The times-news. [volume], January 18, 1933, Page 6, Image 6

About The times-news. [volume] (Hendersonville, N.C.) 1927-current

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
In Heart of Battle for Repeal
Y.V ■ v.-.v.vr.vrt . ■ <w
Senator George W. Norris, head of the Senate judiciary committer,
is expected lo be in the thick of the fight for adoption of the prohibi
tion repeal proposal which his coMimitiee has reported to the senate.
An independent Republican, N'orris campaigned for Roosevelt, and i?.
expected to exercise strong influence on the new administration. The
new camera portrait of the Nebraska senator was made as he an
nounced the committee's stand for repeal.
Sues Max Baer
For $250,000
Olive Beck, above, wants $250.
000 from Max Baer, contender
for the heavyweight title. She
told a California court that when
she was a waitress and Baer was
a butcher boy in Livermore, Cal.,
Max was going to marry her. Aft
er a two-year betrothal, he broke
it off and married Dorothy Dun
bar Wells De Garson, movie ac
tress, Miss Beck averred. Baer is
scheduled to fight Max Schmeling
this summer under Jack Demp
sey's auspices.
* *
First Bass "Slider*"
Robert Adily of Itockford. Tl!.. l>
credited in 1S0U with bein:; the first
baseball player to steal base by slid
ing Into the ha sr. although some his
torians accord the honor to Kddie
Outhbert of the Philadelphia Key
stones, say in.' he stole third In ISch.
Washington's Coat-of-Arms
The Washington eont-of-aruis
consists of a shield with a silver or
white background. on the top of
which are three tiro-pointed stirs
In ml with two red burs below.
Over the shield is n coronet, above
which rises a black raven.
Educational Limits
Any individual Is susceptible to
education only alon? lines which
mesh with his individual character,
leaning and abilities.—American
Magazine.
Ten Per Cent of
American Farms
I Are Surrendered
Condition Brought About
in Recent Years by Pov
erty Report States
WASHINGTON' Jan. 18. (UP)
Poverty has forced the surrender
during recent years of nearly t.;n
per cent of American farms, the
agriculture department reported
! yesterday.
Mortgage foreclosures or sales
! to avoid them, bankruptcy, de
! fault of contract, and other Un
fortunate pressure caused 9 1-2
! per cent of the nation's farms to
; charge hands in the five-year pe
• riod ended March 1. 19-J2, the de
partment estimated.
More than 13 of every 1,0001
farms were sold last year because J
of inability by their owners to pay,
back 4axes, the department re
pot led. This was an increase of (
aoproximately six forced sales per
thousand over the preceding year
when only about seven farms our
of 1.000 chanced hands because
of tax delinquencies.
Recently tax sales in the mid
dle west have provoked near dis
j order. Refusal by the more pros
perous farmers to buy the tax-de
linquent land of unfortunate
neighbors has helped in stilling
the latter's anger. Similarly,
nearly one-fourth of the land In
historic Spotsylvania county, Va.,
last week went into the state's
lands when farmers refused to
b d at auction for the property.
Mortgage foreclosures for the
year ending March 15, 1932,
forced the transfer of more than
28 farms of every 1,000 com
pared with 18.7 the preceding
year. For all types of forced
sales the average rate was 41.7
per 1.000 compared with 26.1 in
1930-31. Only a few states regis
tered a decrease in forced sales
last year, the department said.
Long Search Ending
A wrist limit* found near Poking
is deck; rod l»y T>r. David I'lack.
<anatomist, to have !>e
lonireil to a woman who Itved 1,<X!0,.
<*»o years ago. "The search for the
cradle of the human race is draw
in? to n close. This Is evidently a
part or the hand that rocked it.—
! Detroit News.
There is no substitute for
newspaper advertising.
AS EINSTEIN ARRIVED
Prof. Albert Einstein i£ shown here with Mrs. Einstein as he arrive!
in Los Anpreles harbor for a visit to the United States. He will con
fer with California scientist, especially Dr. Robert A. Millikan. on
iu-w theories evolved since his !ast visit. Einstein laughed off efforts
of « patriot;r wromeu's society to bar him as a Communist,
DEFLATION IS
CYCLIC EVENT
Booms and Slumps Make
up History of National
Currency
C/ THOMAS L. STOKES
United Fre** Staff Correspondent
WASHINGTON. Jan. !K. (UM.|
j Oniy 13 years ay;o tiio federal j
reserve board, hanker.; and econ-l
omists were ling their drains j
about how to check an inliation
which had grown naturally from
|th<i hitrh industrial and financial'
| tension of lite war.
Today there are over i>0 bills
| in congws, jealously sponsored,
.seeking inflation.
This illustrates forcefully th<'!
recurring- cycle manifest in the|
(currency history of the country.
Hi.-tory is only repeating itself.
The arguments raised for h-i<I
against inflation are spread across
the pages of the Congressional
Uccoid back to the beginning of
the nation.
Tre I "'-0 boom collapsed in a
short-lived depression and the do
flation occurred, helped some
what bv the policies of the fed
eral reserve board. Another
»|;eculative mania 10 years later
has ended in a depres- ion much
more deep-seated. Prices hurtled
downward. Now many in eon
jjre.-s and outside would raise
theni by cheapening the dollar,
increasing currency, monetizing
silver.
"Not worth a continental" is '»
phrase that .springs from our
first inflation. "Continental
ii-.U's" authorised by the con
tinental rongrcss to linance the
Revolutionary war were printed
in increasing volume with no
other hacking than the fiat ot a
I .struggling and disorganized gov
| eminent so that finally they were
redeemed at 100 for one. I.aws
declaring any one a traitor who
wouM n;»t honor them were in
effectual against the hard Yan
kee instinct.
After the first United States
hank ceased operating in IS!-,
leaving the country without a
central banking system, there
was * period of state bank in
flation. There was another be
tween 1837 and 1846 when the
"red dog" and "wild cat' bills
issued by Michigan became
synonymous for the cheap cur
rency that flooded the country.
The * second United States bank
was suspended in 1836.
I Financing of the Civil war
brought the now famous "green
back era'* whose repercussions
extended over 40 years to reach
a climax in the famous "free .sil
ver" campaign of William Jen
nings Bryan in 1896 and to end
with passage of the gold stand
ard act of 1890. The money
question was deeply imbedded in
politics all this time.
Among other measures taken
by Secretary of Treasury Sal
mon F. Chase to finance the
Civil war was the issue of notes
which came to be known as
"greenbacks." They went down
to 40 cents on the dollar at one
time. One of those paradoxes ol"
history was a decision later by
Chase as chief justice holding hi*
issuance of greenbacks unconsti
tutional.
A total of $356,000,000 in
greenbacks was issued. Despite|
repeated pledges to contract
them, they were actually increas
ed after five years. A period of
speculation and inflation onsucu,
ending in the long-lived 1873-7!'
depression. The great agricul
tural belt in the south and west
was the prime mover for cheap
money and silver all during this
era. During Grant's administia
tion ,a bill was passed fixing the
greenback issue at $400,000,000.
Grant vetoed it and a substitute
was passed fixing the limit at
$382,000,000.
During 1877-78 a formidable
silver movement developed, rising
simultaneously with a "green-1
back" party which went into poH
itics and elected a few members/
to congress. This cheap money!
movement resulted in 1890 in
passage of the Sherman act re
quiring purchase of 4,500,000
ounces annually designed to
create $50,000,000 annual in
flation. This act has a milder
and more carefully guarded
counterpart today in the Fittman
bill for purchase of 5,000,000
ounces annually, one of the
numerous bills now pending in
congress.
Gold began to leave the coun
Itry. The depression of 1893 was
an incident. There was diffi
culty keeping a treasury gold
balance above $100,000,000.
Silver was pouring into the vaults
to displace it. The situation fi
nally became so dangerous that
I President Cleveland one day call
I ed in J. P. Morgan and arranged
a loa nto stem a tide that had
very nearly drained the gold re
serves of the treasury. The pres
ident was roundly criticized for
his act. , '
Bryan carried the _ free sil
ver'' cause to its zenith in the
frenzied, almost evangelical cam
paign of 1896. His defeat by
McKinley—and not by a very
substantial majority—ended the
silver movement for the time be
ing.
AUTO MOVES HOUSE
LAKE GENEVA, Wis.—(UP).
1 The home of John Hoffman was
moved 12 to 16 inches off its
foundation by what he thought
was an earthquake. He looked
outside and discovered that it
had been hit by the automobile
of C. D. Higgs. Higgs was
taken to the hospital.
Indestructible Matter
Matter is Indestructible, and
merely changes form, as for In
stance. when wood and coal are
burned, the new forms of matter
consists of gas and asb.
RAINEY BACKS
SILVER PLAN
His Idea Is to Increase the
Purchasing Power of
the Orient
By THOMAS L. STOKES
United Press Staff Correspondent
WASHINGTON. Ian. 18.
Si Ivor has a champion in the vet
eran house Democratic floor lead
er, Henry T. Rainey, 11!., who is
an unreconstructed rebel of Wil
liam Jennings Bryan's army which
lost its 18'ifi campaign.
Rainey, now white-haired, trav
eled u< r young man with Bryan
in that flaming crusade for thv
free and unlimi'ed coinage of s>l
ver on a 1<> to 1 b::sis. I[<? still
believ.s the yreat commoner was j
on th" right s'do.
Today the veteran party leaurr ;
does not believe that eongrers
would adopt a 1(5 to 1 ratio but'
he j« a firm advocate of some leu
isla ion - hich would increase the
pri-o of cilver.
Hi« aim is not to increase the
circulating medium, which is the;
objective of most inflationists. It j
is to raise the price of silver fo
as to increase the purchasing pow
er of the Orient where silver
money is used and give the Unit
ed States a common money so it
could sell more extensively in that
vast market.
Rainey is against other infla
tionary proposals, such as are pro
posed to increase the store of
money.
"We've got enough money
now," ho said. "There is over »
trillion (Iobis in hoarding. The
oroduction of gold is now on {ho
increase."
It. is estimated that the world's
stock of trold available for ino'iey
has increased about $1,100.000, •
000 in the last two-years, which
forms a credit base many times
this figure.
There has not only ben an rc
tual increase of some SCO,000.000
each in the years 19.11 and 1932
in production, hut there is much
les.; used for gold jewelry am!
India has begun to distrorgc he:*
hoards. Annual production in re
cent years has been about $400,-;
000,000 a year, of which it was
figured only about half was used
for money because of the <U - (
mands of the fine arts and the ini->
ports into India.
Rainey reminisced about the;
1896 campaign.
"There was never, before or
since, such an outpouring of en
thusiasm for one man as for Bry
an in that campaign,'" he said.
"Never did a man attract suc*i
crowds. And he spoke continu
ously, one speech after another,
lie reached millions with his voice.
"An investigation disclosed that
Republicans spent $20,000,000 in 1
that campaign, a greater fund
than was used before that, or;
since. The country was in a fever
with opinion sharply divided over
the money question."
Rainey sees no danger in silver
with its monetary use safeguard
ed by a sound treasury policy. But
ho look.? askance at other intla- i
tionary proposals which now ara I
pressing before congress, and on ■
which o'her responsible leaders!
;oun must declare themselves. j
GARBO PLANS RETURN
TO AMERICA SOONi
i
STOCKHOLM, Sweden. Jan.
18.—(UP). —Greta Gurbo, film|
actress, was reported yesterday
planning to sail soon for thei
United States.
She was still in Stockholm, al-!
though remaining; in strict se
clusion most of the time. The I
date of her sailing: remained in- j
definite, but the screen star was.
said to have made it definitely
known she hoped to get away on j
the return voyage to Hollywood]
in a short time.
COOKED ON BIRTHDAY
CEDAR RAPIDS, Io.—(UP)J
Mrs. Debroah R. Ishenvood cele-i
bra ted her 90 th birthdav recent
ly by cooking an elaborate birth
day dinner for her nieces and
nephews, just to sh6w them that
she was still as active as anyone.
TRAMP STEALS CIGARETS !
CEDAR RAPIDS, la.—(UP), j
Patrolman Marshall now knows,
what genuine hospitality is. A
tramp to whom Marshall gave
free lodging at police headquar
ters for the night, stole two tins
of cigaretrf.
Heiress to Wed
Miss Florence Crane, above, Chi
cago heiress, is to marry ""William
A. Robinson of New York, who
recently completed a trip around
the world in a 32-foot boat and
wrote a successful book about ft,
***. ^
Take U. S. Posts
Charles March, abov?, newly
named federal trade commission
chairman, soon uiil s art inquiries
into causes of the depression an.I
preventive measives. Iinl usttial
overproduction will be a target.
Samuol Arentz, abuve, formei
conKi\'fsni:in, is a new member of
the lederal power commission,
named by President Hoover.
Roosevelt Has
Dapper Caller
i
Impeccably dressed as usual. Sen
ator J. Hamilton Lewis of Illinois'
is shown just about to enter the
New York residence of Presidont
o.ioq.w iioa3sooj[ -(j uij>|utM^ pap
he conferred on pending matters
of legislation.
Back to 1927
Fred I. Kent, above, New York
banker, is author of the "Kent
plan" which is expected to be a
congressional issue. His plan, of
fered to a senate committee by
C. A. Miller, president of the Re
construction Finance Corporation,
calls for a resumption of 1927 in
dustrial production levels to pro
mote employment. The govern
ment would underwrite industrial
losses, or share profits.
OUT OUR WAY
By Wily
<s - €»"T*
- «& -s. -s.-r—
va/a>t1
\F wou'uL WAiT
A MiMUTE. ER TvAjO,
vajG. VAjOm'T m Av/E.
[A\ TO CLE.AM Trt\<=^
!'/V>
OFF •
»TRwiLU^
WATCHFUL WAITIM&
R. F. C. Head Defends Relief Policy j
i i
Proposing $500,000,000 federal aid for the nation's unemployed,
Senator Robert M. LaFollotte, left, is shown discussing with AtleJ
Pomerene, right, chairman of the Reconstruction Finance Corpora
tion, the R. F. C.'s relief policies. Pomerene appeared before the
henate manufactures committee, of which LaFoliette is chairman,
alter the R. F. C.'s policies were at acked by previous witnesses at
the hearing on the •LaFollette-Costigan relief measure. Pomerene
1 promised ihe committee full information on the R. F. C.'s jobless
I relief loans.
DEBT INTEREST!
IIS CONSUMING
TAX INCOME
I . • .
Each Dollar Government
Spends, 19 Cents Goes
to Pay Interest
By RAYMOND CLAPPER
United Press Staff Correspondent
Copyright, 1933. by U. P.
WASHINGTON, Jan. IS. (UP).
Interest on government debt
eating up a lion's, share of ta:;
money and is causing increasing
talk of possible ways to .scab
down (his foad.
Of ev?ry dollar spent by the
government, more than 19 cents
goes to ,)ay interest.
Thy government, like railroads,
farm owners, business houses an:!
individuals, is bogged down by
debt.
Fiscal experts regard this as
an excessive load. ' It is grow
ing each year. Interest charges
this year will amount to $695,
000,000. Next year they wili
jump to $725,000,000 according
to treasury forecasts. This is
the largest single item in the
budget now except veterans re
lief.
Cutting this charge down will'
be one of the first problems •
confronting the Roosevelt admin-i
istration. Unofficial talk centers'
around plans for offering new
securities at lower interest rates i
as substitutes for government
bonds now out. Patriotic appeals
would have to be made to en-|
courage the public voluntarily to
accept a reduction in interest re
turns. It is estimated that prob
ably half of the government
bonds are held by banks and
other large institutions. The
other half is believed to be in
the hands of individual holders.
Great Britain recently converted
its debt to a lower rate at a
saving of millions of dollars a
year. The problem is a delicate
one and Washington's, cautious!
discussion now is entirely specu
lative.
A few figures explain the story!
behihd the share rise in the fed- j
eral income taxes which the aver
age persons will begin struggling'
to pay by March 15.
Federal expenses reached a
new high post-war level last
year. So did the government j
deficit.
Key figures:
1931—Expenditures $4,219,900,
000, receipts $3,317,200000.
1932—Expenditures $5,000,000,-,
000, receipts $2,121,000,000.
1933—Expenditures {estimated!
$3,771,000,000. receipts (esti
mated) $2,(520,000000. I
Deficits; i
1931—$902,700,000.
1932—$2,SKo,000,000. .
1 — $1,151,000,000, estimat
ed.
The- total debt of the United
States now stands at more than
$20000,000,000. It is an incon
ceivable sum. One of the best
way* to visualize it is to consider
it the equivalent of $20 for each
minute since, the birth of Christ.
It i« twice the amount of the war
debts.
The cost of carrying: this debt
is one of the obstacles to large
.scale economies. Out of every
$100 paid out by the govern
ment—
$10.20 goes toward paying in-'
ter
the debt.
$27.00 poes toward pensions,
etc.
$15.53. {roes toward national
defense.
The remaining $23.51 covers
all _pthcr operating expenses of
the federal government.
Receipts declined 47.0 per
cent between 1030 and 1032. Ex
penses increased 19 per cent in
1932 over the previous year.
Since 1929 they have increased
30 per cent.
Last of Patriotic Band
The hist actual pensioner of the
Revolutionary war was Pavlrt C.
j Diikemnii. who died In 18(59 at the
j n;re of one hundred and nine years. ■
A grandmother was paying i
first call upon her much jiublia
grandson when this picture i
i laken of Mrs. Allied Holm
i Cincinnati as she arrived at:
I hospital in Philndelnhia *!a
Libby Holnian Ri\v»"i«!* anife
infant child are contim-o
| baby was prematura rind i>14
kept in a special incubat'ii
1 special nursery section.
CALL US FOR
Beam
It's genuine economy'
buy our clean, long-burr
ing coal. Thrifty houx
holders know they can k
sure of the highest fa
content when they or it
from us.
CITY ICE 4
STORAGE CO,
PHONE If
Are You Using Our Dixie
Gem Special Stoker Coal?
Why buy common stoker coals when you can ge* Dxi'« 6
Special Stoker Coal. It not only pleases but delight* tT
user. Dixie Gem Special Stoker Coal is really better '
perfect; it is better than satisfactory. It is run over *
netic separator at the mines, which extracts all '"etl
materials.
RICHARDSON'S COAL YARD
PHONE 70
JACKSON TAXI SEW
PHONE 54
OFFICE NEXT TO
PENNEY'S DEPT. STORE
EARL B. JACKS0
proprietoR
DAY AND NIGHT SERVICE
' 1
Mrs. Holman Se«
Libby's Baby