Bemidji Daily Pioneer Newspaper, November 23, 1920, Page 2

'CATECHISM H. Patterson, Comp- u‘nty Trust Company || the care of to individuals, be! .yreorwnnonq, thereby, among .thi elieving them of the sums of money 1t is also the aer their fon. bm' thfy which nearly ali gen- ‘eral “business transactions are ulti- tely cleared. Without the facil- fés' afforded by banks the business of ‘the country would be at a stand- 111 M A In the very early days of civiliza- tion all commerce was conducted by GREAT FLE ASSEMBLE | LI PACIFIC ET’S N THE, N Harris, head of the school, discoy ered that 'there ' was much -more chronic illness among the newcomers | previously, ' One result of this has been, the employment of a trained nurse, and Dr. A. H. Henderson, med- {ical missionary, following an examin- ation of most of the pupils, together, with Dr. ‘Harris .are planning a health campaign to raise’the present health standards. ; The extensionof provision for additional schools are hoped for from' ‘the $100,000;000 ew ‘World Movement' fund- which he Northern Baptists of America are raising. ¢ gtk Quebec, Quebec.—It is announced that the Banque Nationale is opening branches in Brussels, Belgium; and Marseilles, France. This bank has, glready a branch operating in :Paris; France. v + ; Tak_e Home |than those who'had been in‘the sghool|| medical work and{’ A I i %lliIIIIIllIII!IIIII"IIII!!IIIIII | 1 NOURISHMENT hod, ‘Buy Korein tabules st ‘or for free brochurc with mat to yon in plain wrapper) write to NOGB, Now York T THE PIONEER WANT ADS! BRING RESULTS, - = is Nature’s first. aid to - the body in 'times of weakness. i ’ D [ B Scott's Emulsion unsurpassed in purity * Jand goodness, is nourishment ina form that seldom fails, Ls:m & Bowne, Bloomfleld, N. 3. 2049 Y et T + ST iIIIliIIIIIIIIIIIIIIIIllIIiIIIIIIiIIIIIIIIIlIllII!IiIIlilIIIIIIIII' St 3 Vgt ')A. arter, . trading one product for an-| ‘gthey. . Later came the creation of | ‘money, which greatly advanced the| ] e 7 oA :f;;t?l:egl!“:‘o?::fizma: t{:e g;oé ‘GREA'I' FLEETS TO GATHER Upon the meetig of the great[auxiliary vegsels in abundance, whilk | IN PACIFIC IN JANUARY |fleets Admiral Wilson will become|the naval air service will have their| ;{,3}“:‘?&1 :,‘:,,‘;fi;’",:?’;’;m'e‘ (:’n: commander-in-chief of the greatwinged ships dotting the skies. a i Pound o_f er commodity from another person| January will witness one of’the armada, and the winter maneuvers, greatest armadas ever assembled un- {der the American flag, when the great | Pacific and Atlantic fleets. assemble in the Pacific for winter maneuyers. When the time comes for the fleets |to assemble in:southern waters this |winter, the Pacific fleet under com- |mand of Admiral Rodman will steam {to thegguthward - towards the Gulf of PanaMa where it will assemble for {winter operations. |undér command of Admiral Wilson, |steaming southward, will pass Guan- tanamo Bay where it has wintered yearly in the past and will proceed to the Panama canal, passing through which it will join the Pacific fleet, | creating ‘the ‘most magnificent naval |spectacle in years. or. in some other place, thereby af- fording a wider market and more op- portunities for profit. The posses- sion_or transportation of money, hawever, subjected the owner to risk of theft and ‘loss of life, and ulti- 'mately /banks were organized in ‘which the money could be deposited * for.safekeeping and the owner of the | money - could pay his debts by writ- ing an order on the bank to pay a atated ‘amount of . his' money to ‘whomever he designated and there- by be'relieved of all risk from hav- iAg:large. amounts of money in his possesaion. These written orders ul- timately - became known as checks and’ today -form one of the most im- portsat mediums for transacting 18iness. S Q. Is there more than one kind of a bank?’ ] ./ A. There are many kinds of banks There is the bank of deposit, d ) ortbed in a general way in the fore- ing. paragraph, and there are sav-| ’f:i- benks, trust companies, private | Dbanks, banks of discount, acceptahce banks and the Federal' Reserve banks. . 5 5 Q. How does a gavings bank dif- . fer from-other banks?" i A, ‘A’ savinngs bank -is. one in ‘which :people deposit - money that ‘they ‘do not expect to use immedi- oty and: upon which they can re- 7e & higher rate of interest than is generally allowed by banks of de- posit. * Qi Why can a savings higher rate, of interest? ‘A.' The' principal ‘reasons are . ‘that ‘'most.of -the money is deposited for . long ‘P¥riods:-ant* ~ the clerical . work in &'savid#¥"bahk is:Jess than ona- bank’ of deposit, and conse- quently its expenses are much less, as the.accounta are inactive. hat is meant by mapey de- posi dt:,in savings banks for long A, ally savings bank accoupts are-started with small sunis and/are . added to as money is saved against the proverbial “rainy day.” Conse- quently, the money usually remains until there is urgent need for it, or enough has. accumulated rant investment in some bond or busi- bank pay a ness. # Q. If savings banks pay more in. terest why does not everyone use a savi bank instead of a bank of - deposit? . A. If savings banks were used for commercial\ purposés their expenses 'would be so large they would be un- able to pay the higher interest, and besides, the method of transacting iness by a savings bank is entirely different. In A savings bank the usu- .8l method of withdrawing money is / upon the presentation of a bank book, ! . and it can readily be seen that com mercial business could not be trans- acted in that manner. Q. What is the difterence between | State bank and a National bank? A. The differences between State as before the passage of the Federal rve Act in 1913. A State bank is' chartered by khe state in which it located and is subject to the laws " ‘of the state and - examinations by state authorities. A National bank i * authorized by act of congress and is part of the Federal Reserve System, ‘while a ‘State bank may or may not such ‘system. : " Prior to the passage of.the Federal Regerve Act, the principal difference Detween the State and National banks! that National banks issued money the. form-of bank notes, which a| State bank could not do, although, in| the early days of the Republic, State! ‘banks were. permitted.to issue_ bank | motes and the notes of one bank| would frequently have a different| value from:the notes of some other| bank, - cal tions. - Y Q. Why did the Federal Reserve| Act change the method of issuing, ¥ | o the passage of the act,| generally speaking, two r money in circulation— | by the Treasury of the| J s secured by the deposit gold silver and known as gold or silver certificates, and notes issued by National banks secured by certain United States government bonds. forms of currency were not sufficiently elastic and were incapable of ‘expansion and contraction to meet the fluctuating demands of business, / because the amount of notes could’ be issued by National! ‘banks was limited by the amount of the capital of the banks, and, further- _more, n%urwn United States gov- eshment bonds had circulating privil- ‘sdges. In addition, the element of | to war-| Eprafit entered into the issuing of bank notes. Q. How did the element of profit enter into the issuance of bank notes? A. Prior to the passage of the Fed- |eral Reserve Act, a National bank |could issue currency.only. by'the de- | posit of an equal amount of United 1States government bonds, ‘with the { Treasury department in Washington. {For instance, a Bank desiring to issue $100,000 bank notes would purchase $100,000 United States government bonds, which might cdst it, say $105,- 000, as-such bonds usually sold at a ipremium. It would deposit = these !bonds in Washington and receive 3100,000#11 bank notes with the bank's name engraved thereon, and it would have back $100,000 of the $105,000. it paid for.thebonds, These Bonds ‘ususlly carried 2*per "cent in- | terest which the bank would recéive, lor $2,000 per annum, against which |it 'would have. invested only $5,000. On the other hand, it must get back out of the: interest it regeived, bonds; it must keep a redemption de- posit with the Treasyry Department in Wathington egual to 5 per cent’ 3{‘ the notes outstanding; it must pay.2 circulation-tax on the amount *of notes outstanding, and it was oblig-| ed to pay part of the expénses of operating the Redemption Bureau in Washington. If money were. in de- mand and interest rates were high and the bank did not pay too much premium for the bonds it purchased, | then the issue of bank notes was profitable. - But if there were not| much demand for mioney, the bank/ notés would lie.1dle in the bank vaults | or, if the notes were retired, the bank | would have its money invested in gov-| the $5,000 premium it had paid on'the | L: ernment bonds paying only 2 per cent, or sustaining a possible loss| if it tried to sell the bonds, as all| | other banks would probably be selling | their bonds for like reason. | .Q.How did the Federal Reserve Act' ichange the issue of currency? | ! A. In addition to the gold and sil-| ver certificates, the United States| government can now issue what is known as Federal Reserve notes se- cured by 40 per cent in gold and 60| per cent in agricultural, industrial and commercial notes, drafts, bills! of exchange or acceptances. These! notes can also be secured by 100 per/| cent in gold. g . ; Q. .Why is this an improvement| |over the old method of issuing bank ’nutefl? [ i ” A. 1t provides greater elacticity |and facilitates the transaction of {business when there is a heavy call for mnioney, and as the demand for| money to move crops, etc., eases off | and ,the crops are paid for, the amopmnt of Federal Reserve notes out- standing is ‘automatically reduced. | In the past, the ,expansion in bank notes was limited by the amount of | capital stock of the National banks and government bonds having circu- lating privilege, and if money was available—with an g no end of complica-:“eeded beyond that point it was not | resultant failures d panics, e o Under the Federal Reserve Act,| notes for business tramsactions sub- ject to certain restrictions making| them eligible can be taken by a bank | to the Federal Reserve Bank of which | it is a member and exchange for Fed- | eral Reserve notes. The Federal Re- serve Bank in turn pledges 60 per| cent of such motes, together with 40| per cent of gold, with the United States government as collateral for the Federal Reserve notes, which are issned Ior‘ the full amount. Fredericton, New ' ‘Brunswick.— Eleven million dollars is involved in| the transfer of the. 1,600,000 acres: of timber limits at present owned by the New Brunswick Railway com-/ pany, which are expected to be pur-| chased the r .~ Company, | Limited, and on which they have had| an option exterided. { spliced in with! athletic meets be- tween, the various champions of the fleets will begin. This re-union of the fleets will give the personnel a chance to renew old acquaintances, to see the sights of Panama and while their friends shiver midst the snow and ice of the,north to. see the combined' ‘power of the organization of which® they aré a ‘The Atlantic fleet! part. It is expected that Admiral Wilson will have several hundred vessels un- der his command during the opera- tions with a combined gun power of 112 14-inch guns, 80 12-inch, 22 5-inch, and 28 38-inch. In.addition to the great vessels of the fleets there will be submarines, degtroyers, and, KRR R RERR KKK KK ¥ REDBY AND RED LAKE * KREKK KK EAREE KKK KKK The citizens of Redby and- Red Lake by all meahs should get togeth-' er-in an effort to keep the road open! beiween the two towns, it' would not require muca effort to build suffici-| ent snow breaks, along the road 'to make it passable all the winter with | week. Sleighs should be made | automobiles. wider ‘a8 provided by lawt—he mar- row sleighs ruin roads for uutomo-| biles. Why do the commercial clubs of the two towns not get busy? The annuity payment to the In-!| dians of :ithis reservation will be made Monday and Tuesday, 22nd and 23rd. | J. G. Morrison of -Red Lake at- tended a farmers meeting at Kelliher Thursday: ‘of test ‘week.~ .. . | Mr. Cditer, and*Tiitlan Service Tn”| spector, has been here for the past few days on official business, cpecting Indian schools, There were three deaths in Red! ke last week, that of Mrs. Elliott.| Mrs. Rose Thunder, and the child of Solona Hasky. Mrs. Elliott died aft- e€r an operation in Bemidji, M Thunder died following child birtb.'a and the Colona Hasky child was sup- posed to have died of Diphtheria. Nancy, Lawrence and Joe Lussier were .marrie@d at the Catholic M sicn school last*Wedngsday, the 17th. Rev. Lambert of Bemidji held ser- vices in Red Lake, and Redby on Thursday and Friday last week. Baptiste Thunder was the ; best huntsman last week bringing .in a large moose. [Five deer were Killed in ithe Beaulieu camp. Henry Mar- TAKES PAIN OUT OF RHEUMATISM Keep Sloan’s handy for backache . strains and sprains, t00 LOAN'S Liniment has been sold for 39 years. Today, it is more popular than ever. There can be but onc answer—Sloap’s' produces re- sults. o Applied zithout rubbing, it penetrates to the afflicted! part, bringing relief from rheumatic twinges, sciatica; sore, stiff, strained muscles; backaches, sprains, and other external pains, often e result of exposure. 1t leaves no mussiness, skin stain or clogged pores. Get a large bottle for greater econ- | omy. Keep it handy for use when needed. Your druggist hes it. Three sizes—35c, 70c, $1.40. 0 Sloa Liniment in-| | . | | | [ It will be an impressive sight even’| to the men-o’-war’s-men who are a i customed to the unusual and who be- lieve that thgre is “nothing new under the sun.” | In'the large picture above we see| ’the Atlantic. fleet steaming in forma-| tion flanked by subchasers, while the! !air scouts guard them overhead. In the top and immediate foreground| are the muzzlesof two of Uncle| Sam’s mighty peace makers on- the| vessel from which the picture was| taken. At the top andireading from| left to right are: Admiral Wilson,! who will be commander-in-chief of; the combined fleets; Admiral Coontz,| chief of operations; and right, Ad-|]| miral - Rodman, who commands the| Pacific fleet. % i | tin killed tem skunks and one bear one day-last week. The fishing industry on Red Lake is ‘closing out now account of the lake being frozen -over, it will open . up again when the snow melts in the| spring. { i Mrs. Ole-Larson of Camp No. 3. of| the Internationai umber company, spent the week-end in Bemidji last! N i Ask Miss Lund of the Agency Of- |} fice for instruction in skating on the lake, and its effect on the eyes and complexion. . ! Don’t forget the big dance in Red! Lzke: Thanksgiving :night, and the next number of the"Lyceum course; will be held Deceniber 13th. | VT | | HEALTH OF SCHODL CHILDREN | i « * By United Press) Rangoon, Burma.. (By Mail)—Medi- cal examinations for school children, to determine the connection between ill-health and poor lessons, is being undertaken:by American Baptist mis- afonary teachers working among the| Karan people of the Jouthern:Shan states. " ‘The cvening of schopls at Toungoo | wamped accomodations, and Rev. E. ' CHIEF BRAND BUITER The best on the market, i the more you eat the better you like it. Ask your dealer for a pound today. Bemidji Creamery | Gompany FUR COLLARS $15.00 | —wear a fur collar on your overcoat. We make them and put them on at a reasonable cost. Your coat will look dressier and will be warm and comfortable. for $15.00 and up. We have them Coats remodeled, repaired and re].ined. Caps made to order, $10:00 and up. Scarfs and Muffs—fox, wolf, Ra¢coon, ete., $20.00 and up.. 'BEMIDJI FUR COAT CO. Manufacturing Furriers Phone 578 . New Kaplan Block Bemidji J KOORS BUTTER SUPREME Carving Sets job, on that turkey. - W. ures that should move themsquickly. ARVING SETS ...... C CARVING SETS ....... CARVING SETS . CARVING SETS CARVING SETS .. C. E. Baftles i “The Heme. of Good Hardware” s | BELTRAMI AVENUE Dissolve instantly on tongue or in water—hot orcold; do not have to crush, QUICK RELIEF! ALSO IN TABLET FORM FOR THOSE . _WHO PREFER_THEM. . * MADE BY SCOTT & BOWNE - MAKERS OF ‘. SCOTT’'S EMULSION 1 IilllllllmllllmlllIIIIHllIIIlJIIIIIIIIIIIlllIlIIIIIlIIII[IIIIIIII||IIII||I|IIIIIIllIlIIIlIIIIIIIIIIIIIIHIIlIIIlIIIIIlIIlIIIllllllllllll||llll I TWO STORES BEMIDJI ' ST.CLOUD “WILSON & COMPANY _ WOME&‘S AND MISSES’ OUTFITTEkS fiExT DOOR TO SHAVITCH BROS. = ' SALE-DRESSES ready-to-wear markets last week, picked up some real values. find them marked surprisingly low—at . $17.95 $22.50 for values to $30.00 for values %o $25:00 | $2950 $3950 for values to $45.00 7 . s 3 MATERIALS Satin ‘Serge Tricotine Tricolette Silk Yarn ‘ Velours " Embroidered .Shop' early! . While the selection is complete. Make' your choice before they have been picked over. for values to $65.00 STYLES Straight Line Knife Pleated . ‘Beaded Perhaps youwll need one to do a neat e have some two and-three pi€ce carving sets, priced at fig- BEMIDJI, -MINN: ;'Tfilllllllllllllll"lllllillIIIIlIIIIlllIilillillIIIIIIII!IIIIIIIIIIIIIIIII!IIlHIIIIIIIIIIII]IIIIIII R ‘Mr._J. D.. Wilson, who visited the ’ Fifty of these Dresses have been received. You will -