TUESDAY, DECEMBER 27, ItiO
MEDFORD MAIL TRIBUNE, MEDFORD, OREGON
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ROBERT W RUHL. Editor
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Flight o' Time
Medlord and Jackson County
History (rom th. tiles The
Mall Tribune 10. 20. 30, 40
and 50 years ago.
10 YEARS AGO
Dec. 27, 1950 (Wednesday)
A majority of Medlord
residents lavor the reactiva
tion of Camp White as a train
ing installation. It was indi
cated by a random poll made
today by Mail Tribune re
porters. Dick Applegate, a well
known newspaper writer and
United Press correspondent,
arrived In Medford Christmas
evening to spend a few (Jays
with his family before re
porting to the UP Tokyo bu
reau for assignment In Korea.
10 YEARS 'AGO
Dec. 27, 1940 (Friday)
A special election has been
palled for Jan. 17 to vote on
a $60,000 bond issue to fi
nance the city of Meatora s
part of an airport improve
ment project; the caa nas ai
lotted $282,000.
From Arthur Perry's "Ye
Smudge Pol" column: "The
Japanese foreign minister is
a former student at the UofO.
It often looks like he should
be painted green, and thrown
In the Old Mill Race."
30 YEARS AGO
Deci 27, 1930 (Saturday)
Crescent City defeated Med
ford 24 to 21 in the local high
school's first basketball game
of the season.
An increased Interest In
mining has been shown re
cently, in Jackson county with
22 applications for mining
claims having been filed with
the county on one day alone
last week.
40 YEARS AGO
Dec. 27, 1920 (Monday)
The Inst of a record amount
of Christmas packages and let
ters are being distributed by
the local post office today.
The local Elks club will
hold an open house on New
Year's day.
50 YEARS AGO
Dec. 27, 1910 (Tuesday)
A move Is In the offing to
change the name of Jackson
it. to Jackson blvd., on both
sides of Bear creek.
What's Your I.Q.?
Nine er ten correct Is iuperler:
even er sight is excellent; five et
ix Is good.
1. What did Currier and
Ives make?
2. Which of the following
Books arc in the Old Testa
ment: Mark, Luke, John?
3. Name the first four let
ters of the Greek alphabet?
4. Correct the following
sentence: "He don't know as
he can come."
5. Is Bill Odom famous as
a golfer, round - th - world
speed flyer, or football play
er? 6. In the final vote tally,
did President-elect Kennedy
win over V. P. Nixon with ap
proximately 113,00 votes,
650,000, or 312,000?
7. The monetary gold stock
of the U.S. is deposited in the
Federal Reserve Bank, in New
York; true or false?
8. What is caoutchouc?
9. In baseball, which base
is called the rubber?
10. How many fluid drams
to a fluid ounce?
Answers: 1. Prints (engrav
ings). 2. None. 3. Alpha, Beta,
Gamma, Delta. 4. He doesn't
know if ..." S. Speed flyer.
6. 113.000. 7. False. I. Rubber,
t. Horn plat. 10, Eight,
i
Dismal "Development
There are several things . which should be
clearly understood about the recently-advanced
proposal to build a high dam across the Kogue
river at Copper canvon
First, it is not a new proposal, but it is one
which has been emphatically rejected, lor a num
ber of reasons, when it
with anv conception of
Second, it should never be confused with the
Rogue Basin Project, which involves only the
upper river.
Third, it is being proposed this time, not by
anv responsible government agency or organized
group, or even an experienced utility. Jt is being
proposed by a brand new group of some 50 peo
ple in Josephine county,
jectives are unclear and
OANK DeVOSS, our award-winning outdoor
writer, puts it this way:
"Sound the call to arms ! The enemy is attack
ing! Now is the time for
ists to come to the defense of the Kogue river
and fight for what is theirs!
And Hank's alarum isn't too far-fetched,
either. For if such a proposal ever got as far as
serious consideration, it
which would make past
look like the proverbial
Over a period of many difficult years, our
present concepts of water use have been devel
oped. It has involved many fights, and this con
cept of multiple use of water resources has not,
even yet, reached a stage of perfection and har
mony.
DUT it HAS reached a point where it is recog
nized that no longer can we afford to permit
single-use monopoly of our major resources. And
sucn a high dam across the main stem of. the
lower Rogue would do violence to this hard-won
concept. .
It would generate a lot of power; it would
have certain limited recreational uses; and it
would "open up" a lot of timbered country.
But" it would end the Rogue as a fishing
stream; it would have no flood control benefits;
it would not irrigate an acre of land; it would
utterly despoil some of the most magnificent
country in the west; and it would foreclose for
ever the intense enjoyment of the Rogue as a
more or less "natural1' stream.
"This kind of dismal "development" we can
do without.
' It would be asking a sacrifice of everything
the Rogue has come to symbolize for a pot-full
of unneeded kilowatts. E. A.
There s a Difference
The difference between this proposal for
"uroffress" and the wholly separate oronosal for
development of the upper
one in concept, in use,
The one the Copper
on the lower Rogue is
for the equivalent of a
The other the Rogue Basin development
plan for the upper river
study, still in progress,
count all real and potential uses of the river, and
which will carefully safeguard existing values.
THIS is no happenstance.
per Rogue has been stymied by conflicting inter
ests. And it was not until
sulted and considered)
an optimum use of the
The key to this optimum plan, the turning
point in the whole ancient controversy, appeared
vvhen the lish and wildlife interests became con
vinced that they stood to gain more by intelli
gent planning of the upper Kogue than by letting
summer water flows continue to decrease, with
resultant damage to the
MOW, for the first time
promise of a plan of
only will retain and enhance existing values
(scenic, fishing, streamflow, recreation, and so
on), but which will, at the same time, make pos
sible added irrigation, power development, and,
to a limited extent, flood control benefits.
That this has become possible is due to the
long, hard work of the bureau of recreation, the
Corps of Army engineers, the U.S. fish and wild-
lite service, the Oregon water resources board,
the Rogue River Basin Flood Control and Water
Resources association, and
interested individuals and groups who have par
ticipated in the studies.
Let us keen it clearly in mind, therefore, that
there is no relationship whatsoever between the
developing Rogue Basin project plan still under
study, and the ill-conceived, hastily nronosed.
single-shot dam proposal at Copper canyon.
"THE first gives promise of being an important
1 contribution to the entire area, and to the di
versified interests which make it up.
The second would destroy many of these same
benefits, all for the dubious purpose of power
generation and timber cutting.
The Rogue Basin project can become a com
munity endeaver in the best sense: the Conner
canyon proposal looks like nothing but a grab
for the river, a "give away" of the most flagrant
kind, for the benefit of a limited few. E.A.
below Agness.
has been made. No one
the realities likes the idea
whose motives and ob
even suspect.
'
all brave conservation
would bring on a fight
battles over river use
tea party.
Rogue Basin is a vast
ana in execution.
canyon dam proposal
to sacrifice' the Rogue
mess of pottage.
is a carefully prepared
which will take into ac
all interests were con
that a plan approaching
river could be devised
fisheries.
in history, there is real
development which not
dozens and dozens of
Dennis the Menace
'IF VOU FIND ANYAViR8I.es IN THE
MteHEO FOWfES, THEY ' Af '
Washington Report
By WILLIAM
CHURCH AND BORAH
Washington - Twenty -odd
years ago it was Borah of
Idaho who led our isolation'
1 s t s against
any "entangle
ments" with
the tricky and
c o 1 onialist
British.
Now, from
the very seat
of old Sen.
William E.
Borah, a man
white young enough
to be his grandson, 36-year-
old Sen. Frank Church of Ida
ho, is developing a new, un
intended form of isolationism
of an equally high - minded
kind.
It may be as difficult to
combat as was the old. For,
again, it has ready appeal to
the emotional and missionary
strain within us. The moun
tain west seems somehow to
produce politicians of decent
purposes - and with a way of
so oversimplifying world
problems as to produce the
very last thing they want - a
weakened free West against
all totalitarianisms.
II7HILE HUlerism was rising
" in the '30s, William E
Borah, from his powerful post
in the Senate foreign rela
tions committee, fought every
effort to meet that evil re
alistically. And he sometimes
felt he knew more about .un
warlike German intentions
than presidents.
His great influence - he
was an able man of honorable
purposes, as is Church-gravely
hampered our preparations
for a war which we would,
all the same, have to fight.
Borah was very hard to
overcome. For cries about
"keeping out of war" were
easy and popular then - as
cries about "anti-colonialism"
are easy and popular now. It
was easy to say, two decades
ago, that we should take a
high, aloof moral position and
just let the bad British and
French and the worse Ger
mans fight it out.
TT IS easy now to say, as
A Church is saying, that we
should completely throw in
with the various African "In
dependence" movements, be
ginning with that in French
Algeria. We should no longer
vote in the United Nations
says Church, with "such no
todous colonial powers as
Spain, Portugal, South Africa
France and Great Britain.
"Notorious?" Well, as to
Spain and Portugal and South
Africa, perhaps yes. (It is
little hard on Britain, by the
way, to bracket her with ex
tremely racist South Africa
Britain has made a thousand
fold more effort, at immense
cost to herself, to moderate
racism there than all the
world's "anti-colonialist" crlt
les put together.)
But is Britain, is France,
really quite so "notorious"?
Are these ancient lands, where
modern freedom was born, re
ally more "notorious" than
say, the Kremlin agents who
have an undeniable part in
all these African "independ
ence" movements?
And If they are though
surely only a mind bemused
by slogans could actually be
lieve this are they not then
too "notorious" to be accepted
longer as faithful allies? And
if so, where will we find the
troops and fleets to replace
those of Britain and France
for the common safety against
Soviet imperialism? From an
"independent" Algeria? From
a "liberated Congo?
tUT was France really "no-
- torious" In the long agony
of Nazi occupation? Or was
she only the first victim of
a marauding force which the
West at first was powerless
to resist because the West had
listened too long to the Bor
ahs ot that day?
S. WHITE
Was Britain "notorious'
when left alone under Nazi
bombs because of a Western
weakness created by parochial
isolationism?
Will Church of Idaho, in
his honest zeal, become the
Borah of this generation,
righteously separating West
ern-world sheep from West
ern-world goats so that the
last, inevitable winner will be
the Russian bear, as once it
was the grisly German eagle?
It might be so. For Church
is very likely to ascend now
to th'e chairmanship of t h e
Senate foreign relations sub
committee on African affairs.
(Copyright, 1960. by United
Features Syndicate, Inc.)
Communications
Letters to the Editor must
bear the name and address ol
the writer although undo cer
tain circumstances the use ot a
pen name or Initial (or publica
Uon la permissible. The Mall
Tribune reserves the right to
edit all lettera with an eye to
clarification and condensation
Letters submittea for publica
tion must not exceed 400 words
Sinister Forces
To the Editor: Whelher we
have faced the facts or not,
Americans are constantly be
ing besiged by forces far more
sinister than Communism.
Let's consider the "sinis
ter" forces working like ter
mites underground and like
lions above.
It appears that the liquor,
tobacco and prevertcd music
interests have by their actions
shown their purpose. From
video screens voices are be
witching tender hearts with
hypnotic propaganda that ulti
mately leads to both physical
and spiritual ruin.
Television alone is not
guilty. Every means seems to
be put to use to lure more
nd more individuals into
downward paths. Even Christ
ian homes are not exempt.
What many a few short years
ago turned in horror from,
now by their apathy, have ac
cepted as commonplace.
To the tune of rock and
roll and jazz multitudes watch
and listen while the merits of
poison are extolled. So many
minds are benumbered and
befuddled by nicotine and
alcohol that they fail to real
ize what is happening. Actual
ly our nation is reeling on a
drunken, smoking crowd,
rushing on in a mad race to
ward eternity. Not satisfied
with their own inventions, ex
peditions have actually been
sent into the heart of Africa
to capture the bop and
rhythm of the heathen devil
dancers.
Missionaries were sent to
convert the heathen. Now
their bewitching rhythms, for
the love of money, are help
ing to transform our nation
into a sensual, crime loving
band of villains. Not satisfied
with worldly outlets the
enemy has even incorporated
his jazz rhythm into much
what is panned off as sacred.
David danced, but not to the
love sick, sensual rhythms
now so popular.
Yes, the clever counter
feiter, Satan, if you please.
even disguises himself into
fast pace religious jazz. Yes,
sinister forces are working.
We must beware.
Henry Johnson Jr.,
2315 Highway 66,
Ashland, Ore.
The Maxwell
To the Editor: My uncle left
Bement, Illinois, and finally
settled in Ridgway, Colorado.
He bought a slightly used two
cylinder Maxwell and started
one of Colorado's first auto
mobile stage lines between
Ridgway and Ouray.
This wux a long route for
a Maxwell. In the summer, he
tried to make a round trip
every day. He didn't, but he
tried. In the winter the Max
well wux froze up. After sev-
Foreign News Desk:
NATO Soul-Searching; Reds To
By PHIL NEWSOM
UPI Foreign News Analyst
Notes from the foreign news
cables:
Moscow vs. The Pentagon:
Moscow radio is making a
distinction between President
elect John F. Kennedy and
American gen
erals. It is an
apparent cam
paign to con
vince Kenne
dy that all
will be well
in American
It u s s o rela
1 1 o n s if he
will shake up
Newsom united states
military leadership. Both Pre
mier Nikita Khrushchev and
Soviet Foreign Minister An
drei Gromyko have extended
olive branches to the new
U. S. administration, asking
for a return to the good old
days of the Roosevelt-Krem
lin relationship. At the same
time, Moscow radio blasts
"Pentagon strategists" it ac
cuses of planning destruction
of the Communist world.
Soul Searching
The United States NATO
allies are doing a lot of soul
searching over the recent U.S.
offer of nuclear submarines
and Polaris missiles for the
NATO alliance. One consider
ation is the fact that the pur
chase of 100 Polaris missiles
as suggested by the United
States, would cost the mem
ber nations $100 million. It
Today & Tomorrow
By Walter
THE U.N. IN CRISIS
The General Assembly of
the United Nations having ad
journed, we see only too clear
ly that it is
the center of a
double crisis.
The one in
volves the use
fulness, if not
the very exist
ence, ot the
United N a-
'ill tions itself.
The other ree-
Llppmann isters a very
serious change in the position
of the Western powers in the
world balance of power.
Both crises turn on the
Congo. When the trouble
broke out after the Belgians
left, all the nations, the West
ern, the Afro-Asian, and the
Soviet Union were agreed in
calling upon the United Na
tions to restore order. The
purpose of restoring order was
to avert turning the Congo
into a cockpit of the cold war.
If this original intention
had been realized, if this
original intention could con
ceivably still be realized, the
Congo would become isolated
from the international power
struggle, neutralized while it
acquires the know-how and
means of self-government,
A LL this has been a great
and darincr hooe. and it.
may have been beyond the
civilization which the world
we live in has as yet achieved
But could it be made to suc
ceed, it would provide a prece
dent and an example by
which other backward coun
tries could pass from subjec
tion to independence. The
whole future would be
brighter.
Although it is just possible
that the situation in the Congo
is not irretrievable, it is cer
tain that it cannot be solved
by the kind of tactical infight
ing which we have been prac
ticing, in my view it can
be made to succeed only as
part of some over-all under
standing with the Soviet Un
ion to contract, rather than
to expand, the theaters of the
cold war.
The brutal fact today is that
Mr. Khrushchev's assault on
the U.N. has cut deeply into
me support on which the
whole enterprise depends-the
support of the Afro-Asian na
tions and their sympathizers
among me neutralist coun
tries. The U.N. has been
brought to a point where the
Soviet Union has sufficient
support to nullify its opera
lions in the Congo. It has
been brought to a point where
no i m p o r ta n t constructive
U.N. action can be taken with
out Soviet consent and col
laboration.
TN OTHER words, the Soviet
- Union has extended its pow
er of veto from the Security
Council, where it exists under
the charter, to the General
Assembly and the Secretariat.
eral years, my Uncle waz
thinking of retiring, then one
day a man got off the train
in Ridgway and wanted to go
to Ouray. My uncle felt sorrv
for this 39 year old man from
Waukegan and gave him the
Maxwell.
The Maxwell Is 52 years old
and poor old Rochester is still
driving it up and down Wil
shire Boulevard.
Everett Acklin,
Ashland, Ore.
I
would take another $20 mil
lion for the naval craft to
carry them. There also is the
fear that Russia might use the
program as a pretext to push
her own missiles closer to
Western Europe. The question
of control also is an Important
one. Opponents of the plans
say thai 15 fingers on the trig
ger would make it too clumsy
to be effective.
Stay in Own Yards
One result of the recent
Red "summit" conference in
Moscow may be that both th
Chinese and Russians have
agreed to stick closer to their
own back yards. Khrushchev
called off at the last moment
a scheduled visit to North Ko
rea. Chinese President Liu
Shao-Chi accepted invitations
to visit east European nations
more than a year ago. But he
has come no closer than Len
ingrad and Minsk. Liu has ac
cepted an invitation to visit
Cambodia and probably will
fulfill it.
Save the Dollar
Reliable banking sources in
Frankfurt report it is almost
certain that West Germany's
Bundesbank (federal reserve)
will chop the discount rate
again in January in another
effort to stop the U.S. dollar
drain. These sources put the
proposed cut as high as one
per cent but no lower than
one quarter per cent from the
present 4 per cent. The coun
try has built up a reserve of
more than $7 billion. The
Lippmann
During the recent session of
the General Assembly the So
viet Union has overcome that
majority which has hitherto
followed us.
Of the original 51 members,
32 were countries of Western
Europe, North America, and
Latin America. This was an
absolute majority.
Now there are 99 countries
and at least 54 belong to the
so-called Afro-Asian bloc.
In the new alignment we
can no longer count on the
two-thirds majority which is
required for positive action.
Indeed we cannot be entirely
sure that we can count upon
enough votes to prevent art
action-such as the seating of
Red China-which we oppose.
T'HE change in our position
is due to the fact fiat as
the new nations have emerg
ed, a great many of them
tend to align themselves
against the Wesiern powers.
The Soviet Union has estab
lished its power of veto in
the Assembly because it has
known how to win the sup
port of so many of the new
nations.
Whelher this tendency can
be altered in the Kennedy
administration remains to be
seen. It will take a lot of
doing. It will take primarily,
I believe, a conviction in
Washington among those who
make and administer policy
that, as respects the new and
uncommitted nations, our ob
ject is not to win them over
into the Western alliance but
to promote and protect their
neutrality, with the United
Nations as the protecting insti
tution. Copyright 1960, New York
Herald Tribune Inc.
In the Day's News
By FRANK JENKINS
In this space yesterday we
asked HOW MUCH IS A BIL
LION DOLLARS? The gen
eralized, broadly inclusive an
swer is that it is a LOT OF
MONEY.
So, today, it might be in
teresting to ask another ques
tion:
WHAT IS MONEY?
'THE commonest definition o'
-- money is that it is a ME
DIUM OF EXCHANGE.
Primitive man had no use
for money. Nor did he do
much trading. He ate the meat
of the animals he killed. He
clothed himself in their skins
He dwelt in a cave. In other
words, he was a rugged indi
vidualist. He lived by his own
efforts.
But, as time passed, primi-
tive man began to discover
that he could improve his
standard of living by swap
ping what he possessed in sur
plus for what his neighbor
possessed in surplus. It was
thus that TRADE arose.
AT FIRST, trade in the
world was all swap and
barter. But, as trade grew,
swapping and bartering be
came bunglesome and burden
some. It wasted too much
time. Eventually, it occurred
to some primitive cave man
with a Phi Beta Kappa type
of brain that a MEDIUM OF
EXCHANGE would come in
mighty handy. .
How he got tht idea it lost
Moscow vs.
Bundesbank lowered the dis -
count rate from 5 to ,4 per would be expected to lessen
cent Nov. 11. Another cut, the flow of dollars into Gci
putting the rate barely above many's thriving economy.
Mrtiter of Fact
THE LEVEL OF
COMPETENCE
Washington U n 1 e s s the
signs deceive, a new Admin
istration with an exceptional
level of hu-
m a n compe
tence will be
the final re
sult of the me
thodical man
hunt that
President-elect
Kennedy has
been conduct
ing ever since
Alsop his victory.
Competence is the key
word, for reasons suggested
by the common characteris
tics which unite the new
Secretaries of State, of De
fense, and of the Treasury
Dean Rusk, Robert McNa-
mara, and Douglas Dillon are
all men of great intelligence
with a wide knowledge of the
world and with the vigor and
courage, too, that are needed
to face the fairly unpleasant
key facts of these painful
times.
But they belong neither to
right nor left. They are not
doctrinaire. They wear no
blinkers. They accept no limi
tations, except the limitations
that the hard facts impose.
Their simple, highly pragma
tic aim is to deal with the
hard facts in whatever way
will be most likely to safe
guard and promote the great
interests of the United States.
A lmost all the highly im-
nrpssivp mpn nnur hpinc
tapped or considered for sec
ond level posts have the same
peculiar human coloration.
Roswell Gilpatric, already
named as Under Secretary of
Defense, and the man who
will be Gilpatric's partner in
harness, Paul H. Nitze, are ob
vious cases in point. So is the
vice president of the New
York Federal Reserve Bank.
Kobcrt Koose, who is likely to
take a high post at the Trea
sury under Dillon.
So too is the dean of Har
vard, the brilliant MacGeorge
Bundy, who may come into
the State Department as the
dean of the Foreign Service,
or may head up a special arms
control study group under the
President. So too is David
K. E. Bruce, who is quite cer
tain to get one of the highest
diplomatic posts abroad.
So too is Charles E. Bohlen,
who may go to Paris as Am
bassador, but Is now more
likely to be retained as chief
Soviet expert for the Secre
tory of State and the Presi
dent.
QTHER names might be
" mentioned, but the list is
long enough to make the es
sential point. Some of the
men listed are, or were, Re
publicans. Others have always
been Democrats. One, the pro
fessional foreign service offi
cer, Bohlen, has been trained
to serve, and has loyally
served, Administrations of
both parties.
But in any rational sensn,
all these men are all totally
non-partisan, except in one re
spect. All of them are strong
partisans of the valuable but
uncommon method of govern
ment, which consists in deal
ing with the hard facts in a
in the mists of antiquity. He
may have noted that his
neighbors were fond of string
ing shells around their necks
as ornaments. And ... he
may have known where there
was quite a shell beach.
Anyway, shells were among
the earliest media of ex
chaiii. Our own Indians,
w!:o came along eons after
the earliest cavemen, used
shells as a medium of ex
change. They strung them on
threads and called them wam
pum. IT WAS thus that MONEY
came into being. All kinds
of things have been used as
media of exchange. For cen
turies, CATTLE were used.
The use of cattle as money is
still shown In our language.
The word "pecuniary"
(meaning having to do with
money transactions) is derived
from the Latin word "pecus,"
meaning "cattle." Cattle were
perfectly good money. They
had INTRINSIC value. If you
didn't want to use 'em s a
medium of exchange, you
could EAT 'em. You could
make leather out of their
hides. Their horns made pret
ty good drinking cups.
For quite a period in our
own West, beaver skins were
used as money. They too had
intrinsic value. You could
make hats of their fur. In
early colonial Virginia tobac
co was used for money. It also
had intrinsic value II ygu.
I
Pentagon;
Stay Home
1 that of the United States,
Joseph Alsop
practical, forthright, and un
prejudiced manner.
Kennedy's preference for
this special human type for
men of extreme competence
and tested courage, who do
not carry excess doctrinaire
baggage in turn explains
both the rejoicing and the
grumbling that have recently
been audible.
The favorites of the Demo
cratic left wing, Adlai Steven
son and Chester Bowles,
never had any real chance of
becoming Secretary of State,
for the very same reason
that they are the left wing's
favorites. Both men, in dif
ferent ways, have a doctri
naire tinge.
Obviously Kennedy sympa
thizes far more with this liberal-doctrinaire
tinge than
with the right wing-doctrinaire
tinge visible, in its very
deepest hue, in Secretary o
Treasury Robert Anderson.
But no tinge at all is pre
ferred. Hence Bowles and Ste
venson were effectively ruled
out for the top job at the
State Department. Hence, too,
there is visible unhappiness in
the Democratic left wing.
TY the same token, Presi
" dent Eisenhower is cross
as two sticks with Douglas
Dillon because of his decision
to accept the Treasury De
partment under Kennedy.
This is really because Dillon's
decision revealed the fact
(which should have satrtled
no one, but did apparently
startle the President) that Dil
lon is poles apart from the
nervous-doctrinaire Anderson.
The President himself did
not used to be a doctrinaire
conservative. He might have
been rescued if he had insist
ed on having his way at the
beginning of his Administra
tion, when he wanted to name
John J. McCloy Secretary of
State. Instead he named John
Foster Dulles to please the
late Robert A. Taft, and Dul
les did not believe that argu
ing with George M. Hum
phrey and Charles E. Wilson
was any part of his business.
And with no one to pull the
other way, the President's
outlook soon became the out
look of his dynamic but pas
sionately doctrinaire first Sec
retary of the Treasury.
But now the departure of
the right wing-doctrinaires is
soon to occur. They are not
to be replaced, either, by
their opposite numbers on the
left. And this is as good an
augury as one could ask.
(c) 1960 New York Herald
Tribune Inc.
Icy Spots, Snow
On Oregon Highways
Portland-IUPD - The State
Highway Department today
reported icy spots at John
Day, Ontario, La Grande,
Lakeview, Bly, Lapine. Sis
ters, Prospect, Detroit and
Warm Springs Junction.
There was packed snow at
Government Camp, Brothers,
Willamette Pass, Meachamj
Baker, Austin and Basque.
didn't need it for money, you
could smoke it or chew it.
One of the principles of
GOOD money is that it must
have intrinsic value-which is
to say that it must be capable
of being used for some pur
pose other than as a medium
of exchange. Also it must be
reasonably scarce, because if
it becomes too ABUNDANT it
depreciates in value. But it
mustn't be TOO scarce.
THAT brings us around to
pnlri whirh (nr rpnliiHrta
has been the world's basic
medium of exchange. Gold
has INTRINSIC value. It is
beautiful, which gives it value
as ornaments. It is capable of
being worked easily, so that
almost ANYTHING can be
made of it. It doesn't rust
away. It resists acids. It can
be beaten out fabulously thin
for use as gold leaf. It is dur
able. And, since the beginnings
of trade and commerce, it so
happens that gold production
over the world has tended to
increase about as fast as the
volume of world trade and
commerce has increased. Thus
it has tended to be neither too
scarce nor too abundant.
For all these reasons, gold
has tended to become the
IDEAL medium of exchange.
the ideal basis of value for
other things that are used as
money (including paper with
PROMISES written on it), the
ideal medium for the settle
ment of international bal
ances. CO, IN these days, we have
come to think of gold as
MONEY. We have confidence
in gold as money. We have
confidence in paper money
that is backed by gold. We
have little confidence in
paper money that isn't backed
by gold.
t