Newspapers / Fayetteville Observer [Weekly, 1880-1919] … / Jan. 16, 1908, edition 1 / Page 1
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DAILY EDITION. $6.00 per Annum, In Advance. 3.00 for 6 Months, In Advance 1.50 for 3 Months, in Advance, WEEKLY EDITION.' $1.00 per Annum, in Advance. U . Mj V JX ,M JUL. , U Ji V FAYETTEVILLE, N. C, THURSDAY, JANUARY 16 1908. OLD SERIES VOL LXXII-K0. 4.006 AWR SERIES-VOL. XXIVNO. a,a8l. 1V! ftTTD (01 UTniD V T SIMPLE REMEDY COR LA GRIPPE, La Ktiroe coughs are dangerous as L they frequently develop Into pneumo nia. Foley's Honey and Tar not only stops the cough but heals and strengthens the lungs so that no seri. ous results need be (eared. The gen uine Foley's Honey and Tar contains no harmful drugs and Is In a yellow package. Refuse substitutes. MoDuf fle Drug Store, (0. 0. Bouders, Prop.) ' " The finest Coffee Substitute ever made has recently been, produced by . Dr. Snoop, of Racine, Wis. You don't have to boll It twenty or thirty min utes. "Made In a minute" says the " doctor. "Health Coffee" is -really the closest Coffee Imitation ever produc ed. Not a real grata of Coffee in it either. Health Coffee Imitation is made from, pure toasted cereal or grains, with malt, nuts, etc. Really It would fool an expert were he to un knowingly drink it for Coffee. L. C. ..Wooten. ' ,' - This It Worth Remembering. v ' Whenever you have a cough or cold, 'V Just remember that Foley's Honey and Tar will cure it. ! Do not risk your i health by taking any but the genuine. . It is in a yellow package. MoDuffle i Drug Store (O. 0. Bonders, Prop.) " PROFESSIONAL CURDS. Q. K. NIMOCKS, Attorney and Counsellor-at-Law. Aooms 1 and 8 K. of P. Building. msrriTiLii, '.' o. 'Phone 229 H. McD. Robinson. John U. Chaw. -- (Notary Public) . '. r ROBINSON & SHAW,. Attorneys-at-Law, Offices on second floor National Bank of Fayetteville. H. S. AVERITT, ; Attorney-at-Law, (Notary Public). Offioe 125 Donaldson Street, FayetteviUe, N. C. V. C. BULLARD,. Attorney ; and , Counsellor at Law, T Notary Public, Surveyor, . . Office K. of P. Building, . FAYETTEVILLE, N. C. DR. WM S. JORDAN, , Physician and Surgeon. Office in Palace Pharmacy. Hours: 9 to 12 and 8 to 6. Dr. E. L. HUNTER, Dentist North-east Corner Market Square, Fayetteville, N. C. JOHN C. DYE, M. D., ' PHYSICIAN AND BURGEON, OFFICE; - Armfleld A Greenwood Drug .. :r y Store, : V Dr. J. R. HIQHSMITH, . . s. DENTIST. Office: Hinfcsmith Hospital. " Dr. A.- S. CROMARTIE, DENTIST, Ovtr Shuford, Roger & Company. 'Phone 338. W. S. Cook CS, Co., Wi ul tarn, Koom 6, K. of P. Building, Fayetteville X-:- N. C - J. M.vLILLY, M. D. Practice limited to diseases of the eye, ear, nose aad throat Office in HIghsmlth Building, 115 Green street Hours 9 to 1 and 2 to S. 'Phone No. 226. v.;:V V;'-.-:" v;',-. MacKETKAN KMRUST CO. Market Sqoara, . FATSTtSVlLLI.R.C. f " ' Kcal Estate bouRbt tad wld. - - Learn neRotiated and guaranteed. inn and Interest coUecied. TifliMH AxamluAd. nonTATanoes made. Iassu-uc piemiaeu taken end loaned bete ""I.B.MacKTHi, Att'V. ; " Real Eetatei 1200 lot Rowsn street 1200; lot Hlilsboro street (800, one best . lott Anenal UaTDount; 176 lota Rowan , itreet extended; $100 Hrookilde Ave; 11600 new 8 room house Broad street; KOOnew store, Campbellton, renta for 16: 12600 store Person street) tlOOO new : (-room bouse 8outb Wlnslow street: 11000 Monroe Place at Aidlussa; 11000.. 60 acres rivet farm with timber; S2O00 677 acres near Kaeford: S8000 100 acres '- L- Falls of Rockflsh; U0O0 large house, ! farm, 8M acres, KIORjoury. vi to w lots Northwest Fsyettevllle; 160 to 1160 len remaining lots Fairground Park. Mocha-Mortgages: 1600 oily mort gage 6 per oeut semi-annually, ad vance; 6 shares Scottish Fire Insurance stock. . ; i SDNNYS1DE FLORAL NURSERY, . - IJamm M. Lamb Sons! " ;".""" Lock Bor 55. ; Telephone 49. Fayetteville, N, O. ,U ,. ,We have a fine tot of plants espec ially preparer! lor x: ..-t,. r TT:: CHRISTMAS. 1 Ardlsslas . (Christmas berries) - full Of berries, 76c. each. Sago Palms, 75o. to 12.00 each. Other Palms from 76c. to 6.00 each. ' ' - CUT FLOWERS. - Carnations, White Hyacinths and Nar cissus, 11.00 per doien. : Order early. UltD BALAAM ' OleUM sad kwrtlfiM tin 1MB. Hover Falls Co Bestors Oiejr Oura nip dlniM V Ii.It i,u"' I amwliorSiotaroraipoctieanliiuidJ I eonrrlghts,sti, N aUL COUNTRIM. Ititulnttt mrmvnn tvtummgvm '" moniymndofltnlkt faint, . . -v Fswrt nil iBlrtrjsnunt pnouot uqhiwtoj. Itm.1. wnm m. u. n. lu xuia iimt, m. Uiiw4 mm h 0, WASNINQTOn, D. V THf. CHILDRfN LUtt IT KENNSDY'S LAXATIVE SIM "I COUCH SYRU? NEWSPAPER POSTAGE AND NEW8PAPERS ON CREDIT. We bad occasion, the other day, to write about the -Postofflce Depart- meat's new ruling concerning the long credit newspapers (so-called), and to express our hearty approval of .It. We find the subject discussed at length In the American Press, the newspaper technical Journal, publish ed at Philadelphia, . whose article we append. , ; ,. V ;; : - ,': In 1866, the Observer adopted the cash-ln-advanoe system, and' to this it adhered rigorously until : the end, (March 11, 1866). It was the only newspaper In the State . which ; pur sued this almost Indispensable policy. We say almost indispensable, because the price of newspapers Js such a trifle and newspaper accounts are bo small that they are not collectible; that Is, It costs more to collect them, in localities other than the place of issue, than the amount of the account. The result of. the Observer's' ' ante-bellum cash-tt-dvhlce6IIcyT'as that it greatly prospered, the paper being val ued by. 1U subscribers, who grew rap idly in numbers. The post-bellum Ob server has pursued the same policy as nearly as the changed conditions per mit It is probably due to this circum-stance--coupled, of , course, . with the fact that both the ante-bellum and post- bellum Observer have adhered to the true newspaper policy of giving every person and every Interest a hearing in its colmuna-rlt Is probably due to these circumstances that the Observer is the only one of the nearly two-score of papers started here since the war which has been able to make the two ends meet, in this generally unprofit able newspaper field. As we have said, there is no diffi culty in getting an unlimited circula tion, If a newspaper publisher chooses to convert his publication into what the American Press calls a "mail-order journal" a mere advertising sheet, or circular, such as any job office can turn out The recipients of such a sheet soon discover its character, and pay little attention to the advertise ments which It carries. How. different the eagerness with which every adver tisement is scanned fn those high class journals, which 'decline to serve those who do not care enough for them-to pay the trifling cost, which obey the ethics of their high calling, which represent no special interest, and which render their existence cer tain by the practice generally of sound business methods. So many Ignorant persons have In vaded the newspaper field since the upheaval of 1861-6 as, also, the field of the law practice and other such vo-catkms-'-that the function of the news paper,- its tremendous power and its responsibility, has been lost sight of to a great extent, Everything, there fore, which tends to mark the distinc tion between the real newspaper, which circulates only among those who are able and willing to pay fur It, and the "mall-order" sheet, or othe sham newspaper which goes free under the guise of "long-credit," is to be welcom ed. Says the American-Press: Postal Reform. , The Watervllle (Me.) Sentinel had two articles recently criticising the postofflce department for recent dul- ings affecting subscriptions and sam ple copies. In regard to subscriptions the Sentinel quotes the foiling rul ing, of the department: "A reasonable time will be allowed publishers to secure renewals of sub scriptions, but unless subscriptions are expressly renewed after the term for which they are paid within the follow ing periods dallies within three months, triweeklies within six months, semi-weeMiel within " nine months weeklies -within " one year1 they shall not be counted in the legitimate list of subscribers, and copies mailed on account thereof shall not be accepted for mailing at the second class post age rate of 1 cent a pound, but may be mailed at the transient second class postage of 1 cent for each four ounces or traction thereof, prepaid by stamps affixed. -. The right of a publisher to extend credit for subscriptions to bis publication is not dented or question ed, but his compliance or non-compli ance with this regulation will be taken into -consideration in determining whether the publcatlon is entitled to transmission at the second .class post- aim rates.'-' - ' -f; --r . The Sentinel says the bulk or sub scribers to papers outside of the. big cities do not pay subscriptions -in aa vance or renew them promptly wnen they expire and contends that to en force such a regulation would cut down the subscription of the average paper In Maine, it says) to one-half, It is doubtless true that too many country, papers now carry. their sub scribers for a considerable length of time after their subscriptions have ex pired. The custom had Its origin in the period when ' business methods were much more lax innewspaper oi- flees than they are to-day, and. it is hard to break the habit Whether the new postal regulation will work a real hardship a country papers Is another question. ' ; t , : . - ; The subscription price to anewBpa- per in the majority of cases is. a very small amount There are few sub scribers out could pay it regularly anu would if compelled to do so. The newspaper Is usually a lenient creditor and therefore comes last . This ruling of the postofflce depart ment might turn out to be a blessing In dlseulse to the country press, 'rne experience Of 0. P. Browne ot Ander son, S, C, printed in The American Press of Dec. 21, tends to support this View. ' While he lost some subscribers there is hardly a publisher who would not consider Mr. Browne's move a wise one Indeed, a fine business stroke. :: " ' '' v "'" - There is one class ot publications that wopld suffer far more than the country paper, and'Shat is the mail or der iournals. and It is doubtless this class the government is after. As the Mlnneanolls Tribune says. "The de partment has been trying to get rid of carrying perlodloala that collect.- a nominal subscription price once to get In the seoond class and Are continued indefinitely free on the pretext of long crdlt." The oountry paper will certainly not be injured by the cutting down of the free circulation of mall order Journals. It is a pity the government cannot dis tinguish between the two, for the mall order Journal is the chief sinner in this respect and Is responsible for burden, lng the malls wth tons of matter printed for the sole purpose of carry ing advertising. ? for an Appeal, to conscience "THE V'TIME 18 RIPE"" 8AY8 BRYAN. ' :V;:;;V' is A telegram from Omaha, Nebraska, says: ' ,v ', - .-; Four hundred guests were present at the annual gathering of the Jack sonlan Club ot Nebraska at its celebra tion, to-night of the occasion when "Old Hickory" and his host routed the British from New. Orleans. Wiliam J. Bryan was the guest of honor and other Democrat" leaders of more or less prominence in national and State politics had places at the speakers table. ' "The Moral element in fending is sues," was the subject of Mr. Bryan's address. He spoke in part as follows: "No Question Is ever settled until the moral element In the question is discussed and decided; nothing but a moral issue that is an Issue Involv ing Justice stirs the heart. Andrew Jackson addressed himself to the mor al nature and aroused amoral enthu siasm that outlived his period. The time is ripe for another appeal to conscience. and indications point to a greater study of public questions from an ethical standpoint The corrupting Influences which have Bowed from mercenary politics have at last excited attention and there is a searching of njen and of measures such as has not been known in recent tunes. "The president's popularity is large ly if not entirely due to the belief among the masses that he wants to do what is right and he is trying to se cure justice to those who have been Unjustly dealt with.- He has made many mistakes and great ones, but these; mistakes have to a large extent been overlooked by those who believe that his heart is right and that he means well. This is only an indica tion of public attitude. Another In dication is to be found In the influ ence of the voters. "Not since the war have party lines hung so loosely and this is the natural result when the voters become earnest in their desire that wrong shall be overthrown and right vindicated. "People differ as to the relative im portance of the different issues, some placing trusts first, gome - regarding the tariff question as paramount, and others believing the railroad question most important. But the fact is they all point to the same Issue and that those who take the people's side on one of these questions is likely to take the people's side on either of the other two. The issue presented in each and all of these questions is whether the government shall be administered in the interests of a few favorites or in the interest of the whole people whether all the people shall be taxed that a few' maj be enriched." ' - A feature, of almost every speech of the evening was 'praise of President Roosevelt, who, it was -claimed, had been carrying out many of the princi ples of the Democrat platform in 1896 in spite of opposition of his own party. MR. BUSBEE'S ROANOKE ISLAND PAINTINGS. The Raleigh News and Observer con tains the subjoined account of Mr. Jac ques Busbee's paintings ot scenes about Roanoke Island. How wonder fully the story of that first settlement ot the English in America has grown and expanded since Dr. Hawks gave to us those reproductions of pictures, maps and documents from the British archives, fifty years ago! What many then received with indifference, if not with scepticism, all the school chil dren are now famllar with. Says our Raleigh contemporary: Roanoke Island Exhibit Mr. Jacques Busbee's Thirteen Paintings or His toric Localities Now on View at El lington's. At Ellngton'B Art Store there are on exhibition to-day the series of tnir- teen landscape paintings of Roanoke Island localities historically connected with the "Lost Colony," Fort Raleigh -and the birth-place of Virginia Dare, which were painted last summer by Mr. Jacques Busbee and exhibited in the Historical building at Jamestown as a part ot this State's very creditable exhibit there. As commemorating the first actual settlement of English In America, the Roanoke Island scenes were consider ed highly, important in connection with the Jamestown Exposition com memorative ot the first permanent set. tlemen, which waa made weuty-two years later. In order that Roanoke Island and the Walter Raleigh Expe dition might be emphasized at James town, the State Historical Commission requested Mr. Busbee to go to Roan oke and pant the historic localities as they exist ot-day tor the purpose of exhibiting them In connection with the copies of the old and ' quaintly executed "White Pictures" in ; the British Museum. Mr. Busbee spent sex weeks on the Island and the re sulting landscapes reveal the tact that the artist caught the inspiration ot the nast that ltnaers about the place. - The thirteen paintings consist ot one distant view of Roanoke Island as seen from Nag's head, eleven scenes along the beach on , which' landings were effected by the expedition ot ex ploration under Amadaa and Barlow, 1684, and the colony under Sir Rich ard Greenville. 1686, with a remaining -pain tin of the site ot old "Fort Ral eigh," . now a cleared space in me midst ot drooping live oaks, in which a memorial slab is placed m commem oration ot the colony and of the birth of Virginia Dare, and the baptism of Chief Manteo.'Lord of Roanoke." The paintings themselves hold an individuality that leaves the lmpres- Blon of being particular and significant places not the . mere conventional coast landscape, v At the same ' time they are animate ot the sea, producing a sense of space and air, 6f flying cloud and shitting sand, that is full of the lite and motion ot nature passing eternally over .the barren spaces on which, the early adventurers' .hopes were set. Roanoke appeals to the artist in color chttnges, the Italian blue of its skies, the Infinitude, of color schemes throughout the day, the: brilliancy ot its sea-grasses ana the tones oi us yellow, creamy sands,. -These phases Mr, Busbee has seized and translated io that the series Is one ot striking brilliancy of color which yet rewards a closer Inspection with the subtleness and delicacy of tone that fixes the scenes produced with the individuality that is their charm. The fascination ot Roanoke Island, untranslatable Into words, is evidenced by the strange colony from the four quarters ot the world that are centered there like driftwood in the center ot a whirl pool. That fascination the paintings justify, while they do not explain it PAVE THE 8TREET8 j It the principal thoroughfares - of Fayetteville are not paved at once, our glorious 'prospects of growth and great prosperity will receive a serious check. Can any one explain why the matter has been delayed? ' It is a year since the Legislature gave the city authority to hold an election to decide whether or hot the voters and taxpayers wish the streets paved A recent form of petition was carried around for signatures, viz:'' to the ur gent request that the authorities call an'election for this purpose. The 'tax payers and voters were practically unanimous In signing it Still .there is no response. Not one word of expla naton has been given. It has been suggested that the city's credit has been exhausted by the issue of $100,000 for the waterworks pur chase and for sewerage; that 'the at tempt to negotiate a sale . ot more bonds would fail, and the failure would damage (?) our credit ;and that the foolish mistake which the authorities made in not accepting the offer by responsible parties to instal a com plete sewer system, ten years ago, free of charge to the city, Instead of the present makeshift system, and In exhausting the city's credit to buy waterworks when the waterworks were already here, would be revealed to the public. It has been rumored that threats have been made that an injunction would be gotten out against the Issue of bonds; but there were similar rumors afloat when the water works bonds were about to be Issued. What reason is there to suppose that the same influences which stayed the hands of the threateners (if any there were) in the waterworks case would not operate to bottle up the threaten ers (if any there be) in this case? However all this may be, it is "a condition, not a theory" which con fronts us, and it is not an occasion, when the public necessity should be weighed against the feelings of those responsible for our present alarming municipal affairs. The very life ot the town may be at stake. Action! Action! is what the cir cumstances demand. PROGRES8 OF CENTRALIZATION. The progress of centralization, via the Federal judiciary, continues. On Wednesday, the Judiciary Committee of the House of Representatives de cided to report favorably the bill in troduced by Mr. Littlefield, of Maine, providing that from a final decision by a court of the United States fn a proceeding in habeas corpus where the detention complained ot is by virtue of process issued out of a State court, no appeal to the Supreme Court of the United States shall be allowed unless the Federal court by which the final decision was rendered or a justice of the Supreme Court shall be of the opinion that there exists a probable cause for an appeal. "In this event," says a telegram, "on allowing the appeal, the probate cause shall be certified by its determinor." THE GOVERNOR'S CALL FOR THE LEGISLATURE. The Governor's call for the re-as-sembllng of the Legislature in extra session, referred to by us yesterday, is as follows: Proclamation by the Governor. To the Honorable the General Assem bly of North Carolina: By and with the advice of the Council of State, and the attorneys employed to represent the State of North Carolina, ..I, R. B. Glenn, Governor of the State of North Carolina,' In the exer cise of the powers conferred upon me of Article Three, Section Nine, of the Constitution, do issue this my procla mation, convening the General Assem bly, In extra session on Tuesday, the 21st day of January, 1908, on which day, at 11 o'clock a. m., the senators and members of the House of Repre sentatives of the General Assembly of North Carolina are hereby notified and requested to meet In their respective Hani in the Capitol, in the City or Raleigh, to consider the following specific purpose: 1st ; To amend, modify, strengthen change or repeal Chapter 216, Laws of 1907, prescribing the maximum charges railroad companies may make for transporting passenger In North Carolina, and Chapter 217, Laws 1907, preventing unjust discriminations In freight rates, and to. fix the maximum charges therefor. ' For information of member of the Legislature, all paper are requested to make notice of this proclamation. - In Witness thereof, I, R. B. , , Glenn, Governor and. Commander-in-Chief, have . hereun to set my hand and caused to be affixed the Great Seal of the 8tate. , - -"T" ' " """7 Done at our City of Raleigh, this the 8th day -of January, '1908. and In the one hundred . and thirty-second year of our - American Independence. R. B. GLENN. By the Governor, A, H. ARRINGTON, i . Private Secretary. Following this Prolamatlon the Gov; ernor gave out this letter: y-. TO THE PEOPLE OP NORTH CAR- OLINAi , - In another place will be seen , my proclamation convening the General Assembly of the State, to meet at the Capitol In Raleigh on Tuesday, 'the 21st day of January; 1908 at eleven O'clock a. m., but I deem H best to Is sue this statement to the publlo, ex. plaining more at length why at this time an extra session of the General Assembly is deemed necessary. The specific and only purpose for which the Legislature is convened is, to consider the terms of agreement offered by me to the various railroads, and accepted by all of them save one, which one accepts all of the terms ex cept the proposition of an Interstate rate, concerning which it says it has no power to act, but doubtless cir cumstances will regulate the rate as requested. ' The terms are as follows: ' The Legislature will be asked to in crease the flat rate of 2 1-4 cents now in force to a fiat Tate of 2 1-2 cents; to allow a charge of 16 cents when persons board a train without a tick et, when such ticket could have beep procured at station; also to repeal the present law, with penalties, etc, ' If this is done the railroads agree on their part to 1st A flat rate of 2 1-2 cents per mile for - Intrastate passenger travel with an extra charge of fifteen cents each against persons boarding a train without a ticket except at stations where there are no agents. 2nd. Two thousand mile books, In trastate, interchangeable with such ot the solvent roads of the State as will consent, at two cents per mile, good for heads of firms and employes, not exceeding a total number of five, the names to be furhlshed at the time of purchase of mileage books, and en tered thereon. 3rd. One thousand . mile books, in trastate, and interchangeable with such ot the solvent roads of the State as will consent, limited to one individ ual, at two cents per mile, and good to one year from date of purchase, the name of the purchaser to be fur nished at the time of the purchase of the book and entered thereon. 4. Five hundred mile books at two and one-quarter cents per mile, good for heads of families and dependent members thereof, intrastate, and non interchangeable, the names of the families to be furnished at the time of purchase and entered thereon. 5th. All of the above mentioned rates, except the five hundred mile book, to apply also to Interstate travel to points on the line of this company In the States of Virginia, Tennessee, North Carolina, South Car olina, Georgia, and Alabama, and to points on such of the other lines in these States as will consent thereto. All of these mileage books, wheth er intrastate of interstate, to be limit ed to one year from date of purchase, and redeemable, charging for the part used at two and one-half cents per mile. In my judgment It would be better for the State to adopt these dates, which give mileage books and an inT erstate rate, in preference to letting the flat rate of 2 1-4 cents remain in force. It is further agreed that these rates are to be tried for a year, and then if found objectionable, application to be made for modification of the same to the Corporation Commission, with power in them to modify same subject to appeal as at present. In my judgment and in the judg ment of all whom I have consulted, the terms made are just and equitable and I sincerely trust that the Legisla ture, when it assembles, Will ratify whnt has boon done. I tried to get the family mileage books fixed at two cents, but the rail roads contended with some force, that this would virtually put a rate of two cents in vogue in the State, which was too low, so the State agreed to the 2 1-4 cent rate the railroads on their part agreeing to pay $17,600 towards liquidating the expenses of the State in convening the Legislature, and for court costs. South Carolina, Georgia, Alabama, Tennessee, and probably Virginia, will have the same rates, thus giving a uniform system throughout the entire South, which is a thing very much to be desired. I have given these facts to the pub lic so that they will thoroughly un derstand the object of the convening of the Legislature. R. B. GLENN, Governor. RASCALLY CORPORATIONS CAU8ED THE PANIC. Now that the smoke has cleared away, It is apparent that the recent panic was caused by the rascality of the overcapitalized corporations and of the Wall Street gamblers who live upon dealings in their stocks. The cir cumstance that the panic was short lived is due to the wealth of the rural communities, which has resulted from the unexpected inflation of gold, which In turn has raised the price of cotton from 6 cents to over double that and other raw material produced by the farms in like proportion. The panic and ensuing money strin gency which began in 1873 and lasted until some 10 years ago, was due to the demonetization of silver and to the liquidation caused by preparations for the resumption ot specie payments in place of the dishonest "money" of the war period. Nothing but the abounding resources of this virgin land could have withstood the act of doubling the stringent effects of the return to specie payments by the to tally unnecessary addition of the de monetization of silver. If the govern ment had been in the hands of states men, instead ot the amateurs,, or boors, who have controlled it for most of the period since 1866, the resumption of specie payments a herculean ac complishment of itself would have been tempered by evqry device known to financial -science. Instead, It was aggravated beyond measure by the contemporaneous destruction of half of the real money supply. ' The Wall street Btock gamblers, and their alders, abettors and beneficiaries, understood all this thoroughly, and they "played" the Ignorant people "for all they were worth" by fomenting the revolt In the Democratic party which has cursed the country since 1893. J The bold declaration of that yale University professor, -who was also a paid agent ot Wall Street and whose address we published a year ago, that gold, waa getting so plentiful. that It was time to demonetize It and substitute fiat money under control of the central government was evidence of the Wall Street Intention to repeat the Bquees- lng process of 1873-1893. But the peo ple had been educated by the Demo cratic campaigns, ot 1896 and 1900, and the liquidation of 1907-8 has chief ly hit the would-be squeezed The reader will find an Interesting article on sundry details of .this panic, printed elsewhere, entitled "A. Year End Survey." CURRENT COMMENT. It is amusing to note that the New York World, which used to be con stantly held up to ridicule as the worst of the "Yellow Journals," is now spoken of by the Republican press, and their allies who call them selves Democratic, only with the greatr est respect The public has forgotten the epithet, "Yellow Journal," and It Is as though It never existed. Yet the World is precisely what it was When1 K was supporting the Democratic tick et in the greater part of the campaigns of" 1896 and 1900. The explanation Is that now along with the Republican Washington Post and the Black Repub lican New York Sun it is trying to defeat Bryan for the nomination. We said this change is amusing; but it is rather a thing to be mourned over, when one considers how largely the public is at the mercy of the subsidiz ed press. A wave of the wand, and they all sing in unison, or keep silent "in seven languages," as the slang has it. An excange says: "This country has never had but one President John son and they tell us he didn't have but half a chance." Would not the fol lowing convey the writer's meaning, viz: "This country has had but one President Johnson and they tell us he had but half a chance"? The Black Republican New York Sun has joined the Republican Wash ington Post in advising the Democrats to drop Bryan. A YEAR-END SURVEY. Atlanta Journal. One year ago the New York Journal of Commerce sought a forecast of the year from a number of prominent fi nanciers. Stuyvesant Fish spoke as follows: In point of time, a great indus trial crisis is due, and there are many indications of its being im minent. He and he alone appears to have foretold the future so exactly and as a consequence New York if to-day listening with special attention to what he has to say of the causes of the stringency which reached its cli max in the fall. When be made his phophecy it was based upon "the ex travagant absorption of capital in Wall street speculation, when there was not enough for the legitimate demands of trade and industry." To-day he says, "The scarcity of liquid capital, while more acute in the United States, is world wide." He points out that this scarcity was brought about by wais, earthquakes, and other calamities, aggravated by enormous governmental expenditures in upbuilding navies and in maintain ing armies, and by unproductive in vestments. Turning to our own situation in particular, he says that the money pan ic was due chiefly, if not solely, to the absolute and long-continued dis trust by investors at home and abroad of American corporate management and methods. Nothing in the commer cial situation brought it about. It was due to the distrust produced by the revelations made by state and federal investigationsnot to the Investiga tions themselves, but to the corrup tion which they disclosed. On top of the mad frenzy of specu lation in 1906, and the necessity for liquid capital to carry on the legiti mate business of the country, what was the record of new securities is sued during the year which has just closed? It was the most tremedous in the history of the American republic. The Journal of Commerce has been at some pains to compile the record, and it is little short of startling. The amount of new securities authorized last year was two billion one hundred and two and a half millions. It would have taken two-thirds of all the money In the United States to buy them. It was impossible to dispose of this mass of new securities, for they came in addition to three billions more which had been issued during the two years previous. Five billions of new securities in three years, when all the money in the country amounted to but little more than three billions! Small wonder that a great portion of last year s securities remained un digested, and cramped the very vitals of the country. Of the two billions of new securities issued last year, enly a billion three hundred and ninety-four millions were issued, and the attempt to digest even these was' accompanied with acute pains in the financial gastronomy. Perhaps it would be interesting to examine the nature of some of these securities in detail. The amount of railroad bonds authorized was seven hundred and seventy million six hundred and seventy-seven thousand, of which fqur and forty millions and a half were Issued. The amount of railroad notes authorized was two hun dred and sixty-two millions, while even more than -that amount waa issued. The amount ot railroad stocks author ized was five hundred and thirty-six million three hundred and sixty thou sand, of which two hundred and forty nine millions were issued. . So the railroad alone authorized the issue of more than a billion and a half of securities, ot which nearly a bil lion were absorbed. V The volume of industrial securities turned out by the printers and en gravers amounted to only five hun dred and thirty-three and a halt mil lions, of which nearly four hundred and thirty-seven millions were absorbed.- 7-:, .-' ' . ... 4. I'-"'- - These are tremendous figures,, but they should be kept carefully in mind by any one who honestly desires to un derstand the underlying causes of the troubles through which we have pass ed. -yj.y. . . . . . v For six years we have been Inviting the day of wrath, and hare lately it has come home tt i. The title of combination and speculation set In long ago, when the billion dollar steel trust was formed and the trans-Atlan tic steamship lines were merged and madmen were bidding a thousand dol lars a share for stock in Jim Hill's railroads. It afforded a long-sought Opportunity for a lot of "promoters" to get hold of New York banks for purposes of exploitatln rather than legitimate banking and this house ot cards fell only the other day when Helnze and his confederates were forc ed to the wall by their copper corner, immediately preceding the Knicker bocker climax. All the ramifications simply carry us back to overcapitali zation and speculation, in the face of a growing distrust ot corporate meth ods. " i Is It the part of wisdom to relinquish the fruits for which we have paid so dearly? Having etherized the patient, shall we refrain from cutting out the cancer because he is a little sick at the stomach? In this connection Mr. Stuyvesant Fish says, in The New York Evening Fost to which we are Indebted for much reliable data: These inquiries, state, and feder- . al, have been going on for nearly three years. The guilty parties show no signs of repentance, much less of making restitution. Nor have the chief offenders resigned or been removed from the posi tions of trust and confldnce which they have so greatly and fre- ' quently abused, to their own pro fit and to the loss of their stock holders. Let us hope . that we are now nearing a period when time and an awakened pub lic conscience will remorve from power some of those who have been the chief sinners and econ omy will restore the losses created by the waste, the extravagance and the wickedness of the last few years. What intelligent man does not say, Amen and amen? WORKING UP THE INITIATIVE AND REFERENDUM. The new governor of Maryland, in his inaugural address on Wednesday, said: "I desire, in the next place, to spe cifically emphasize the strong neces sity for a law which will afford the fullest and freest opportunity to the people of the whole State to express by direct vote their choice in the; selec tion of candidates for elective offices." THE JOHNSON "BOOMLET" NOT TAKEN SERIOUSLY IN WASH INGTON. The Atlanta Journal's Washington staff correspondent says: Led by the New York World and en couraged by several other influences, the anti-Bryan Democr&tS are working over time just now in an effort to de feat the peerless leader at the Denver convention. Governor John Johnson, of Minnesota, whose ability is un questioned and whose popularity in his particular section is recognized, is being boosted. His views as to the IiaiU platform have beeji widely ad vertised by The World; whose corps of Washington correspondents has bus ied itself in trying to get endorse ments of the Johnson view. Governor Johnson thinks that the Democrats should stand squarely for tariff revision, and that the campaign should be pitched upon this issue. His view , is shared by a number of prominent Democrats in Congress, but his boomlet for the nomination is not taken very seriously. "Let them combine and conspire all they like, Bryan will be the nominee," said a prominent Democrat last night in discussing the question. "He is the choice of a majority of the party, and his chances of success are brighter this time than ever before, regardless of the Republican nominee." GOVERNOR HOKE SMITH ON RAIL ROADS. A Savannah telegram says: Governor Smith to-day addressed the National League of Commisson Mer chants, which is in annual convention here. In referring to the railroads, he said: "The railroad companies are quasi public enterprises. "The right of the nation and of the States to stand between the rail road, companies and the public, to regulate rates apd pass upon ques ions involving proper facilities, has been fully recognized and upheld by the courts of the country. "The railroad companies uncon trolled can absolutely control the property and the persons of the peo ple ef this country. Should they be permitted to do so? "The mileage of the railroads in the United States exceeds 230,000. During the last fiscal year they have collected from the people over two billions of dollars. They killed and injured over 75,000 people. "Shall we leave this immense tax to be placed upon the public and this great loss and injury to life and limb to the uncontrolled wills of the men who own the railroads?" The Governor continued with an ercoratlon of the methods of rail road officials who manipulate the se curities for the purpose of fleecing the stocholders out of a Just return upon their capital. KODOL is. the best remedy known to-day for dyspepsia, Indigestion and all troubles arising from a disordered stomach. It Is pleasant prompt and thorough. Sold by Armfleld & Greenwood- A Cure For Misery. "I have found a cure for the misery malaria poison produces,", snya R. M, James, of Louelien, S. C. "It's call ed Electric Bitters, and comes in 50 cent bottles. It breaks up a case of chills or a bilious attack in almost no time and It puts yellow jaundice clean out . of commission." This great tonic medicine and blood purifier gives quick relief in all stomach, liver and kidney complaints-and the misery ot lame back. , Sold under guarantee at B. E. Sedberry's Son s drug store,. HOLLISTER'S I tacky Mountain Tea Nuggefe A Duly siNicim iw puss rouifie. , r " firinit Goldsn Health and Rewnwd Vlf " A speolflo for Constipation, Indigestion, tm .nd Kidney troubles. Pimples, Eoiemt. Impure mood. Bui, Breath, Sluinrish Bowels. Hewloohs nod Baokucha. Its Bock; Mountain Tee, In tab let form.. 86 eenu box. Oenylno made by HotLisTia aoe uoPAiiT, suaisoa, wis. SQLOEN NUGGETS FOR SALLOW PEWLf .- K. aBHSnriT un. j- FAYETTEVILLE MARBLE AND GRANITE WORKS Strictly ; First-class : ' Work. Call at my yard or write for prices, Respectfully, E. L. BEMSBUSG, Proprietor, FayettevUIe,N. 0 WHITE PINE COUGH SYRUP (Mentholated) V (' WITH TAR A reliable remedy for Coughs, Colds Stc. 25c. BOTTLES. PRESCRIPTIONS ARB CAREFULLY FILLED AND PROMPTLY. DELIVERED. A. J. COOK & CO. DRUGGI8T8 AND PHARMACI0TS, Next P. O. 'Phone 141. JUST ARRIVED : Complete line of the famous Landreth's Garden Se,eds. Oldest House, Best Seed? Purchase Karly. Sole Agents. KING DRUG CO. po (McDuffie Ding Store.) BUIST'S New Crop GARDEN SEED Just Received AT SEDBERRY'S Palace Pharmacy. STOCK LICK IT! . Doctor Blackman's Medicated Salt Brick. Saves veterinary bills; most conven ient stock remedy, tonic and blood purifier known. Price 25 cents. McKETHAN & COMPANY Drugglata. 'Phone 331. Lo wiiey's Candies FOR CHRISTMAS . Large and Fresh Assortment Just Received. ' '- , . ' ' Every 'Package Guaranteed. Armfield drum1 CImva ; We have a few Gillett Razors left filet) present for gentlemen. v- HIIOIEHIS T V
Fayetteville Observer [Weekly, 1880-1919] (Fayetteville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 16, 1908, edition 1
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