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Magazine Section.—Tillamook, Oregon, ffiareh 1, 1906.
NOTE EXPANSION.
NATIONAL BANKS ESTAB-
SINCE REDUCTION
OF REQUIRED CAPITAL.
Increase of Instl«
and Consequent Expansion
Note Circulation May Cause
is a boom In the organization
national banks. It has been in pro-
for five years, or ever since the
oy Congress of the act permit
national banks to be organized
a capital of *25,000 instead ot
minimum of *100,000 capital, as the
stood prior to March, 1900.
the multiplication of small
banks has been going forward
a startling pace it is only recently
the great increase in the number
new banks has begun to impress it-
on far-seeing financiers as exces-
It is felt that the unprecedented
In banks and the consequent
of national bank note clr-
has either gone so far, or soon
so far, as to constitute a na-
are many financiers who,
•hey look with apprehension on
in national banks, yet feel that
have not reached the danger line
I that the country is able to absorb
the national bank note circulation
that is likely to be issued on the pres
ent bonded debt of the United States.
It is proposed that at the next ses
sion of Congress the bonds to be sold
for tho construction of the Panama
canal shall also be made a basis for
bank note circulation and this ex
pansion It Is thought may provs ex
cessive. The danger line will be
reached when the bank note circulation
comes to bear an undue relation to the
gold reserve of the United States treas
ury. The growth in national bank notes
In five years has Increased their
amount from *216,000,000 to *478,000,
000, based on government bonds, or
about *50,000,000 per annum. It is
calculated that the gold.stock of the
country Increases annually in about the
proportion that population Increases.
During the last fiscal year the basis
money of the nation was increased by
the addition of *23,000,000 in gold cer
tificates. It is urged that as the bank
note circulation increases faster than
the growth of the money of redemp
tion, the process tends toward inflation.
It adds to the burden of money which
the gold reserve must maintain at
parity.
No remedy for th!« situation-Is In
sight, and it Is stated that it may be
that an unhappy financial depression
will be needed to call the attention of
the whole country to the necessity for
caution In loading up trade with too
great an Issue of bank note«. At pres
ent there Is no limitation ou the or
ganization of national banks except
that they cannot go beyond the bonded
debt The bonded debt is now *895,-
000,000, of which »482,000,000 is used
as security for note Issues and *65,000,-
000 as security for government de
posits. An Issue of *130,000,000 of
canal bonds has been authorized, and
the whole world knows that other is
sue« of canal bond« must be made. If
the canal is to be constructed on the
lock principle, this bond issue will
necessarily be doubled and probably
trebled. When the canal is cut down
to sea level the cost of construction
will very nearly be doubled and the
bond issue accordingly increased.
LARGEST OF SHIP DOCKS..
THE “DEWEY” NOW PLOWING
THE ATLANTIC AND BOUND
FOR TUB PHIL IPPINES.
Will Require Four Months to Make
Trip.— Capable of Lifting Biggest
War Ship.—Superior to Stationary
Docks.
The huge storm waves of the Atlan
tic in midwinter seem to roll onward
in a resistless torrent of destruction to
all in their pathway. But this year
they are beating against an indom
itable structure, for the United State«
Government is shipping to its far-off
naval station at Cavite something that
floats but is yet not a war vessel, a
fortress or a merchant ship. Capable
of use In either peace or war, it Is a
very necessary adjunct to Undo Sam’s
Navy. This structure which has been
breasting the waves of the Atlantic is
the gigantic new floating dry dock,
“Dewey," but recently built by the
Maryland Steel Company of Sparrows
Point, near Baltimore.
While there are numerous dry docks
in the far East which are available for
Unde Sam's Navy in times of peace,
the gates of these would be barrod to
hl« fighting ships were he to get into
an embrogllo with any foreign power.
This fact determined the Navy Depart
ment to build a great dry dock which
could be towed from one port to an
other, or used in the open seas. The
recent success attained by the Govern
ment floating dry dock at New Orleans,
Induced the naval officials to decide
that this new factor la ship-repair
should not be stationary, but rather
one of the floating variety. In order
that it might be capable of docking the
largest battle ships, not only of the
present day, but of such possible ex
pansion as the future might bring
forth, the Government specifications
required that the “Dewey” should be
able to dock a 16,000 ton ship in four
hours from the time the warrior en
tered the trough to the moment the
keel was out of water.
The Largest in the World.
Such specifications meant that upon
completion of the “Dewey" the Govern
ment would possess the largest float
ing dry dock in the world. The
contractors went further than the Gov
ernment specifications and gave the
new dock a capacity of 20,000 tons.
The question might be asked, what
sort of monster is this which floats and
yet can bodily lift the huge fighting
terrors of the sea? It is nothing more
than a large steel floating box, with a
bottom and two long sides but with
the top and ends missing, the bottom
resting upon great square tanks, 18*4
feet deep. With an opening of certain
valves, enough water is allowed to
rush into sink the great trough until
the floor Is sufficiently below water
level for the largest warship to enter
between the two protruding sides. Af
ter the vessel la within the enclosure,
the water Is pumped out of the tanks
and the great trough rises until the
floor 1« well above the wash of the sea.
Any surplus water remaining on the
floor of the tank drains off and the ship
on becoming dry may be painted,
cleaned or repaired. The giant leviathan
of war is handled as though It were a
toy. The "Dewey” has a total length
of about 500 feet, and a height of 64
feet from the bottom, yet to order to
dock a vessel demanding a depth of 30
feet in the trough, the bottom of the
tank sinks to a depth of 63 feet Float
ing by itself, it draws but FV4 feet of
water.
The United States Government was
very strict in all requirements of its
contract with the constructing com
pany and insisted that the dock should
be carefully tested before being ac
cepted.
Last spring the battleship Iowa was
¡UaMon Fawcttt.
BARONESS VON STERNBURG.
Baroness von Eternburg, the Ameri
can wit of the German Ambassador
•nd pre-eminently the most sweetly
beautiful woman in official life at t »
national capital,' has lately returned
to Washington from abroad, a proud
and happy woman by reason of the
miracle worked by a wonderful sur
gical operation performed in Germany
a few months ago.
The Baroness
when a youn». girl fell from a horse
and sustained an Injury to one limb,
which has ever since necessitated her
w -king with a cane.
time sgd an smlnonf Gorman
surgeon performed an operation upon
one of the ladies of the royal family
who had received an exactly similar
Injury, and the sneers which' crown
ed his efforts was such' that the been-
t-’fnl bride of tot> JCalssa*« envoy In
America was Induced to wndergo simi
lar treatment For weefce Ser Toot
was held fa tfie grip of a pH« .» east,
but Anally the rigid bandage« were re
moved and «Ke wan Trot to return to
her native land wfto the me nt the
to”? Inefficient member TnHy restored
RaiuMiia van Ktombnrg, who Was
M'«s T.mian Tenrtam. Is * OaHfornla
girl and Her marriage to Baren Rpcck
von ’temhnrg earn# as tbe rnlmlni-
Wnn fit *ne rf the prettiest Interna
tional romances In which as Xmerl-
can «M has figured. The Wreto""
beauty Slid tfie titled I7es UFJ diplo
mat first mot on «fitrfl'nerd while toe
sing ffie Xthntto. Tt camre Bmgwwn«-
lv near being a rese at tore at first
sight on both sffles. Ent the Herman
mrerernWl
tofesjt fatherly
Interest to tto ffitW
ststeemen. threatened tn undo Owolfi’s
wort by toatetfnr W
rustomrrv tn
such cases, that the American girt
should bring to the man of her choice
a fortune of *20,000.
Now Miss Langham comes of a very
old Kentucky family, but none of
It« members happened to have *20,000
to bestow as a dowry, and for a time
the course of true love appeared to
run anything but smoothly; but in
the end the Teutonic officials relented,
and the couple were married. When
Baron von Sternburg took his bride to
the Fatherland, she carried everything
before her by virtue of her beauty
and sweet disposition, and the Ger
man Emperor remarked; “If I.
artist, I would wish for nothing bet
ter than to paint your I™*™1*-
...
The Baroness has violet eyes, wi
long, dark lashes, reddish blonde hair,
and < marvelous
ate
she 1« a native of the Golden Cate
Rtato. her father was an
and Ker mother « native of
This mistress of the German Em
bassy at Washington 1«
*’
mt rf Some In Europe as to Amu
let, tor she was eduqited Jn Faris and
Dresden and made her formal entry
Into society In London.
_
The Ftornhurgs are J™»*
closest personal- friends
dent and Mrs. Itoosevett. Indeed, toe
B M tten a mere secretary at the
German Fmbassy. tree
“Tn
Roosevelt*« cronies In toe
jrhen
the present Chief MarlstrateWf« a
CM! fiervlce Oommlssloner. Tto re
men rode and walked _ tojrtw ■ 1
d^f WMdeSgWtedVhea^la «*d <*mi
rewtfen of their honeymoon at tbs
WMto House.
leet battleships of the Navy, it can lift
itself as well. In other words, It
raises its own bottom out of the water
while floating only upon its great hol
low side box. and the bottom in turn
lifts up the side box to a sufficient
height to permit of its being scraped,
cleaned and copper painted.
Notwithstanding the apparently in
tricate problems confronted in the
construction of such a huge engine, the
Navy Department had a still greater
problem to solve when it considered
methods of sending the Dewey to the
Philippine Islands. The great size of
the machine meant that it could make
but Blow progress through the water
and the Government had had no expe
rience in sending such structures
across the uncertain Atlantic. How
ever, the inducement of extra good
salaries enabled the officials to obtain
a crew of experienced men to handle
the dock. The hollow sides of the enor
mous engine provide abundant living
quarters for the crew of thirty, and
are as good as the best quarters on any
man of war. There is on board a com
plete distilling apparatus for making
fresh water and tho ration allowances
are double those received by the men
of the United States Navy. Since the
dock has left the United States, it has
been in almost continuous communlca
tion with the shore by means of the
wireless telegraphy apparatus on board
as well as on the three naval vessels
towing it It is supposed by th? Gov
ernment officials that it will take near
ly four months for the structure to
make the trip to the Philippines.
NATIONAL IMPROVEMENTS.
GREAT WORK OF THB GOVERN
MENT IN THE SUBJUGA
TION OF THE DESERT.
Thirty-seven Million Dollars to Be
Used by Uncle Sam in the Construc
tion of Great Works and Creation
of Homes.
reclamation law was passed setting
aside the proceeds from the sales ot
public lands in certain Western Stat««
and territories for the construction of
irrigation works within their borders.
The law at the same time provided
that every dollar so expended should
be returned to the Government by the
settlers who take up the lands re
claimed. In other words, tho nation
made an advance of the receipts from
the sales of certain public property tc
make marketable other public prop
erty. Out of the many millions ex
pended by the Government In river
and harbor Improvements, not a cent
has ever been returned directly to the
Treasury, nor was it expected that any
return would be made.
There is no public work being done
by Uncle Sam which has, within a few
years, sprung into such prominence
and which promises such substantial
returns as the reclamation of his des
ert lands under the National Irrigation
Law.
Department« Wide Authority,
Thirty-seven million dollars for Irri The irrigation act gives the Secre
gation. This amount, as shown by the tary of the Interior a very wide lati
following table, is the estimated figure tude in the investment of this large
fund, although he is required to Bpend
of the appropriation for
Came« for the Mariners.
The great floor of the Dewey is of
sufficient size to allow of a regulation
game of base ball, a fact which prob
ably will be taken advantage of when
the warmer climates are reached.
Should the little fleet meet with a hur
ricane such as might usually be encoun
tered on the Atlantic in winter, the
towing steams could throw off the tow
lines and the Dewey could be filled
with sufficient water to sink to a depth
which would assure its safety until
after the storm had passed away, while
the towing boats could find safe refuge
within the dock.
The route taken by the fleet Is as
follows: After passing out of Ches
apeake Bay, it takes a course due east
ward across the Atlantic to the Ma
deira Islands, from whence it enters
the Mediterranena through the Straits
of Gibraltar, until the Suez Canal Is
reached. The traversing of the Suez
Canal was another problem which
faced the officials of the Navy Depart
ment, but after making careful meas
urements it was found that the dock
would easily pass through the Canal.
The fee that the United States Gov
ernment Is called upon to pay for the
use of the Canal for this purpose Is
*30,000.
After passing through the Suez
Canal, the squadron of three towing
boats and the dock will sail through
the Red Sea between Arabia and Af
rica and thence on to the Indian
Ocean. Singapore will probably be a
stopping place for the expedition and
after going through the straits of Ma
lacca, it will pass up the China Sea
and thence to the Cavite naval station,
reaching there just about in time for
the Easter holidays.
DAM SITE ON THE GUNNISON RIVER.
work which will be available In the the major portion of the fund arising
fiscal year of 1908, the sum realized from tue sale ot public lands within
from the sale of Western public lands each State or territory for the benefit
since the year ot the passage of the of their lands, so far as practicable.
It Is a recognized fact that the con
Irrigation law:
tributions to the fund from the vari
Year Ending.
June 30, 1901 ••••••••••• *3,144,821.91 ous States are in most cases not In pro
" 30, 1902 .............. ... 4,585,520.53 portion to the need of those States for
" 30, 1903 .................... 8,713,996.60 irrigation. Arizona and Nevada, for
“ 30, 1904 .. .................. 6,826,253.59 Instance, whose lands have contrib
_ Other Dry Docks.
“ 30, 1905 .................... 4,757,978.87 uted very little to the fund, hav-»
The United States has a couple of " 30, 1906 .................... 3,250,000.00 probably the greatest need and oppor
other floating dry docks, one at Al
“ 30, 1907 .................... 3,000,000.00 tunity for reclamation, while on the
giers. La., but recently completed, ana
“ 30, 1908 .................... 2,750,000.00 other hand. North Dakota and Oklaho
another at Pensacola, Fla., formerly
ma, though large contributors, have
stationed at Havana. Before the float
Total ....................... *37,028,571.50 perhaps the least actual need for irri
ing dry dock was considered a success,
The estimates for 1906, 1907 and gation of any of the Western States,
the stationary dry dock was the only 1908 are made by the General Land in some cases the chief aim of politi
kind available. This was completed Office.
cians has been apparently not so much
upon shore, generally of concrete and
This fund is, according to the law, to develop irrigation as to secure the
granite, with sloping sides and a con to be invested by, the Secretary of the expenditure of Federal funds in ths
cave trough for the hulls of vessels to Interior, in feasible irrigation pro section they represent.
fit Into. The Navy has sixteen of jects which will repay the amount to
these, four being situated at Brooklyn, the Government, in ten annual install Has the Lnmity of Land Crabber»
three at Norfolk, two each at Phlladel ments from the settlers.
ment as displayed by Secretary Hitch
phla and Mare Island, California, and
The apportionment of the fund by cock has of course given rise to more
Secretary Hitchcock has been practi or less adverse criticism and attack,
cally completed and the plans matured especially from men who have viewed
for expending the entire fund on cer the reclamation act as a great oppor
tain definite projects In the West, tunity for either direct or indirect per
which practically brings to an end fur sonal advancement. The men by whom
ther surveys and examinations, and the public domain has long been con
permits the concentration of effort of sidered a legitimate prey, bailed the
the Reclamation Service on the build passage of the irrigation act as an im
proved method of converting to their
ing of a few Important projects.
irrigation and Rivers and Harbors. use the nation's resources in the West.
There are many people who do not Mr. Hitchcock's vigorous measures,
entirely understand the difference be however, have seriously interfered
tween the appropriations made for the with their proceedings and they are
reclaiming of arid lands and those for correspondingly bitter in their denun
the Improvement of rivers and har ciations of his acts.
bors. There Is a disposition to criti The States thus far to chiefly benefit
cize Congress for permitting the ex through the irrigation law are Ari
penditure of millions in making hab zona, Wyoming, Montana and Nevada,
itable and productive large areas of although some of them bave them
the public domain now worthies«, and selves made to it considerable contri
at the same time cutting down the ap butions. Wyoming, because of its str*,
propriation for work on our national teglc geographical position and the
fact that much ot the water supply ot
waterway«.
Apparently the fact ba« been over the West originates in that part of the
looked that Congress has never made State, must of necessity have the stop-
an appropriation of any «peclflc sum
(Continued on next Dage,)
for reclamation. On June 17, 1902, the
BATTLESHIP IOWA IN NEW DOCK “DEWEY."
docked In the "Dewey” and within an one each at Portsmouth, N. H.,
hour and a half from the time that «ho Charleston, S. C.. and Puget Sound,
was in position, her keel was out of Washington.
The nearest rival to the "Dewey"
the water. In th» same month, the
is the title of Our New Catalogue for 1906— the most beauti
United States battleship Colorado, with among the floating dry docks of the
ful and instructive horticultural publication of the day —
a displacement of nearly 2,000 tons world 1« that at Bermuda. While it is
186 page«—700 engraving« —7 superb colored plate«—
more than the Iowa, waa docked in two 45 feet longer than the "Dewey," its
7 duotone plate« of vegetable* and flower«.
lifting capacity is but 16,500 tons,
hours and sixteen minutes.
To (I.. IM. C.ul.<u« th. Urrnt ponlbl. dl.trll.oUo., <M
th. Iollo-ln< lib«rU o*«l
which Is 3,500 tons less than the
Will Bsffle the Toredo.
American structure. In Austria, there
One of the most essential needs for 1« also a floating dry dock of 15,000
a dry dock in the Philippine Islands 1« capacity, and one In Germany capable
Count* a* Cash
caused by the accumulation of a great of lifting a burden of 11,000 tons.
a w«rr on. who will Mu. wh.r« thia vf».rtl«Mi«t wm a»'n and who
amount of marine growth upon the
Mrtow Ten Coot. (I. «am».), ” will nail tha catalogs., .nd alao a«nd free
ef cham, ooriamoo. SO-C«lt" Henderson " Collection ol <««<U, contain.
hulls of all vessels spending any length
J Peculiarity of Siberia.
Ing on. Backet each of Wart Mini dwaar /*,.»/ Clear Fee./ Peotlat, erlxad/
of time In tronfcal waters. Naturally
CrdHf f'itttrii
Hi*4iritn‘i HtwYtri Ltttuttf E*rly
T s »» m /9/
In parts of Siberia corpses that have
o.d «Hire Tlffi fc.elar Xedbka In ■ coupon .notion., which, when emptied
a «teel dry «dock In such a locality
ud
rea.rMd,
Wiu
he
accepted
M
•
U
c
e
t
caaS
payoMot
»■
an;
orttaa
lain
buried
for
150
years
have
been
would also become befouled by barna
Mlo«.un|t.*l.oou4w**'d.
____________________
cles, toredo«, etc., and It 1« at this exhumed and found in a state of per
noint that a most peculiar feature of fect preservation. The soil freezes
the "Dewey" l.v brought to light, for In many feet deep and does not altogether
addition to being able to lift the bear- thaw out in summer.
Every Empty Envelope
TETER HENDERSON & CO
T ”