New-York tribune. [volume], December 04, 1921, Page 6, Image 6

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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Ford Would
Replace Gold
?With- Energy
(C?n?lnM-i from p?je ???,}
taxation. The customary alternative is
thirty-year bonds at 4 per cent. The
United Statt s, the greatest government
In the world, wishing a pesky !?30.000,
000 to complete a grast public benefit,
is forced to go to the money sellers."
"Rut your plan ? would upset the
money system of the world and might
work incalculable harm." it was .ra
mftrket. to Mr. Ford.
?"Net necessarily; not at all. We
need not abolish anything. We need
not even abolish the gold standard.
Simply forget thst tht re is any auch
thing as a gold standard and wheneve*
the government needs money for a
great servioeab-e and profitable public
improvement, instead of thinking of
bonds with their h,cavy drag of inter?
est charges, think of redeemable non
interest bearing currency."
''JBut have ynu worked out a stand?
ard of value ?" Mr. Ford was asked.
"Yes, we ?save. We wiil have- that
ready when Congress wishes to hear
about, this p?an. The standard Ameri
can dollar in approximately one-twen?
tieth of an ounce of gold. Under the
currency system the standard would be
a certain amount of energy exerted for
one hoar that would be equal to on?
dollar. It's simply a case of thinking
And calculating in terms different from
those laid down to us by the interna?
tional banking group to which we have
grown so accustomed that we think
there is no other desirible standard."
"But how is all this going to stop*
war?"
Predicts Amazing Success
""??imrly because if tried here at
Muscle Shoals this t.an will prove so
overwhelmingly and amazingly eucced
ft? that the American people will ney?r
again consent to issupnee of an inter?
est-bearing bond for an. internal im?
provement. When the government
needs money it will raise it by issuing
currency agaiast i*s imperishable nat?
ural wealth Other countries, seeing
our success, will do likewise. The func?
tion of the money seller will have dis?
appeared.
"No matter what becomes of thi?
Suggestion 1 .shall act so that no money
?peculator will make anything out of
Muscle Shoals, even if I ha\.. to take
up tne whole bond issue myself.''
Mr. Ford's plan includes completing
the Muscle Shoals dam, in a sense, for
nothing. Mr. Ford says' the United
States should issue currency to the
amount of $30,000,000, and thereby pay.
for the dam, but he would make sev?
eral marked changes between the i
?luscle Shoals currency and that
which is ordinarily secured by gold,
held in the United Stares Treasury.
New Unit of Value
First, Mr.'Fard, proposes that this
currency be issued only to a certain
definite amount and fdr a specific pur?
pose ?that is, the completion of Muscle
Shoals.
becond; "he proposes to b?ck np the
Biuscie Shiials currency by an entirely'
new unit of vrlue. There is the best
security in tne world in this river,
which Hs "capable of furnishing a mil?
lion horsepower, said Mr. Ford. It has
been here for untold ages. "It will bo
here as Ion:; as there is rain and moun?
tain? to shed the nun into the river,"
ihe Detroit millionnlre c?ntiued. "This
energy is productive of wealth and is
imperishable. Now, which is the more
secure, this oower and Its development j
or the few barrels of gold necessary to
make the $30,000,000? This site, with
its power possibilities, will last long
after the Treasury Building is a mass
of ruins,
"This is the security upon which I
believe We can base the currency for
Muscle Shoals.'?
"What about the unit of values?" he
was asked.
"That will be worked out when Con?
gress cares to hear about 11," ho re?
plied. "'Under tho energy currency
system the standard would be a certain
amount of energy for one hour that
would be equal to il. It is simply a
case of .calculating in different terms
from those laid down to us by tno in?
ternational bankers.
"The only difference between this
currency plan and the plan of issuing
bonds to pay for the development here
is that under my idea there will not
need be any interest paid to the Wall
Street money merchants who do noth?
ing to build the dam. These men de?
serve nothing and under this plan will
get nothing. ,
"Foreign countries ought not r&ise
objection about accepting money based
on Muscle Shoals, for Muscle Shoals
is a national and not an international
matter, and the money would only be
for use at home."
Mr. Ford's ideas on the way Con?
gress will look at his revolutionary
proposal are strong and vigorous.
San Francisco Hails Foch
SAN FRANCISCO, Dec. 3.?Marshal
Ferdinand Foch, arriving in San Fran?
cisco to-day, was greeted by thou?
sands who packed the sidewalks as he
passed up Market Street at the head of
a military and naval parade. He spent
the day in Berkeley, Oakland and San
Francisco.
Craig Urges
$10,000,000
Education Cut
(Continu*?! mini put* ana)
priation for county pu3rposes for R?ch
"mond County.
"If this is so there remains but one
way in which the budget can be brought
within the constitutional tax limit, and
that is by reducing appropriations com?
puted in the rate for the city at large.
This will involve a reduction of $10,
000,000 to bring the city rate down to
a point where the rato for city and
county purposes in Richmond and the
other counties will be within the consti
tutianal limit of 2 per cent.
"If the appropriations for any of the
various city departments, such es the
Police, Fire, Street Cleaning, or for re?
demption of special revenue bonds and
tax notes be reduced, the result will be j
to prevent the functioning of the de- j
partaient so reduced, or, in case of the i
short term obligations, to put the city
in default of payment thereof at ma?
turity.
"Moreover, the total amount of any
deficiency thus created that might pos?
sibly be made good by the issuance of
special revenue bonds -through action
of the Board of Aldermen in 1922 could
not exceed $2,000,000. It is evident,
therefore, that the reduction must be
made upon some state activity where
the Legislature can take appropriate
action to meet tho state's responsibili?
ties for deficient appropriations."
The Comptroller points out that tho
city was unable to appropriate all the
money required for it for the years
1021 and 1922 "by reason of the action
FIFTH AVENUE
Street Floor Men's Shops
Qive Him A Useful Qift
For illustrations, descriptions, and prices
of Men's Gifts see Back Page; Part Seven;
Section Two of the Rotogravure Section
of chis Paper.
MEN'S SHOPS?Separate Entrances
On West 38th and 37th Sts.?Streetjievel
Make Christmas Shopping Comfortable
ftatbUn Simon & Co.
*A Store of Individual S/tops %_\\X
FIFTH AVENUE, .j/th and 38th STS. ffi|
# ? ? ? ' *
For zMadame and ^Mademoiselle ;
Why Not
Give Hera
WEARABLE GIFT?
Paris Made Albatross
Negligees, hand-embroid?
ered, in boudoir Color?
ings. A warm welcome
gift., , . ? 12.75
Silk Cr?pe Meteor Bou?
doir Coat, wool albatross
lined. ? .. . 18.50
Double Faced Mannish
Robe, with tuxedo front,
collar and cuffs of self col?
ored quilted satin. 9.75
Step-In Petticoat of silk
cr?pe meteor; Paris lattice
trimming. ? ? 7.95
Giave Silk Vests, flesh
colored; ribbon shoulder
straps, regular shoulder, or
elastic top. .. * L95
GloveSilk Knickers, flesh
colored, full cut, heavy
quality, perfectly
tailored. . ? ' . 2.95
Le Petite Trousseau?
sufficient lingerie for a little
journey-radium silk night?
gown and step-in chemise.
Complete in miniature case 1 U.UU
Gold or Silver Costume
Slips, to be worn with eve?
ning gowns. ? 29.50
New Mannish Coat
Sweater, camel's haip
yarn or heather tone mo?
hair yarn. . 1. 16.50
New Panel Sweaters of
fine mohair yarn, slip-over
model. ... 18.50
Tailored Silk Blouses,
heavy quality, in pastel
shades, new and
smart. , . V 12.75
Boudoir Mules of satin
or-brocade, to match or
harmonize with boudoir
costume. . . . 6.50
of the Legislature in enacting laws
under which the stute's responsibili?
ties. Instead of being carried in the an?
nual appropriation hill of the state,
were placed upon the City of New
York "
"Education is a state function," h?
continued, "and because it was a state
function the Legislature increased
teachers' salaries in the City of No?
York at the rate of $31,000,000 per year,
but when it came to providing the
means wherewith to meet this increased
outlay the Legislature did not consider
that education was a state function."
The Comptroller cited an opinion by
the Court of Appeals within two weeks,
? holding that educution is u state func?
tion. He quoted Frank P. Graves, the
. new State Commissioner of Education,
j to the effect that "the schools do not
I belong to the city and should not be
j considered among it?, municipal expen
i ditures."
! "In the light of these declarations,"
| said the Comptroller, "it is manifest
; that it is the duty of the budget making
authorities of the Cityof New York to
provide for those activities as are to be
supported by municipal expenditures
within the tax limit, and when the tax
limit prohibits making provision for
state activities, the obligation to do so
should be left to the Legislature, where
it belongs.
"Inasmuch as there is no power
within the constitutional tax limit for
the city of New York to raise moneys
thus needed for state purposes, I think
the city will do its entire duty when
it goes to the limit of its power of
taxation. This will be done by taking
$10,000,000 from the appropriations
contained in the budget for 1922 for
for the Board of Education.
"If Governor Miller and the Legisla?
ture are sincerely concerned about the
welfare of the schools and the admin?
istration of education as a state func?
tion, the Legislature will doubtless
make provision out of the moneys re?
ceived by the exercise of its own tax?
ing powers, which have lately produced
considerable sums from the income tax
and from tho taxes imposed upon man?
ufacturing and other corporations."
Head of Boston Firm Which
Fell With Ponzi Is Bankrupt
BOSTON, Dec. 3.?Henry H. Cchmie
linski, president of the Hanover Trust
Company, which went to tho wall in
August, 1920, in the collapse of the
Ponzi scheme, filed a voluntary peti?
tion in bankruptcy to-day. .
He listed his liabilities at $1,201,000
and his assets as. uncertain, but in?
cluding $1,130,000 in real estate, heavily
mortgaged; $26,000 on notes and debts
due, and securities of uncertain value.
He said he had no cash.
Sues to Annul Dry Act
II^IUMWWIW. i. n
R. A. Widenmann Files Brief in
U. S. Supreme Court
WASHINGTON, Dec. 8.?Defending
What he describes as his own "liber?
ties and the liberties? of his country?
men, Robert A. Widenmann, of New
York, filed in the Supreme Court to?
day a brief in a case in which he seeks
to have the national prohibition amend?
ment declared unconstitutional.
Widenmann in his brief contends the
amendment exceeds Federal control |
over the internal affairs of the states,'
especially invades their police powers,
deprives people of the liberty "to
gratify their natural desires in the
pursuit of happiness," and of a hearing
oy jury before being deprived of their
"rights," and that it takes their pri?
vate property without, compensation.
The courts of the District of Columbia
decided against Widenmann.
Explosion of Alleged Still
Causes Damage of $25,000
BINGHAMTON, N. Y? Dec. 3.?The
explosion of what is alleged to be a
still for the manufacturing of liquor]
wrecked the top floor of a State Street |
business block and caused damage esti?
mated at $25,000 at midnight. The ex?
plosion was followed by a burst of
flame which sent guests in an adja?
cent hotel to the street. When the
firemen fought their way to the center
of the fire they found, it is alleged, 85
barrels of mash, five barrels of alcohol,
ten bags of sugar and a barrel of
juniper berries.
The loft had been recently rented
by the Sub Itosa Distributing Company.
Two stills were found sitting on a gas
stove. The Federal Minorities are In?
vestigating.
.
Westitighousc Cots $2,000,000
Japanese Hydro-Electric Job
PITTSBUPvGH, Dec. 3.?A contract
for electrical apparatus to the value of
$2,000,000 has been awarded to Ihr;
Wcstinghousc Electrical International
Company by the Daido Electric Power
Company of Japan, th* Westinghousc
Company announced here to-d?y.
The machinery is to be used in two
hydro-electric plants, which are to
form part of a great power system
for tho Tokio district. The current
is to be transmitted at ;154,000 volts,
the announcement said.
Girls9 Oub to Enliven
Male Chat Has Setback
i ? -
? Rain Interferes With Plan to
Teach Swains to Say More
Than "Yes" or "'No"
1 ; i re arc girls in Jamaica arid Ha|?i
j lis. L. I., who find that the stronger!
sex Is weak on conversation of t__, >
j p-en^ble sort. It became known yeg
terday that these giris have formed s
? club um.or the leader'nin of Elia Mai??
i for the parp?se of dev?'.ornng in the
? loijal swains tH" art of saying nothing
1 bleasantly and of discussing topic?; of
social and current interest by some
other than the "yes" ??"?: "no" Kysteat,
The first meeting was he'd last Fri- (
day night. Ail that kept it from th<?'
borderlaad of success way the total ab?
sence of those fcr whose benefit the
ciub had been formed. The men had,
been invited, and ten was just the bub.
ber of m"n that did not report fox
their schooling.
The girls, however, are 18-karat op?
timists, and point out that it -a
doubtedly the quiiiHity of rair. - ?j
fell last Friday night that kept the
"club-footed" talkers away from the
meetine.
A Store of Individual Shops
Fifth Avenue, 37th and 38th Streets, New York
Send Handkerchiefs
Instead of a
Card
Madeira Hand Embroi?
dered Handkerchiefs:
scalloped; sheer
quality; box of 4 . 2.00
Imported Hand Block?
ed Designs in Colors,
or white hand embroid
ered handker?
chiefs, a . . ??. I.00
Colored Linen Hand?
kerchiefs: hand-drawn,
hand embroidered, with
hand turned or hand
rolled hems: all
colors : . . . , T.50
Send Gloves to Sym?
bolize a Christmas
Handclasp
Imported Real French
Kidskin Gloves: 16
button, white or
street shades . . 7.75
Imported Real French
Kidskin Slip-Over:
strap gloves, street
shades witb con?
trasting insert . . 5.75
Imported English Doe
skin Gloves in Slip?
over models with
elastic and strap at the
wrist, in white or
yellow ; . . . 4.50
Send
Stockings
For Christmas
Parfait Pure Thread
Ingrain Silk Black
Hose, with silk
garter top . * . I.95
Parfait Pointed Slip?
per-Heel Ingrain Silk
Hose in black, brown,
navy or grays;
silk garter top . ,. 2.95
Imported Parfait
Openwork Clox Sheer
Silk Hose, in pure
thread silk, black or
brown, with silk
garter top . . , 3.25
Qifts. Selected at Ttandom from a Stock Selected with tyre
franklin Simon & Co.
ne Street Floor
Feminine Gift Shops
^Present Qhristmas Stocks for
Qhristmas Stockings
Franklin Simon & Co., overturn
all precedents by turning over
all street floors to the useful
gift shops-patrons May come
inone door and go out at
another-begin their christmas'
shopping coming and finish it
going, all on one floor-the
street floor for convenience,
the ground floor in price . . ..
THE NEW
GIFT SHOP
INDIVIDUAL
Aphrodite Pearls
in hand knotted neck?
laces, or new two-in-onc
graduated strings;
white gold clasps 18.00
Wrist Watches
18 Kt. White Gold
octagon or tonneau
shape; 15 jewel 25.^
Wrist Watches
14 Kt. Green Gold
tiny rectangular
shape, 15 jewel 45.?^
Platinum Wrist
Watches
with 26 full cut dia?
monds, 17 jewel 195?^
Rev? de Chine
Perfume by
Jaspy of Paris
Exclusive with Franklin
Simone Co. &00
Paris Bandeaux
frosted silver laurel leaf
or gold tinsel 4.9^
Ostrich or Coque
Feather Fans
smart evening
shades 9/5
Imported Metal
Cigarette Boxes
painted tops,
cedar lined 3.^
Bags of Imported
Homespun
hand embroidered
in worsted 7??
Writing Cases
colored leather H;^
Imported
Overnight Cases
leather cases with
eleven fittings IS.00*
Imported Bronze
Book Ends 12.00