for Mrs. Winifred Howard Erickson, 63, a pioneer in the field of dietetics, Section B Medford MEDFORD, ww n---- a.-v WINDOW SHATTERED Mrs. Walter Sherry Jr., looks through a window of her home, shattered by an explosion. Three Oklahoma Publishing Co. employees who recently worked in a Portland, Ore., newspaper shop where a strike is in progress had their homes bombed. UPI Telephoto) SEE HOW FINE BEER S MADE OREGON, TUESDAY, MARCH 29, 1960 ENJW to VISIT SCW RAINIER BREWING CO, Pages 1-6 Tribune News About Servicemen AIRMAN OF MONTH Airman Second Class Ray Dahl, son of Mr. and Mrs. R. W. Dahl, Barnett rd., was named airman-of - the - month for February while serving with the radar maintenance section at North Truro, Mass. Dahl, a graduate of Phoenix High school in 1955, joined the Air Force in 1957. In addition to his regular duties he is a member of the first string bas ketball team of his squadron. IN EXERCISE ' Two Jackson county Ma rines are among those par ticipating in Exercise Blue Star being held in Southern Taiwan involving U. S. Navy and Marine Corps personnel in conjunction with National ist Chinese forces. The local boys are Pfc. Don ald L. Gregory, son of Mr. and Mrs. Francis H. Gregory 916 South Holly st., and Cpl. Ron ald D. Keen, son of Mr. and Mrs. Lionel F. Keen, Jackson ville. They are members of First This is your kind of refreshment Exceedingfy light without being thin. Exceptionally smooth and easy going. Rainier has jost the right touch of taste-a fine, delicate flavor that invites you pour another. The result of and imhurried natural aging. Add the Tight touch to yow fighter rnornents-make it Rainier, for Bfe. SEATTLE SPOKANE, WASH - SINCE 1878 Religion of Good Shepherd Points to Work of Christ Jesus By the REV NORMAN GORE Rector, Episcopal Church of The Epiphany, Atlanta, Ga. Written for UPI In the Old Testament we read that many of the leaders in Israel were shepherds. Yet nowhere in the Old Testa ment do we read that a shep herd should lay down his life for his sheep. Only in the New Testament have we this example. The Gospel of the Good Shepherd is cross-centered and expresses the ideal and purpose of the Christian faith. It is the example of re sponsibility and leadership. The religion of the Good Samaritan is a practical re ligion and can be worked into a practical program. It is a program of doing things for other people. But the religion of the Good Shepherd is far more difficult because its les son points to the cross and to the work of redemption in Christ Jesus. The religion of the Good Shepherd is not so much what one can do. It is more what can one be. It is a way of life. .. Since history knows of many a hero who died for his country, physicians who died trying to save lives and re formers who died for the truth, why then does the death of Jesus differ from that of other people? It is because that, while death came to them by accident, it came to him by design. Jesus Rainiers natural brewing ICTl in 1 11 came to die for mankind that through his death they may live a life eternal. 4-H Club News Sewing Bees Wednesday, March 23, the Sewing Bees held their sixth meeting at the home of Kathy Vandergrift. Visitors were Mrs. Whipple and Mrs. Vandergrift. At the meeting Mrs. Keith inspected the work done so far on the aprons. They are expected to be done by the next meeting. The next meeting will be at the home of Oma Lea Whip ple, Thursday, March 31. Oma Lee Whipple, Reporter NEED 220-100 LET SEARS ARRANGI INSTALLATION o Includes: Service for Ring, Dryer and Hat Water Tank Up to 30 Feet Each. Plus 8 Circuit. 0 PHONE SP 3-6661 FOR FREE ESTIMATES 0 ; -vT- - 7. ; : . Ih Cub Scout! Pack IS Phoenix-Thursday evening an award was presnted to Mrs. Virginia Graham at the meeting of Pack 15. Mrs. Graham has been a Den Mo ther two years in succession. Other awards ure psent ed, also. Wolf badge went to Chris Thompson and Steven Furry. Wolf ArrowsQto Chris Thompson, Don Taylor, Dell Nickolson, Hugh Henriksen, Eddie Taylor, Lloyd Hood, Jim Lawrence, and Richard Romback. Bear Arrows Oo Larry Sauer, and Charles Glidden. and a one yeir p to Pat Graham. O Leo Furry announced that an overnight outing for Dad and Son will be held in May at Howard PrSirie. Also, it was announced, the Pack will have activity during the summer months. flHP SEDVICE AS LOW At3 o ,C3 o Nothing Down, 3 Yes To Pay .On Searsa 0 Modernizing Credit Plan o U Q o 0 ,0 Q 0 o o o 0 G O O 0 o o o
