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WEDNESDAY, MAY 17, 1922.
Peary Memorial Unveiled by the Admiral’s Daughter -••■ . ■JVs. WTVWj f r »/ r - W *tESMfr)TffiW.-d<cMF ''s* wfr iWt / Mrs. Edward Stafford, daughter of the late Rear Admiral Robert E. Peary, unveiling the memorial to her father, the discoverer of the North Pole, at Arlington National cemetery. Her brother, Robert E. Peary, stands at the right of the picture. The memorial stands on a hill opposite the Memorial amphitheater. Europe Redeems Printed Money Hoarded Stocks of Gold and Cur rency Make Appearance as : Exchange Falls. a> MOST VEXED WAR PROBLEM f* European Countries Flooded With Cheap Money When Emergency of War Compelled Abandonment of Gold Standard. Washington.—Students of interna tional finance and economics are aware of a new development in con nection w’th the depreciated currencies of Europe. These cfirrenciea have con stituted one of the most vexed prob lems brought on by the war. The need for greatly Increased sums of money, brought about bjf the war cost, was met by most of the nations by the issue of paper currency with out relation to gold reserve. In nor mal times the paper currency of a na tion has a definite gold reserve, gen erally about 40 per cent. The emer gency of war caused the abandonment of this reserve by all belligerent na tions excepting the United States, be cause the national treasuries of these nations lacked adequate gold to main tain the reserve ratio. In the United States the treasury and the federal re serve banks discouraged use of gold and gold certificates for general circu lation and accumulated the greatest stock of gold ever assembled in the history of the world. It was with drawn gradually from circulation and piled up in the treasury and the vaults of the federal reserve banks. An inevitable result of this policy was that during the war and following the armistice the European printing presses, being definitely cut loose from the retarding element of n gold reserve, kept on running at high speed, turning out reams of paper money which went into circulation. It is a natural rule that Che increase of the supply of anything makes It cheap er. This is as true of money ns of coal or potatoes. The result was that this plentiful supply of paper money made money cheap, in other words, people who had c onsumable goods to sell would not exchange them for as small a quantity of the cheap money as of the old-fashioned money, backed by gold. This meant that prices rose. The United States experienced infla tion of currency but of a milder char acter. The gold standard was not abandoned here. Prices rose in this country 100 or 200 per cent in some cases, but in Europe they rose thou sands of per cent. Exchange Hurts Europe. A further result was that European money, being cheaper and more plenti ful than American money, foreign ex change became unfavorable to Europe. That Is. European money would not hny as much here ns American money ’ would buy in Europe. There is a law of economics known ns Gresham's law. which lays down the rule that where two kinds of money are In circulation and one Is much Inferior in value to the other, the more valuable type will retire. I'eople who have it, believing it to be <>f greater value and therefore more worth keeping, will hoard It away. This was done to a great extent all over Europe. As the Inflation pro gressed, people who had gold pieces or kI I ver money or paper money of na tions In better financial shape than their own hid this wealth away and ’>se<| the more plentiful cheap paper currency. The extent to which European in flation has gone Is notorious. The European news cables every day say something of the difficulties being ex perienced esu result of the inflation. The Russian ruble and the German mark are favorite comic picture and vaudeville theater Jokes because they have become so cheap. It now costs more than 100,000 rubles to buy a n *eal In Russia. The German mark, which in normal times was worth at what is called the par of exchange, nearly a quarter in American money now is so cheapened that you can buy three marks for an American penny. The Austrian crown has been as cheap as 3,000 for sl. A $lO bill of American money in Russia would exchange for enough rubles to moke what would ijpve been a Rus sian fortune before the war. Trade, especially international trade, has become very difficult under fhese The problem of re storing these currencies to something like normal value has perplexed Euro pean financiers and economists ever since the inflation started. It is one. of the big questions before the fienoa conference which has been called to solve European economic and political problems. The United States declined an Invitation to this conference, part ly because of the danger of becoming involved in so unstable a condition of affairs as* that created by the cheap currencies. Development Surprises Experts. Now, the new development which has surprised economists in connec tion with this situation is the discov ery that there Is a tendency on the part of Europeans to bring about a hitherto undreamed of method of cor recting the inflation. Many plans have been suggested but none has been found practical. The new develop ment Is one which, if it continues, will tend to correct the situation without the aid of conferences or politicians. The development is hailed as a re versal of Gresham's law. The fact seems to be that the people of Russia, Germany and Poland and some of the other nations havlgg badly depreci ated currencies have become so dis gusted with the nuisance of dealing with cheap money that they are bring ing out of hiding their hoards of gold and other valuable money. A case HARDING SPORTS TROPHY f— £ ■ J . I.aW f ■ \ OR | 1 Wil " If ’ I JL .z. IMB President Harding offered this tro phy for winter sports and It lias been won this year by Dartmouth college and Is to be presented shortly under the auspices of the snowbirds of the Lake Placid club. The cup Is the first trophy ever presented by a president of the United States to encourage ath letics. Hen Lays Daily on Kitchen Table ■ ■ • York, Pa. —A pet Plymouth Rock hen. owned by Charles F. Laucks of Red Lion, delivers an egg each day on the kitchen table with more grace and in telligence than the ordinary huckster. The fowl found the kitchen door ajar one morning, slipped in, flew upon the table and scratching together several pieces of paper, deposited a clean white egg, ready for use. Since her first effort the door has been left open, but when Mrs. Laucks forgets to do so, the pet cackles for admission. The fien has been so regular that a small cijghlon been placed oii The table, and each day she comes In and deposits an egg. illustrating this new development re cently was reported by a British trad ing flrm. Tills firm sold a bill of goods to a Russian dealer at Rostov. .Pay ment was received In a miscellaneous assortment of cash. It consisted of American gold, checks drawn on American banks. American bills of ex change. English currency and checks, Turkish gold and checks and notes, French currency and checks and Rus sian gold rubles. Obviously, with the exception of the checks, this payment was made from good money which doubtless had been hoarded since the war. Agents of the American relief ad ministration in Russia have reported similar instances of people bringing out gold and other metal money. The same Is true in Poland, Germany and Austria. Currency Revolution Seen. What economists see in this devel opment is the possibility of a gradual revolution In European currencies. For Instance, the Russians have dis covered that their own rubles are nearly useless but that they can get big value for British or American or other good money. Consequently they will try to get hold of as much of this foreign money as possible. In early days in Europe this same phenomenon occurred. Money issued nt tluf great banking centers of Ven ice, Antwerp and a few other cities came into general use all over Europe, displacing cheaper native currencies because everybody knew it was good money. Recently, the United States treasury removed the bnn from the free issue of gold and gold certificates. It is thought possible by economists and students of International finance that a good deal of this gold money, known all over the world as being obtainable, will reach the countries abroad having depreciated currency and become pop ular ns a valuable medium of ex change. This has not been possible until the last few days because the treasury and the federal reserve banks would not let gold go into general cir culation. but now It is possible for foreign-born Americans to get this money and send it to their relatives abroad. It is recognized that this process of substitution of foreign money for the depreciated native currencies would be slow, but some economists believe that It is a possible but necessarily slow solution to the European emer gency problem. COPS FIND GUN CHECKROOM Discover Station Where the Gunmen of New York Park Their Artillery. New York.—The checking business, which hap made rapid strides with the opening of checkrooms for babies and parking stations for flappers' corsets has been brcadened again. The police announced here that they had discovered a checking station for pistols, where members of the under world may park their artillery when they have a few hours of leisure. Most of the city’s gun wieiders ap parently were on the crime path, how. ever, as th* parking station had only two pistols on its shelves. REISSUE GRADES FOR PEACH CROP Only Minor Changes From Those Recommended Last Year Are Favored for 1922. MARKET QIMUTYCMTS MOST Color, Maturity, General Appearance and Freedom From Blemishes Are Big Factors—Minimum Size Not Specified. (Prepared by the United States Department of Agriculture.) United States grades for peaches have been reissued by the United States Department of Agriculture. The grades contain only minor changes from those recommended in 1921. In past years peaches have been graded chiefly with regard to size. The United States grades are based wholly on market quality. Under lids term are included such factors us color, maturity, general appearance and freedom from insect and fungous injuries. Minimum sizes have not been specified for the various grades, but the numerical count and minimum size or style of pack of the peacnes must be stamped on each package. This is a well established practice in handling boxed apples and citrus fruits. Meet Commercial Needs. The No. 1 grade is designed to meet the normal commercial needs of the trade and consuming public by elim inating damaged stock which might cause loss in transit. It also pro vides that the peaches shall be of one variety, firm, mature and well formed, and free from growth crack, cuts, skin breaks, worm holes, and from damage caused by dirt, scab. scar, scale, hail, disease, insects or mechanical or other means. The No. 2 grade includes peaches of one variety which are firm, mature and free from' worm holes or serious damage caused by disease, insects or any other leans' A fancy No. 1 grade is also provid ed for those who desire to pack an es pecially fine product. In this grade will be packed only peaches which are free from all damage by insects or dis eases and which in addition have a specified amount of red color. This amount has been fixed at 50 per cent for such varieties as Carman and Hlley and at 25 per cent for Elberta and J. H. Hale and other similar varieties. The department’s action in reissu ing the grades Is the result of the favorable acceptance and use of the grades last year by growers' associa tions. state marketing officials, and the trade generally. During the early Investigations by the department there was considerable skepticism as to the practicability of formulating grades which would be uniformly acceptable to both northern and southern dis tricts, but actual use of the grades on a large scale under the supervision of specialists of the bureau of markets and crop estimates has won over many of even the most conservative opera tors. Where Grades Are Adopted. According to recent reports, the United States grades will be adopted this season by the Sand Hill Fruit Growers’ association. Aberdeen, N. C., and the Western New York Fruit Grow- Peaches in Baskets and Boxes Keady for Shipment. ers’ Co-operative Parking association, Rochester, N. Y.. both of these asso ciations having tried them in 1921. In addition, it is practically assured that the Jersey Fruit Growers’ Co-opera tive association of New Jersey, a num ber of associations in southern Illinois and northern Ohio, including the Dan bury Fruit company, Danbury, 0., as well as certain prominent growers In Maryland, Pennsylvania and West Vir ginia will also adopt the United States grades for this season’s pack. The grades have been promulgated in substantially the same form as the official Texas grades and marketing ‘officials in North and South Carolina, New Jersey and Colorado are consid ering them favorably. Partial or complete crop failures in recent years in peach producing states on the west bank of the Mississippi river have made It impracticable for specialists of the department to dem onstrate properly the grades in that territory, it is known, however, that the specifications included in the de portment’s recommendations will meet normal conditions in these sections, and it is believed that they will be received favorably once they are known. Buyers who have had ex perience with peaches labeled “United States No 1“ have expressed them selves as well satisfied with the prod uct. YELLOWS-RESISTANT CABBAGE VARIETIES About 4.000 Pounds of Seed Pro duced in Washington. Department of Agriculture and Wis consin Experiment Station Been Investigating Disease and Assisting Growers. (Prepared by the United States Department of Agriculture.) About 4,000 pounds of cabbage seed of the Wisconsin AH Seasons variety, which Is highly resistant to the disease known as “cabbage yellows,” was pro duced in the Puget Sound section of Washington during the season of 1921. Cabbage yellows is caused by a fungus which is capable of persisting in fav orable soils indefinitely and causes serious crop losses in infested regions. Disinfection of the seed reduces the danger of carrying other cabbage diseases to new districts, but the in vestigations of the University of Wis consin have shown that the selection of resistant varieties offers the only way of preventing loss from yellows. The United States Department of Agriculture, in co-operation with the Wisconsin experiment station, has for some time been investigating the disease and assisting growers and packers in the production of cabbage seed of the yellows-resistant strains on a commercial scale and in the field Good Solid Head of Cabbage. inspection of the seed crops. In ad dition to the All Seasons, several hun dred pounds of Wisconsin Brunswick seed, another yellows-resistant variety, have also been produced. One result of the investigations thus far is tlie development of these yel lows-resistant varieties. Through the commercial cabbage growers and kraut packers a supply of the yellows-re sistant cabbage seed is available to the growers in sections where these types of cabbage are needed. Resist ant strains of other varieties, includ ing Hollander. All Head Early, and Copenhagen Market, are being devel oped and will be propagated for dis tribution in the near future. WHY PUREBRED SIRES EXCEL Ratios Between Males and Females in Different Classes of Stock Kept for Breeding, If you are ever inclined tn doubt the importance of the quality sire, a glance at the figures below will reassure you. They represent the ratios between males and females in different classes of live stock kept for breeding pur poses. The figures are based on a sur vey of more than 200,000 head of live stock of all kinds made by the United States Department of Agriculture. Cattle—l bull to 18.9 cows. Horses —1 stallion to 1G.9 mares. Swine —1 boar to 11.5 sows. Sheep—l ram to 37 ewes. Goats —1 buck to 20.6 does. Chickens —1 rooster to 23.3 hens. Other poultry, geese, ducks, tur keys. etc. (average)—l male to 8.5 fe males. / These figures are taken from more than ”.000 farms in various parts of the country, and are believed to be typical of average conditions the coun try over. Since the sire is the parent of so many more offspring the female, the Importance of using a purebred sire of individual quality and excellence can hardly be overempha sized. There may be cases where scrub dams are wisely tolerated, but it is almost criminal to propagate un desirable characteristics by using scrub males. STOCK PRODUCTION SYSTEMS Among Controlling Factors Are Selec tion of Animals and Feed and Management. Wgll-established systems of live stock production consistently followed from year to year are the outstanding needs of the live-stock Industry, ac cording to a conference of animal husbandry and marketing extension workers held at Chicago. Economy of production, the conference agreed, is the most Important factor over which farmers have control. Producing live stock of the best quality nt the lowest possible cost was urged and particu lar emphasis was placed on economy of production rather than Increased production as the key to a prosperous Industry. Among the controlling factors in economical live-stock production, in the Judgment of the conference, were selection of animals, choosing of ra tions and good practices In care and management. Delegates to the con ference Included United States De partment of Agriculture specialise and animal husbandmen and extensi ’ workers of agricultural colleges In t Central West. PAGE SEVEN fj/ie AMERICAN ©LEGION® \Copy for Thia Deportment Supplied by the American Deffion News Service.) WILL PLAY BALL IN JAPAN Ward Gilbert, Balloonist, and Em mons Clay, Who Served as Gob, Off for Tokyo. Johnny Jap is going to have anoth er look at the great American game as it is played by the baseball nine of Indiana uni versity. The rick shaw men of Tokyo and tiie merchants of Nagoya are going to carry and trade with two , members of the team who left Seattle, Wa s h., to the tune of a band and the Zx cheers of the American Legion. Ward O. Gilbert of Kokomo, Ind., one of the Hoosiers’ pitchers, went back to col lege after 11 months as a balloonist in France. Emmons Clay of the catch ing staff served 19 months as a gob. When the Legion men in Seattle dis covered this they turned out and wished the pair good luck. From Seattle the Indiana party went straight to where the sun rises. There Japan college teams will be taken on, but they will be the guests of Waseda university of Tokyo. So great has been the interest shown in the visit that the Japan university has guaran teed the American players $15,000 for expenses. Baseball has been intro duced in Japan before. Two other American college teams have traveled the Pacific and shown their wares. Tokyo has an American Legion ‘post artd its members are planning to show the ex-service men much of the Orient and Its attractions during the Indiana team’s stay. TO AID THE EX-SERVICE MEN Mrs. Madge King Johnston, South Da kota, Gives Up Music for Amer icanism Work. After years of study in America and Europe Mrs. Madge King Johnston, Aberdeen. S. D., national vice president of the American Legion auxiliary has sacrificed a ca reer In music for America nIB in work and to aid in relieving the condition of sick end wounded ex service men. Mrs. Johnston is In charge of stores in eight states where articles made by disabled fighters are sold. She is national chairman of the auxil iary’s American committee and has specialized in the formation of citi zenship clubs and organizations of children of ex-service men. Before engaging in auxiliary work. Mrs. Johnston appeared ns a concert artist in many western cities. This she relinquished for activity in be half of ex-service men. Her husband. Dr. M. C. Johnston, Is a big game hunter and has brought down mountain sheep, elk, deer ami bear in the (Rocky mountains and moose in the Canadian woods. Mrs. Johnston has accompanied him on many hunts. Y M. C. A. HELPS PRISONERS Men Confined in “Disciplinary Bar racks” at Governor’s Island, Appreciate Training. Thanks to the Y. M. C. A. many of the “disciplinary barracks” maintained by the United States for its soldiers who fracture the rules that govern the buck private anil officer alike aren’t all dark walls and dark living. Such a one is historic Fort Jay at Governor’s Island, New York harbor, where be tween 200 and 300 soldiers are usually confined, most of whom are “in” for minor offenses. A few, however, are being “cared for” only a few days, prior to their taking up a longer resi dence at Fort Leavenworth, the army prison. Col. John E. Hunt was commanding officer of Fort Jay during the World war, and he introduced “Y” activities for its inmates. Since tliat time the secretaries have kept up their work. The “Y” is housed in the first build ing of its kind the organization ever built in this country. Every Wednes day the confined men are allowed to attend the “sing-song.” and about 175 of the men make the walls resound. The Sunday evening religious service is even better attended, more than 200 taking part. Another feature of the work is the teaching of volunteer instructors of educational subjects. Spanish and French courses, together with reading, writing and arithmetic, are proving th<* most popular subjects. The men show a desire to absorb as much knowledge as possible during their period of con finement.