Image provided by: University of Oregon Libraries; Eugene, OR
About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 9, 1962)
THIS North in Financial Troubles By MESTON T. AKER8 UPI Correspondent Northern armies seemed to be losing the Civil War in the early summer o( 1882; the fi nancial structure of the coun try was quivering - but the nation flexed its muscles and demanded expansion, war or no war. The finest Federal force so far - the Army of the Poto mac - was fenced in on the James river in Virginia, bitten by mosquitoes and wracked by malaria. Another Federal army of bits and pieces was being or ganized by Ma. Gen. John Pope in northern Virginia. (President Lincoln had high hopes for this new army.) The big army in the West was broken up into garrisons and middle sized forces. When It moved, if it moved at all, It was with the alacrity of a sick snail. National finances were in a mess when the second session of the 37th Congress met in the winter. To pay its bills the Treasury needed $350 mll- POWUFUL NEW PLUNGER CLEARS CLOGGED TOILETS in ojiffyl NIVER AGAIN that sick ftalfftf whn vsur tofltt verfUws TOILAFLEX- Toilet Plunger Ordinary plunger juit don't seat properly. They permit compressed air and water to splash back. Thus you not only have a mess, but you lose the very pressure you need to dear the obstruction. With "Toiltrlex", expressly designed tot toilets, no air or water can es cape. The full pressure plows through the clogging mass and awishea it down. Can't misst t DOUBLE-SUB CUP. DOUSie-FftCSSUM BCSIGNEO TO FLU AT ANY AN OLE CENTERS ITSELF. CAN'T 8KtO AROUND TAPERED TAIL OIVEI AIR-TIOMT FIT $265 fully auar.nt..d T HIIIIWRE STOKS EVERYWHERE TRAD'N VH 240 i Temperature Zone Fercelain Tub Ne Special Wltio, Safety Start Central laiy Reach Lint Filter 1 Yr. Uncendltlenal Guarantee 1 WAYS TO IUY 1. Ci.h 2. 0 Days N HeneMirif Charf a I. litenJad Term NO DOWN PAYMENT 1ST PAYMENT IN SEPTEMBER Lilrij-i H . law I - I 1 I i I I -.Ai-1 A i lion by July 1, 1862, a stagger ing sum for that day. No such mm was in sight, either in taxes or from the tale of U.S. bonds. Late in 1881 banks had suspended specie payments; that is, you could not get sil ver or gold for current paper money. The treasury had to have a dependable currency to pay its soldiers and war contractors and to keep busi ness alive so it could pour in battle supplies. Issue of Greenbacks The answer seemed to be an issue of greenbacks which would be legal tender for pay ment of debts. In other words "turn on the printing press es." The Issue split Congress into "hard money" and "legal tender" camps instead of Re publicans and Democrats. Secretary of Tn sury Sal mon P. Chase, normally a "hard money" man, reluctant ly swung over to the legal lender side. By spring a $150 million issue was authorized by Congress. But the Congress also set up two balances which in part offset the inflationary aspect of the printing press curren cy. A system of rational banks was authorized with provis ions for currency based on treasury bonds. A stiff system of taxes also was voted, including imple mentation of the nation's first income tax which originally had been authorize ' in 1861. Annual incomes from $600 to $10,000 were taxed 3 per cent and incomes above $10, 000, 5 per cent - later raised to 10 per cent. Liquor, beer and tobacco taxes also were raised. Lux ury goods, such as carriages, yachts, billiard tables and confectionery, were taxed for the first time. Many manufac turers paid a 3 per cent tax. It cost 30 cents in taxes to butcher a cow and a dime to dress a hog. Businesses paid a franchise tax. Every con tract, bank check and legal form had to carry a tax stamp before it was valid. The tax law was thorough and it took more than 20,000 words of schedules to spell it oujt. Taxes Yielded Well While these excise uxes - the first in the nation since 1821 - hit the North In the pocketbook, they yielded well and in a large measure paid TIME! Percelein Ift.Ue and Out 10 L. Tufc Ca- eelty Small Leee Wilir Central TrlpU Rimini Genuine 3 Cycla Full Tim Underweter Filter S Yr. Trammit sien Warranty Reg. $36.W $2990 FOR BOTH With Teur Trade Operatlni er Net WE SERVICE , MOST MAKES ri 1115 Phene 772-4131 er 772-2eS the war bills. (In the last year of the war the excises poured $311 million into the Treas ury.) However dreary the finan cial picture, the country was in no mood to hide in its shell and postpone expansion sim ply because there was a war going on. With the Southerners out of Congress, advocates of a homestead bill moved to achieve their long-sought goal of free land for anybody who cared enough to work for it. Southern congressmen had successfully fought a h o m e -stead act because it would have meant opening western lands, most of which was not suitable for slaves to work. That would have meant even tually more free states and an end to southern domination of Congress. Homestead Act Now a homestead act was hustled through Congress with hardly any opposition. The act provided that any citi zen or anyone who declared he wished to be a citizen -whether man or woman over 21 - could, by payin. $10 and small legal fees, pre-empt 160 acres of land from the 2 bil lion acres the government owned. By living on the land and working it for five years he could perfect his title. Lincoln signed the bill into law on May 2, 1862, and the magic words, "free land," be gan to ferment even in distant lands. Those words would fill the West in 30 years despite the fact that much of the free land hardly was worth the taking. But "free land" was not enough. The country must be connected by the steel bands of a transcontinental railroad. Late in '61 copper strands had linked the West Coast to the East by telegraph. Now it must be paralleled by a rail road. There had been much dis cussion of a transcontinental railroad for many years. But this expansion, too, had been blocked by Southern congress' men indirectly. They Insisted the railroad must run along the southern border of the states. Jefferson Davis - then secretary of war, now presi dent of the Confederacy - had engineered the Gadsen pur chase from Mexico to provide part of the right-of-way. Northerners were equally insistent that the road must go west from Chicago or St, Louis. (Both were linked to the East by trunk lines.) Nel ther side could carry the day and there the situation stood at war time. Railroad Bill After considerable debate Congress passed the Pacific Railroad bill and Lincoln signed it on July 1, 1862. The Union Pacific was authorized to build west from Omaha, Neb., and the Central Pacific to build east from San Fran cisco to the California-Nevada line. The government gave each road a 400-foot right of way and five alternate sec tions (640 acres each) of land on each side of the road as it was built. The government al so agreed to lend the roads $16,000 In U.S. bonds for each mile built on the plains, $32,- 000 per mile in hilly land and $48,000 in mountains. The roads were to be fin ished by 1876 or be forfeited to the government. (Actually they were completed in 1868.) Money for Collects The Central Pacific started building in 1862 and the Un ion Pacific in 1864. The day after he approved the railroad bill, Lincoln sign ed the Morrill act which pro vided means whereby what are known now as Land Grant colleges could be set up. States were empowered to MEDFORD MAIL TRIBUNE. MEDFOHD, OREGON 0 mm tt WtiRKAtiMaiait, Ait, NORTH DEMANDS EXPANSION In the summer of 1862, the Northern armies seemed to be losing the Civil War and the financial structure of the nation was quavering, but the country demanded expansion war or no war. On the military side, a new Fed eral army of bits and pieces was being form ed under MaJ. John Pope, left, in nothern Virginia. On the financial side. President Lincoln, center, and his Secretary of the Treasury, Salmon P. Chase, right, were backing certain measures designed tn select 30,000 acres c public land for each senator and rep resentative andtouaethe money from sale of the land for colleges. The program was slow getting under way but eventually it resulted in a solid contribution to educa tion. Many who voted for the Morrill act living to see land grant schools become great institutions of learing. Agriculture also won a place in national government in this expansion era. In May Congress voted to establish Department of A g r iculiure which was charged with pro viding farmers with informa tion, seeds and plants. Isaac Newton, a Pennsylvania farm er and a Patent Office clerk, was named to head the new department at a salary of $3, 000 a year. Burma Cracks Down On Rioting Students Rangoon, Burma 4UPD The government cracked down on disgruntled university stu dents today following week end rioting which left at least 16 persons dead and more than 60 Injured. The ruling Revolutionary Council enforced stricter d i s c 1 p linary measures and stationed police and troops around the Rangoon univer sity campus to thwart further trouble. The casualties occurred Sat urday night when troops fired on thousands of students who rioted in protest against steps taken by the Revolutionary Council to impose discipline In the universities. Ten stu dents were arrested. APPRECIATE MUSIC Leichester, England - H'fD Music appreciation is the fav orite course at a prison here. Least popular is English. HAWAII Only $23267 (Mb ROUND TRIP AIR TICKfT from PORTLAND GO ANY DAY IIS I0EING 707 JETS 1S-DAY EXCURSION FARE MAKE RESERVATIONS TODAY See George Lewis V Business Expansion in the GREENBACKS ISSUED I ' 750 MILLION , '. I NATIONAL BANKS - , I ENTIRE SYSTEM AUTHORIZED TAXES INCREASED 1 A' t $311 MILLION. M FREE LAND I HOMESTEAD ACT PASSED RAILROADS I ' UNION PACIFIC AUTHORIZED $ 'A.' I LAND COLLEGES & , "fr .. PUBLIC LAND AVAILABLE neat U . Kennedy 'Shocked' Hyannis Port, Mass. -iUPO-President Kennedy Sunday is sued what he called "frighten ing" statistics showing that one-fourth of the nation's 40 million school children cannot pass even a simple screening test of physical fitness. The President also said It was "shocking . . . that at least 60 per cent of our chil dren do not participate in daily program of vigorous physical activity. The statistics resulted from pilot projects and surveys con ducted by the President's Council on Youth Fitness. The surveys consisted of a scien Why spend it getting there? Go Greyhound to "Century 21" and use your savings to sightsee the first U. S. World's FaT in over 20 years! There are no lower fares to the Faif ... and there's an exciting Greyhound Tour to fit ewey budget! SEATTLE PACKAGE TOURS 3 Days $44.20 4-Day. 5.90 ROUND-TRIP FfBr tn SFITTIE $20.55 plus tax "'6r'nMl'iA' a' Fa fKV1 Mjh' al J. A. TOMJACK, AGENT 5th and Bartlett 772-2202 -LSf-. A c North . . .,62 strengthen and expand the economy and to block further inflation. Some of these meas ures included the issuance of greenbacks, authorization of a National Bank system, an increase in taxes, thousands of acres of land being made available under the Home stead Act, authorization of a railroad to the west coast and the turning over of public land to the states for building and support of colleges. This chart, drawn especially for the series, shows the measures and the men behind them. (UPI) By Lack oi Fitness tific sampling of the nation's 108,000 public and 16.500 parochial and private schools. Afmospheric Test Delayed in Nevada Nevada Test Site- OIPB A low - yield atmospheric nuclear test was on a 24-hour weather hold today after desert winds forced the third cancellation of the shot. The firing, described as an atmospheric test to analyze nuclear explosions, was post poned by the Atomic Ener gy commission and the De fense department and re scheduled for Tuesday. BARGAIN PACKAGE TOURS INCLUOC: Hotel accommodations. Monorail to Fair Grounds. Admisiioa to Fair. titra land and water light seeing trips. Add low round -trip far 10 Seattle. ibrilri "Doi"'"' Mflfi'th" a nanni eiye.rfl'in! tnj i SrrtMt crfT'r' '" 'mtim oioi.rft'kU'i leuer, r uu s'0 icl'vit'". Tw-n "le" fair, er' Br'W. D'u tit. Census Reveals Reason for News Shareholder New York - (ITU - A com parison of the figures in the New York Stock Exchange's recent stockholder census and earlier reports on the extent of the shareholder population in other countries help show why stock market actions are more often front page news in the United States than else where. While the dip in the mar ket during May attracted at tention oversea, and brought sympathetic reactions In stock markets abroad, similar oc currences in foreign securi ties markets would be felt personally by far smaller shares of the population, the figures indicate. The NYSE census put the number of stockholders in this country at 17,010,000 In 1962, a rise of more than 4.5 mil lion from the estimated 12.5 million of 1959. This repre sents nearly one of every six adult Americans. A recent exchange study on individual sharcown e r s h I p NflDEBILIE'S for women Air Step shoes IVow 790 ffi90 Casuals S90 90 arjw 790 On Ut Olrls' On Ut Children! Tennis Oxford Nylon Dress Pumpt lack Hue He1 190 v,,0 190 Wman' Wm Straw Casuals Dress Shoes Mae-e la Italy Net AN Jlaee Value to AQQ Value C90 MS Now Q 13.S. Only jj NOBLE'S SHOE MONDAY, JULY t, around the world showed that there has been growth else where. It has not been as widespread as that in the Un ited States, reflecting in many nations that economies faced a rebuilding process in the postwar years, and that private enterprise faced han dicaps not found here. Not all of the figures for other nations were as up to date as those in the share holders' census for the Unit ed States, and for many na tions no information on the total number of stockholders was available. In the United Kingdom (pop ulation about 50 million), a May, 1980 Gallup poll put the number of share holders at an estimated 3.1 million, a figure double that for the number immediately after World War II. On the basis of shares traded, the London Stock Exchange is the larg est in the world, the NYSE noted, and In recent years has pushed a program to attract broader ownership. DISLIKES COLOR Poole, England-WK-Health worker Winifred Bennett has resigned rather than accept a town council ruling that she wear the official brown uni form. "That color doesn't do anything for me," she said. formerly Buster Brown Shoe and Dress Flats Values to 7.95 Now 490 5m Life Stride and Galaxies Values to 12.95 90 Children's Shoes Many That Can B Used far School Men's Shoes Values to 1 1 .95-1 2.95-1 4.95 Now 90 formerly Butttr Brown A S It J 191 y we are celebrating 25 years of service ; to the HARD OP : HIARIN : VOU'M INVITBO T OUft OPEN HOUSE Join ut si our birthday parry all week, 9 a.m. 10 5 a.m. See America's finest Kite ef quality Hearing Aid. Of MIDFOKD ' 120 I. Mel 772.741 Store Hand Bags Now Only and T)90 r ,He Tea q90 9JJ rtM Tai Woman' Golf Shot 10.9S Valuej Not All Slim 590 Regularly PricttJ 13.95 - 14.95 S)90 shoes shoes 90 5 90 S)90 STORE 1982 2 17 South Central aAil l' 1 ROGUE TRAVEL SERVICE Aik About Our New "Ticket by Moil" Sarvlc 111 Eaut 8fh SC. 772-6779 t 1 13 So. Central UMIWIILW IJU-SU-J Fluhrer Building
