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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 25, 1963)
THURSDAY APRIL 25. 1963 MEDFORD MAIL TRIBUNE, MEDFORD. OREGON ROTC Building at University Burns Eugene - IUTO - Thtf two tory frame ROTC building on the University of Oregon crnnpus was gutted by a fire of undetermined cause early today. Officials placed lost at $50, 000 of which $30,000 was equipment. HOTC officials said the fire destroyed large quantities of office equipment, rifles and training aids. The fire broke out about 3:30 a.m. A rifle range on the upper floor was destroy ed. ROTC officers said they would set up offices in a near by quonset hut classroom structure. An investigation to deter mine the cause was under way. Device Can Measure Impurities on Fruit Philadelphia - rtlPO An electro-chemical approach, com bining an element that detects tiny residues of pesticides ad hering to fruits and vegeta bles and a device to measure quantities, is being used to help overcome concern about the residues' harmful effects. This method, says Leeds and Northrup company, man ufacturers of scientific instru mentation, can detect impuri ties that are no more than a fraction of one part in a million. ARSONISTS CONDEMNED Saigon. Viet Nam-iUPD-Two alleged "hard core Commu nists" convicted of setting a slum fire which left 4S.O0O persons homeless have been sentenced to death by a mili tary court. Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicte, Inc. NATIONAL PAPER CURRENCY 100 YEARS OLD It was 100 years ago this June that the first United States paper dollar which had the backing of the federal government was Issued. It was not until June 20, 1883, that this great nation had a national paper currency, uni form in design, printed by the federal government and se cured by the credit of the U. S. Treasury. So much do we take our currency for granted today a dollar is a dollar Is a dollar and will be accepted any where for the purchase of goods that a review of the chaos in our currency system a century ago stuns even the money experts. Yet, chaotic is the only accurate word to describe our currency system before passage of the National Currecy Act, and during this centennial celebration a con trast between then snd now is fabulous and fascinating Here Is how it was before Secretary of the Treasury Salmon P. Chase (the man whose face is on today s $10,000 bill) proposed and pushed through the historic currency legislation of 1863. There was no national paper money, although the gov ernment supplied gold and silver coin. Many of the 1,500 state-chartered banks simply printed their own money and many of them were little more than "money factories." Some of the least scrupulous "bankers" operated their entire business out of i tin box or saddle bag. On this dsy 100 years ago thare wtra about 10,000 varieties of paper monay of wildly different designs and wldtly different sliei in circulation in this coun try. Almost as area! as the viritiy of the paper monay wti the difference In Its value. Many of the notes were absolutely worthless because the banks issuing them had nothing to back them up. Currency issued by a bank which had failed would continue to circulate long after the bank was out of business. Often the value of the currency depended on how far the note was from the bank which had printed It. For instance, the value of the paper issued by the older New York and New England banks was relatively stable, but the farther west an American traveled then, the more uncertain became the worth of the local money. A traveler crossing a Btatc border easily might find that a bill worth $10 in gold or silver on one side was worth half on the other side of the border. Against this background, "wildcat" bankers flourished. These were outright crooks who followed the Western fron tier and issued currency with no intention whatsoever of redeeming it. They set up their "head offices" in remote parts of a state so remote that only oilier wildcats lived there because the laws of that state provided that the notes need be redeemed In gold and silver only at the bank's "head office." Since getting to that head office of the wildcats was so difficult, the paper was exceedingly dif ficult to redeem. It usually was as worthless as counterfeit money. Under the circumstances too, counterfeiting flourished on an incredible scale. The quantity and variety of the paper currency outstanding made fraud almost impossible to de tect. The shoddy quality of the money itself added to the problem of detection. In fact, a leading best seller in hank ing offices at the time was "Counterfeit Detectors," a week ly listing the names and numbers of spurious notes. Faced with the necessity of financing tha Civil War, President Lincoln's secretary of tha treasury fought relentlessly for a national currency, and Chase finally got what ha wanted In the National Currency Act of 1863. That law laid the basis lor the dual system of state and nationally-chartaced commarcial banks we have today. It gave us a national currency. It was cru cially important in financing ol tha Civil War. It also over the years has made counterfeiting a small time business. In the fiscal year 1962. the Secret Service captured a grand total of $3,567,020 in counterfeit money before it reached the public. Actually lost to the public was only $367,806, a picayune sum compared with the $34 billion of paper currency in circulation today. As the 100th anniversary of our first national paper currency nears. it is important to contrast the then and now. "if for no other reason," as the American Bankers association suggests, "than to see how far we've come," Try and Stop Me By BENNETT CERF- C AID ROGER W. BABSON: J "When I And myself depressed over present conditions, "I can, within one hour, banish worry and turn myself into a snouung optimist . . . Here is how I do it I enter my history library, close my eyes, and reach for a book, not knowing whether I am picking up Prescott'a "Conquest of Mexico" or Suetonius' "Lives of the Twelve Caesara." I then open my eyes and read for an hour; and the more I tead, the more sharply I realize that the world has always been in the throes of agony, that civilization has always been tottering on the brink. The ! pages or nistory fairly shriek with tragic tales of war, fam ine, poverty, pestilence, and the man's inhumanity to man. After reading history for an hour, I realize that bad as con ditions are now, they are infinitely better than they used to be. This enables me to see and face my present troubles In their proper perspective as well as to realize that the world as a whole is constantly growing better." Sir Thomas Bccchara, Internationally famous conductor, adamantly refused to hire female musicians. "If they're pretty," be explained testily, "they distinct my male musicians. If they're not pretty, they distract me." C lata, tgr BtutU Csrf. DUtribuUd by Kuuj itatures ttutlicau Pendleton Paper Safety Winner New York - IUPD - The Pen dleton East Oregonian was honored Wednesday as one of the winners in the American Newspaper Publishers Asso ciation's "Safe Driving Cam paign." The Pendleton paper won third place in the private mo tor carrier division among pa pers with less than 20,000 cir culation. Newspapers participating in the campaign had less than two accidents per 100,000 miles traveled last year by their trucks and automobiles, a report to the ANPA conven tion said. Morse Leads Fight Against Confirming Satellite Officers Wi.hiniinn hipi, 4 .mill i nrg3ni,nri fnr nrfii , rat ions system . quest sland-Dy autnorny to tsuncson (D-iex.) saiu IMC hand of SnatP liheraU imihI i Sen Wavne Morse (D-Ore ) I Other congressional news: control dividend rates paid on j measure should go far to a last-ditch fight today to pre-1 spoke for more than two hours ! Lobbying: Senate investiga-1 savings accounts by savings j wards halting alleged abuse I vent confirmation of the 14 ! on the constitutional issue be- founding officers of the Com-1 fore the Senate recessed munications Satellite Corpor atlon. Despite their determined opposition, the Senate was ex pected to end the two-day de bate by approving the 14 men named by President Kennedy to set up the new company created by Congress last year. The battle centered around tors called a nign-tee loopy un ; and loan associations, associate of John A. O'Don-1 The controls and othejr pro- I nell to find out just how much I visions for tighter federal su i the two Washington men pcrvision were described as 'earned in pushing passage of ' the administration's price for legislation that 'damage claim act last year, would boost maximum federal The witness. Ernest Schein, insurance on savings accounts the issue raised by the liberals ! passed the bill creating the Of whether the Senate had the ! covernment - regulated, pri- Wednesday night. Seen Misleading U ...n.nn ,1,.., Cnnto MR firmat.on of "these private j W Philippine war , supporting businessmen" would "mislead wvsawia ."Jr..,"' I termer chief examiner of the I from sio.ooo to $25,000 on h t it rs a oveVnment agen- Philippine War Damage Com , each account, cy. Morse said Congiess never muston. was summoned for Spending: A congressional intended it to be when iri"""."' . nouaeiwepuiK w by some travelers and exces sive outlays of counterpart funds. McNamara: Defense Secre tary Robert S. McNamara said Wednesday Russia apparently is beginning to believe that even "local wars ' j Loyalty Day Program Scheduled at Newport Newport, Ore.-'UP-A three day long Loyalty Day celebra tion will begin here Friday. The celebration is scheduled to be climaxed Sunday with sports car races conducted by the Northwest Sports Car are too ! Club of America. behind doors of the Senate Foreign Relations Committee. constitutional right to give its vatcly owned company, which L, Savings: Congress was told "advice and consent" to ofli- eventually will operate a rrveanesaay uwi uus nsuuwa ccrs of a private corporation I global commercial communi- administration will soon re- dangerous these days. But J Red China, he said, obviously I BILL APPROVED doesn't agree. He made the Salem - (IT!) - A bill to in- proved unanimously a bill to statement in urging a Senate crease unemployment corn- impose new curbs and report- appropriations subcommittee i pensation benefits has been inn requirements on overseas to approve the full S49 bil-j revived and approved 5-4 spending by traveling con- lion sought by President Ken gressmen. Chairman Omar nedy in his defense budget. by the House Committee on Labor and Industries. Big California Large & Ripe No. 1 jj QRjaQ Oven Fresh Saltines 2-Lb. Box CHICKEN NOODLE SOUP . - 19 EGGS "AA" LG. 39 ORANGE JUICE sar 5 S 99 Pjfl5 BEAVER CREEK BARTLETT HALVES No. 2Vi tin faawaV MMk M H m m A Mm " FROZEN DINNERS 11 Wonderful Varieties Each Instant Mashed Potatoes 10' TOILET TISSUE 29c Wifcfc I I IWli WAIOORF ASS TD COLORS 4-Roll Pkg. Mm W TUNA 4 99' I VIIHdei MONTI CHUNK STYLE No. !j TinTT W W PRUNE JUICE o 39e SUGAR SPRECKELS GRANULATED 10-lb. 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No. A 5 for 99 Pickled Sliced Beets TastewelLNo. 303 6 foi 99 Tomato Sauce Ar98 75 for 99 PeaCheS 0t Monte, Sliced or Halves Ne. 303 4 for 89 Fruit Cocktail m Mon,8 No 3o3 4 for 89 Oysters mm uu, cut 8-oi. 5 for 99 BeetS Ver-Nal, Diced 1 No. 303 8 for 99 Stewed Tomatoes premium N.. 3o3 6 for 99 Bafced Beans Oxford 13-oi. 7 foi 99 Kidney Beans Good Day L No. 303 7 foi 99 Luncheon Loaf H.mi., 12.01. 3 99 Syrup Cottage 21 -ox. 3 feu 99 HOminy Drew, Whit, or Gold No. 300 9 for 99 Figs Argo No. 303 q) for 99 PearS Dl Monte, Sliced or Halves No. 303 4 for 99 Bon to Flakes N.. w 6 for 99 BUFFERIN Reg. $1.29 Bottle of 100 X Bottle VI FAIRFIELD BATH ROOM RUG and COVER SETS NOW Clear Vinyl Plastic SOFA COVER $1.19 CHAIR COVER 69c Embotted Finish fg ' (Y 5598 ea. tJ0 t s.t MEDFORD-Wcstgare Center MEDFORD-1 3th and Central ASHLAND-Gateway Shop. Center W Reure The Right To Limit. Prices Effective thru Sunday, April 28th
