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Lewiston Evening Teller THIRTY-FIRST YEAR—-NO.t 285 LEWISTON. IDAHO. TUESDAY, DECEMBER 51. 1907 WARM WELCOME FOR TAFT BOSTON MERCHANTS BANQUET SECRETARY S FIRST PUBUC UTTERENl'ES SINCE RETURN '.FROM "TOUR OF WORLD ARE SIGNIFICANT IN VIEW OF HIS CANDI ;« DACY—DISCUSSES PANIC, GOVERNMENT OWNERSHIP . AND "* CORPORATE CONTROL |%'i* .BOSTO-I, Dec. 31.—Secretary Taft last eight delivered his first public speech since his returnrfrom his - tour cf the gtobe, at the an nual banquet of • the Boston tiler chants' association. In view of the prominence ?iven to his presidential campaign gnat weight is given his utterances or. topics relating to fea tures Of natânal policy. His ; -ad-! dress was heaiily received and Cov ■ering-the main points is as follows 1 During the hst three months the id country has sufered a severe moue iary panic. Evm yet the clearing house certificates linger in your hank exchanges is emphatic eri dence of its severity and of the ex treme measures which had to be taken to avert greater disaster, Doubtless many of my hearers have not yet recovered from the intense nervous strain and mental suffering to which they have been subjected since the middle of October. For be this reason 1 have selected for my'act tople of tonight "The Panic of 1907; Its Causes, Its Probable Ef feet and the Relation to It of the Politics of the National Ariminis-,°f tration." What did cause the panic? Writ-; ers on such subjects who have given their lives and constant attention to maters of this kind, who are able a to institute a comparison of the, present panic with pr and who are entirely rëvious panics, I familiar with the'conditions preceding oil erf the them, substantially agree upon —. cause. Panics and industrial depres sion are the result of the character- ! available for new enterprises or the istics of human nature, which man ifest themselves in business and elseivhere. The world generally has. ] a certain amount of loanable capital ! enlargement of old ones. In periods of prosperity this capital, with the : instrumentalities for enlarging R ; potentially by credits, is put into new enterprises which are profita hie, and the increase in free capital goes on almost in arithmetical pro gresslons. After a time, however, of operation, wages and the profit of the new enterprise grow smaller. The loanable capital gradually changes its form into investments less and less convertible. Much of that which might be capital is wast ed in umvise enterprises, in extrava gance in living, in wars and abso lute destruction of property, until the available free capital becomes well nigh exhausted the-world over, and the progress of new enterprises must await the saving of more. Men continue to embark in new en terprises, however the capital fails them. Lack of Loanable Capital For eight or nine months past there were many indications that the loanable capital of the world was near exhaustion. This result . was brought about not only by the enormous expansion of business plants and business Investment j which could not he readily convei t- j ed, but also by the waste of capital in extravagance of living and j the Spanish war, the Boei v, ar an : the Russian-Japanese war, and in such eatastropliies as Baltimore and San Francisco. It became impossi ble for the soundest railroads and other enterprises to borrow money for new construction or reconstruc tion. The condition was not confin. ed to this country, but extended the ; world over and was made manifest ] in the countries of Europe even be fore it was felt here. Secondly, the conclusion cannot be avoided that the revelations of irregularity, breaches of trust, stock jobbing, over-issues of stock, viola tion of laws and lack of rigid state or national supervision in the man agement of some of our largest in surance companies, railroad com panies and financial corporations shocked investors and made them withhold what little loanable capi tal r emained nw„r,.,hD. Such' . dis closuwa had vsuuch mere effect, probably, abroad than they bad here, because he 1 e we were able to make distinctions, while there, at a remote distance,-ihe revelations de ated Ois „rust of our whole business fabric, When, therefore, in two tor :thr* instance«, institutions, ban&s ant Need for Elastic Currency I a jtnpst companies supposed to be sol id were'found to Lave their capital impaired'by stock jobbing «£ their officers, the public we/i easily frightened and the run upon banks began. The question then became not one ot loanable capital, but of actual money to be used in the transactions of the day—a very dif ferent question, though, of course, closely related. It would seem that our system of currency is not av ranged so as-to permit its volume to '. be increased-temporarily to counter the sudden drain of money 'by the hoarding in & panic. It is prob able that the stringency Which reached its height on that dark day October 24 might in part have .been alleviated had we had a cur rency which could automatically enlarge itself to meet -the tremen doua demand of a day or a week or a month, while public was being restored, confidence'cmd Tlie national administration, together with many of the large capitalists of New York and el^-where, put their shoulders under the load, and by various de- ' vices of an unusual character have brought about the present' condition ~, irh Pression as the panic""of or , ....., +1i1o °f gradually-increasing confidence, The injurious consequences to ftf ] ow f r01T1 this panic are not likely to so j ong drawn out or to result 1^93 or the panic of 1873, and this for the reason that the condition of the country makes it so much eas ier resume business gradually, to accommodate capital and then to rene w the enterprises which had to abandoned for lack of capital, the first place, we have a solid carren cy, with no suggestion now of (Continued on Page Two.) STATES ATTORNEY WANTS EDI-! TOR GIVEN PRISON SENTENCE FOR ATTACK UPON CHARAC TR OF COURT FAVORITES PLEAS MADE IN BARDIN CASE BERLIN, Dec. 31.—In the hear-:of . ing of the Harden-Von Moltke libel suJt today Count Kuno Von Moltke ^ had resigned from t he j army ag the result of articles pub j ] islled by }j arden . The state's at tQrney> j n opeping hlB pleadings, j demanded the imposition of a sen : tence of four months' imprisonment against Harden. He declared Har den had attacked Von Moltke and hysterical women, the wife of y Qn Moltke and her mother, both ; tendenc i es . ] ^ declare(] Von Moltke had been comp , etely clearedi a8 a i so had Zu Prince Zu Eulenburg on the word of Eulenburg. The states attorney declared he had received a letter threatening him with death if the of whom, he declared, were untrust ivorthy and possessed of abnormal Minister of Justice Dies Suddenly verdict was unfavorable to Harden. PARIS, Dec. 31.—Joan Francis Edmond Guiot Dessaigno, .French minister of justice, dropped dead of apoplexy during the morning session of the senate. * 'c * UAP IS CHARGED ■1. KILMARA INDUCES 3 EAR-OLD GIRL TO :.ï ER HOME—IS RESCUED HER FATHER a . A 13 LEAVE BY J.. Kilmara, jf>. Japanese, has been 1 hfclfl to the .district court by Jus tice oi the Peace Harmon at CuSAe sact»on the ehupge of. abduction. j 1 he complaining witness is W .. J.. Dk partee, a (Gsildesac saloon man,, who .alleges Unit, the -Japanese had . worked for him in a restaurant ad Culitesac and had induced his lS- yearne d daughter to 'lefcve with j him, t upposedlj to go to tin home oi htn mother., who is sepaiated^r, Horn tue complaining witness. j The complaiaat alleges -that the p 1 " Hi 111 thlf ' company,-o e fr - athel fendant on a braim when -recovered ANEW MILL '. - oMALL OULU MINE j j j I I A&0USES GREAT IN BIG CREEK AND INTEREST i MILL DISTRICT— mvTTfiP»r W T<! PTTPPPTPn ! LAi LbXLD j - I Albert Moore and wife are taking j an average «of $30 a day with a lit-Ue one-stamp mill that Is an.- 1 ehonefl o.u a stump in a recelas of, Mr. Moore's log kitchen. j Mrs. Moore is mill boss, amalga ' malar and •'superintendent, while her husband operates the mine. 80<0 fee( »tore. The Moore property is located on I Logan creek in the Big Creek d«-1 trict, and has aroused the interest of the entire camp. Free gold was P ractica!1 >' unknown in that section j until the summer of 1906, and It is believed another season will nens great activity in the develop nie * f _ Mr. Moore has acquired the wa ter rights on Logan creek sufficient to operate a big plant and hopes to be able to replace the one-stamp mill with a much larger plant. After the discovery of the free gold the small mill was installed and the ore conveyed from the tun- ' nel by means of a cowhide. The ; mining operations and conveying of | the ore occupied the attention of i Mr. Moore, while his wife attend ed the mill. A tram system was installed last j fall, and within a short time the | mill will be operated both day and nipht - as the new system of tra " s ' I porting the ore will allow Mr. Moore much time to devote to the ! or " r , atio " of th " mill \ , , j Mr. Moore has located seven 1 ___ ________ claims, and the ledge Is from 40 to ,00 feet in width and all develop-1 j ment work is confined to this part ] the property. BLOWS CP STORE j I I ! BECAUSE WIFE LEFT HIM AND WENT TO HER FATHER, HUS \ BAND DYNAMITES HOUSE IN NEW YORK, Dec. 31.—A bomb thrown against the front of a two-|^ s tory frame building on East 149th street before daylight endangered, WHICH SHE LIVES t he lives of eight persons who were asleep therein. j The fish store of Joseph Ràp was (demolished and his daughter Injur ed. Rae asked the police to search his son-in-law, who, he said, had threatened to blow up the store be | cause his wife had left him and taken refuge with her father. ( SUBMITS PLAN TO BUILD ROAD "MR. McKEAN PRESENTS M'AT TER OF CONSTRUCTION OF ELECTRIC LINE TO COMMER CIAL CLUB , , . The people of Lewiston are toduy asking if Engineer Frank McKean i j s tl representative of the Northern Pacific Railroad company. , Mr. McKean's proposition was presented to the Commercial club : . last night by Attorney G. W. Tan- j nahili. It provided for the people 0 f Lewiston to subscribe $100,000, | ,to assist in securing a charter to j build a bridge across the Snake riv terminal grounds and franchise ! I j to operate a street car system in the City of Lewiston. Mr. McKean proposes to tap the -^oh country surrounding Asotin and Anatone with an electric line, and whether it is backed by a rail j road company or not makes no dif-^ j ferenee to the people of Lewiston |or the country, for it is the service , jthirt is wa-nted. I j The proposition is believed to he j I a Northern Pacific one because of I the bridge location that has been i indicated ami because of the North ern Pacific's possession of a rlght of-way down the south bank of the ] Snake river, to which it would be natural to brhig new territory. It was generally b clieved when I ! Mr - McKean first app * ared ln I j territory that he was a représenta- 1 I tive of one of the railroad com-1 j panies, and the character of his proposition confirms this belief. | 1 The fact that the Northern Pa-, dfic is a bidder for electric power i j out of Lolo creek and that the pro posed line would not he practical] unless identified with a transconti- ! , , n entai road has led many people to believe that J. J. Hill, aside from financing the Spokane Inland, wants to secure the traffic business from the rich Anatone section. j A committee will be appointed by j President Bender to confer with] Mr. McKean relative to the propo wit-jßition submitted last night. Chicago Wheat Market CHICAGO, Dee. 31 .—Wheat close; May, $1.037^;" July, 98%c. BOMB BURSTS IN STOCK EXCHANGE I EXPLOSION OF BOMB IN STOCK EXCHANGE INJURES MANY PERSONS AND DESTROYS POR TION OF BUILDING , ROME, Dec. 31.—A dynamite | bomb exploded in the stock ex * change of this city today. Sixteen, a * e , kn ° w j n I of the injured are buried under por turns of the building, which col lapsed. 1 Firemen, police and troops are on the scene conducting the .work of ^ rescue. (It is supposed the bomb was thrown with intent of prevent ing the customary end of the month liquidation. 'O* 1 The explosion took place shortly before 4 o'clock in the exchange j center of the city, and thousands p d p , t i, , ro ,j around the spot ! 'were suddenly seized with fear of .„further outrages and made a rush to Quit the gpot _ greatly endangering life and limb. There is a suspicion that the ex .plosion was intended to prevent liquidation increase. The plan was 0 destroy millions in securities, but it b e explosion occurred too late. The ijq U i da tIon was over and nearly all the securities had been removed. Bishop E. G. Andrews Dead NEW YORK. Dec. 31.—Bishop Edward G. Andrews of the Method ist Episcopal church died at his ( home in Brooklyn thisr morning, CUT OFF ORATORY IN PETTIBONE CASI DEFENSE OFFERS IN COURT TO SUBMIT CASE WITHOUT ARGOT MENT OF COUNSEL—PROSECUTION DECIDES TO WAIT UN TIL AFTER INSTRUCTIONS OF COURT, WHICH WILL BE GIV EN FRIDAY MORNING BOISE, Dec. Pettibone was j n cour ^ today, but showed plainly the effects of his illness. Judge ;Hillin, for the defense, announced he hud gone ove r ail the testimony, I aml as the 8tate had fatIed to con-!the ucuu ucvkuuu nt lyuui uu i u i iiiv i ivaj - , timony and us the state had failed.cient, O ff or aa y further testimony they and neet tlie defendant with the crime charged in the indictment it had been decided to offer no further tes would submit the case to the jury j without argument. Senator Borah asked for a recess in order to consider the proposition t/f the defense for dispensing with arguments and decided it could not J0 se ^(] ed until the instructions of cour (. ] ia ,j been examined. Judge _____________________________ — .. ..j l.l._ ........________uaj___ , _____________________________ .. I FEW WOMEN SEE THAW TRIAL j _ Curtous Will Be Excluded—Reduce Seating Capacity of Room NEW YORK, Dec. 31.—Ail wom ] en except members of Thaw's fam fly and the women reporters wilt be 'excluded from (he courtroom during I the second trial of Harry K. Thaw, I Which will begin next Monday. The 1 seating capacity of the courtroom has been reduced greatly since the first trial und Justice Dowling is | said also to be determined to pre veut the attendance of women mov i Pd by morbid curiosity who attend every' trial of prominence. ----- ! MORE LETTERS ARE FOUND Checks, Money Orders and Drafts j Found Aggregate $50,000 j WACO, Tex., Dec. 31._Another j large batch of mail was found west 0 f j, erc today, where it was left by a po * uch of inters Christmas night, It is estimated that the cheeks, j money orders and drafts left lying (where the pouches were opened ag-1 gregate $30,000. ____ EX-MAYOR OF TACOMA DEAD Stricken With Heart Failure as He Was Starting Journey SANTA CRUZ, Cal., Dee. 31.— Louis D. Campbell, former mayor of Tacoma, xyas stricken with heart failure he;o Sunday evening and idled in a few minutes. Accompa-1^ nied by his wife and daughter, ha was about to take a car for the cap To Fight for International Title SAN FRANCISCO, Owen Moran and Abe Dec. 31.— Attell have completed their work of training in preparation for their fight at Colma tomorrow afternoon. The bout is attracting much attention in sport ing circles, as it will be the first ™ aI International championship jbattlo between featherweights In |SOnie time. The articles of agree- J ment provide for a 25-round fight. thc nien t o weigh 120 pounds two hours and a half before enterin r i n g. j Hul1 was told that Mrs. Young was a!ive slie declared the Mrs. Hull Now Names Another NEWARK, Dec. 31.—When Mrs. the murdered ! woman was her own half-sister, M >nnie Jeanette Gaston, the daugh ter of R. B. Gaston of Servilla. Tenn - and formerly a member ofj the chorus of "A Texas Steer" com-1 j 1,10 tuo ' ,JL A ICAU! ' P an ^- She had been living lately In y " e ' v ; ^ lrs - Hull declared that Charles M e >o rs biought hei sinter to New ork at, d ibat she accompanied the ;' a H er i° a meeting with ^ e '^ is on Christmas day, when Miss Gaston was to go to Harrison with Meyers. She said she identified the body as that of Mrs. Young in order to avoid involving Miss Gaston's name in the scandal. The magistrate lectured Mrs. Hull and ordere fl escort her out Wood then announced he wonl have the instructions ready by Fri day morning and an adjournmen was taken until that time. The case now hinges entirely oi nature of the instructions of th j providing the state has pre sented satisfactory proof that th< court. If the court instructs that th* proof of conspiracy in itself is suffi defendant was a member of the con spiracy and that the killing o: Steunenberg was an Incident to ft argument. — the case will be argued. The illness of Pettibone had mnet to do with the decision of the de fense to submit the case without — WILL DISCUSS NEW FOOD LAW FOOD EXPERTS HOLD ANNUAL MEETING—WILL DISCUSS PUR ITY OF THE NATION'S FOOD SUPPLY CHICAGO, Dec. 31.—The purity of the nation's food supply and other questions of vital importauce to the public will be discussed by (experts of international renown at the annual meeting of the Amerl can Chemical society, which openfed today at the University of Chicago as a P art of the general meeting °f the Amalgamated Association j^' the Advancement of Science. (The sessions are to continue until Saturday. k)r. Harvey W. Wiley, chief chent list of the United States department of agriculture, Is to be among the speakers, and it is expected he will take occasion to make clear the government's attitude on disputed points in the pure food law. Other eminent chemists who are to take part in the deliberations in clude President Ira Remsen of Johns Hopkins university. Prof. T. - Richards of Harvard, Prof. C. H. Herty of the University of Nortli Carolina, Prof. C. D. Campbell ot the University of Michigan and Prof, C. E. Monroe, government ex pert on explosives. UNKNOWN TRAMP KILLED Was on a Train Wrecked on the Southern Pacific SACRAMENTO, Cal., Dec. 31.— X special to the Bee from Truckee, Ca] > say8; Th ree cars of westbound Southern Pacific passenger train No. 3 ]eft t he track at Florison, Nevada countv> at 9:30 o'clock this morn ing An unknowa tramp was killed and the baggageman was injured. A wrecking train was sent to the scene of the accident from Truckèe. -- vqir" Asks Pardon for Puter WASHINGTON, Dec. 31.—In ac cordance with a strong recommen dation of Heney and United States Attorney Baker of the District ol Columbia, the atorney general to day recommended to the president | the pardon of Stephen A. D. Puter in order that the latter's testimony ! could be utilized in connection with ^ prosecu ti 0 n of'the Oregon land j raud c as eg. t g A D Puter Is confined In the : Multnomah county jail. Price of Lumber Drops MINNEAPOLIS, Dec. 31.—Lum ber prices are down and nearly! everything in the northern pine list is cut.