The Bismarck Tribune Newspaper, May 25, 1935, Page 4

a THE BISMARCK TRIBUNE, SATURDAY, MAY 25, 1935 cial i The Bismarck Tribune . iy Who Wants to Lay the Cornerstone? | [.¥ | que srATes’OLDEST NEWSPAPER ehind the Scenes Your P ersor ral Health (Established 1873) in Washington By William Brady, M. D. \ i wey al ted dite) tte Sate aed WITH RODNEY DUTCHER Dr. Brady will answer questions pertaining to health but not dis- : Published by The Bismarck Tribune Company, Bis-|m 2 Fae oe een Mee tte eer yea aausy be secompanied by i ‘marck, N. D., and entered at the postoffice at Bismarck NO. 1—THE BANKING BILL ,.. Greater Government Control Is Burning Issue Bankers Won’t Trust Politicians and Politicians Won't Trust Bankers to | Run Finances. t coe Washington, May 25.—The fight over the banking act of 1935, like those over most of the other proposals on President Roosevelt's “must” program, centers on & New Deal demand for greater public control in the American economic system. Mr. Roosevelt and Gov. Marriner 8. Eccles of the Federal Reserve Board say, in effect: “We cannot afford to trust private bankers any more with the management of our national credit and financial policies.” The bankers reply: “We cannot afford to trust the politicians.” The house already has passed the bill, on the theory that it is safer to trust a governmental agency, represent- ing—and accountable to—the people, than the bankers, Tepresenting—and accountable to—themselves. The senate banking committee is now considering the bill, plus certain amendments urged by Eccles which it s second class mail matter. George D. Mann President and Publisher Archie O, Johnson Kenneth W. Simons Secretary and Treasurer Baitor @ stamped, self-addressed envelope. LH REVIVAL OF TONY THE WIRISH TERROR ~ Two weeks after you had announced that alle tea geige he i q ne to the hay huntit ids, we were del rea ye ‘ column that an was revived, and frisking about, bounding onto his favorite chair, etc. The nip of iodin is not so potent as all that, is it? (Mrs. L. 8.) id Madam, you are cruel. Your letter caught me nine hours since break- fast and with the prospect of waiting another hour for dinner, and at such a time it is easy for a man of my extraction to burst into tears. Further- more I have become almost resigned to the dreary atmosphere around here, feeling only occasional recurring pangs when I happen to see some one else PA being dragged along the street by a young Tony dog in leash. Then, too, f ; lately there has been no sound of toenails digging into the slippery stairs f at 1. or 2 8. m—right up to the last Tony negotiated those stairs at least once every night to see whether by any chance I might have any little tid-bit for him. a If young Dr. Cornish, the Berkeley scientist who brings ’em back alive, a. can revive all those mere dogs why can’t I have Tony back again just for 4 @ brief visit? What have I done that you begrudge me this little solace? oe Subscription Rates Payable in Advance Daily by carrier, per year . $7.20 Daily by mail, per year (in Bismarck) Daily by mail, per year (in state outside of Bismarck) «+ 5.00 Daily by mail outside of North Dakota . ‘Weekly by mail in state, per year .... ae UL Weekly by mail outside of North Dakota, per ike year Weekly by mail in Canada, per year. i Member of Audit Bureau of Circulation Member of The Associated Press iy To be honest, I must confess that neither the nip of idoin nor the BS use tH Aepuvlicacton: corsgil' ROOL AIEDREGNEE: credited to pbs dards t eee vitamin ration actually restored Tony to life. What happened was a mix- oh it or not otherwise credited in this newspaper and also STEP TOWARD CENTRAL BANK The administration stops well short of Father Cough- lin’s demand for a new government-owned central bank - to absorb the 12 federal reserve banks with absolute power over currency, credit, and banking—including is- suance of all money and regulation of its value. (Secretary Morgenthau’s proposal to. buy up the stock of the federal reserve banks is at present to be taken as a threat to bankers that they may get a more radical bill if they persist in opposition.) But it takes a step toward the cen- tral bank idea in its proposal to remove control of open market operations from the 12 federal reserve bank governors, representing private a bankers, and give it—with power to initiate and enforce—to the presidentially appointed federal reserve board, which now has only a veto power over those operations, Open market operations are simply those in which the 12° regional federal reserve banks deal in govern- ment bonds with the thousands of member banks of the federal reserve system. Purchase by the reserve banks increases bank reserves, providing member banks with more funds. Sale to member banks decreases their re- up of copy. I wrote the second item to which you refer @ month or two before Tony’s sudden demise. But in shuffling it over it got into print im ahead of the item® telling of the old fellow’s passing and the atmosphere 4 of gloom that had come over us all when Tony was gone. , I still urge that everybody who keeps a dog or a cat should see to it 4 that the pet receives a suitable supply of iodin in one form or another. é My own practice was to share a nip of iodin with Tony—put a drop of the ordinary tincture of iodin (iodine to you, old fossils) ina glass of water for myself once a week or so, and other drop in Tony’s dish of water once a week or so. It is a kindness to animals, too, to see that they get their vitamins. Re- 5 member the case of the prize dog that became practically paralyzed in the } t hind quarters and got no relief from the various “experts” consulted, until finally a medical man doing nutrition research suggested vitamin B, and ‘ that soon restored the dog to health. Share your vitamins, as well as your x iodin, with your pet. fi % 4 ‘ the local news of spontaneous origin published herein. All rights of republication of all other matter herein are also reserved. * * Inspiration for Today The liberal soul shall be made fat; and he that watereth shall be watered also himself.—Prov- erbs, 11:25. see He that gives all, though but little, gives much; because God looks not to the quantity of the gift, but to the quality of the givers —Quarles, Day Coach Opinion Few more illuminating things have been written recently by any individual of national prominence than that story by Roger W. Bab- son in which he retracted many of the harsh things he has said about the “New Deal,” came ‘While we are off the beat—though the keeping of a dog or a cat or a bird or a horse or a cow or almost any animal is a health question often enough—let me put in a word for all the mal-treated animals that are fed and cared for as directed by self-constituted experts or fanciers or breeders. Don’t subject your animal to nostrums and quackery. Follow the advice of { @ competent veterinary. Don't inflict “worm medicine” on your animal un- less your veterinary prescribes it. Don’t confine the animal to a freak diet on the suggestion of some untrained “expert.” 4 unre. Prieta Seek to the conclusion that President Roosevelt may 5 hike) QUESTIONS AND ANSWERS . ow be the one real hope of the capitalistic system Parad scenineaamatert Aerophagy j The theory is that credit expands when reserves are in America. increased and that recovery follows whenever business is Is belching ever # habit? A woman belches constantly at home, yet willing to borrow. But if a dangerous speculative boom threatens, regional banks can sell bonds to member banks in order to withdraw funds from the market. Under the banking bill, the federal reserve board could also make credit either more or less expensive through changing the rediscount rate (interest rate charged by federal reserve banks for loans to member banks, which controls rate charged by the latter to customers) or more or less plentiful by changing reserve ts. never does when out in company. (8. T.) % Answer—Yes. Many persons swallow air and when they have a stom- achful belch it with hse Hykeham of tered all a of soda or carm- ¢ a in recent years. He is the man in/our control, and political stupidity,|inatives to induce belching. e it may be corrected in some cases by need of relief, and often too proud to|the spring of 1936 will find us with| Placing a rubber cork between the back teeth so that the mouth cannot ‘ admit it.—Gen. Ballington Booth,|very bright times ahead—William|be Closed—it is difficult to swallow. when the jaws are not closed. | - (Copyright, 1935, John F, Dille Co.) f qy woethearts By Mabel McElictt © 1935, NEA Service, Inc. * During the winter Mr. Babson, who is a ‘wealthy man, lived at his cold weather home in Florida. While there, presumably, he associated with people of his own kind, persons whose usual lament was that things were coming to an awful pass. Although a keen observer, he came to agree with those ideas and they colored his observations upon the immediate economic| .q igus ls Oppoutal iby Mbsaion Oo tear maeribe name future to which a great many persons pay close|ican Bankers’ Association, the U. 8. Chamber of Com- attention. merce, the American Liberty, League, and others. Then Mr. Babson decided that he would go me j e A. B. A. market committee of a home to Boston by way of a trip across AHO‘CON- | vessian deters toerve Wood piu font Tomting fe tinent, see for himself how conditions were and ay a a eee presumably on the theory a meml could work comfortably with learn what people 7 thinking. at least one of the board members and thus exert pes It was on that journey that he had the te re aay cue a Bape of five governors act- happy thought of riding for a few hours each ‘an advisory capacity. é d As a trading point and to meet the chi ft “po- day in the day coach and talking to the people |itical control,” nile would be willing to have the: See i irati i tary of the treasury and th troller of th there. It was an inspiration, for it opened his ep ovaa etree thier eden ‘ex-officio positions on the eyes and gave him a new insight into what is] board. happening in America. He learned, for exam- se ent spelitical contre” is ple, that a great many persons were thinking in terms of revolt, which shocked him into an OLITICS = at the = NATION’S CAPITOL By HERBERT PLUMMER ‘Washington—In view of the wide- spread opposition which the Wagner labor disputes bill encountered from the so-called “right” when it first was suggested, that 63 to 12 vote by which the senate passed it came as some- thing of a shock. Seldom has there been seen in the senate such a complete collapse of opposition to a measure. There are various explanations offered. That of Walsh of Massachusetts, chairman of the senate’s labor com- mittee, is quoted frequently. There doubtless were senators, he says, who would have fought the bill, but they didn’t know enough about it to oppose it intelligently. Others suggest that opponents of the social legislation program in the senate feel they are unable to stop the mass progress of such proposals and that the Wagner bill was just another unit in the program. Whatever the explanations, labor leaders were as surprised as indus- trialists at the easy victory and un- expected speed. * ee Utilities’ Bill Collapse of the highly touted oppo- sition to the Wagner bill has directed attention to another measure pending before congress — the Wheeler - Ray- burn bill outlawing public utility holding companies—around which is being marshaled an imposing array of opposition. Estimates ranging as high as five million American citizens, investors BANKERS WANT CONTROL disapprove. Zoe accuses Katha- rine of being in love with Michael. NOW GO ON WITH THE STORY CHAPTER II ‘ es ago Katharine Strykhurst had decided to shut love out of her life as much as was humanly possible. . ‘ Her mother had died when she was nine. People say, “Children don’t understand.” But some chil- dren, do. Katharine still remem: _ bered that day with a shudder— nurses hurrying to and fro in the old stone house; her father’s racked argument against that an administration might make its political fortunes the chief guiding factor in the open market committee's operations, . * * 3 It is also argued that the bill confers er for in- awareness of America as it exists. During the| nation which might be used recklesaly, Ligiee winter he had been hearing the president de- te plch epclarpitaey forces reply that Roosevelt . . * . —under the Thomas amendment and other measures— scribed as terribly radical but in the day coach | aiready has far more powers to inflate than he wants he heard others bemoan his efforts to preserve | to use. G weey fee eee ane capitalistic aystem, his failure to adopt truly WHO'LL CHECK ON WHOM? ‘progressive” ideas. aes also complain that the government is giv- . : ;_|€n the power to compel bankers to buy its bonds, wheth- And, as would snyene of ordinary intelli-| er or not they deem it guilty of unsound financing. gence, Mr. Babson realized that the day coach- - ay is paauiiien that the administration doesn’t want * leave bankers in a position where they can refuse to ers are more numerous than the pullmanites lend it money whenever they desire. Thus the issue be- and that, as voters, they hew more wood and comes one of whether the government should have & | sf hia|o on the bankers or vice versa. | carry more water. He began to wonder if his Both sides draw from 1927-29 history to dem- winter cronies had been really in touch with the onstrate that either the bankers or the federal | reserve board is likely to be the less trustworthy. sobs. She had understood only too ° 4 j common people. The answer, of course, was But the Eccles measure is only one more step to- in utility securities, are claimed by well, The lovely, fair-haired, gra- i that they were not. wars federal control of banking. those fighting this aes ready to cious mother had gone. There was Fy ‘, = lous ones include RFC purchase of $1,000,000,000 | “crack down” on members of con- a The moral is too obvious to warrant em-|,, preferred bank stock, bank deposit insurance—-carry- | gress who vote for it, no one in her place. Katharine was phasis. If you want to know what the people|ing with it closer federal supervision and more unifica-| Their ultimatum, delivered in the by nature a lonely child. A suc - # are thinking, just go where the people are. tion of the banking system, and gold devaluation—in|form of thousands of telegrams and cession of governesses only intens!- which control of gold was transferred from the federal letters, is that this “death sentence” reserve system to treasury. we (to public utility holding com- - panies) bill must not pass. OTHER POWERS GRANTED ‘What effect will this tremendous Other provisions of the administration measure—| pressure now heing applied to mem- some of which also extend public control—include estab-|bers of congress have when the lishment of permanent insurance of bank deposits up to|Wheeler-Rayburn measure actually $5,000, approval of reserve bank governors by the F. R. B.,|comes to a test? fied this loneliness. Many nights her pillow was wet with childish tears, Later her father had brought her a pet; a little Cairn terrier she dearly loved. When he was run over by a tradesman’s car Kath- ee thinks I've forgotten Gibbs,” Zoe said, “but-I can't—I just can't, Kay, I've got to see him!” “But my car’s here,” she pro-|girl face taking on. Hees of ‘inten- tested, after deliberation. “I'll have | sity. to stop by again and pick it up.”| “Kay, I've got to see him.” ‘Would Michael think she was ; | Banks Full of Money a ‘What has happened to the investor during the last few years is indicated by the observations which nearly everyone has made, plus the fact that the farm credit administration has poured more than $84,132,000 into quicker than your mother about things like that.” “She'd never suspect you,” said “He—he’s away,” Katharine mur | Zoe slyly, “of deceit.” North Dakota during the last two years at interest rates Beene ot Sollateral epaapaed to extend redis- xe * arine had dried her tears and had | making excuses to see him? Men ices loaeaulay ape Katharine flushed. It was true. fveraging about five per cent. Bes sound assets approved by F. R. B., tratesy cally to her-| were so terribly conceited. After ow e's got come ld think that sh 16 ‘This was done at a time when private investors would | POWer for the F. R. B. to approve long-term loans on : the aay ae Bay Took after 2 operly. Well, a not touch land with the proverbial “ten-foot pole” even though they had long looked upon it as the source of ll wealth and the safest possible investment. But, as drouth seared the land and values shrank until farm after farm could be bought for less than the mortgage, they became discouraged and were glad to get out at sacrifice prices, Besides, the taxes were gating up their equity and with nothing coming in the situation Jooked desperate. The government, to a large extent, took age to put on the brakes in case of a speculative boom —and that's a chief professed aim of the administration —there's little question that the legislation congress will pass will give the president much greater power over Teal estate up to 60 per cent of value, raising salaries of board members from $12,000 to $15,000 and—under an Eccles proposal designed to increase the board's in- dependence—pensions for board members, Alt iough many question whether either private bankers or a federal reserve board would have the eour- (Copyright, 1935, NEA Service, Inc.) There are those on the inside who express the belief privately that op- ponents of the utility holding com- Pany bill are playing a subtle bit of strategy in fighting the Wheeler- They know the president's stand self: “All right, I won't love any- body or anything again.” She had tried to keep that prom- ise. The entrance of her stepmother into her life, when Katharine was 18, had not really meant much. Katharine had been polite to the well-dressed, pleasant-faced Bertine, She had never called her mother. the other day when he had so rudely seized her wrist and spoken so sharply, when they were taking shelter from the storm in that way- side cabin, she scarcely knew what to think of Michael. ¢ Zoe piloted the little car skill. fully up the hilly road winding westward in a zig-zag pattern away from Innicock. From the rise you could look back and see the village, “I love it,” Katharine agreed. back—or else I'm going to him.” “Oh, you can’t do that,” Kath- arine protested. What a mess this was! Zoe began to cry. She cried pret- tily; she didn’t twist or screw her features up as so many women do. She just sat quietly and let the large, crystal drops gather and fall, touching them every now and then with the folds of the now delicately Pleated handkerchief. is against him! She has a perfect look after Zoe properly. Well, and she would, too! “No, I can't possibly do it!” “Oh, Kay, darling, think about it, won't you?” Zoe looked as if she might burst into tears again. “I don't really like Gibbs,” Kath: arine began, doubtfully. “Why should I foster this affair? I think it would be the worst thing could do, to marry him...” ing sl in the morning haze, “Oh, marry!” Zoe opened her pver the farm mortgage field and the desire for safety York — to accept the best possible The second Mrs, Strykhurst, who Ha ‘ine of blue beyond that Katharine felt a surge of impa- eyes. P ope rove people into government bonds. q | Oe eS Bees or eae had 8 4098: - salanypage one marked Long Island Sound. Frenne tas | Wells isn't that what you're 4} Reprinted humor, hadn’ in ‘. after?” { ‘The same thing has occurred in the home mortgage With Other | Bar''shst ||| me stratesy, theretore, of oppo- arine over” by fair means or foul. |is,70° Tan the car into the shadow rang he'll be fat in no time at all.|"ere hasn't asked me, but he field. Here, too, government competition has reduced the they ant: nents of the Wheeler-Rayburn bill, Reet cn cance than epee gare bites pin-oak and shut off the en-/ ang you know well enough he's will,” said the younger girl with Bee erties en aces oe has DIT may net | leon Cope Fe sete el oat ines mers friends, if not completely | oy td had heaps of affairs—with married | note of soft triumph. ble productive enterprises have not sprung up or, if any agree with | | congress most, arneanie bill pos- ie ‘Nice up here! women, too. No wonder your mother | «1'y_ simply got to get back,” attempt has been made to launch them, investors have a 4 Pe en ee ee been slow to respond because they still are thinking in ferms of absolute security. ‘This fear on the part of the average individual has been # hardship both on them and upon that class of persons who must, because of peculiar circumstances, * have absolute safety. Among the latter are old persons, widows, orphans and trust funds subject to court juris- Giction. These people are hard put to find a place for their money other than the banks which already have The Glamorous Lawrence (Duluth Herald) One of the very few present day heroes of the classic type was lost when Col. T. E. Lawrence died from the effects of a motorcycle accident. At intervals the world saw in Lawrence an obscure student, interested in Ara- bian dialects; a trusted and victorious leader of Arabian desert rebels; a disappointed man, kept by diplomacy from fulfilling his pledges to the people he had led; an So, this fine summer morning, when Zoe Parker, wrapped in thoughts of the man she loved, ac- cused Katharine of being a victim of the grande passion, it is small wonder that the tall, fair girl in riding clothes turned on her com: panion almost angrily, denying it. “I never heard anything so ridic- There were farms on either side of the River Road; unpainted barns and rail fences hemming in fields of clover and rows of sprouting corn, Some day, in the not far dis- tant future, all this would be taken over by a suburban development company. There would be Moorish villas and golf tees where all was rustic simplicity now. eee right to be.” “But I jo-ove him,” Zoe protested, blue eyes swimming, red lips pout- ing. “You just won’t understand, You're so—so hard about it, Kay. Just wait till you fall...” “It’s nothing to do with me,” Katharine said. “Why drag me in?” “You'll know some day,” cried Zoe with spirit, mopping her eyes. Katharine said suddenly. Of course she loved Zoe as a sister, but this morning there was something pe- culiarly irritating in Zoe’s assump- tion that she could bend a full- grown man to her will. Maybe Gibbs wanted to marry her and maybe he didn’t. Katharine didn't know. But Zoe was sure of her powers. Katharine, from her chilly heights of superiority to feminine Secomplished writer, in his own story and s modern) prophecy is always a major blun- bred texcaiatiog. st, be Dormer, and Eigen ait | er tn politics, and iis rey greater anic in army. ic heard | pundei Cf him in other roles, but many of them were fed he ane Wri Rites tant wre! “Then you'll be sorry you were 80 KATHARINE dreaded these in-| unkind.” “t didn't evitable “improvements.” But} Katharine melted. bulging vaults. In normal times the competition is to get money, now the competition is to find a place to put it—a place where it will be safe. ulous,” Katharine said. “Well, honestly, Kay,” cried Zoe, nettled in her turn, “anybody’d wiles, felt annoyed. She was re- membering, with lightning clear. ness, the way Michael had stared meantime she could enjoy the peace | mean to be, honestly. What can I _ ;|—William Allen White, Kansas phil- at her the other day: so angrily, 3 " , with his undisguised conte! for “stuffed | soph ord think falling in love was a dis- countryside. ” y Tt would seem that normal individuals could do no| shirts,” and his refusal to capitalize oa his reputation, as eee grace.” : rts ‘about Gtbbe” Zoe Was say- lialgete fark Se m4 in j better than begin again to take the ordinary risks of busi- | was a striking figure in a world where such persons grow c “Well, leave me out of it, won't | ing, in a small voice, breaking into Tame conferences usually ended |have known what to do in such a ‘Mess, put their money to work. It would relieve a situa- | "arer every day. Marriage and movies don’t mix. I'm you?” Katharine said with cool|her reverie. this. way. Katharine was the| situation. tion which works s hardship on those who MUST have ® bachelor now and I'm going to re- dignity. Katharine had lived through half | stronger of the two, yet the soft,| The little car whirled about, be Authorities are puzzled over the motive behind dis-|main one for at least 10 | a j for their mone: ‘etio eam to-have been subi years more. @ dozen more or less intense love | yielding Zoe could usually bend her|gan the down grade. At ty 14 oad Kote ig paysied “i pied gupeernnee of books om be Cereccsst § LateRy —Buddy Rogers, questioned regard- oy CAN'T. You're one of the| srairs, vicariously, with Zoe. She|to her way of thinking. leading into the riding. cu ee i ; ) unfair tition merely beca pereons, book, eas time Le ther read 8 ling Head romance with Mary blooming human race,” Zo@/was only six months older than’'the| “I thought we might get our par- | obediently stopped. eee Women’s clubs, they. say, existed before the U. 8 became a nation. Research would cried, with a peal of laughter. All little creature beside her, with the | ents to let us take a trip together,” at once both girls were restored to ? Tf they want more than five per cent, people with round blue eyes and flashing white |she began. funds will have to invest them somewhere other Ronen “Look, I'll eall you up later,” she began importantly. i probably reveal the] A citizen who merely believes and good humor. teeth, but Katharine told herself} “But you've only just got back,”| Katharine nodded. Then her i im farm or home loans and productive enterprise | fact that Eve threatened Adam with the limb of s tree.| does not live his life according to his “There, that's better!” cried Zoe.|she felt old enough to be Zoe's) Katharine said. heart plunged sickeningly. Some- 2 geems the only other outlet. With conditions as they are bao ad i belief is @ dangerous, unpatriotic “Now, can you ride over to the| grandmother, at the very least. “I know, but we could say we|thing strange happened to her ia | © fpow they might be pleasantly surprised if they took a|_._7he trouble with congressmen who maintain they arejcitizen—The Rev. Fr. Charles E. Ridge and back? It'll only take 16| “I—TI haven't forgotten him,” Zoe | wanted to do New England—the|pulse; it was pounding in her i Little flier in “America preferred” and thereby expressed carrying on the traditions of their predecessors is that | Coughlin. minutes. I want to talk to you.”|proceeded. “Mother—and Daddy— | antique shops and so on...” throat. She was conscious of a . ¥ usually they are just carrying on, ss * But I After study of cows which accompanied Byrd, ex-| We do not construct new buildings . Bocialist leader speaks on subject, “Is America Ready | Perts believe-they could supplant reindeers in the Arctic.|on false foundations, and we cannot for a Third Party?” Not until we get over our headaches | That's ridiculous; Bossy could never get over those roof-|build a nation’s economy on a funda- & fia other two, tops at Christmas. » mental error.—Herbert Hoover, “All right,” Katharine agreed, ashamed of her earlier flare of|can’t, Kay. I just can’t.” everybody thinks I have. “And slip up to Maine and see | swift surge of rage, Gibbs? Is that it?” Riding together, heedless of ee temper. There was just no She went on, pleating the folds| Zoe nodded. others along the path, came a man : fiashing out at Zoe. She was the|of her handkerchief. “I can’t think) Katharine frowned. “It’s much | an most amiable person in the world, | about anything else.’ © looked | too transparent. Bertine would be; Mi ; Solemn, | her tittle sure to. age through it. (@heir hope in the future of the country. s bd %