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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 28, 1963)
MONDAY. JANUARY 28, 1963 A , aw a bbi m 11 MEDFORD MAIL TRIBUNE, MEDFORD, OREGON South's Financial Difficulties By MERTON T. AKERS UPI Correspondent The Confederacy made its first - and only - excursion into high international fi nance in 1863 with indifferent success. From first to last in the em battled life of the Confeder acy hard money was scarce. In the whole four years of its existence the Confederate treasury scrapped up only about $25 million in metal money. This sum came from specie - about $8 million seized in Federal customs houses and mints at the start of the war, about $3 million In a gold loan in Europe and an early bond drive to drain into the treasury all the hard money from the strong boxes of patriotic citizens. Against this $25 million the Confederates issued about $1 billion in paper money. Near the end of 18B2, Chris topher G. Memminger, Con federate Secretary of Treas ury,, was feeling the pinch for gold to pay for munitions coming in from abroad. Placed in Orphanage Memminger had come to the United States from Ger many as a child soon after the turn of the century. Mis fam ily put him into a Charleston, S C. orphanage and was not heard of again. 'He grew up in the orphan age and attracted the atten tion of a trustee who educated him as a lawyer. Memminger made a reputation as finan cier by fighting and winning a celebrated bank case in Charleston. When the Confederacy was organized he was recommend ed to President Jefferson Davis for the treasury post and promptly was appointed. The day Memminger open ed his small office in Mont gomery, Ala., then the capital of the Confederacy, his first customer was a colonel carry ing an order from Davis for money to outfit an army unit. He was received by Henry D Capers, Memmingcr's only employee. The colonel demanded his money immediately. Capers readied into his pocket and pulled out a cou ple of Federal $5 bills. "This is all the money in the Confederate treasury at present," Capers told the col onel. Memminger arranged for a local bank to advance the money on his personal credit. "At the beginning the Con federacy did not have enough money to buy the desk on which the Secretary wrote," Memminger said later. French Offer Godiend In the fall of 1882 when Confederate military pros pects were at their highest, came an offer from France to float a 25 million cotton loan. Confederate credits in Europe were almost gone. The offer seemed a god-send. It came from Eiiangcr et Cie, a French banking house which enjoyed the goodwill of Emperor Napoleon III who wus fishing in the troubled waters of the American Civil War in hopes of re-establish ing the Western Hemisphere empire his uncle, Napoleon I hud sold to Thomas Jefferson for $15 million. Erlangcr's first terms were touch. They would underwrite a $25 million loan at 8 per cent, the bonds to be delivered to the banking house at 70. Fur value was to be 100. Er langer was to get any of the proceeds over the figure 70 plus certain commissions. Fur thermore the loan was to be secured with cotton at 12 cents a pound. English and French mills were starving for cotton What little cotton there was on the market in Europe was selling at 50 to 80 cents a pound. Mill hands in England and r ranee were out of work hungry and costing their gov crnments heavy doles. Somebody - presumable Er- lunger et Cie - stood to make a mint of money if - and it seemed to the French bankers to be almost a certainty - the Confederacy won the war and could deliver the cotton six months after peace. Plenty of Cotton The Confederate govern ment had plenty of cotton -about 450.000 bales of it -piled up in warehouses and on plantations behind the Fed eral blockade. As astute as the Erlanger bankers were at this point, they ran into a man just as astute - Secretary of State Ju dah P. Benjamin. This was a cotton specula tion, not a loan, Benjamin said and first opposed it. But he bargained with the Erlanger representatives who came to Richmond to negotiate the deal. He drove down the in terest rate from 8 to 7 per cent, the whole amount of the loan to $15 million and then increased the selling price to the Confederate government from 70 to 77. It was in that form that the Confederate Congress approv ed the loan on Jan. 29, 1863. Subscription books for the loan offered at 80, were open ed on March 18, 1863. By nightfall the loan was over subscribed. S u b s c riptions come In from all over Europe. A week later the subscriptions reached $80 million for the $15 million loan. One of the subscribers was William E. Gladstone, British Chancellor of the Exchequer, for $10,000. Soon the Confederate cot ton bonds were quoted at 95'2, their highest point. Began To Fluctuate Then something happened. The bonds began to fluctuate, ending up a little lower after each change. Erlanger was alarmed. The bankers said the U.S. Gov ernment was buying as the bond prices went down and forming a "bear party." Settlement day - when the subscribers were to lay down the rest of their money -was April 24, 1863. Erlanger feared by that date the bonds would be so low that sub scribers would forfeit the 15 per cent they already had paid in. Soon London papers began to publish letters telling how Presi dent Davis, when he was a senator from Mississippi, had defended his state in de faulting on some of its bonds - about $10 million. "Davis, the Rcpudiator," he was called. The Confederate victory at Chanccllorville in May had bolstered the bond prices but then came the battle of Get tysburg and the capture of Vicksburg in July. These Con federate reverses and Walk er's activities panicked the Er-Iangcrs. They proposed that the bond money already paid in be used to keep up the price -that is, the Confederate gov ernment use its own money collected from both sales to hold up the price, the Erlang ers to handle the transaction. Mason objected. The Erlan gers were firm-cither use the Confederate funds to hold up the bond prices or the bank ing firm would get out and close the books. Little Choice The Confederate commis sioners in Paris had little choice. Finally they capitulat ed and Mason signed an agree ment empowering Erlanger et Cie to use up to $5 million of Confederate funds to hold up the market. First the F.rlangers poured in $2 million in two days When they bought, the bond prices finned. When they withdrew, the price fell. All told about $ti(l million went into the losing battle of the bonds, historians have concluded. Overall the Confederacy seems to have come out with about $2.50 million, pledging meantime to pay $15 million plus 7 per cent interest. The Erlangers appear to have made $2.7 million on the deal. The losers, largely English men who sympathized with the South, were the subscrib ers who bought the bonds. They lost everything be cause the North won the war and the bonds never were paid, nor was the cotton delivered. Contracts Let In National Forest Klamath Falls Award of contracts for construction of improvements on the Winema forest have been announced by Forest Supervisor A. E. Smith. Quality Builders of Klam ath Falls was successful bid der for construction of im provements at the Chiloquin Ranger station. The building program awarded to Quality Builders includes four resi dences, an office, warehouse, barracks and gas and oil house. Total price of the suc cessful bid was $133,428. Another contract for build ings also at the Chiloquin Ranger station site was awarded to Kyle Construction company, Portland. This con tract covers three residences and one equipment storage building and is awarded un der the accelerated public works program. The Kyle Construction company bid was $64,060. It is anticipated that both projects will get under way soon depending, of course, on winter weather conditions. A contract for two resi dences and an equipment storage building at the Chem ult Ranger station has been awarded to M. R. Holtz, Oak ridge, at a bid of $51,277. This construction project is also financed under acceler ated public works. Eldon Alt, Klamath Falls contractor, was successful bidder on comfort station fa cilities for the Aspen Point campground at Lake of the Woods. The bid was $34,465 for six units, also an accelerated pub lic works program. The award of these con tracts completes the obliga tion of $180,000 of accelerat ed public works funds made available to the Winema for est for expenditures in Klam ath county, the forest service explained. Force account work, includ ing planting, timber stand im provement and hazard reduc tion, was included in the work programs. Employment under the accelerted public works project began early in November and extended into mid - January. Seventy - one man months of added employ ment were made possible through the force account pro jects. The work accomplished in cluded 100 acres of plantation on the Chemult district, 340 acres of thinning on the Chil oquin district. 200 acres of thinning and pruning in young Ponderosa pine stands on the Klamath district and 100 acres of area treated for hazard reduction, also on the Klamath district. sau r.-. - 7 . 7 Act arm said MONEY SCARCE - From first to last, hard money was scarce in the Confederacy. In its entire four years of existance, the Con federate treasury was able to raise only $25 million in metal money. Against this $25 million, over $1 billion In paper money was issued. Neither bond issue nor patriotic giving would provide the answer. The Con federate states lived out their years of life with inflation and a startling lack of funds. It even failed in its own excursion into the realm of high international finance. Shown here is a reproduction of a $100 bill issued by the Richmond government in late 1862. It is one of many styles of money issued by the South to make up the billion dollars issued. (UPI) Feeding the Family By ZOLA VINCENT Food Editor Depi ufes Check Into Tear Gas Bomb Throw C o m p t o n. Calif. - WW -Sheriff's deputies Saturday pressed the investigation into the hurling of a tear gas bomb into a crowd of some 500 persons Friday night at a Knights of Columbus meet ing in a Catholic church. Deputies said an estimated 50-75 persons were treated by Fire department inhalator squads at St. Albert's Great Catholic church after the bomb was thrown through a side door whore a social and dinner was In progress. West Coast Dairymen Meet Population Trends Vigor or "Vigah," our dairy. men have it. Undaunted by population trends, the dairy industry of our west coast states goes right on doing what comes naturally. Few people realize that dairying is essentially a daily business and that it involves basically, milk, the most mo bile of all food products. The gearing has been going on for decades as men of the industry have continued to step up production, modern ize, construct new facilities, anticipate needs. It is clear that the dairy industry is meeting all challenges and as we reflect that if one single consumer, new or old, could not find milk on any given day, there'd be quite a fuss. In addition to filling fluid milk needs our state produces daily tremendous quantities of fine nutrition-packed cottage cheese, along with Cheddar and other fine cheeses. Evaporated canned milk plants dot our western land scape putting it high in the nation in "evap" production. Another major dairy product in which we take pride is our nonfat dry milk industry that processes well over 71 Va mil lion pounds of milk and put it into convenient packages for consumer use. Smooth Pumpkin Pie Made with 'Evap' Delicious desserts to en hance menus the year 'round can be quickly and easily made with evaporated milk the milk that whips. Conve nient canned pumpkin keeps the rare flavor and color of pumpkin in menus through out the year. This smooth creamy mixture goes into nine-inch single-crust unbaked pie shell. 9 -in single-crust unbaked pie shell 1 cup granulated sugar 1 1 2 teaspoons cinnamon Is teaspoon each of cloves, allspice, nutmeg and ginger 1 : teaspoon salt 2 eggs W i cups canned pumpkin l2:i cups (1 large can) undiluted evaporated milk 1 :i cup chopped walnuts Prepare pie crust according to favorite recipe or use one of the popular pic crust mixes. Blend sugar, spices and salt; add eggs, pumpkin, evaporat ed milk and walnut moats; mix well. Pour into unbaked pic shell. Bake In hot, -125 degree oven, 15 minutes or until knife inserted in pie mixture comes out clean. Cool. Top with dollop of whipped cream or whipped evaporated milk. Evaporated milk whips readily when thoroughly chill ed, poured into a chilled bowl and whipped rapidly until very stiff with a chilled beat er. Tender Custards Made With Nonfat Dry Milk Instant nonfat milk is a very convenient dairy food that harmonizes with our jet age living. As it pours from the box, it blends easily and instantly with other ingredi ents in all types of food prep aration. Here we use it in the making of a superb cus tard pie for an eight-inch pie crust; give it deluxe topping. Or just pour mixture as sug gested for pie into custard cups and make 50-55 minutes in a 350 degree oven. 8 -inch pie crust 2 eggs -3 cup instant nonfat dry milk crystals i cup sugar ? s teaspoon salt 1 teaspoon pure vanilla extract ' 4 teaspoon almond extract 1 !a cups hot water Topping If it's a pie you're making, prepare an eight-inch pie crust using favorite recipe or a mix; chill before preparing filling. Mix together eggs, nonfat dry milk, sugar, salt and ex tracts until well blended. Stir in hot water. Pour into un baked crust; bake 25 minutes. Cool. Topping. For superb top ping, combine three -fourths cup flaked coconut and three tablespoons light brown sug ar; sprinkle over pie or ar range in a pattern. Place in a preheated broiler for a mere half minute or so just until coconut is lightly toasted. Chill before serving. If it's custard cups you're making, omit almond flavor ing. Pour mixture into custard cups, sprinkle with nutmeg and place in a pan of hot wa ter at least one inch deep. Bake 50-55 minutes or until custard is barely firm when tested with blade of a silver knife. Remove custard cups to wire rack to cool, then chill. Hawaiian Pork. Beans Young Homemakers find meal planning a challenge met with case, thanks to conve nience foods. A well stocked pantry, plus a bit of imagina tion, and nourishing, eye-appealing meals can be made in minutes. See what can happen to canned pork and beans, luncheon meat and pineapple slices. Six servings. 2 cans (1 pound each) pork and beans with tomato sauce 1 can (12 ounces) luncheon meat 6 pineapple slices 2 tablespoons brown sugar 1 teaspoon prepared mustard 1 teaspoon Worcestershire Empty cans of beans into shallow 12x8x2 inch baking dish. Slice meat into six or Dockers End Strike Alter Five Weeks New York - (U?D - The five week - old longshoremen's strike ended Saturday as thou sands of longshoremen work ed on ships along the Atlantic Gulf Coasts. New York harbor, the na tion's largest, sprang to life as returning longshoremen worked on the huge backlog of shipping that had clogged the port. Federal mediators in Mo bile, Ala., announced that agreement had been reached there between the Mobile Steamship association and In ternational Longshoremen's association Local 1410. The gulf port's dockers were scheduled to return to work this morning. Losses in the strike had been estimated at $900 mil lion. The Coast Guard reported traffic in and out of New York harbor was "very heavy." It said it expected the unusual activity to continue for at least a week. SENIORS VISIT Eugene - Duck Preview, the University of Oregon's one-day program for seniors from Oregon high schools, brought almost 1.000 guests to the Eugene campus Satur day, Jan. 26. eight pieces; place in center of beans in overlapping slices. Cut pineapple slices in half; arrange around meat in scal lop design. Make a paste of remaining ingredients; spread over meat and pineapple. Bake in a moderate oven, 375 degrees, about 20 minutes or until beans are bubbling. Pickled Beets Many people are extraordi narily fond of pickled beets; fix them often. If you've not treated your family to these lately or if you have make up a batch like this. You'll get six pints for enjoy ing now and also later. 3V2 pounds beets (12 medi um) 1 cup cooking liquid 4 cups vinegar 1 cup sugar ',3 cup mixed pickling spices 3 medium onions, sliced Remove tops from beets, leaving 1'. 2 inches of stem. Cook until tender. Drain and save one cup of cooking liq uid, vinegar and sugar. Add spices tied loosely in cheese cloth bag. Bring to a boil. Add sliced beets and onions; boil gently five minutes. Re move spice bag. Pack while boiling into hot sterilized jars, filling to one-quarter inch from top. The vinegar solu tion should cover the vegeta bles. Seal each jar immediate, ly when filled. As we said, six pints. Free Lecture on Christian Science Entitled CHRISTIAN SCIENCE DISPELS FEAR AND EXPANDS HORIZONS" by Frank T. Hord, C.S. of Washington, 0. C. Member of the Board of Lectureship of The Mother Church, The First Church of Christ, Scientist, in Boston, Massachusetts TUESDAY EVENING - JANUARY 29th - 8 p.m. First Church of Christ, Scientist 100 Windsor Ave. On Block South of East Main Street Nu'ry fjoMis A.!jb1f Medford Mnraan L ravine. Commission I Because of Some Differences By A. ROBERT SMITH Mail Tribune Washington Bureau Washington - (Special) Oregon's Howard Morgan has told President Kennedy he wants to be re lieved of his post on the Federal Pow er Commission this Spring. Morgan plans to return to Oregon, where he has a black angus 'rattle breeding ranch near Sisters. He will probably plunge back into Oregon poli tics subsequently, possibly In a bid for state office. Morgan ha.s been Oregon public Utili ty Commissioner, a state leg islator and, as State Chairman of the Democratic party, was instrumental in getting Sen. Wayne Morse, a former Re publican, to switch his regis tration to the Democratic party. In a three-page letter to Kennedy, Morgan indicated he is leaving the FPC, when his term expires June 22, be cause of differences with the other commissioners, all of whom were appointed by Ken nedy. He did not list the dif ferences, however, but sug gested that they "are clenrly visable to those who have read the dissenting opinions which I have been obliged to write during my service here." Urge Stronger Exertisnt Morgan's dissents have gen erally urged stronger regula tory exertions by the FPC re specting private power com panies. He has privately ex pressed disappointment that his view in this respect is a minority view rather than the prevailing attitude of the Kennedy appointees. "There are a number of reasons for my decision, but I am sure I should be con sidered less than gracious if I were to list them all," Mor gan wrote the President. Instead, he warned that the noble goal of public utility regulation, "standing as it does midway between the ex tremes of unbridled monoply and undiluted state owner ship," is underminded when "ordinary men" are entrusted with this tough assignment. Recalling that outstanding lawmakers such as George Norris, Hiram Johnson and Gifford Pinchot put regula tory laws on the books, Mor gan said: "Oridnary men cannot ad minister those laws today in the face of pressures generat ed by huge industries and focused with great skill on and against sensitive areas of government. Ordinary men yield too quickly to the pres- scnt-day urge toward conform ity, timidity and personal se curity." Tends to Make Fraud When this condition exists asserted Morgan, it tends to make utility regulation fraud upon the public and a protective shield behind which monopoly may oper ate to the public detriment." "The big problem in the regulatory field is not ex- parte communications, influence-peddling and corruption, as that word is commonly un derstood, though where these problems exist they can be serious," Morgan said. "But abandonment of the public in terest can be caused by many things, of which timidity and a desire for personal security are the most insidious, the least detectable and. once established in a regulatory ag ency, the hardest to eradi cate." Morgan noted that the FPC, in regulating the natural gas and electric power industries on an interstate level, makes many decisions involving mil lions of dollars. A less-than- courageous commissioner, he said, might fear arousing an industry campaign against his reappointment to another term. Dnlv w th courageous com- miEcinnprs. Morgan added. does the public get "protec tion instead of platitudes; principle instead of puff-jobs and image - rjuuqing; nara .ff- ;...!"' Ijjii ' ,i ;Lm. V :i ,i lt... i i DAIRY TRIBUTE We put benevolent bossy on a proper pedestal and pay tribute to the dnamic dairy industry that keep? well ahead of western population trends. Milk in its myriad forms makes many fine ries.-erts. including this pie and olher cus'.ard type specialties included in today's food I column. I Hornbrook Blaze Damages Residence Hornbrook - The third fire in eight days in the Horn brook area, damaged a home Saturday afternoon in which the Leslie Fitzpatrick family was living. The Hornbrook fire depart ment fought the blaze, assist ed by residents. Residents re moved all furniture and other articles from the home, strip ping it of its contents. The fire was confined to the roof and front of the residence. Fitzpatrick was at work at the Auriculturc department quarantine station at the time the fire was reported, shortly after 1 p.m. The fire is be lieved to have started from the stove flue in the attic, spreading to the roof. DRIVER'S TOO EAGER Medford. Mass. - ITI - Rob ert Donnelly. 19, said he was only trying to give three hitchhiking brothers a lift when his car skidded on the slippery road and bowled over Andrew. Samuel and Levi Stanley were not injured seriously. work instead of 'streamlin ing' and wall-chart juggling." Morgan claimed he wasn't accusing any of his four FPC colleagues of the undesirable characteristics he outlined but his lengthy recital of tha problem tended to belie hij disclaimer. The Medical Roundup Emeritus Con&tiltint In Medlclnt .Myo Clinic Emcrltui Prufeikor of Mtdlclnt Mayo Clinic (Rtflktcr and Tribune Syndicate, 1963) M Operations For Convulsive Attacks A mother wrote recently to say that she has a child who occasionally has a convulsion. N e u rologists have given Di lantin, a drug which has helped, but the mother keeps main taining that she wants the boy's brain J operated on so Alvarez mai ne win De cured for life. She says that she is not going to give up until she finds a neurosurgeon who will do want she wants done. She is sure that with an operation, the child can be completely cured. I fear she is wrong. Unfor tunately, there are only a few children with seizures who can be cured with an oper ation, and usually a good neu rologist can quickly tell if there is any possibility of this being done. He can learn much by asking the mother exactly what the seizures are like. In those cases in which an operation can be perform ed with some chance of suc cess, the epilepsy is either what is called Jacksonian or it is called "psychomotor." In cases of Jacksonian ep ilepsy, the attack is likely to start in one hand or foot or side of the face, and then spread to the rest of the body. A neurologist can then guess where in the brain to look for the area in which the "storm" starts. In cases of psychomotor ep ilepsy, the person may start with some strange sensation perhaps a feeling that the things he sees are receding into the distance or he is see ing something that he has seen before. Then for a mo ment he may seem absent minded; he may behave in some odd way; he may seem to be chewing, or he may rub one eye. In cases like this the electroencephalograms may show that the disease is not scattered evenly throughout the brain - as it is in ordin ary cases in which the cause is a hereditary tendency - but is concentrated in perhaps a "temporal lobe," over one ear. During his many years in the great Neurological Insti tute in Montreal, Dr. Wilder Penfield and his associates put a stop to the seizures of many an epileptic by remov ing a little bit of the diseased brain. A year ago a man walked into my office just to thank me. He said he was over 40 and from childhood onward had had so many curious seiz ures a day that he had never been able to go to school or to take a job. Then one day his mother read a column of mine in which I had described Jack sonian epilepsy. She immedi ately said to her son, "This is a description of your spells." She took him to a nearby uni versity medical school where the neurosurgeons operated and removed the bit of brain that had been sending out the "storms." The man said, "With that operation I became per fectly well, and now I am go ing to school so that I can learn enough to get a job. I just want to say God bless you." Histoplasmosis A few years ago physicians had hardly heard of histoplas mosis, and so we thought it was a rare disease; we thought it was largely confined to the valleys of the Ohio and Mississippi rivers. Now, Dr. Michael L. Furcolow of Kan sas City, Kas., who for a long time has been studying this disease, says that it can be found in any river valley. Birds are implicated in causing the trouble; their droppings favor the growth of the yeast-like parasite which produces the disease. Men should wear a good face mask if they have to clean out, let us say, a church bel fry which is full of bird dung. In from a third to a half of the patients, the disease looks like an influenza. Thera may be some calcification (lime deposits) of spot in the lung - calcifications which can easily be seen with x rays. There is an acute form of the disease, like a pneumo nia, and a chronic like tuber culosis. Often an expert can say that the small white spots in the film of the lungs look more like those of histo plasmosis than like the bigger ones of TB. A skin test can be made which will help greatly in m aking the diagno sis. One can be absolutely pos itive about the presence of the disease only after an ex pert shows the parasite, per haps in test-tube cultures of the person's sputum. In the past, many of the patients in t u b e r c u losis sanatorium doubtless uad histoplasmosis. Now, great efforts are being made to recognize quickly tha cases of histoplasmosis, so that the patients won't be treated for tuberculosis. The drug that has been found most helpful in combat ing the disease is an antibiotic called amphotericin B. In his 24-page booklet, "What Is Epilepsy?" Dr. Al varez answers this question and clears up many miscon ceptions about the disease. You may obtain a copy by sending 25 cents and a 5-cent stamped, self-addressed envel ope with your request. Ad dress Dr. Walter C. Alvarez, Dept. MMT, The Register and Tribune Syndicate, Box 957, Des Moines 4, Iowa. Rensselaer, N. Y. - IUPH -Groundbreaking ceremon i e s were halted Sunday at tha Redeemer Episcopal church when the Rt. Rev. Allen W. Brown, bishop of the Albany Episcopal Diocese, found the ground too frozen for h i s shovel. An electric jackham mer was provided and the bishop carried on. TaleNTiNes and Party Good Medford, Or. 217 E. Main, 1 I mm If you have only pennies left from your pay check after paying monthly bills, give us a call. Ask for a Paycheck Stretcher Loan. CITY FINANCE COMPANY 185 E. Wain St. Phone: 482-2431, Ashland L-'e insurance available on i loans at lo group rates 2522 TO 150022 o
