The Caldwell tribune. [volume], January 14, 1916, Image 10

About The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928

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The OBSERVATORY
OUR FOREIGN RELATIONS
There lies before me an interesting
It is a
document, or printed sheet. It is a
copy of the Connecticut Gazette, date
of February 13, 1799, printed at New
London, Conn., "by Samuel Green, at
his office nef the bank." It is yellow
with age and so worn that the type
cannot be deciphered in many places.
It was then in its 36the volume, which
places its beginning well back of the
Revolutionary war. It is 20 inches
long and 12 inches wide, with three
columns to a page, each three inches
wide. Several columns are taken up
with official correspondence between
Citi/en Minister Talleyrand, in charge
of Foreign Affairs of the First Re
public, and E. Gerry, Minister of the
United States to the French govern
ment. Talleyrand's communications
are translated, and the correspond
ence refers to the troubles which had
arisen in Washington's second admin
istration, when the French republic
attempted to use our country as a
base from which to conduct the war
against England. The French pre
sumed that because they had helped
us in the Revolutionary war, that wc
should now turn about and help them
against the common enemy; but the
wise Washington plainly saw that it
would be almost surely fatal for our
very young republic to then plunge
again into war with England, and his
successor, John Adams continued his
policy. It is now well known that
Talleyrand did not regard exact truth,
except when he thought it better than
polite lying; and these letters of 1799
show how the American minister
Gerry had to politely tell him he hart
mistaken the truth. Evidentlv the re
lations were getting strained, for In
his communication of June 22nd, 179«
Gerry closes with this:
"I am again under the necessitv
of applying for the neoessary doc
uments to enable me to return to
the United States; and you can
not be insensible of the manifest
disadvantages on my part result
ing from the delay of them, I
presume that they are now in
readiness."
It reminds one of our present na
tional relations with Austria. It is
now a well known fact that the
French government under Louis
XVI decided in 1777 to aid the revolt
ing colonies in America against Eng
land because they thought it a favor
able opportunity to recover Canada.
They, and all the European govern
ments, had little more than contempt
for the straggling, young, poor and
weak American republic; but the re
action from the American revolution
had helped over-throw the monarchy
in France, and when the first French
republic was gradually evolved from
the anarchy of the Reign of Blood In
1790-3, and they soon got into war
with England, and demanded that the
United States should allow them to
fit out armed vessels in our ports,
which would have amounted to war
with England, and when Washington
forbid it, the Directory in France were
furious at that action. About that
time John Jay had arranged a com
mercial peace with Britain, the pub
lishing of which in this country fur
ther enraged the French, who recalled
their minister from the United States,
and our minister, Monroe, withdrew
from France. Pinckney of Soutn
Carolina who succeeded him was re
fused by the Paris government, and
the tangle was great. Elbridge Ger
ry of Massachusetts, was then sent
and the communications between him
and Talleyrand which appear in this
old newspaper were a part of the ef
fort to settle the difficulty; it is now
known that French officials who con
ducted the negotiations were open to
bribes and dallied, hoping to get
them; but John Jay, Monroe, Pinck
ney and Elbridge Gerry were not oT
that class, and so the matter dragged
along; although Talleyrand had refus
ed to receive Pinckney he for some
reason accepted Gerry, and when the
latter demanded his passports he
withheld them and urged him to stay.
He tells Gerry that some of the de
mands made on the American gov
ernment, which he (Gerry) says lie
and his government have never re
ceived, have, nevertheless, been print
ed in the American papers; Gerry re
plies that if that it so those state
ments must have reached America
through some other channel than that
of the United Statees minister—a neat
thrust. And it is now known that the
facts were allowed to go from t h t
French government office to some o!
{Business and Finances
Bv W. S. Cou «m. Editor The American Banket
1 he tirst session of the new year's
stock market was a very agreeable
surprise to those who had compelled
themselves to believe that a new sea
son of calamity was about to befall
the great trading center. Indeed,
many traders who on Friday of last
week, under the influence of the opti
mistic impressions created bv the sec
ond Austrian note, bought heavily of
the leading issues, were tilled with
gloomy foreboding when the news ot
another submarine disaster reached
\if-T \ ork , on Saturday afternoon.
With the Lusitania, Aarbic and An
cona markets still fresh in memory,
the destruction of the Persia awak
ened fears that previous experiences
would be repeated, and that prices
might break seriously. Such, how
ever, was not the case. Only frac
tional declines were observed at the
opening of the market, and the pre
ponderance of buying over selling or
ders was so great that prices moved
upward instead of downward. More
over, Monday's transactions amounted
to more than one million shares ot
stock, aud was in fact the first million
share day in more than six weeks.
The public interest in the security
markets since the turn of the year has
become quite keen, and investment
bankers predict that the upward swln;,
the, so-called, French party in
a I country led by Jefferson, and t>y
thl
a | country led by Jefferson, and T>y
I them given to the press to try to force
the hand of our government. Talley
rand's letters are long, vcbrose and tor
tuous, to hide his purpose; Gerry's are
short and go directly to the point. But
the abundant allusions "neutrals,"
"neutral ships" and "neutral ports"
forcible reminds one of some or tne
labored communications which have
passed between our government and
those of Europe during the past 13
months.
New London being a sea port, thi_
paper has much marine news, and a
good part of it is regarding American
merchant ships which French naval
vessels and privateers have captured,
claiming they carried contraband
goods; they took many such and did
everything almost to provoke us into
war. The ports of the French West
India islands were full of such ves
sels, among them the U. S. Schooner
"Retaliation," commanded by Lieut.
Bainbridge. This was apparantly ont
of our naval vessels and Bainbridge
the one who afterwards distinguish
ed himself in our navy; he was taken
into Gaudaloupe. About that time
there had arrived at that island a re
prcsentative of the French govern
ment charged to get out of the snarl
with the United States government ir
possible; the French wished to "save
their face," as the Chinese say. This
official thinking it rather high-handed
to detain an American naval vessel
told Bainbridge that if he would take
the officers and crews of the Ameri
can merchant vessels detained in the
island and sail directly for Philadel
phia he was at liberty to take his
schooner and go. This Bainbridge in
stantly refused. The paper states:
"Desfourneaux then informed
Bainbridge that unless he im
mediately complied he would or
der the Retaliation to be sunk.
Capt. Bainbridge replied that he
would depart for Philadelphia if
Desfourneaux would state his de
mand in writing, which he com
plied with.
"Had the Retaliation been con
demned, the act would have
amounted to a declaration of war;
for which the 'Faithless Republic'
was not yet ready."
And then this French official writes
to the President of the United States,
a copy of his document being printed
in this paper as follows:
LIBERTY EQUALITY.
Agency of Gaudaloupe.
CONSTITUTION. Article 156.
"The particular Agents will ex
ercise the same functions as the
Directory, and will be under their
direction."
The Particular Agent of the
Executive Directory for Gaudal
oupe and its Dependencies to
JOHN ADAMS
President of the United States or
America.
Sir:
And then is a detailed narrative of
the detention of the Retalation, and
why and by what authority he sends
this vessel home, and as smooth as
honey.
It is all intenseley interesting; just
change a few names and dates and the
various items would very well fit In
with current events, as we <.re related
to European countries at present.
It is an unending wonder to me
that Thomas Jefferson should have
been such a hot-headed leader of the
French party in our country from 1790
to 1800; he tried the soul of Washing
ton. But when he came to be Presi
dent it was another thing. And his
purchase of Louisiana from Napoleon
in 1803 stirred up just the same kind
of an excitement against him and his
administration as he tried to stir u H
against Washington in 1793 and fot
lowing years.
Tucked away in one corner of this
paper is the following:
Christian Charity, A whim
sical writer has illustrated Christ
ian charity by the following fable:
A poor man fell down in an
apoplectic fit; a churchman raised
him up from the ground by lift
ing him under his arms; while a
Presbyterian held his head and
wiped his face with a handker
chief; a Roman Catholic lady took
out her smelling bottle and assi
duously applied it to his nose; a
Methodist ran for a doctor; a
Quaker supported his poor wife;
and a Baptist took care of the
children!" OBSERVER
in stock prices which began in sucn
a ? im\P ah '' C manner in the autumn
ot 1915 will continue without abate
ment well into 1916.
Further comments upon the tre
• 11CI int 0 - IS ' ncreasc 'n security values
in 191d would bo superfluous at this
time, but as new facts are being pre
sented and new light shed upon this
subject by official rtports and by sta
tistical bureaus, the tremendous appre
ciation in some of the market favor
"tes is apparent. In only a few re
mote cases were these fluctuations ac
companied by spectacular movement
in the stock markets; hut on tin
whole, America' s prime dividend-pay
ing rails and industrials have moved
into a new position of public favor
and the mrt-easés »in, their selling
prices is as logical as the sunshine
after the darkness.
With the tremendous increase of the
purchasing power of American trades
men, artisans, professional men and
farmers, the great industrial concerns
of this country will not in future bt
compelled to look to foreign investors
for the capital necessary to expand
their enterprises, but on the contr.irj
American capital will figure largely In
the development of profitable enter
prises in foreign lands. This increast
in purchasing power will express it
self not only in security values, but
in the regular channels of retail trade,
in the decrease of unemployment, ami
in the raising of the scala of daily
living of all people, especially the
working classes. 'Tis truc that the
prices of commodities (the cost of liv
ing) will automatically se-îk a higher
level, but not in the same degree as
the rising scale of American commer
cial prosperity. Good times mean
high prices, but the law of perfect
equation need not necessarily govern
the case.
Money Markets.
Present indications are that the ple
thora of money, which during the sec
ond half of 1915 constituted such a
vexing problem for our banking insti
tutions, will not be in evidence to such
a prominent extent in the coming
year. Already the banks in the re
serve cities of the Middle West report
an increasing demand for funds from
their interior correspondents, both for
agricultural and industrial purposes.
The banks of New York City are now
holding in their vaults a supply of
gold and currency far in excess of
the legal requirements, but, unless all
present indications are deceptive, this
excess money will be greatly reduced
in the coming year.
Rates for money in the New York
market this week very emphatically
point to this conclusion. On Wednes
day of this week loaning rates on"call
money" advanced to 3 per cent, the
highest rate recorded in over a year.
The average rate in 1915 was below
2 per cent. Time money rates have
not as yet shown any decided inclina
tion to advance, but it Is freely pre
dicted in two or three months from
now the rates will be one per cent
higher than the 1915 average.
While sterling exchange for the
past six weeks considerably strength
ened, exchange on Germany during
the past week dropped to the lowest
point since the beginning of the war.
Demand bills on London this week
sold at 4.74^ and cable transfers at
4.75^. German marks, on Tuesday
of this week, declined to 75 (for four
marks), or at the equivalent of 18^
cents per mark, compared with the
normal par of 23$4 cents. The decline
amounts, accordingly, to 21 per cent
at present prices. Exchange on Aus
tria was also at a low point. Kronen
were quoted at 12.90 cents, against the
normal value of 2014 cents. The weak
ness is explained by bankers with
German sympathies as due to the fact
that the Central Empires are export
ing nothing, and so creating no new
credits, abroad. Others arc of the
opinion that the growing weakness
has resulted from the fact that Ger
many's new debts are all internal, and
that the country is practically on a
paper basis, giving rise to inflation.
Bankers acting for the German Gov
ernment have lowered the prices of
German and Austrian bonds to take
account of the new level of exchange
by proportionate amounts. The im
perial German 5 per cent bonds are
offered at $792 for 4,000 marks, a dis
count of about 25 per cent, compared
with the price in Germany. The Ger
man 4's are offered at $720 for 4,000
marks. Prior to the war the latter
sold at par, equivalent to about $940.
The proceeds from bond sold are re
mitted to Berlin by wireless, and the
purchasers expect to get their profit
by holding the bonds until peace
brings a restoration in exchange rates
to normal.
Anglo-French Bonds.
No particular significance attaches
to the decline below the issue price of
the Anglo-French bonds, according to
an important member of the syndicate
which marketed this big issue. Under
the Circumstances prevailing, it is as
serted, the decline is not at all sur
prising. Many subscriptions were
made by bankers and other business
men upon the understanding that the
exchange situation between New York
and London must be supported in or
der that our foreign trade might go
on and that the revival of industry in
this country might not be checkeC
This end having been accomplished,
some of these subscribers having other
and more attractive uses for their fund
have chosen to realize on their hold
ings even at a small sacrifice. A good
natural market has developed, but It
may be that buying has been to some
extent restricted by current talk that
other loans would be offered, and pos
sibly upon better terms. The latter
supposition is improbable, although
Solve This Mystery for Yourself
Somewhere, in this city, is a person with whom you
have business to transact.
It may be that your business with this person is to sell
or rent property—to sell unsed furniture, machinery, fix
tures, an auto to interest this person in some enterprise
of your own. Or, it may be that this person, among all the
people of the city, is your "logical'* employer.
But the person is elusive. You do know the name or
address. \ ou do not know whether the person is man or
woman. You do not know whether you have ever met the
person. So far as you may know it may b e someone whom
you know personally.
Its a real mystery one calling for your own solution.
And, if you have a little of vision, a little of courage
and persistence, you can solve the mystery—and get
acquainted with the person with whom you have business
to transact.
You can solve it through your intelligent use of classified
advertising. Your offer or your quest, segregated with
others of like character in the classified columns of this
newspaper, will attract the attention of your illusive
"somebody."
Not, perhaps, in a day—although that frequently hap
pens. But with the same persistence which you apply to
other, perhaps lesser, tasks you will be successful.
Its an amazingly interesting experiment—this matter of
making a classified advertisement a tracer, a detective, an
investigator for you—and a salesman, as well!
there is a recognized possibility that
other loans may be offered with col
lateral security. Such an issue would
in no way impair the value of this
loan, which as a joint and external
obligation of the two governments oc
cupies an exceptional position.
It is a well-known fact that Ameri
can bankers from the inception of the
negotiations advised a collateral loan,
not because thev considered collateral
necessary to secure payment, but be
cause they were satisfied that under
the conditions existing it would make
the loan go better and enable more
money to be raised. British financial
writers now recognize that the terms
of the loan, which were criticized at
the time, were not more favorable to
lenders than necessary to make the
loan a success in this market.
The New Year.
The new year has opened with all
its unknown possibilities of success
for which the country has long hoped.
At this time one year ago the United
States was sunk in gloom and there
was apparently no prospect of the re
vival which was to follow. To-day,
however, the situation is radically
changed for the better. The retrospect
is good and the prospect is better than
it has been for a decade. This does
not mean that there is such a boom
as the world has never seen before
bccau se it must be remembered that
the greatest war in history is In
progress and that war and prosperity
are seldom or never twins. There is,
however, present prosperity and an
encouraging outlook for the months
that are to come. The United States is
at peace with all the world, although
there are occasional flashes indicating
that perhaps by some untoward
event this country may yet be involved
in the earthquake. A fear of such
possibility lingering in some quarters
causes a slight alarm, but this anxietv
is less important than the fact that
prosperity based on the misfortunes of
others is not altogether sound.
As the year begins to unfold its un
written record, it is seen that the
present abnormal export trade will be
of a protracted duration because the
belligerent countries must have
American goods in order to repair th
wastage of war. In this way trade
which would otherwise end with the
return of peace will continue for
considerable time after contending
armies are no longer engaged in the
work of destruction. These demand
upon American sources of suptilv will
keep farmers, railroads, manufactur
ers, merchants, railroads and ocean
vessels busy long after the clash of
arms has subsided.
There is one thing which may In
terferc with the consumption of goods
and that is the high level of prices
prevailing in every branch of trade
Possibly these prices will decline
somewhat after the return of peace
and, if this should be the case, com
merce will be promoted by the change
Everywhere there is a feeling of con
fidence and optimism and a disposé
tion to forget the past with all its
disagreeable memories and to push
forward into the green fields of pros
pe rity which are now opening up In
plain view. American business men
are prepared for all that the new year
can bring them, and certainly it will
not be their fault if 1916 does not ful
fill all the anticipations created by it:
auspicious opening. There is every
reason to believe that the policy which
business interests will follow will be
wise, prudent, progressive and yet con
servative, and will be marked by that
energy and brilliant initiative charac
teristic of the United States and Its
people.
W. S. COUSINS,
Editor, The American Banker
U
"A Shine In
Every Droit"
•at a can today from
Kro
«•ry dealer.
kÉAbÀÛUË, ËYË TiRË AND fcVE SffeÀlri
are the symptoms of eye trouble that require the Im
mediate services of an OPTOMETRIST
A. E. LAUGHLIN Optometrist & Jeweler.
713 Main St. Fhone 400
See How
Much Money
You Can Save In 10 Years
What other people have done, you can do,
if you deposit your money regularly in
the Caldwell Commercial Bank.
In ten years, hundreds of our depositors
have saved enough money to buv com
fortable homes.
Now is a very good time to start an ac
count with us.
5% Interest Paid on Saving Account».
Caldwtll Commercial Bank
CALDWELL. 1UAIIO
rf/F "p/>ûû£A/r
AMATBAMS
H/S MONEY
J A/0 KEEPS
"H/GffANi
DRY"
«
m
jp
*
The one way to keep the sun of prosperity always
shining on you is to always have MONEY IN OUR BANK
Too many make the mistake of saving awhile and
then investing in some deal and LOSING all they have. They
then also lose^their GOURAGE. No one can ever make a
mistake by PILING UP money in the bank and constantly
making his balance bigger.
Make OUR bank YOUR bank.
We pay 5 per cent interest on savings
The Western National Bank
United States Depository
4.
6.
No. 4690.
REPORT OF THE CONDITION OF THE FIRST NATIONAL BANK
AT CALDWELL IDAHO, IN THE STATE OF IDAHO AT THE
CLOSE OF BUSINESS ON DECEMBER 31ST., 1915.
Resources.
1. (a) Loans and discounts (except those shown on b)
3. U. S- Bonds:
(a) U. S. bonds deposited to secure circulation
(par value)
Bonds, securities, etc.:
(c) Bonds and securities pledged as collateral for
State, or other deposits or bills payable (postal
excluded) _ $ jç ^Q2 20
(e) Securities other than U. S. bonds'" (not '"In
cluding stocks) owned unpledged 31 151.71
~ u "scription to stock Federal Reserve Bank 6 000 00
(a) Less amount unpaid VfwVnn
8. Furniture and fixtures '
in ?, eal estate owned other than bankïng house -
i / ' amount due from Federal Reserve Bank
(a) Net amount due from approved reserve agents
/u\ xi . New York J ' Chicago, and St. Louis 59,800.72
I\ et amount due from approved reserve agents
in other reserve cities 11774* ?n 177 caam
12. Net amount due from banks and bank'erT '(ôthêr ' 1 77,546.92
than included in 10 or 11)
Other checks on banks in the same city or town as
reporting bank
(a) Outside checks and other cash items
(b) fractional currency, nickels, and cents " 270 77
Notes of other national banks "
Coin and certificates
Legal-tender notes
Redemption fund with Ü. S. Treasurer
from U. S. Treasurer
19,564.92
and due
$490,300.19
50,000.00
50,653.91
3,000.00
2,400.00
30,877.05
20,000.00
48,589.58
5,652.38
19,835.69
15,135.00
33,914.60
3,065.00
2,500.00
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits I!""""ZZZZZZ! S 29 S29 ?7
Less current expenses, interest, and taxes paid 19248 67
Circulating notes outstanding 1 »»,*».0/
28°ot- 3 29) a " d bankers (othcrs than ïnciuded in
Demand deposits:
Individual deposits subject to check
Ce'r't'lfie^'chccki^ 05 " ^ ' CSS ,ha " ' ^'"Z"
Cashier's checks outstanding
State, county, or other municipal deposits 'secured
by item 4c of "Resources" ...
Total demand deposits, Items 32, 33, 34,"35" "36,"
Certificate's of depositZZZZZZZ 578,940.39
Other time deposits V
Total of time depoMtiTi'temsC4i7™d42"Z" 188,810.11
Total
$953,470.32
$50,000.00
50,000.00
10,280.60
48,300.00
27.139.22
467,166.75
95.195.71
1.278.94
1,471.06
13,827.93
186,651.28
2,158.83
S,at I W Id p h T°' C ° untyofCan y o n, s s : $953,470.32
the above «»tÄuÄ that
Correct—Attest*: LY ° N ' C " hier -
J. E. COSGRIFF,
WALTER GRIFFITHS
E. M. HENDON