The Key West Citizen Newspaper, June 22, 1936, Page 2

PAGE TWO —____.. The Key West Citizen Published Daily Except Sunday By THE CITI PUBLISHING © L. P. ARTMAN, President JOE ALLEN, Assistant Business Manager From The Citizen Building Corner Greene and Ann Streets Newspaper in K County Only Daily West and Monroe at Key West, F vIrT vrida, as second ‘TH YEAR Member of the | Asnociated Press The Associated Press is exclusively entitled to use for republication of all news lieg ches credited to it or not otherwise credited in this paper and also _the local news porsenes here. SUBSCRIPTION RATES One Year Six Months Three Months One Month Weekly $10.00 5.00. ADVERTISING Made known on application. RATES SPECIAL NOTIC All reading notices, cards of tha respect, obituary notices, etc., the rate of 10 cents a line olutions of ‘ged for at to be dei nis an open sion of public and subjects of local or general Interest but it will not publish anonymous commant- cations. s a line, Everyone favors a tax that somebody else pays. Health requires plenty of sunshine and not any moonshine. Anyway you vote for governor tomor- row, an avowed Baptist will be the win- ner. Writing these paragraphs sometimes takes time even if they little brains. require Perfect / the belief of the averaye politician that he speaks for the people. ssurance ; Seeking a hide-out on the keys is 4 good place to ayoid trouble and publicity —for a time. With revive market shortly the stock the land will school of fishes, beginning to provide a new “Sold Out” is the title of a new book on the New Deal. thing ir a name, Perhaps there is some- Illustrating once more that there isn't much in a name, a Mr. Wise of Kansas is charged with having five wives, Ku Klux is an alliterative corruption of a Greek word “kuklos”, meaning a cir- ele, and the Klan was added to make the jingle complete, The well-educated man has a com- mand of 10,000 words—and it takes al- THE PEOPLE IMPROVE There are people who like to proclaim that the present day is evil, that men and women are worse than ever and that pub- lic and private morality is at an ebb that indicates the bottom. We have little or no sympathy with such citizens, who are generally confused because the world, as a whole, hasn't swal- lowed their own private idea of thing. Once in a whole we come across an item that seems, to us at least, to demon- strate that there has been improvement and for the benefit of younger minds that may have been conceived by an older mis- | anthrope we pass one of these along, It relates to the public prints. one hundred years ago an enterprising re- porter printed an imaginary story, pur- porting to tell how the astronomer Her- shel, great son of a greater father, had sighted the moon through a powerful tele- scope, “seeing’’ among other things, ani- mals like buffalo, antelope and sheep and “flying” men, named = “vespertiliohomo,” who were very intelligent having created beautiful buildings. Atter an initial full front page the revelation ran for six days while the scientist was lost in the reaches of Africa where he had gone with a telescope te study the heavens. Without fast mail, cables or radio, he was unable to stop the use of his name. in pamphlet form, selling copies and being translated and German, Later, when the hoax was admitted it became known that Richard Adams Locke was the author of the concocted scoop. So little was his reputation as a thousands of into French hewspaper man affected he later became } the editor of the New York Sun. With all the faults of modern news- papers, we can’t imagine a large or small newspaper, today, making a man its editor, who was the admitted author of a fraud- ulent “news” story! Ferhaps, however the moral of the episode lies in the fact that the public today expects more from newspapers than it did in the summer of 1835. Kven this demonstrates an increas ing high standard, which means improve- ment, THE BONUS DISTRIBUTED With more than twenty-eight million $50-bonds distributed to more than two and a half million veterans of the World War, and something like ten million ad- million veterans who have not sent in their adjusted service certificates, the bonus question may be considered settled so far as the national government is concerned. To the veteran who received part of every- About | The story was published | ditional bonds to be distributed to a halt | THE KEY WEST CITIZEN You and Your || Nation’s Affairs Keeping Up With the Times When the original draft of the Banking Bill of 1935 was being con- sidered some of its major features were vpposed by the leading money and banking authorities of the country Two of the prin- cipal conten- tions of those opposing the original draft were: (1) that the affairs of the United States Treasury should be sepa- rated as far as possible from those of the Federal Reserve Board since such separation was in harmony with the lessons of experience, and (2) that our commer- cial banks (including the Federal Re- serve banks) should retain their com- mercial characteri tics and not be converted into investment institu- tions with portfolios filled with long- term investment paper. On the first point, the opponents of the original draft were successful. The revised Banking Bill of 1935, as passed, provided for a separation of | the Treasury and the Federal Reserve Board by dropping the Secretary of the Treasury and Comptroller of the Currency from the Reserve Board, now called the Board of Governors of the Federal Reserve System. Since the members of the Board had never presumed to encroach upon the do- main of the Secretary of the Treasury, that aspect of the relationship be- tween the two bodies apparently was not considered. In any event, no prohibitions were written into the act; it seems to have been assumed that traditional prac- tices, the spirit of the Federal Reserve Act, the usual recognition of Treas- ury Department and Board limits of authority, and the conventional sense of the appropriateness of things would be sufficient. Very recently, however, the un- precedented happened. The Chairman | of the Board of Governors of the Fed- eral Reserve System stepped over in- to the domain of the Secretary of the ‘Treasury and presented a tax plan to Congress. Thus the supposed separa- tion between the affairs of the Treas- ury and Board of Governors of the Federal Reserve System was im- paired, and in a manner that was both unexpected and disturbing to those who were anxious to insure the prop- | er and efficient function of the Fed- eral Reserve System and the Treas- KEY WEST IN DAYS GONK BY | Happenings Here Just 10 Years Ago Today As Taken From i ‘The Files Of The Citizen | The Key West Tire Roy Lewin manager, ‘night by city council }eoniract for the city service for the sum of company, was last awar By WALTER E. SPAHR Chairman, Department of Economics, New York University ury in their own appropriate do- mains, Recent events have shown another disturbing tendency to steer our com- mercial banking system in the wrong direction. As pointed out above, many critics of the proposed Banking Bill of 1935 vigorously opposed the pro- | visions in that Act which pefmitted commercial and Federal Reserve banks to load themselves with illiquid investment paper. Monetary authori- | ties have considered the time-honored principle that commercial banks should accumulate short-term com- paper against their demand ies as an elementary, and al- most self-evident, fact. Too much il- liquid paper caused the commercial banks much trouble when the busi- ness collapse of 1929 came. The tendency to ignore these les- sons led sixty-nine members of the Economists’ National Committee on : Monetary Policy to issue a statement on March 7, 1935, in condemnation of provisions of the Banking Bill of 1935 which liberalized the provisions ad- | mitting illiquid parer to the portfolios of commercial banks. Many others took the same position. Despite the strong opposition to this trend in commercial banking, the Chairman of the Board of Governors of the Federal Reserve System re- cently challenged the nation’s bank- ers to “keep up with the times” by saying: “If banks are to provide credit | lee | Cocccccvencerecccccesece| | Highest Lowest vormal Mean | | Yesterday Sun r sun | Moon rises j Moon sets | cloudy sibly ito | por jin Jacksonville and ate erly i Weather, ‘day ion tonight. and keep up with the times, they must | get into the long-term capital market { to a greater extent. This may be done either directly or through the pure chase of government securities.” Such a principle of commercial banking is thoroughly unsound. It has led to trouble repeatedly in the past and there is no reason to suppose it will not lead to trouble in the future. Considering the present trend toward so many unsound things such as in- creased spending, mounting deficits and debts, and the overloading of commercial banks with government securities, the expression “keeping up with the times” is clearly quite ap- { The ithe jed a considerable | Bi mo the Ca Maritime sty ed propriate. But it is also symptomatic ' of an exceedingly dangerous trend in commercial banking. If past lessons and experiences are of any value as | guides, a day of reckoning is sure to come. The lesson in all this is that two obvious flaws in the management of our Federal Reserve and commercial banking systems have appeared, and steps must be taken at the earliest possible date to correct them. But with the law as it is, neither of these mistakes needed to be made. Good management would have avoided both. (Address questions to the author, care of this newspaper) Grifi in was said to have side swiped by one driven by eat ‘die Albury. | Griffin landed The car dr in an pinning the driver riding companion, Charle: position his by t inverted |‘ and : Upper Lz nor | erate {have me few | fre | northwestw ! No. fal Va normel throughort much o¢ this © ly above the seasonal ‘in jcou | por s, Oklahoma, Arkaasas, High Low i: Sea level, 29 y southerly to easterly. Florida: ,; With scattered shower: Mackie, underne to say, seratch, * will entertain tomorrow . Country h. Yet, str MONDAY, JUNE 22, 1336 'Today In History THE WEATHER Toles Anniversaries Peeececcorcenccccescoeer, — 1784—George Hogg. burgh manufacturer, merchant and pioneer in chain store in England. Died Dec Precipitation are Precipitation .11 Ins. P-ul C. Mor; crx 24-hour peried 28 the greatest ches ‘k thin morning. history, born in New Tomorrow's Almanac Died there, July 10, 1884. es ed sets Temperatures* Rainfall* Orleans Julian Hawthorne, “'elist and jorrnalsit, “!famous Nathznicl, ton. Died in San Franc 14, 1934. 1846. son 10 Tomorrow's Tides A.M. born 1849—Francis Lathrop, American mera! painte Died at Woodc N. J., Oct. 18, WEATHER FORECAST = H. Rider Haggard, novelist, born noted ometer 8 a. m. today: 0. se (Til 8 p. m., Tuesday) West and Vicinity: Partly tonight and Tuesday, pos- occasional s gentle | moderate varlable winds, LIne wers; 1876 Indian May Pascual Di most- rchbishop. Partly cloudy possibiy , in south} tion tonight and Tuesday and north portion Tuesday. lca Mamkoval: to Florida Straits| ey. 13, 1936. i East Gulf: Gentle to moder- | variable wihds mostly south- to easterly; partiy overcast scattered’ showers Tues- and possibly over south por- Brown, Ameri playwright, Died in New York 1885. can -Martin actor and John Flete four terms as Carolina. f/ Dont scratch! ! Apply et Texas. quick relief- nie a 1 §. S. KENNEDY HT Official in Charge nig >sinol If of Mexico mov- CMOS TOSTEO SESS war. ANNOUNCEMENT TO VERERANS Te Pressure We will derately low this morning from Gulf of Mexico westward over checks issued in payment charge to the It ifornia, and over the Canadian that you be Provine that we 2 governor ‘Z WEATHER CONDITIONS tropical western inland ove: ownsville, is ong high press over the northern Plains States, Mississippi Valley, and region, overspreads most thern districts, L'ght to mod- showers and thunderstorms occurred since yesterday rning in Florida, also in a widely scattered localities western North Carolina rd to Colorado and rth Dakota. Temperatures have len from the upper Mississippi Hey eastward the Atlantic t, and are considerably below be vete proper are paying the m Lez s of ide Your Americar your best mean The First National Bank of Key West Member of the Federal Deposit Insurance Corporation to ea; whlie r ings are gener- average the southern po:tion of the untry, with maximum tempera- es of 192 to 196 degrees re- ted yesterday in western Kan- north- TI PLLLALLALLLALLALS ALLALLAALLALALZLAALALAALA WOIITIIILII IIIS # Sia ize | neither of the men were t, not receiving so much as Gato! at the of their! Mr. and M ihomas H. Club in honor mE ¢ POPP POPP PPO OEE BABA ADL# the vast sum of $2,237,000,000 last week the question has arisen as to how to use | the bonds and money received. That most } of the bonds will be cashed is generally as- sumed and thus the question relates to the spending of cash money. Bach individual in Key West who has received his bonus is entitled to use it as he thinks is best without unsolicited ad- vice from professional counsellors of the general public.” Each veteran understands his own circumstances and knows what he | wants to do with his cash and our advice to daughter, Miss Albertina, who is home spending her ion frot Maxyymount school at Tarrytown,! on Hudson. The guests will be members of the younger the affair will be ore of unusual splendor. VETERANS Put Some of That Adjusted Compensation Money Into Something That You Will Enjoy Thru The Years. per year, The award was ioned upon Harry Gwynn, written relinquishment of the ract with the city clerk. M yhn was awarded the contract on May 20, 1925, to cover a | period of two years. It was stat- ed by Mr. Lewin that Mr. Gwynn had agreed to dispose of the con- tract for a stupulated price to |Mr. Lewin, who had agreed to e the equipment and all appurtenances, and was to take over on July 1. most that many to play golf effectively, or is it invectively. = Advertise any way that suits you; but if you really have something to sell that the public wants, advertising in The Citi- Captain CiarkD. zen will do the work. president of the Monroe y water supply board, Paul Boysen, one of the trustees, now in New York, have wired § Win. ! H. Malone and Cow J Otto Kirchheiner, to le for New York in connection with a water pipe line project which they are negotiating at this time. Both Stear coun If people said what they think wouldn't conversation lag ?—Times-Union. On the contrary, it would be spirited, and fists fly in many instance sioner ve PS. i laden the custom The air today was liquor a= ras sities Ra Wdaciaiaetiads nity of The w anal is that the old fashioned family doctor disappeared. This means that physicians have begun to send out their bills on the first of the month. has The quintuplets are “America’s Little Sweethear world. More specifcially, the quintette should be referred to as the product of Canada. America covers too much terri- tory. de the Both Cone and Fetteway have stated they are for the Townsend Pension Plan; Loth Cone and Petteway favor the digging of the Florida Canal; both Cone and Pette- Way are avowed enemies of the slot ma- chine; both Cone and Petteway are fine, clean, honest men; both Cone ahd Pette-! way are Baptists. Take your choice. The nresiaent of a big steel corpora- tion, at a meeting, in attempting to define “unique”, said it was derived from the Latin “unus,” one, and “equus’’, horse. No such thing. The word originates from the Latin “unicus”, from which the French “unique” was adopted and the English as- similated the word in meaning and _ spell- ing, and it means to be without an equal. In this one-horse address the orator was | unique. ] all veterans is to savesomspend it as he sees fit. a That the vast sum through the nation will bearing upon busines: thus have important is certain but that it means a new epoch in commercial af- | fairs is nonsense. We advise all trades- men to go after the bonus dollars and the hest way to go after them is to demonstrate to the possessors that what you have to sell ! is not only worth while but a reasonable | and wise expenditure. IS ANY DAY WILL DO FOR A START It is hard to realize that the long d of Summer are at hand, and that from this month on on the hours of daylight begin to recede, until in six months we come again to the yea shortest day. There are so many plans in our hearts | for our own development, for the growth : of our business, and the improvement of Key West that we are sometimes prone to think that time flies too fast. We should remember that the only way to accom- plish anything is by making a start. Today, long or short is the day to be- gin. Let every reader of this article, if so moved, spend tne rest of 1936 in trying te make effective the happy dreams _ that sprang up when it began. be well spent, scattered ! Such time will jin the vi | house wheéh officers ‘began the destruction of approximately $1 00 worth which wa: ed se’ ral days ago in.a hou ling street. Those who have an intimate knowledge of the cost | of liquor in these days of ‘high jvalues, say that the destroyed istock would have brought about | $20,000 if it had been ithe fade. W. C. Prumbley G. Watson, prohibition offi | Tampa who made the si {say this is the largest haul he jmade in many months, and | stock is the finest he has jpece called on to destroy. sold and the ever County Engineer Clifton Bailey and County Commissioner Brax- jton B. Warren have just complet- ‘ed a ride over the Tamiami Trail in company with L. K. Cannon, assistant state highway engineer of Florida state road depart and Erban Cook of the Ch corporation, .They report everything in connection with the road building projects in first class condition and forging ra- pidly ahead. The ultimate eleva- | tion of the finished grade will be jabout 11.5 feet above sea level ‘and will cost between $30,000 and $35.000 per mile. The corner of Margaret Eaton streets was the an automobile accident yesterday which might have been seri- 07 but which nobody was A car driven by William and ne of in e on Flem-| to! ! worm and common itch. Mr. Malone and Mr. Kircht leit immediately upon the wire Editorial comment: vote will nev slogan of the but the “full slogan may prove a winner. nt be ice cream saucer” angeline and Mr Little daughter lardo Lopez, fally last night in the County Road in honor second birthday. There were guests at the party. Many were pla. ments Miss of; Mr. home of erved. No Itch Too Deep For This Liquid Imperial Lotion contains six itch killing medic go down into skin folds to and kill the cause of eczen tetter, ring- Pleasant to use.eTwo sizes, 35c and $1.00. ——— KEY WEST COLONIAL HOTEL In the Center of the Business and Theater District First Class—Fireproof — Sensible Rates’ Garage Elevator Popular Prices receipt of The fla apper j | entertained delight- on her! 50 games and delicious refresh-; CM OILM. DEEESTETTSED INERT GgbS Lift Housekeeping Burdens F rofn Your Wife--Modernize Your Home. It Is The Place You And The Madam Spend Most of Your Time. See Us For Anything You Need In Lumber, Building Materials, Household Supplies, Etc. South Florida Contracting & Engineering Co. Phone 598 White and Eliza Streets “Your hume is worthy of the best” IF SILIILD ELI DOLD IOLDIIDI III I III IS. TIPLE LAMAR ALAA LALLL LAA a