Newspapers / The Wilmington Dispatch (Wilmington, … / Sept. 10, 1912, edition 1 / Page 1
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associated pn zc 3 i : v;c :Ti:3-VATIIt Carried by ths' Ever.!.-.; C:;riUh, Together with. Cxtsr.ilvs CttJd 'A tm. . . Showers tonlgbt and . Wednesday. , Not much change in temperature. Moderate east winds. : "; : Correspondence, - 4 n WILMINGTON, N.' : C, TUESDAY, Z SEPTEMBER 10, 1912 PRICE THREE : CENTS ! EvanvcoDY5i:i,:;;3 it novw I iULUiiuL ML , W ,1 v Ail fiF . . Li MM i " - -i':l 1 U ji 'i , ' v . t - .'i . r , , 7tT T T Ml? V 1T1 fi WTT7T7T T ! . ' " ' . ' ' : i1" -: , s '-,--.- rTT" , . . 4 . 7 : ZT, , ." .- If , I L I II A . fc. . . , 1 . , . , . ' III k: 3 I o - , Twelve tliiSDSGinaPo KEofltnMie Democrats Make; Publicv List of Their Campaign : Contributions New Po litical Action .Set ; by t This ; Stand' ard Largest' Single . Contribution Ten Thousand Dollars. U .-' New York, Sept. 10. Twelve -thou sand persons ihave; contributed!-thus far to the Wilson and Marshall cam aign lund,..;The fund at present to tals $i75.poo.;',;N-rpv : -. .- -, This was' . stated; ;aV ; . Democattc! National ..headqtiarters;:;' which at the same time madeJ;$rnbUela list i of contributions ; containing, it " was stat ed, the names. -ot all. who'liad con tributed the sum lf $100 or ' more :to the fund. " - -;;i.. X-:;- W. G. McAdocu'vactinfe- chairman of the Democratic Natibnal Cdmmit' tee, declared . that" ."a new ' political standard tion. had heeri-j set . bythla c- People Must Knov "The AmericaicFpeople,? f he i said, "will never elect, another President without knowing 'the sources ' from which financial" support, is drawn.. ... Rolla Wells, treasurer of the com mittee, declared Lthat - while the sum deceived was b encouraging, ..it . was "totally inadequate';.. to conduct.; the campaign properly; f but ? he .believed that contributions would continue, r The largest -contributions thus far have been made by.i Henry Morgen thau, chairman ,of the National Exe cutive committee, F..- C. Pen&eld, " a wealthy Democrat -of Germantown, Pa., and Henry Goldman;' a New ;York banker. Each .gave ' $10,0J0.: J . ; , , Five ?5,000 contributions " were: re ceived. The givers are Charles, "R. Crane of Chicago who is y ice ' chair man of Nationalinance: committee; Rolla Wells, foraer;''' maypf ;of "St, Louis, the National Treasurer;, -Cleveland H.Dodge-aiui; Jacob vI.7Ccnl1 New York ' bankers, and Hugh 1L Wallace, of Tacoma, . Natlenal-' Cdm mitteeman from Washington v' " Bryan Give $1,000, t , . , Among others large.; contributors are: . ,- '- l- James B. Regan,-D.'W. Hyiaan and Jacob Wertheinv $2,500 .'each; ; J.. D. Phelan, - forme mayor of , San Fran cisco, $2,00; ; William 4 J," Bryan,- Nor man E. Mack of ..Buffalo JN. Y, Nar tional Committeeman; Jonn B. Stanch field of Niew " York,', former Demo cratic candidate for Governor of New York, and Perry BelmonC?1.000 each. The list Includes:'.'.' 1-..' W. B. Oliver, Baltimore; J. S. Arm strong, Baltimore, and C. . A. Culber son, Washington, $400 each ; Senator Leroy Percy, E..;JL McCalmont, W. Boslin, A. . BrydowskI, Arthur ' S. Brown, Senator C. A., sfranson, ax of Washington; A.'- S. Miles, Baltimore, $100 each; Percy Jesse . and Herbert Strauss, . Clarksburg, W. Va.y $500; William li ' . Cranberry, ; Nashville, James G. Gray Atlanta, $250; ' Carl Mendel, Savannah, J;. S. Carr, ; Dur J ham, N. C, V. T. Hdrdle, New Or leans, $100 each. - - , ';-. Dr. Robert S; . Youngi Concord, , N. C; Josephus Daniels; . Raleighi K. C each $100. ' v ; Many of the, hundreds'", of -the newspapers which y? are collecting funds for the ; Wilson campaign.; have sent in their' checks, v but in - the "nra iority of cases f ailed : to include " all the names ' of - those ' who gave, ', the money. Mr Weils wrote to the va rious papers for the name of each giv. er to the fund sd they can be duly en-, tered on the books.' , ' ' Among the newspapers which' sent in their names of . cohtributbrs ;aro the following-given out by the com mittee: . -. . .V- '. "''. : ;. New Orleans States : $2,500; Ral eigh, n. C., News arid Observer, $2,- 395 ; Arkansas , j papers s : through Na tional Committeeman': Kavanaugh ; $l,r 006; Atlanta, Ga... Georgian, $2,300;; RoanokerTa., Times' $122; Salerd Times Register, '? Salem, ; Va.; ;$122; Times-Dispatcb, ' Richmond;. Vav $674 ;, Elizabeth, N. 'J' Times, $1,800. " THOUSAND DELEGATES Vienna, " Austria, Sept. 10. The twenty-third - eucharistic . congrjess, be gan its sessions today whlcji :will be continued until Sunday. ) One hundred and fifty thousand delegates and visi tors, including representatives from the United States . South America, Canada, and- all. European countries, are gathered here." The city is' deck ed with flags in honor of the great ciesiastical assembly- ,'- Storm Warning Message. Washington, D. C.f Sept 10, 1912; ... Hoist southeast; storm warning noon Jacksonville . to-Wilmington. ' Disturb ance over northern Florida will cause frisk and probably high east and south f asi windsthis afternoon and toaisht. OVER HUNDRED Dipbol L'clao SoDsIit Dotootivos ppQlnted American Leaa- tJoh ary. Arrested for Abduct- : ng Vvj vf North Carolina Ma chinlst- lled to Appear in Court xioaay ana Forfeited Thousand Dol . Ur Bond Will be Arrested-Again. New YorVSepJt. 10. Harry1 E No lan, of Washington, D. C.,r recently ap pointed secretary to the' American' le gation, at Panama, .failed to appear to dajx an the police court to plead to the charge ot-, abducting. sixteen-year-old Marion ;McVickor; of Newport - NeVs, Virginia; His cash ballone thousand dollarsiwas ordered forfeited, and Me- tecuves ; were dispatched" to ' arrest him. .The ; girl said she raft" away shortly after ner. marriage to Joseph Foster a machinist of Elizabeth City, , w? j5iie met iNoian on a steamsnip from Norfolk to NewTork.. She plan ned upon leaving Norfolk to go to her father, in Scotland,1 but said she. was so, charmed . by "Nolan's, manner, that! she decided to remain here, where she could 'see Nolan occasionally. JThe girl's father recently arranged with the Anchor " Line Company' for, the girl's passage to . Scotland." ' She came to Newport News originally ,to visit her brother. Nofan's arrest followed his - attempt -.' to; get naoney instead of tickets, from I the steamship company. A detective' found Nolan and tlieirl registered at the -Hotel Astor. , ;-; ; NoJan- a Washington Man- ." V ashihgtonV. Sept. -. lOIHarry E. Nolan, the ' diplomat - arreste&iln New York, charged with : abduction, ; was Confirmed by; the Senate as secretary of " the legation" at- ftanaina August 22nd. Nolan was born here, had pass ed .the examinations necessary for his appointment , and '-was ordered to ,'re; port4.fir inductions. He failed to do so.' and Ihas ndtVcommunicated with the State1 'Deartiaerit-; The Govern- ment T .will lake "ho actrdn-;imtll- the courts pass ufjoa the charges.- .4 . . COfiOISSIOil S05PEII0S 1 ; ilLlHD RATES Washington, Sept.", 10.-Ther Inter state Commerce: Commission has sus pended from: September 14th to Janu ary 11th, the railroad rates on phos phate rock from Tennessee to Virginia and Eastern pities. The tariffs suspend ed proposed to- increase the rates , pn shipments in bags and barrels, leaving the present rates-only upon shipmehts in bulk. u - r . - " - III RAGE FOR DEW dMEHEii iTrentoni N.' J.," Sept. ' 10. 5eorge Young's withdrawal from, theSenalo rial race leaves .the following candi dates in the field for the primary elec- ution . Sept. 24 ; . Republican united States Senator - Frank -.Briggs. Demo- dcratic Former Senator James Smith, Jr.; "Wllliarii Gebhardt, Congressman Hughes, Judge Wescott and Frank Mc Dermitt. H , - ' Little Rock; Arkansas, Sept. ' 10. Meagre additional ! returns, from -the general State . wide election; indicate that only one - Constitutional . amend ment submitted to the people for. rati fication secured enough votes to secure It's' passage. - This iwas the proposal to limit the legislative sessions, to sixty days. State wide proniDiuon uu we so-called ' grandfather s clause amend ments are believed to have teen- deiea. ed. The Democratic, ticket, , headed by Congressman Robinson,1- the guberna forial " candidate,"; wis' elected 1 by.fan overwhelming .maiority. . - ..v i 'v POLlfldlAIJ SHOT BY " ( : CEinuiiOFRCER . Nrw York. Sept, 10. Robert Di. A politician, is . dying in a hospital from ft, bnllet. fired by policeman Crosson, Dix was arrested on the complaint of a mulatto girl. He attempted to escape while on his way to the station - ? London, Sept; 10; The Italian' fleet bombarded . Scalanuova, seaport, near Smyrna' Asiatic-Turkey, according to a dispatch received here by a news .fc.t-.l-jr, ,i . 4... K I i If ; a ATQRSHIP BIG DEUIC, ; : VICfORY iir ARMS ; - . 1 1 . - " ' . V'vJtV- ' ; - '- .'-' " "-... -'.-i.. ', , ( - ' J . ' -7. v0&- t v -..! 11DP PDODLEU About; tc" be. Solved ; in . the ! British Isles "Way Ticket", Methodof Deal ing With' Vagrancy Is -Proving- Suc cessful Native Maidens Donl Want European -Attire. tonacfefesrh tranip" prdV lem " in th British Isles s In Va .fair wajr towards solution.'',., Theway. tick et - nietiiodof dealing with vagrancy is accomplishing ' a revolution. The Iatestsrepofts on; the - working of 'the system indicate that ; within a' erv flew years the' franks Vf the . ragged mendicants oa the. high ways of the United Kingdom will - be reduced al-: most -to vanishing point - t. The object, of . the way ticket" is to give;a better chance to the unemploy ed y who . yeally want work and to ma1eettie way-ot the professional tramp as hard as possible. . The man who wants to work but is compelled to take to the road Is 'taken. Into the poor house at night and released next morning instead of suffering the usu al period 6fdetentlon. When leaving he ,glven'a ticket -Which' entitles him "td a certain allowance of bread arid cheese along the road he intends to take.- He is also put in touch with the locals labor exchanges and ? every thing, possible is done for him if he shows . ajgenulne . . desire r to . obtain work." .' W jFX4.: '.J7 On., the-f other hand, -the habitual tramp obtains- short 'shrift- .-After speeding, the night at . the poor house he suffers the usual. period of deten tion-and gets; the allotted task., Fin--ally; lie is given, the 'way, ticket, so that, he1 has mo xcuse , for : begging. Very soon the poor house masters be gin to .: look-, askance jit, the man wno persistently presents : the ticket, .and his - Jburney. , from village; to village, and f rom , poor house to poor house in the counties .where the system pre vails :is not made ' ariy - too . smooth. The . tramp finally , seeks a county where this metnoa aoes not prevail, soVthese sanctuaries, are beginning to adopt the" system as self-defense. - ' The system only becomes success ful when the. house-holders" co-operate. Circulars; are1 issued- Instructing them that, since all vagrants have access to the bread tickets, there, is. no excuse fOt giving 'food to heggars arid the tramps who neglect to. provide them selves with the tickets are beginning to learnJhat the circular's have not fallen n,?barrensoiC', ' i -. " i z - "C v" " ; The difficulties . of the 'clergymen and- social Teforms of more enlighten ed -countries -in their, efforts to com pel the "fair sex to put more cloth into their ; skirts, pale - Into : insignificance beside the troubles of: the local gov ernbr ; of --. Inhambarie, ' British V East Africaf wbo has almost caused a.war hv .orderine- the ."native maidens to attire themselves in' European garb. -;The order particularly insisted that the 'native ; women should not appear in ; public without .- skirts; under pain of some grave penalty not, specified. Neverv was an. apparently, innocent sumptuary la wfreeeived ? with such an outburst of, rebellion.- ine. commer cial Council resigried , in a body and the Indian1 storekeepers who deal in the articles of attire favored -by -the native ladies " 'threatened to I shut up shoDTm-rbrotest " The native belles took, even more 'drastic, action by re fusing to come near Inhambane at all, . (Ccnt!r.'t3 ca Thlrr'j Czz 4W -- - " noosEvai T6 roonEs ; " ifSTATCOEIITIO!! X "''-'- ;V -Vv, g g r4 .s - -' "I 1 4 , Seattle; vWashn.,?, Sept', lOr-Colonel Roosevelt -Was greeted by large crowds "uponl hisO arrival ftete;- :4The Colonel wascednLWu he made a Bpeechi : llooeevelt has ar ranged to address the- rrogressive State convention late -today. DIE UUli Pittsburg, ' Pa, ept 16.--Englneer Soaird and Flagman Quick were kill ed and. six, others injured when' Penn sylvania train No. 21. collided 'with a switch,engine during a .fog. k , '-; GAlIlGiTit STATES Atlantic City, ; Sept. 10.-rGovernor Wilson declared himself satisfied -with the outcome o the gubernatorial elec tion In Maine. . He thought Maine's vote , showed the same drift as .Ver mont; that the Democrats were 'gain ing . votes in Republican States. , FLOYD AIID CLAUDE r ALLEII TO TESTIFY r,Wytheville, Va., Sept. 10: Twelve witnesses for-the defense in the Vlc- tor' Allen, murder trial, were examined today., -These included, several char acter . witnesses. Thje defense , will attempt to strengthen its case late to day -when it .places , on " the stand Claude and ..Floyd Allen, v They were brought here on the afternoon -train. V f , -tX . - , V - ' wRED MEN ELECT ' OFFICERS - Feature Today of -National - Great : ' Council's Meeting.-; .' Charleston,, S C, . Sept. 10. Elec tions Constituted the feature today of the program of the Great Council,' Im proved, Order of Redilen.; -Carl Pos ter, of Bridgeport, Contt., will be ''ad vanced , to-s the office I ot ? Great ; Inco honee, -succeeding George Griggs', of Houston, .Texas t . v : Representative Ferguson Re-Noml-" ;; i ' nated. 'Jh . . .. " I . j . AlbucJuerque.'New Mexico, Sept.; 10. The Democratic ' u State., convention re-nominated ' .Congressman , . - Harvey Ferguson.' ' , , " - 'The address of E. E. Mason, aiaint er, is desired andany-prie knowing it will confer - a favor upon friends in terested in , Mr; Mason "by furnishing same to The Dispatch: ' - . '? - "Art tnterrupted-EtopiiTient'.',; C . -"Among Swell r Photoplay s ' at the Grand Today.- ''.-..': ' it EtlGIOEER AD U! REPUBLICAN VOTE BUYII1G . Charged .4 In, 'Indictments Against Twelve Georgia1 Men-Other indict ments Expected-r-Deputif s: .Busy Making. Arrests;;-V MadlsoxL. Ga.. SentlO Indictments arglng twelve "m'eiiini .tnying Tdf selling .votes In the tec'entTDemocratic primary were .returned today by, the grand Jury'., Other Indictments. are ex pected. The indictments resulted-;f rom an investigation, of .several. daysV fol lowing charges by: the def eated - candi dates that successful, contestants pool ed their finances and tought votes. Deputies "are busy serving warrants. - REPUBLICANS Will 'vOUTIIIfIHE Portland,.Me., Sept. 10. The Repub licans', victory in yesterday's. State elec tion, in which they won back the Gov-; ernorship,' secured three ,of . four Con gressmen, and a sufficient majority : on the7Joint ballot in, the Legislature to assure - the election of a Republican United States ; Senator, became more pronounced with'.the revised r returns today. William T. HainesJ Republi can", was elected Governor by . plu rality ot 3,557, over Plaisted Democrat: fiaines' vote was 70,072; Plaisted" 66,-515.- Congressman : Ashe C.Hihds,- of the First District, and Frank Guernsey? Second l District, :,.both . .Republicans, were re-elected by. an increased major ity." Forrest, Goodwin, a. - Republican, supplanted Congressman SamlGurold a . Democrat,' in the Third District. The Democratic candidate 'In'' the Fourth District, Congressman , McGililcuddy; Was re-elected. v. The new legislature will i stand ninety- four ? Republicans ; seventy eight Democrats.' This: major ity will be sufficient toelect Congress man Edwin C, Burleigh, 6f Augusta, United. States Senator 16 fill the place of Senator Gardner, Democrat ' ap pointee' to fill the, vacancy' causedkby Senator Fry e's- death: ; Political ob servers are; doubtful of the' effect of the Republican victory and he attitude of , the Progressive leaders -regarding the November elections. A11' Progres sive -leaders were actively' identified with: the Republican party in yester day's -election. ;SeveraI ;, Republican leaders ' announce their intention . to stump the State, lot Roosevelt in op position to.Taff V " WILSON; TO REVIEW; vWAR VETERANS' PMDE "-New York, Sept iO: After a day's stay -here" conferring with Democratic leaders , on campaign plans; Wbodrow Wilson "departed - for Atlantic 'City, where he .wili review the parade , of Spanish-American war, veterans this afternoon at the veteran's annual en campment Democratic. National -Com' mittee. has' secured a private "carfor the use of Wilson during the campaign. " "The, Tragedy. of a. Dress. Suit", -a Biograph Success attneCool Grand Today. -.-'--'-.' gxIgo Dasn't DoIIdvg Worviiiolji; Mexican Government : Declares Condi tion. Is Growing Better, . Instead of Worse Proposes to' Protect All For eigners American Citizen Fatally Wounded, v . ; ;v v- - -V j,v'. - v5iv ':.-.:-:.. ? Mexico City, Sept,; lo; Governmenf oiuciais , continue ,to regara .as'apsurd reports that the United States serious ly consider intervention in Mexico. At " the National Palace If is . declared that conditions are growing better in stead or worsen- The -Government de clares' the purpose t Is to ; protect for eigners and their'property until peace is restored The Rebels are,;' operat ing In- Pueblo Morelos: and the State of. Mexico.. . Dekyejj FeportS'teirdf a battle 2 lastirignihe "hours Inear" the town of. Pitzotlan The. Rebels were finally, repulsed.-.' A xnew -Rbel inbv? ment has started, in rMuguiz. - Galiviz,' one of Orozco's officers, Is reported killed la an-attack , upon San 'Miguel hospital. His body is stlir hanging from a balcony of. the Municipal Build ing. ; Manuel , Betancourt, an Amer ican citizen; was fatally.' wounded .by Kebels when-they, attacked -Atllxtac; Betancourt Is. a native of Texa& and manager of mining property. . COllFISCATEO Charleston;' Wu Va. Sept. 10. Sev eral ; wagon loads of !Weap'ons,:of ' all descriptions, were added today ?toUhe storehouse - at ' the. military,, headquar ters as "a result, ot the rmartjalj law zone f being -extended-" over Dorothy, Raleigh, -r-cbimty The. ' : imilitiainen arifts,- and weaijo.ns ; wr cteilscatesJ from persons.. All mines f onthg north side and 'the-MIchigan-? side "of rthe river are reported in operation. Sev eral ' miners i .resumed tny Cabin arid Paint Creekr -The' miner working are those who "struck several months ago, but who remained tin: company, houses; claiming they ' were ready, to work whenever permitted : by, safe condi tions. The 'military have assisted in the orders that all , houses. , throughout the Kanawha v county be cleaned, to maintain good - sanitary ; conditions. . PRIHARfES TODAY . Ill SOUTH CAROLIIIA Columbia S.C, Sept. 10. The sec ond. Democratic primary -for legisla tors and county officers is being . held in many counties. . Themeeting sched uled for tomorrow of the sub-commit-tee' of the State Democratic Committee-investigating the charges of fraud In . the recent" primary m ; which" Blease: claimed re-nommauon has been post poned. Th'e' investigation " may con-- tinue up, to the time of the; general election in .November, unless It - finds such evidence of fraud as 'to warrnat the throwing out of the primary.-"- TWO MORE MILITARY f It tU, AVIATORS KILLED Oxford, Eng: Sept.. ,10. Lieutenant Bettington and '" Lieutenant' Hotchkiss, of the Army Flying Corps, were killed while flying past Wolvercote. : The ma chine had just passed Oxford when' the motor apparently ' stopped. . Theaero plane fell from, a height of five . hun dred feet . - COLORADO IIAVIIIG FIRST STATE PRIIDY Denver, Sept. -10. Colorado awaits anxiously result of .the State's first, pri mary election today '-The registration! was heavy; many cities reporting the totals- of exceeding previous registra tions- Nominations aFe being made for Presidential electors, .two(. Senators, four Congressmen, complete State and county tickets. The Progressives' are not participating in the primary. JOHNSON qN STUMP Bull Moose No. 2 Will Make . Nine - . - ;; Speeches Today. . J J ; . Chicago, Sept 'lO.-7-Governor John son, of California, the Progrpsstve Vice Presidential , candidate, faced a ; pro gram of nine speeches in Illinois cities Jtoday. D WEAPOIIS eoii LIDS LMSWeQllOfl Large Attendance and Much interest Manifest This 1 "Mornlhg. .Session; '' Featured by Address by, Robert' W.,. Bonynge Discussed Monetary Com-', '- Detroit, " Mich,' ."Sept lOJ Three' thousand . delegates; are-here 'attend-:, ing the. National , convention -of tho; " American Bankers' Associatiorwlwhich-1 began . today., After J;he conventlon-; had . heard . several 'addresses of wel-r come ; and ; disposed! of f qrmal; reports- ? ! of various1 officers, thedelegates heard, -1 an addressof RobU Bbnynget of Denf ver. a member: of the National' Mone-J. tary Commission..' '"h 'h',. " , Discussed Mo'netarv Reforml 1 - 1'- X Now IsltheL tme ' for . critics "of thev'. proposed Rational Reseiyej Associa- tidnr recbriimended by ;the T National. : Monetary; Coriimission, .'to' come , forvv'. ward and" point out what they, believe -tq .be defects .in, the. 'p)aniri ,ihe opm-: lori bt RobertW Bonynge,." a member! ' . of the . commission, .who addressed , the . Association J today. Mr7. . Bpnynge's ad dress 'was on "Banking and.; Currency. vioriu,,..-te BpoKe,,m-part, as ioi lows: vt;" K:-ycl ';;. - ;';n - "Our banking:' currency system ' is"' " - ' - universally ;'recognizedl.as thoroughly .'- ' unspund. f All the; political!; parties; -' ( haveA declared; in their, p:atforms ;of this year in' favor of its reformation " " but no -specific Remedial' legislation ' -; has been-proposed by any ,It.is per-: haps better , that they should' not have " ' . done so. '.The problem 'is. essentially" E an economic and-bustness Question" . - a. "The defects in ? the 'existing" system" - whichparty" is charged 'with the Ire-." Sponsibility of framing tne legislation - ! are : . Our ;trosclentific . treatment-, of z ; bank;reseTyes.4the? jigidIty7tof lour en-, v; ,f tiVired4?'Btemr and',theiia.ck 6f co-,. ' - operauonyetween ..our lnuepenaeni. banktftr'1' tz?Td ' -r-V: i VOur present reserve system 4 re t strietB vthe - f Joaningf.igwer;6f. bankg 1 4" 5.'Vvrlt-J' at tlmeR'Whfin rpfeervPH should h frfift-4 . " - ,J ly . used ,ad credit ' liberally extended to solvent business men J and "thereby. ! .. Intensifies, !f it does noti actually pro diice panics ,Oufscattei:edr'reseryes - " are. wholly Ineffective for use in emer r gencies.;.Our bank notes! do notfluc- ( tuate in response Tto Jbusmess needs ( jjjyen tne commercial papeir. held by, the .banks is, not ; a truly . liquid asset , with us. . Each separate! bank in times . of ..sta"esa is concerned. . only.. In " strengthening its reserves.,; The soleV -method available for 'that .purpose is' the calling of loans; r. The portion of the reserves held in the iVaults of our 1 thousands of independent -banks is for, ali v practical purposes a dead, asset Indeed, rigidity stamps itself upon our, entire I credit organization. , i , . We have only, local, banks. They - furnish banking facilities to their own . communities. '.. They, afe indispensible. . Rut : it must he obvious that these strictly ! local institutions, can: not look -, aftet or provide, for 1 the general cred . it conditions of the country at large! As it - was ; found necessary to ;oi- ganize thp .Federal 'government to ; guard our ; National-? interests.. and to legislate on those' subjects - affecting , m as-a. Nation so, .we must have pur- , noses. ,Tne inaepenaence.or.tne units must t be absolutely- preserved.. The.. powers-,given, to" tha federation of the banks., must be, '! strictly limited- to- those that are National", in character ? The, form of organization , must be such .as - to-insure 'its operation in " the interests of and as. a support to . . all legitimate business and must.be, wholly free from sectional, political or, selfish financial control.-, " -, ' "When thus organized! it must be empowered to act as custodian for the . reserves . of - the - banks, to ; rediscount their ; short ' time ;,cqminerclal ' paper, to. provide a safe -.and sound, bank note, currency" that ;will - automatically adjust - itself to. the constant changes in business requirements, .to; act -as; the Governments -fiscal agent, and ty represent. us in all National and inter- national' financial affairs. w " " "The experience, of the world proves that a currency issued -by a govern-' ment" or by a gbvernm'ent owned by t institution "always lacks the , essential ' element of . elasticity-; Its:; amount is determined by the government's needs and' fixed1 by. .statutory7 provisions which . cannot :. be speedily altered to meet changing conditions. -The, Gov- , ernment Issues. moneyT and may. and should, in the interest of the public regulate ; the agency- or agencies,, which may, In accordance with certain general -principles- that lis- establish es issues credit redeemable in, lawful money. It is. for these reasons that " the issuance of bank : note currency, . should be intrusted to the federation of banks, under regulations to be pre scribed by statute and strict Govern- ; men supervision through, its own oU cers. ; -, - -. "With. a co-operative federation of our banks ; established,, .having the ; necessary powers to protect our gen- - (Ccr.tinusd cn n.".h Trs.). . il
The Wilmington Dispatch (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 10, 1912, edition 1
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