The Bismarck Tribune Newspaper, May 10, 1920, Page 8

PAGE EIGi#f AMERICA’S ECONOMIC GRISISIS. SUCHTHAT ONLY UNITY DISPLAY OP WAR TIMES WILL CURE ILLS BY R. C. LEFFINGWELL, Assistant Secretary of the Treasury For about a year after our declara tion of war, our loans to the allies were our principal effective contribu tion to winning the war they were | fighting, The loans we made to Russia held the eastern front for six months. If th loan we made to Italy 1 of 1917, when the great broke on Italy, that gave the Italian people courage and enabled Italy to replace lost munitions and supplies, In the spring of 1918 it was our silver that held India for the al- lies. In the summer of 1913, Amer- ican credit stained the French ‘When Paris itself was under gun- fire. As our military effort grew, the burden which the treasury had to bear came increasingly to represent the expenditures of our own govern- ment and decreasingly those of the allies. Thirty-Seven Billion. The total war disbursements of $37,455,000,000 include expenditures for loans to the allies and obligations taken from. the allies and other gov- ernments upon the sale of goods on dit in the aggregate amount of, $10,000,000,000, and in addition eral billion dollars’ worth of more or less salvageable investments. To what extent and with what degree of expedition these investments may be liquidated depends upon questions of public policy as well as_ practical finance. The excess profits tax discourages initiative and_ enterpris rewards over-capitalization ; and courages conser ism in capitalization, con- firms great corporations in their mo- nopoli encourages extravagances and wasteful management, and adds to the cost of living. Congress Can Remedy Excessive surtaxes do not produce revenue, but drive capital into the billions of exempt securities. It is within the power of Congress by reducing surtaxes and increasing normal taxes, to lift Liberty bonds to practically any. market level it chooses. In the last analysis, taxes can only be paid out of income, and the best tax is a properly graduated income tax. When a tax is imposed upon something else, or measures in some other way, the taxpayer who has no current income available must. shift the burden to someone else. If pos- sible, he will shift it to the ultimate ‘Indirect Taxation rect taxation makes it possible eal from the great mass of voters upon whom the burdens fall that they are being mulcted in order to confer special benefits upon a part of the community. The cost of living here has increas- ed less than in any of the belliger- ent countries (including Japan, which assumed no appreciable part of the financial burden of the war.) or in the neutral countries. This was in no small measure due to treasury! methods of financing the war. ‘Since armistice day the world has receded further from a sound posi- tion. We have failed to restore peace and peace conditions in Europe. In America unsound economic ideas have in many instances prevailed and ‘the effort is being made, first here then there, to in:prove the con- dition of some of the people at the expense of all of tic icople. Prices Inflated Our prices are being inflated and our own banking and currency posi- tion expanding by the féverish speculation in European currencies, credits and securities, including those of countries with which we are still technically at war. While congress deliberated, the government held control of the rail way systems of the country for a year and a quarter after fighting stopped, and furnished transportation at less than cost, Then congr or- dered the railroads returned to their owners with a new expenditure of $1,000,000,000 by the government for their account and the deferment for years of the $1,000,000,000 the rail- roads owe the government. If the railroads had been allowed !to charge reasonable rates, the gov- ernment would have lost nothing in the operation, Instead of telling the people frank- ly and boldly that prices are high because they are wasting, we fix prices and prosecute profiteers in or- der that the people may buy more and pay less. Instead of telling the people that Liberty bonds have depreciated be: cause they are treating their Liberty bonds as spending money, we clamor that the rate of interest upon the bonds is too low and urge a bonus | to bondholders disguised as a refund- ing operation, We enjoy high living while we grumble at the high cost of living— of silk stockings and shirts for the poor, of automobiles for men of small means, of palaces for the profiteer and plutocrat. Instead of telling the young men who were drafted to fight the war, and who came back better and strong- er and more fit to fight their own battles than they ever. were before, to go to work and look out for them- selves as any self-respecting man should, we listen complacently to their organized demands for a bonus, euphemistically called “adjusted com- | pensation.” : | We must get together, stop bicker- ing and face the critical situation which confronts the world as we should a foreign war. We must cut government expenditures to the quick, jabjure bonuses and realize promptly upon all saleable war assets, includ jing ships applying the proceeds to t JOHN Popular Priced Store bismarck’s Greatest ‘and Largest Garnient Shop. TWO STORES---BISMARCK AND GRAND FORKS The House WithOver 1000 Garments Here are a few specials we are going to offer for Tues- day’s sale: Children’s School In a very good quality of Gingham and Chambrai—col- SON’S and Play Dresses ors light blue—pink—Nil Plaids of all kinds—stripes, etc. Values up to $5.98. Tuesday sale, special .......... $3 .98 Waists, Waists, at Greatly Reduced Prices The famous Sheer Bros. Geo: up to $12.50. Tuesday sale, BDCCIAL: = scp chaee eases snes We have about twenty Sheer Bros. waists that are slight- ly soiled from handling. Values up to $8.50. This sale, your choice, only. $3 .98 ONE LOT OF CORSETS JUST A TRIFLE SOILED 20 PERCENT DISCOUNT 36 inch Percales. Special sro cccssate wero oee 27 inch Percales. Special SUIT CASES AT 10 PERCENT D REMNANTS AT BIG SPECIALS Children’s Hats. Sales aoe. oars ae ate ener 98c White Oilcloth. Special e green—Lavender—Tan.: rgette Crepe waists. Values ome . $5.98 the war debt. We must have a na- tional budget with teeth in it. And above all, we must work and save. We must produce more but, more important still, we must con- sume less. HAWAII TAKING MUCH INTEREST PARTY POLITICS Ten Important Planks Made Part of Republican Party’s Honolulu, T. H., May 10.—Resolu tions containing recommendations for Hawaiian planks in the republican national platform, adopted recently at the republican territorial convention. included a plea for a vote in congress for the ‘Hawaiian delegate. Ten other resolutions recommend Platform | BISMARCK DAILY TRIBUNE MONDAY, MAY 10, 1920 STILL HOLDS JOB LINCOLN GAVE HIM ing planks in the national plaform were adopted. They included: Adequate appropriations for an Americanization program. Suppression of dangerous doctrines tending to undermine the government. Neduesting congress not to pass legislation affecting Hawaii without such legislation first receiving the endorsement of the territorial legisla- ture. ‘Legislation requiring a governor of the territory to be a resident of Ha- waii five years before appointment and requiring other federal appoin- tees to have three years previous residence. Inclusion of Hawaii in all genera) legislation except where there is specific reason for its omission. Expansion of Pacific commerce and appropriations for Hawaiian harbors. Prohibition of the employment of aliens on federal work. Improvement of army and navy posts in Hawaii and the building of a system of military roads, Snecial financial aid for the Ha- waiian national guard. Inclusion of Hawaii in any uni, versal military training legislation. DANIELS GIVES SIMS BROADSIDE IN CONTROVERSY (Contimed From Page One) purely military matters. looked to the civilian secretary to defend them.” TEN TO ONE z “There were twelve of these hign officials ranking officers charged wita at responsibility,” said Secretary Is. “You have heard eleven. is the author of these criticisms. ‘The twelfth, Admiral Gleaves, in charge of the ships that carried our soldiers to France, is commander in chief of the Asiatic fleet and I do not feel justified in ordering him from his distant station to testify. The ten, who have testified besides the author of the charges, have ably and flatly denied the correctness or justice of the criticisms. “In considering the criticisms ot one of the eleven officers referred to I think it surprising and gratifying that the verdict of these oflicers is ten to one as to the correctness of what we did} DEFENSE NOT NEEDED “What I feel is needed from me is not a defense but a clear and brief resume of what has already been tes- tified to, that the public may clearly understand that this defense has already been ably and fully made by the highest officers of the navy, to- gether with some statements of what the navy actually did during the war. You have heard long statements of what, it did not do. The country’s pride will be heightened by the fact of some of the things it did do.” DELEGATES ARE CONFIDENT THAT ANTIS WILL WIN (Continued From Page One) McBride of Dickinson and H. R. Bitz- ing of Mandan were endorsed for dis- trict judges. WELLS COUNTY Fessenden, 'N. D., May 10.—Follow- ing a straw vote in which Attorney General William ‘Langer received, 74 out of 85 votes, the Wells county anti- Tewnley republican convention held here unanimously endorsed Langer for governor. | The delegation, how- ever, was uninstructed. The members of the delegation are Herman Scheer, Hamberg; A. T. Fortney, Bowden; Hugh Montgomery, Harvey; A, L. Netcher, Fessenden; Fred Dietrich, Hurdsfield; A, F. Belcher, Sykeston. The alternates named are: I. A. Wil- liams, Cathay; A. C. Grove, Sykeston; Fred Rasmussen, Harvey; T. T. Jor- tad, Harvey; Otto Zcech, Chaseley; Aloys Wartner,Harvey. <A feature of the convention was the large number of farmers present, they being in -%.¢ majority. LA MOURE COUNTY La Moure, N. D., May 10.—An un- instructed delegation of five members was elected here to represent La Moure county at the anti-Townley re- publican state convention. The dele- gates are DL. A. Washburn, Paul Adams, Chris Flegel, G. C. Bjone and N. J. Cruden. The alternates elected are H. Weaver, C. H. Porter, 'H. Put- man, R. M. Crichton and S. Feltis. was a good attendance at the meet ing, which was very enthusiastic. GRANT COUNTY Carson, N. D., May 10.—While Grant county’s delegation to the anti- Townley republican state convention at Minot will be uninstructed, the delegation will carry out the wishes of the mass meeting previously held which unanimously fabored the nomination of Attorney General Wil- liam Langer for governor. The dele- gates are Robert D. Beery and H. Hallenberg of Carson, J. J. Ryan of Leith. Jamss McCormick of Shields and O. D. Sprecher of New Leipzig. The convention was almost entirely composed of farmers and confidence was expressed that Grant’ county would roll up a good majority against all Nonpartisan league candidates. Camp Nelson, Ky.—Captain S. 8. Cole, custodian of the National Ceme- tery here, claims to be the oldest em- ploye of the American government, both in age and point of service. He is 94 years old and fought in the Mex- ican and ‘Civil.Wars, He was a per- sonal appointee of President Lincoln to the position he now holds. Lignite ine Industry To Supply Electric Energy for $50,000,000 Copper Refinery iNew York, May 10.—Information comes from the American Chamber of Commerce in London that a 10,- 000,000 pounds copper refinery is to be set up at Newton Abbott, in Devon- shire, on a site where the requisite; ¢ energy can be generated from of 800,600,000 tons of lignite. Ss a new smokeless fuel, or Lignite immature coal, formed hy the action of heat or pressure on vegetable matter. According to reports received by the American Chamber the compara- tively cheap production of coal from British mines before the war.was the reason why no serious interest was taken in the lignite deposits that were known to exist at dovey Tracy and elsewhere in Devonshire. The petrole- um research department, which was established during the war to inves- tigate these deposits at Bovey Tracy, discovered an enormous bed of the highest , grade — lignite, invaluable, among other things, for the produc- tion of crude oil to the extent of from fifteen ‘to thirty-five. gallons per ton. There is at present no electrolytic refinery in Great Britain, 90 per cent of the copper used in British indus- tries being imported from the United States. It-is hoped that the new re- finery will produce 100,000 tons of copper in blister ,form—-an English process - of copper-smelting which raises. blisters onthe white metal after calcination, The commercial development of De- vonshire’s lignite deposits will enable electric power to be generated so cheaply as to make. it possible to sup- ply current in bulk to all the towns in South Devon, :as well as to indus- tries in the neighborhood. The pos- sibilities of cheap power may result also. in revolutionizing the British pottery industry, which is at present centred in Staffordshire, to which dis- trict numerous varieties of Devon- shire clay are now transferred at an approximate cost of 3 pounds per ton. The American Chamber points out, however, that since it was cheap coal which made possible the growth of the enormous pottery industries of the Five Towns of Staffordshire, the possibility that the same clay can be put in the lignite fired kilns in Devonshire at s. per ton may result in the establishment of British pot- teries in the vicinity of cheap clay rather than in the vicinity of cheap coal. : Apart from the cheap electricity generated from lignite and its prob able effect on the future pottery trade of Britain, crude oils, as a by-product, can be produced from lignite by the retorting process, while by distilla- tion up to 3 per cent of motor spirit and 10 to .0 per cent of paraffin can also be obtained. The value of crude oil recovered in the process of re- torting, deducted from the selling price of the solid fuel, will enable the fuel to be sold at considerably less than the price of coal. In addi- tion to the motor spirit and paraf- fin obtained by distillation. it is un- derstood that a valuable fuel, par- ticularly suitable for Disel and sim- ilar ‘engines, can also be produced, together with lubricating oil and par- affin wax, under certain conditions. Montan wax, at present almost a complete monopoly of Austria and Germany, is claimed to be another by-product from. Devonshire lignite. Lignite, being very ‘valuable on ac- count of its high-melting point, 1s reported to be unequitable for the production of boot. polishes, grapha- phone records and other articles. The yield of this wax from hand-picked pieces of lignite is said to vaty from lv to 40 per cent.—New York Times, Men Who Dare to Io. Conventional men consiler clothing, feputation and returns. The age calls for men who forget all in the chal- lenge of the opportunity, While the crowd speculates and wonders, the man of the bour sees the opportunity and goes on to success.. His feurless- ness. is 9 mark of his fitness. He dares w)itie others cringe. It 1s this Quality {hat gives the lion-tamer con- trol of the heart. It is the quality that has thrilled every man that has visen above the average. It’s a case ef dare to do, or syuasa with the @owd. ~Grit, . When the. subway tubes under the Hudson at New York were construct- ed, 40,000 men worked under air; pressure daily .- In cold storage plants, the cold pro- duced by means of ammonia is equal to 750,000 tons of ice consumed daily. (Political Advertisement) To A. C. Townley and his various managers, tools, crooks, assistant crooks, agitators, red agi- tators, agitators in general, and ‘rule or ruin’ anti- Townleyites, who are going up and down the State lying to, misleading, and deceiving the farmers, business men, and all other people. Greetings: Take notice that I hereby offer the sum of One Thousand Dollars ($1,000.00) if you, or any one of you, will produce proof within thirty days from’ date which will convince a board made up of C. L. Dawson of Beach, and four returned soldier farm- er boys who were wounded in action, appointed by him, that I have ever been guilty of, or assisted | anyone in the commission of one single unpatriot- ic act. T especially direct your attention to the late Dan V. Brennan’s trip to the State of Washington which you contend was made at State expense to keep my brother out of service. You haven’t the manhood to print the voucher which ison file with the State Auditor which makes it perfectly clear that neither Mr. Brennan nor I used any State money for private purposes. In publishing the correspondence which was stolen from my office, why don’t you publish it all? Why don’t you tell about the attempt to ruin my brother financially? Why don’t you tell how, as soon as he disposed of his business, he enlisted as a private, was wounded in the Argonne Forest, laid twenty-four hours on the battlefield and five months in a hos- pital in France? This was all contained in the correspondence you stole from my files. I challenge you to publish it all! You know the correspondence shows the real reason why Dan V. Brennan went out to Wash- ington, Idaho, Montana and Minnesota—the vis- its to the various States to get united action for | the revision of Federal grades on wheat which later materialized at a conference held at Helena, Montana, presided over by Governor Stewart and attended by representatives from Minnesota, North and South Dakota, Montana, Idaho and Washington, at which conference Assistant At- torney General Cox, who succeeded Mr. Brennan, was secretary and which was attended by John N. Hagen, Commissioner of Agriculture and Labor and Charles Bleick of the railroad commission. Come on and tell the people the truth! TO ALL MY POLITICAL ENEMIES, Greet- ings: If any one of you, or all combined, can show to these same five soldier boys that I ever did one crooked act in my life or that I have made any po- litical promises to any one or that I have promised any city any industry, in the event I am elected Governor, you can have the ONE THOUSAND DOLLARS ($1,000.00) that the ABOVE OUTFIT “cannot possibly win. WILLIAM LANGER a