Newspapers / Gastonia Daily Gazette (Gastonia, … / Feb. 23, 1920, edition 1 / Page 1
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y Oazett GASTONIA ASTONIA- COTTON 33U CENTS TODAY JOJOZS or THX ASSOCIATED PKXS3 VOL.XU.VNO.46. GASTONIA N. C,: MONDAY AFTERNOON, FEB. 23, 1920 : "V - - - ,- ; - SINGLE COPY 3 CENT! IGN ISSUE Em LAST ' EDITION mm opposes RATIFICATION TREATY CA1PA - -,.f. ? V -1, FEDERAL RESERVE BOARD TO CONTROL CREDIT ? VILL AD COMMERCE AND : . PRE-WAR f Board Is Prepared to Test Ability of System to Check Expansion and to Include Healthy Liq uidation. 1 ".. : " (By The Associated Press.) ; WASHINGTON, Feb. 23 Determina ation of the federal reserve board to ex rt the full power of the., reserve bank ing system in regulating and controlling : th credit situation a course designed to aid commerce and industry in restor p ing a pre-war equilibria was disclosed in the board 's annual report, made public today. . With this as its annoual peace-time-policy ,the board was prepared to "test the ability Of the system to cheek, ex-4 panauuf and to induce healthy liquida tion. 'The board explained it was a ware of the implied power to rectify the -nditioa which confronts the country. .This -power necessarily followed the au 1 thority for and employment of an elastic ' system of reserve credit and not issue, it waa added. , Recommendations also were made to -congress for amendment of the .reservi .t which would permit reserve banks, with approval of the federal .... reserve hoard, to establish .normal maximum lines f credit accomodation for 'member tanks. An ascending scale of rates . would be provided ' in event money was borrowed above the maximum line. Tms the board believed, would induce banks to hold their owa large borrowers in check and thus work to the end that credit ..expansion on a large scale would be stop- ped. . 1 Warning was given that the country must guard against too rapid deflation. While the- board was in entire sympathy . wiih measures to overcome this evil, it pointed - out that remedies employed to correct inflation might create conditions " worse than inflation -itself. "Deflation merely for the sake of de flation and a speedy return to 'normal' deflation, merely for the sake of restor ing security values and commodity prices to their pre-war. levels without regard for other consequences would be an in -seaafo proceeding ,in the existing pos ture of world affairs,'.' the report said. 44 It must never be forgotten that pro- 4octve industry is profoundly affected , by credit conditions. Modern . business '. Is done on credit: One Of its life-giv- ing principles is credit. The ulti anat test -of a credit system must be touni in what it does not promote and saoease th production of goods. True ia general, the truth of this observation ' Series to . be particularly emphasised hi the present' deranged state ot world jfednstiy and trade when production is kite crying need of the hour everywhere. ' ' la .explanation of its increase in dis- - .count rates, the board said that this , had been the traditional method of credit control.' Its use, however, pre- " supposes normal conditions and these, it was pointed out, do not all exia at this tine. While a high reserve bank rate J was shown to act as a restraining in-. Juenee upon borrowings, it may operate as well to attract supplies of credit from the centers. ' It Is this condition, among others, that was said by the board . so make imperative the use of .its power to aontrolling credit and starting de flation. ' ' Ia setting forces to work to check ex pansion, the 'board declared much depend ed apon co-operation of business and the omraunity generally: 1 ' There is, how- -ever, no need for drastic or precipitate action, ' the report continued. "There need be no apprehension as to our abil- i ity to affect the transition-from war- - time to peace-time conditions if reason Able saifeguards against the abuse of ' credit are respected. Our economic and ' position isat the botton, safe and sound. " xtremes must be avoided, he processes t adjusting the vdlume of credit to a 'aormal basis should be .effected in an orderly manner, and its rapidity must oe .' governed' entirely by conditions aidr cir cumstances as they develop. T -" ."Much win depend upon the eo-op-ration bf . business .' Without such co ; operation Jfrom the general community, ? progress .can be neither , rapid nor sub-atial.;";:;'-:to,:--v',";v'. : A . plea was made, in this connection, , for complete absorption by investors of outstanding portions of . ar securities issues.' . As these pass into, the hands of permanent holders and the national debt is reduced by the Operation ef the sink RESTORING ing fund, there gradually will come a proper, balance between the "volume of credit and . the volume of concrete things " the board explained . The specific of greater production was urged as one of the methods by which the "proper balance" might be materially aided . ' But the board directed atten tion to dangers which lie in the path of great ' production unless that production is immediately followed by distribution and avoidance of wasteful consumption. It emphasised that hoarding must not be practiced or the stimulant of production will, avail nothing. "These are the fundamental economic processes upon which the proper function ing of the federal reserve banks must de pend' the report said. "The federal reserve system can do much to assist these processes, but it cannot of itself alone compel them.. Efficacious action along these lines involves the intelligent and earnest co-operation og business and the community generally. Vv 4 While the federal reserve board will always be mindful of the inter-dependence of, credit and industry and the in fluence exerted on prices by the general volume of credit, the board, nevertheless, cannot assume' to be an arbiter of prices. Its primary duty, as the guardian of the nation's ultimate banking reserve, is to Bee that the banks under its supervision function effectively and properly as re serve banks. " . The granting of extensive credits to foreign trade and the resultant keen com petition in our markets with the foreign buyer was charged by the board as being "one of the potent causes of high prices." It was shown that the demand for commodities from domestic as well as from foreign sources was so far in ex cess of the supply that the increased cost of credit can be and is absorbed in the price. Speculation, therefore, has not been effectively checked by advances in interest rates, because of the anticipated and usually realized large profits, ac cording to the analysis. The board took occasion to restate its opposition to the 'financing sof exports which require long-term credits through banking operations as distinguished from appeals to the securities market. On America's balance of trade for the calen dar year. $4,017,745,000 approxi mately $2,000,000,000, was declared to have fallen as credit transaction on the commercial banks. Treasury advances during the year amounted to $1,757, 989,000, but this was not regarded as sufficient to 'offset the corresponding measures of expansion necessitated by the carrying of the credit balance. All of these credits arrangements, it was asserted, indirectly reflected back to Vthe federal reserve system. Although none of the paper tendered by the foreign buyers was discountable at reserve banks because of legal restrictions, commercial banks which have received it were be lieved rto lave turned in other obligations for rediscounting which, otherwise, would not have been sent through that channel. OHIO REPUBLICANS HAVE BIRTHDAY RALLY l (By The Associated Press) c6lUMBTJS, O., Feb. 23. Plans for the national and state campaigns were sizzling here today at one of the most notable political meetings of recent years the Washington's birthday rally of Ohio repulicans. . : Senator Warren O. Harding, candidate for the republican president nomination, and Chairman Will H. Hays of the republi cad- national committee, were principals speakers. ' ' ' - Majof General Leonard Wood, republi can candidate for the presidency, had carried the fight Into Ohio, Senator Hard ing's home state, today. , The general yesterday fileft with the secretary of state his declaration of candidacy for the pres idential nomination and also a' statement authorizing candidates for delegates to pledge themselves to his support at the republican national convention.: PARKS AND PLAYGROUNDS A MORAL ISSUE Dr. J. Yl. Henderlite, Pastor of First Presbyterian Church Says That PubKc Play- ? rounds Are Necessary ,For oung Boys and Girls of This Generation Strong Sermon on Relation of Fath er and Son. " Public playgrounds may become more than a matter of municipal pride and present themselves as a real moral and religious question," declared Dr. J. H. Henderlite Sunday morning in his ser mon, which was a strong plea, for a closer understanding between father and son. He said that children nowadays had not the open free space for play that the fathers and mothers of 1 the present generation enjqyed and that some form of playgrounds free from the dan ger of passing traffic ought to be provid ed. Dr. Henderlite 's sermon was a masterpiece of thought and is especially timely in this day of attractions and distractions that tend to lure the child from home. February 22, was designated as Father and Bon day in the churches of America, it being also the birthday of Washing ton, "the father of his couptry. " Dr. Henderlite spoke from the words found in Psalm45:16 "Instead of thy fathers shall be thy children," his sermon being in part as follows: The Psalmist suggests the changes that mark all human life, chanting the mournful elegy of the passing genera tions. As the seasons follbw one another and the green leaves wither and fall, so the generations of men- melt away. Cut the text reminds us that change is not destruction and the line of human life is not broken, "instead of thy fathers shall be thy children " A new genera tion replaces the old. The fathers yield to their sons and the boys and girls of yesterday are the men and women of to morrow. How shall the. sons fit into their Father's shoes? There are two who must answer that question, parents and children. The whole load cannot be, laid ou the fathers. Some good fathers do not have good sons, even such saints as Eli and Samuel. The best of ..them can furnish no certain guarantee of the future. Kadi life is individual and self determining. Parents lay the foundation and children what sort of a partner am I in this build thereon. Each son may well ask, firm of John Smith and Sonf And when instead of the fathers shall be the sons, and John Smith, Jr. has become John Smith, Sr., what will be the situation in church and town and nation. But the parents must also answer the question, and on them lies the heavier responsibility. They occupy the seats of authority.. It is a problem that calls for serious thought. For the chief func tion of a man who has children is not as citizen or business man but as a father. Even absorption in church work is not a valid excuse. Eli and Samuel were, perhaps, so busy ministering at the Divine altar as to neglect their sons, and they brought dishonor on religion and trouble to the nation. We just want to realize today that this is a real and serious problem. It is one that every father recognises as eas ier to preach about than to practice on successfully. There is nothing that God is more interested'in than our homes, and His blessing is pledged to the efforts of faithful parents. That means firm and intelligent dis cipline. Discipline is not beating or driving. It is training weak and wan dering feet into the way of life and usefulness and success. It is putting the train on the right track and running according to schedule for a safe and prosperous trip. Successful discipline demands an in telligent understanding of children, their nature, disposition. "Train up a child according to his bent," is Xhe real mean ing of the verse. Find the track along whieh the child was intended by gifts and disposition to run; The child-nature must be studied and understood. The world of a child is not that of an adult. Successful training and disci pline require a recognition of this. For instance, childhood is the age of play. It might be called a child's main business. With adults work ttecomes the business-of life and play but a tide is sue. But play is a child's life. The Bible recognizes this. Paul says that parents provide for children, not children for parents. Children are free from the burden of making the living. The prop het Zechariah in describing the future glorious and perfect earthly kingdom of God says, "The streets of the city rhall be full of boys and girls playing in the midst of the streets. "Christ looked with sympathetic eye on the children playing ia the streets of Jerusalem and . ' . .- . REV. G. A. SPARROW DE LIVERS STRONG ADDRESS French Memorial Diplomas Presented Sunday to Rela tives of 40 Gaston County Soldiers Who Died In France Beautiful Service. In a wonderfully impressive and beau tiful service held Sunday afternoon at the First Presbyterian church under the auspices of Gaston Post, American Legion, beautifully engraved memorial diplomas were presented to relatives of 40 Gaston county men who died on French soil in the service of their coun try. The exercises of the afternoon were in charge of Post Commander Stephen B Dolley. Assisting were Dr. J. H. Henderlite and Rev. W. C. Barrett. The principal feature of the program was an address by He v. G. A. Spar row, pastor of Olney and Union Pres byterian churches in this county.. Rev. Mr. Sparrow was introduced by Mr. Dolley as "a lawyer, scholar, minister, soldier and the father of soldiers". His address on this occaaon was one of the most impressive ever heard in Gas ton county. To years of experience in bar and pulpit, Rev. Mr. Sparrow has added a wealth of education and inform ation from . reading and study, and his address was a wonderful presentation of history, eulogy and praise of the Ameri can soldier. . "Of the soldiery who went from Gas ton county," Mr. Sparrow said in sub stance, "a majority have returned, but of the gallant soldiers who went from this county, 40 paid the supreme sacri fice and we are assembled here today to do honor to their memory, and to present to their respective families certificates of appreciation and expression of gratitude from the French republic, signed by the hand of its president. "These bbys on the banks of the Marne lifted the old 'rebel yell,' and to the geography of freedom they have added the Argonne fdrest, St. Mihiel, Chateau Thierry, Ypres and Buliecourt They matched on Europe's fields the paladins of Charlemagne and the legions of the Caesars. By their sacrifices the world has been advanced in honor. "They have not died in vain. As a result of their sacrifices a new' day has dawimj upon the world. France is avenged, her ancient wrongs are righted. The prayers of a bleeding world are answered. And that is not all, Con stantinople has scon the last of the sul tans, Armenian massacres will become a thing of the pant, Palestine is already England's. The 20th century has crowned the crusaders, has planted the cross upon the holy hills; and England will keep it there. " Other features of the service were the reading of Edwin Markham's poem, "Our Dead Overseas" by Mr- Emory B Denny and the ringing .of the French national anthem ' ' Marseillaise, ' ' by Miss Ruth Mason. Miss Mason's beautiful voice never showed to better effect than in the rendering of this fiery, thrilling war-song of the French Republic. At the conclusion of Rev. Mr. Sparrow's address, Miss Mary Ramsey played "The Star-Spangled Banner." . Following this Mr. Everett Jones and Miss-Mabel Potts representing the "ser vice" .delivered from Mr. Dolley the diplomas to the relatives preseut. These diplomas represent a group placed on a cenotaph on which is en graved in French a dedicace above the figaature of the President of France, Raymond Poincare. drew a parable from their games. Re press the natural and wholesome instinct for play, and the child's life is either dwarfed and weakened or perhaps its energies misdirected and perverted to evil. In the training of children pro vision must be made for their sports and games. The situation is different now from What it was in the childhood of the present parents. Then there was plenty of room, and nature provided lib erally in most places, such things as swimming holes and fishing and woods and fields for nutting and berry picking, where the teeming energies of childhood and youth could finds a safe and whole some outlet. Public playgrounds may be come more than a matter of municipal pride and present themselves, as a real moral and religious question. On ac count of whizzing automobiles as well as for other considerations it is not as safe for "children to play in he" streets of Gastonia as in those of the New Jerusa lem which the prophet saw. The music at the services was es pecially beautiful. A trio "Lead, Gently, Lord, Lead Us," by Mesdames Holland and H. Butter and Miss Marian Harvey was particularly impressive. Brazil soon will be added to the oil countries maintaining aerial mail vices. ' " list ser- -- ,,)' ii . z - SUCH ACTION WOULD ' OBSCURE PRESSING DOMESTIC ISSUES IN Herbert Hoover In. Address at Johns. Hopkins University Declares That. Introduction, of; League Fight Will Obscure Greater Questions Before American People. (By Associated Press.) BALTIMORE, MD., Feb. 23. Her foert C. Hoover, former food administra tor, declared today in an address at John Hopkins University his opposition to making the, ratification of the treaty with Germany an issue of the presidential cam paign. He insisted the injection of the arguments for and against reservation would "obscure our pressing domestic is sues by conflict over a question in which the country already has made up its mind" and added, "it is my impression that there is no paVty credit in this posi tion." Hope for the immediate ratification of the treaty rested, he said, in th accept ance by the "lesser reservationists" of the proposals of the "mild reservattou ists. ' ' The two combined, he said, could secure ratification. "It also appears to us," he continued, "that even from the point of view of the 'lesser reservation ists' they will have secured all of the major functions and valnes of the league. If it be put into being and if it prove its living value in the world, no one can doubt that any necessary changes will be granted to it by common consent as the years go on. For my part, if the league cannot prove its value under the latest proposals of the 'mild reservationists' it will never prove them under the propo sals of the 'lesser reservationists.' " The present danger Europe is facing, Mr. Hoover said, is not so much a revolu tionary cataclysm as the "steady degen eration of the standard of living and the slow decay of the forces of stability." Restored productivity, he insisted, is es sential if the allies are to receive the maximum reparation. "Until the we shall no have real peace," , he said. "It will be delayed as long as we hang the treaty in the air, for we arc part of it." "I do not believe the adherence of the American people to the league requires any demonstration," he continued. "It has been under discussion for eight months. It has been given able debate and consideration in its every complexion. I believe that the majority of our people are convinced of the necessity of reserva tions with the league. Both parties to the conflict appear to concede this. The con dieting groups over the character of the reservation had gradually-abandoned their extreme ground and have come closer and closer to a. common mind. It would appear to an outsider that both sides were in agreement on all the great major ideas of the league and the major ideas of reservations, but that they are in disagreement mostly over secondary questions in the reservations. In the meantime, the world is held in suspense. Infinite misery goes on accummulating. Forces are set in motion that may yield new conflicts. Already the distrust and undermining of confidence and credit in the world has crippled our export mar ket" Regarling the part the United States will take in the rehabilitation of Europe, Mr. Hoover counselled moderation. "We have two extreme views among our peo ple," he said, "upon the policies we should adopt in all these matters. One contends that the ideal is isolation leave Europe to herself; the other con tends for at least moral domination as a mission of international justice. Many of us want neither extreme." Assuming that the treaty would be ratified "some day" in "some form" he expressed a hope that it-might serve to bring about a reduction of armament and the "development of engines of concili ation, of arbitration and codes and Courts of international justice." "We hope for its influence in the de struction of the economic barriers set up before and after the war," he continued "which stifle the recuperation of and the free entry of our own commerce over the world. Borne of us hope the league will not interpose in international differences except in the last stage necessary to miti gate the growth of conflict Some of us have no liking for mandates of any -European state, for we would thus plunge our selves'territorially into Europe itself with a long train of dangers. Most of us have no ambitions to moral or other domina tion." . , Except where the interests of the United States are vitally coneernedr Mr. Hoover declared, himself as opposed to American membership on the various mis sion provided for in the treaty for the settlement of questions raised by the war. The, loaning of money except to alleviate THIS COUNTRY distress was also opposed. "Our best as sistance in healing Europe's economic wounds lies in the promotion of the great processes of private. commerce," be said, ' ' not in loans from our government " Mr. Hoover's reference to the peace treaty and its ratification was preceded by the presentation of statistics calcu lated to indicate what he , called the "heart breaking underpayment" of school teachers. There are, he said, 100,-. 000 teaching positions in the public schools that now are vacant or filled by teachers below standard. The number of teachers receiving less than $450 a year, be placed at 120,000. Salary increases had been granted in some, cases, he said, but these ranged from ten td twenty five per cent, while the cost of living had in creased from eighty to eighty five, per cent. "There is not a university in the United States," he said, "that is not losing month by month .some of its best ability by the competition of commerce." MR. W. F. MICHAEL GOES WITH KENNEDY'S Effective today Mr. W. F. Michael, for the past 18 years with the Torrence Drug Company and for the past five years manager of the drug store, becomes associated with J. H. Kennedy & Co. Mr. J. F. Hoffman, of High Point, will also join Kennedy 's force of prescription-' ists some time this week. Mr. Hoffman is a registered pharmacist The interest of the late Mr. A. Meek Barnect in Kennedy.'s drug store has been taken over by Messrs. Ed C. Adams ami J. II. Kennedy. Messrs. Leon Smith and S. E. Mc Neely are with the Torrence Drug Com pany following this change. s GASTONIA IS TO HAVE WET WASH LAUKD3Y Gastonia is soon to have a wet wash laundry and many housewives in" the city will greatly rejoice at the partial solo-' tion of the laundry question which has -been a bane to the existence of many good, women of the town. 1 The Rankin-Adams Ice and Coal Oom pany announces that within 00 day they 1 expect to have in operation a moderary ' equipped and up-to-date wet wash laun dry, an establishment which takes the' ' laundry and washes it and returns it to the house-keeper unironed. The phurt will be operated in connection with the ice-plant, as a great deal of the maehln- w ery, boilers, etc., is already ia use. It is the expectation of the promoters to . have the laundry in operation within a very short time. RAILROAD BILL GIVEN RIGHT OF WAY IN SENATE WASHINGTON, Feb. 23. With its supporters predicting a speedy enactment, the compromise railroad bill, as passed, la the house Saturday by a substantial majority, today was given the right ef way in the senate. The peace treaty anil all other measures were laid aside tem-i porarily. Despite statements that union labor forces would carry their fight into the senate regardlesr of their defeat in the house and tHe bare possibility of a fili buster that might delay passage of the bill before March 1, the date the roads are to revert to private Control, eenato leaders expressed the belief there would be little debate and a vote would come quiclfly. Coincident with senate consideration of railroad legilation the general committee of the railway labor organizations assem bled here to discuss President Wilson's proposal for disposing of pending wage demands. .The president's plan was pre sented to representatives of the employes at a white house conference last week. Bonu . '. - To Mr., and Mrs.. Marshall Dilling sa Monday; February 23, 1920, a daughter.
Gastonia Daily Gazette (Gastonia, N.C.)
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Feb. 23, 1920, edition 1
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