{ title: 'The Adirondack news. (St. Regis Falls, N.Y.) 1887-1934, April 29, 1933, Page 1, Image 1', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn87070345/1933-04-29/ed-1/seq-1/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn87070345/1933-04-29/ed-1/seq-1.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn87070345/1933-04-29/ed-1/seq-1/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn87070345/1933-04-29/ed-1/seq-1/ocr.txt', label: 'text/plain', meta: '', }, ] }
Image provided by: Northern NY Library Network
* **************** * I * '* Keep Potted on. • \ * * » * HOME MATTERS * * » * By Reading Your * « * * LOCAL NEWSPAPER * r -> V' V. PUBLISHED BY ADIRONDACK NEWS PUBLISHING CO. f>^2r*A«w r <? W -::i ' \ * i /• t _ Deyofcsd to JUooal Newi // ' *A'x find Hoitw Xnterasta* *\ /^ ESTABLISHED 1887 **************** * * * Mall Order BOOMI * ^ ^\ * EXIST BT ADVERTISING * * * * To Get Business * * » * Do Likewise. 41 TERMS, $1.80 A TEAR VOL XLVII ST. REGIS FALLS, N. Y., APRIL 29,1933 NQ. 21 5! The Fable of Stationary Touring 85 ' By (JEORGE ADE C B*tl SynSloaU.—WNU ••rvlc*. O NCE there wai t well-to-do and well-mated couple, known aa Mr. and Mra. Sangwln, Uvlug ID a nifty Residence Street and always planning to b|e to the far away Show-Placei. These two did a ' lot of Summer Traveling early every Spring. They never had been to Eu- rope or the White Mountain! m Yel- lowstone Park except by listening to Burton Holmes and reading folders,' yet they had a Knowledge fcf Geog- raphy which was a great Blip when tfaey tackled a cross-eyed Puzzle. Probably no one In the WorM knew more about Beauty 8pots which they had failed to visit If they were well Informed regarding Switzerland and the Golden Gate and the Plney Woods, It was because they had dreamed about them with so much regulatory. They had been all over the Map with- out putting a Nick in the Letter of Credit Next to picking out a Pearl Neck- lace in a Show Window and then walking rapidly up the Street, this Chautauqua Method of visiting Africa / by Proxy and going to the Medlter- ranean by reading the Ads In the / Sunday Paper, Is probably the least expensive of all Dissipations. It just seemed as if the Dande- lions and (he Puss-Willows and the hopping Robins, all of them Harbing- ers of Spring and gay Advance Agents for glorious 8ummer, seemed to work on-the 8angwlns and produce a FornW of emotional Squlffles. I You could bank ori It that every Vernal Equinox, abott the Time fori changing from Heavy to Light, Mr. Sangwln would look out op a new Crop of tender Leaflets, basking in the Sunshine, and remark, with an Air of Finality, \No two Ways about ft* I'm going to arrange my Affairs so we can go Somewhere this Sum- mer.'* Everything Sitting Pretty. \Attaboy!\ the Good Wife would exclaim. She was glad to know that at last they would cut out the Stalling and take a long, dandy Trip. She bad everything doped for the Get- away. Clarice could be sent to visit her Aunt Loretta In Springfield. Rob- ert was old enough to be placed at a Summer Camp for Boys; and she bad the Address of one recommended by the HIgglnses. The Gentleman who mowed the Lawns and manicured the Porches could be installed in the Room above the Garage as a Caretaker, and • the oldest Clancy Gfrl could come over and give the House a good Air- ing every few Days. Not to be outdone In the Matter of painful Preparations, the other Half of the Sketch would then explain how he had been organising Things down at the Office until the Business was practically running lUflf. He said that He, Himself, that is to say, Mr. Sangwln, was the only One connected with the 8het>ang who was worth a Hoot when it came to dealing with an Emergency or facing an Important Crisis, but he would have the Routine laid out so that even bis Associates, with their ossified Turrets and Sec- ondary Intelligence, could worry along er else consult him by Cable. Everything seemed to be Sitting Pretty. Stimulated by the Coffee, and with the Ham and Eggs between them, they would build Castles Jo the Alt which made the Equitable Building took like a Woodman's Hut. Before Mr. Sangwln left the House they would have their Tickets bought and be walking up the Gangway, bound for Europe, Romance and Adventure. Many and many a crowded Hour did Mrs. Sangwln devote to the blissful Task of picking out the Liner on which they would plough across the Atlantic: Without ever seeing 4 the Ocean, she eame to know more about Vessels than any one on the Shipping Board ever knew. She wrote to every Com- . pany and got Bales: of Printed Matter Including Diagrams, Indicating all of the Staterooms, Soojal Hall, Life Boats, Dining Saloon, Funnels, Drink Parlors, etc., etc. These [had tb^be spread out on the Floor aw she would devote happy Days to fussing over the Lay-Out and trying to decide where they would have their Steamer Chairs placed. She and friend Hus- band had quite i Run-Iu.over the Eating Arrangements. Hej wanted to take the Regular Meals an! she want ed to go to the Rlts Carl on Restau- rant because she had read In the Pa- peri that Constance Sennet and the Marquis and Charley 8chvnb always had small Tables In the Cafe Instead . tf patronising the main }orge. A Couple of .Obstieles. When the Time came, they were eating Cold Snacks In the r own Din- ing Room, Tou see, when they made •11 of their elaborate Plars for going oyer and .'turning the En item Hem Isphere tnnlde out, Mrs. 8ingwln had overlooked the Fact that s ie was Cor- 'responding Secretary of a Local Club which generated Culture and peddled the late News. It seemed that this Club waa to have the Hbnor of en- tertaining the State Federation during the third week In June. The Sangwlns had laid out an Itinerary and were booked for Venice June; 18th. What could the poor Woman dp? She had forgotten all about the] impending World's>Kvent In her own Home Town. She knew that the State' Convention would he a, Flop unless she waa on bund to lend Grace and Dignity and Social Eclat to the Proceedings.' So she up and told Hiram that she guessed Europe would have to wait because she didn't want to chaise away and turn all the Arrangements over to a Bunch of Female Nit-Wits who would get everything balled up. • Hiram heaved a couple o{ .sizable Sighs and said It was all for the best because he felt it his Duty to stick around for the Annual Tournament out at the Country Club. He had, gone to the Finals In the Th rd Flight the Year before and then bail been robbed of {he Cup because he vae burled In the Sand, got a Cuppy JJe, looked up on all of his Pitch Snots, suffered from Heart-Burn because the Steward should have had it analyzed, and an Angle Worm atopped his Putt The Third Flight Charaplonihlp had gone to old Mr. Dlbblts, who had been a Slacker during the Civil War and had become venerable wlth>ut achieving Respectability. Venice or no Venice, Mr. Sangwln wanted tc be on Hand In July to trim the everlasting Day- lights out of the? dod<erlng Wreck. It seemed that Mr. Dibits had been suffering from Inflammatory Rheuma- tism all Winter and loos ed to be about Twenty minutes from a Rosewood Casket Mr.' Sangwln didn't want him to/get well but he did want him to live until July and lave Strength enough to get to the First Tee. He said It would be a Crane to traipse off to Europe on a inere Pleasure Jaunt when he had a chance to keep working on his Approach, lengthen the Drive and cop the terrible $8 Piece of 811verware. tfhat was one Tear. No Longer ago than 1926 they departed from their usual Habit of taking .a Mid-Summer Journey through Europe In April and May. That Tear they were all set for a Motor Tour which was to In- clude all the Best Hotels and the Scenic Splendors of the North Amer- ican Continent Mrs. Sangwln had the Blue Book practically memorized, and Mr. Sangwln bad bought his Gog- gles and tested the Thermos Bottles and everything seemed lpskalorlous when suddenly Mrs. S. remembered that If she rode too far In a Car she would get the darndest Case of Nerv- ous Headache, so In 1026 the Inveter- ate travelers compromised by attend- ing a 8treet Carnival pulled off by t the B. P. 0. B. F/>r several Tears befdre that War was the Alibi. They would tell all Callers that they were Just crazy to take In the 81ghtl on the Other Side, but they were waiting for Conditions to get back.to Normalcy. Not once did they ever Confess, even to Them- selves, that they were scared to Death when they saw a Storm at Sea In a News Reel, and they had no real Longing to be among Foreign Bar- barians who spoke strange Languages, and they were secretly In Love with the Corned Beef Hash, the Griddle Cakes and the Double Mattresses of their own comfortable Shack. Off on a Wild Ixoursion. This Tear they are at It again. They are just as bet up as they ever were. For several Weeks they have been standing In awed 811ence In Westminster. They have supped at a famous Night Joint In Paris, where all of the Ladles were not what they might have been but evidently, were what thejj jeemed to be. They have looked drSvn from dizzy Alpine Heights at the smiling Valleys. They have learned how to pronounce Salle a Manger I They have lolled back' In Gondolas, looking at the Moon, and stood in the Colllseum, trying to vis- ualise the spectacular Immensity of a Roman Holiday. They have visited Battle-Flelds and purchased Souvenirs and Mrs. Sangwln has seen the big- eyed Manikins parade In their hoop-la- Flnerles. Gosh, but they have been going at some Clip since about April the first t What's more,, they really and truly believe that they are going to sail on the Mastodonlc Just as soon as Clarice graduates from High School, If they were not to wrought up they would pause In their Plpe-I>renmlng and re- call that Mrs. S. ha* a lot of Fruit to put up this Summer and that the Chamber of Commerce has made Hi- ram Chairman of the Committee on Arrangements for the Celebration of the Fiftieth Annlvenary of the Or- ganisation - of the Fire Department, the dates being July Oth, 10th and 11th. So the big* Vacation will go blooey. However, the Sangwlns will not be deprived of their usual Outing. 8ome Day next month she will fry two Chickens and stuff some Eggs and harpoon them with Tooth-Picks and wrap thorn In Tissue Paper, and the whole Tribe will motor up the River as far as the old Peters Mill, whore Hiram will do some Still Fishing while Mother takes a good Nap, with the Black Cushion under her Head and a Handkerchief over her Face. MORAL: There la only one Long Trip which cannot be side-tracked. Former President Hoover Back Home Invented Oil Limp We moderns who nightly obtain our Illumination from Incandescent bulbs are Inclined to forget that the oil lamp In Its day was an impor- tant Improvement over older methods of Illumination. Poland, however, has not forgotten, for It Is'to a Pole, I. Lukas!ewlcs. a chemist from Lemberg, to whom they give the oredK for the production of the first modern oil lamp, says the Scientific American. Poland celebrated recently the fiftieth anni- versary of the death of this benefac- tor of mankind and the eightieth an nlversary of his development of the oil lamp. According to Dr. Rnzlmlers Maslanklewlcs, who supplied thl» In- formation, Mr. Lukasiewicz ilso was the discoverer of mean*, of purifying and ' dIstiUIng petroleum.—Detroit Free Former President Hoover Is shown with his wife and son, Allen, at hli noma in Palo Alto, Oallt, where he will seek.* long rest Big Battle of Bankers Looming in Wall Street New \Man of Hour\ Defies Power of Morgan. New Tork.—It looks like the bank- er's \battle of the century\ may be brewing In the Wall 8treet financial district A new \man of the hour\ has arisen to challenge the supremacy of the great house of Morgan, long king-pin of the country's banking system and nearby observers are predicting the greatest struggle of money titans in the history of American finance before the smoke of battle has cleared away, A \fight to a finish\ Is the foreword. The author of the startling defl Is Wlnthrop W. Aldrlch, chairman of the governing board of the biggest individ- ual bank In the world, the Chase Na- tional, and a front rank captain of the Rockefeller industrial-financial dy- nasty, generally acknowledged as the only worthy competitors of the Mor- gans on this side ot the Atlantic. The challenge was couched In the form of a program designed %o purge the com- mercial banking business of the taint of speculative leadership, aiming at the complete separation of deposit banking and Investment banking even to the extent of forbidding private bankers to take deposits or to be direc- tors of banks of deposit . Aimed at Morgan. It did not take a second glance for Wall Street to recognize the Aldrlch program which was promulgated di- rectly In the wake of some of the most sensational exposures of the senate's investigation into banking practices here as a blow aimed directly at the position of J. P. Morgan A Co., the members of which are directors of some of the largest commercial banks of the city and who hold Important foreign and domestic deposits. Three measures for curbing the pow- er of the large private Investment banking firms were proposed by Ald- rlch. 1. By depriving private Invest- ment banking firms of the right to accept deposits, make it necessary for the private banks to obtain credit from the commercial banks in financing their security flotations. 2, By doing away with the security affiliates of the commercial banks, the proposed regu- lations would take away from the pri- vate banks outlets for the syndicating \Ghott\ of Anne Boleyn Seen in London Tower London.—The ghost of Anne Bo- leyn, It Is whispered, Is walking again la the Tower of London. A sentry fainted at his post a few lights ago. A comrade, patrolling a short distance from the Martin tower, suddenly heard a scream and ran to- ward the spot. He found the young sentry had collapsed. The guard was called out, but the sentry was In- capable of resuming his post. In the face of strict questioning, he maintained that he had seen, with overwhelming horror, the shadowy figure of a headless woman approach- ing. He mistrusted his vision In the darkness, so he challenged the figure. There was no reply. The rifle with Its bayonet fixed fell from the sen- try's hands, clattering jon^the paving. With a scream, he fell unconscious. Anne Boleyn, black-haired twenty- line-year-old wife of Henry VIII, went gaily to her death on Tower Green, where the ravens still croak out their long of ill-oraen today. She smiled ip at the executioner as he raised the heavy sword over her head, and complimented him on his skill—think- ing, perhaps, of five lovers whom he dispatched three daya before. There have been endless stories since that da? of how her restless spirit haunts the gloomy, ancient tower, apd people who live In the neighborhood firmly Insist they have seen it So do many sentries who have patrolled the tower. Their superior officers laugh—but ehey change the sentries often, of their securities which in the past have been of such tremendous Impor- tance. 8. By removing all private bank- ers from their positions as directors of the commercial banks the changes would greatly reduce the prestige, in- fluence, and \Inside Information\ avail- able to the partners of investment houses at present Well Informed students of the situa- tion say that legislation applying these Innovations to Morgan & Co. and sim- ilar private bankers would virtually strip them of the control they have so long wielded over the commercial banking system. J. P. Morgan & Co. does not accept individual deposits but. specializes rather in big corporation accounts for Hunt for Gold in , Old Mining Gimps Helena, Mont—The search for gold has carried many present-day prospectors back to the boom camps of early Montana. The Dexter lode, on which a sur- vey was filed In 1868, has been the scene If extensive prospecting lately. i Many other camps, long since abandoned and, their, buildings de- stroyed or moved away, are busy with new gold seekers these days. foreign governments. At one time It Is reputed to have held aa much aa a billion of United States Steel corpor- ation money. Other so-called Morgan banks, like the Guaranty Trust com- pany, Bankers' Trust company, and the First National also attract big de- posits and wield tremendous power in the financial world. . Obviously the \Morgan crowd 1 * will not lack ammunition for any defense it may be called upon to make of its politics, at least none that money can command. Backed by Rockefeller. Nor will its opponents go into the fray—if one there Is to be—shabbily equipped. In Its last annual statement, the Chase National bank reported re- sources totaling $1,856,290,000 as of December 81 last, with deposits to the amount of $1,466,000,000., in addition to these mighty re- sources of the bank itself must be reckoned the vast wealth of the Rocke- fellers, Including their holdings in the great Standard Oil concerns. frail Street gossip has It that the Rockefellers have been girding \for eventualities,\ such as that envisioned in the present situation for the last two years. They have been liquidat- ing doubtful assets and converting the proceeds into good hard cash or gov- ernment bonds. On the other hand the value of the so-called \Morgan stocks,\ have been melting down steadily in the long re- ceding sweep of the share market for the last two and one-half years. Wlnthrop Aldrlch was born in the purple in America's plutocracy. His father was the late Nelson W. Ale* rich, senator from Rhode Island from 1881 to 1011 end popularly rated aa the senatorial custodian of capitalistic enterprise. Among other klnfolk rated In the financial who'a who of the time are John D. Rockefeller, Jr., a brother- in-law. Our Government — How It Operates i Bj WUiUm Brudunt TO CHANGE INAUGURATION DATS Next War Will End Speedily New Devices Add to Horrors, Says Noted General. London.—The next war will take as many weeks as the last war took years and civilization will be blotted out That Is the picture Gen. Sir Ian Hamilton, a famous British military leader and chief of the British .legion, drew In a speech! to the British vet- erans, of the World war. • \Asi\you being soldiers, probably know,\ he reminded them, \I made— first after the South African war and next after the Manchurian war- some pretty good shots about the World war and foreshadowed Mg guns, trench warfare, tanks, and the disap- pearance from European battlefields of shock cavalry. \So now, \ he said, *T hope to gain your credence for my forecast of the course of the next war which won't be long In coming if the disarmament conference breaks down. \The war will be over In as many weeks as your war took years. The huge masses of Infantry on either side will never get Into contact. \The whole of the mechanised mo- tor-driven forces of either side will meet at once under the sea, in the air, and on the land. \Each will be, must be, rushing for- ward to seize an advanced base for their airdromes and oil depots on enemy soli. That first encounter will almost certainly decide the war. The victorious tanks and airplanes will eat up tli e hostile Infantry and artillery as half a dozen: heavily armored knights of thi wart of the Jacquerie could and did fat up a thousand armed, but un- armored, peasants. *T ion they will begin to lap up the civilian population as a cat laps op cream, and perhaps the worst of all these devils will be the civilian plane laden with chemicals. , \Now you watch this disarmament conference. If any nation, your own or any other, begins to haw and hum and make excuses to obviate inspec- tion and control by the League Of Nations for, its civil aviation—then we are for war.* ^ \No nation is going to talk econom- ics whilst death, for all It knows. Is hanging over It behind the curtain of the clouds. Unless this concrete act is taken by the disarmament confer- ence before It breaks up no amount of slip-slop Idealism la likely to save the world.\ Slurnp Brings Out Rare Pennies, Good and Bad New York.—Penny wisdom among unemployed here, plus tne help of two young men, has resulted In one of the most unusual depression sports on record. The young men hart given the game a trick monicker, numis- manla. The game began some months ago when W. T. Dudley and Francis Pirie, cashiers at one of the three penny restaurants run for unemployed and needy discovered that some of the money turned In was unusual The cashiers started collecting these pieces until now they have more than 400, many worthless, some of nominal nu- mismatic value, but all Interesting. The collectors are the most proud of two coins that are of no commer- cial worth. One la an Imitation pen- ny, dated 1868, and a perfect Indian head in design, save that on its back la the frank legend, \Not One Cent\ The other la an Indian bead penny whose top design has been obliterat- ed to be replaced by the etched fig- ure of a Chinese mandarin beneath whose feet are the words, \So Long\ —eome one's good luck piece that the depression brought into general cir- culation. Detective's 4-Year-Old Son Bags Two Thieves Birmingham, Ala.—Dan Bodecker, Jr*, four years old, realised his ambi- tion to be \a detectuff like daddy\ here recently, causing the arrest of two automobile thieves. 1 The child's father, Dan Bodecker of the Bodecker National Detective agen- cy was guarding a Jewelry display in a theater lobby. Nearby stood young Dan. Tiring of his play, the youngster rambled. He passed his father's parked automobile. In It were two men- strangers. He summoned his father, who marched the two to jail Fly In Pop Costs $1,000 Valparaiso, Ind.—A jury awarded Mrs, Eulah Harvey $1,000 damages against a bottling company because she found a bottled fly in a bottle of soda pop. She testified that her health had been \ruined.\ Norman H. Davis, financial expert Of the American delegation to the League of Nations armaments con- ference. T HOSE of us whose span of life carries us beyond the end of 1985 are almost certain to witness an epochal change In our government After more than 100 years, our nation Is about to alter a basic date In our system of government namely, the date upon which the terms of our. Presidents, Vice Presidents and sena- tors and representatives In congress begin. In all probability the change will have been ordered In advance of 1866, but It -will not take effect until early in 1*87. This fundamental revision Is to take place through adoption, or ratifica- tion, by the several states of the so- called \Lame Duck Amendment\ to the federal Constitution. It Is the con- sensus now that Its ratification as a part of the organic law Is only a question ef time. So, in; a few years then we will wit- ness 'die convening of our congress la January of each year for sessions of no fixed duration or life op to one year, and each four yean, we will see a Presldest Inducted Into office In the same month. Congress now meets in Decern i er, of course, but Its sessions, started in the odd years, end automat- ically on March 4 of the succeeding even year; the sessions beginning In December of the even years may run through to the following December, If the legislative body so choose. The new amendment will start the sessions on Januarr 8, of every year and they may continue until that date of the next year if the work has not been done In the meantime. In the case of the Chief Executive, he will take office on January 20, of the year following his election, The term of office beginning next March 4, therefore, appears certain to be the one break in a steady succession of four-year terms. for President since the formation of our government, for it will be reduced by the difference of time from January 20 to March 4, in order that the succeeding Presidential terms may be for four foil years. The purpose of the amendment la, In the words of Its author, Senator George W. Norrte, of Nebraska, \to bring congress closer to the people.\ And there is not a great deal of dis- agreement about that It will make congress a body more responsive to the people, because senators and rep- resentatives who are elected In No- vember will'take office in*Just two months thereafter. Those who are de- feated by the electorate, will not serve again, unless perchance a session con- /tinues past the date of the election. At any rate, the will of the people aa expressed at the polls in November can be carried into tye halls of con- gress within two months instead of being delayed, as is the case at pres- ent from November of one year Jo De- cember of the next year. Considerable research has failed to disclose how the term, \Lame Duck\ Jjad Its origin. It has long been ap- plied to the unfortunate politician who guessed wrong aa to what his constit- uents wanted, and was defeated. He has served through another session of congress, however, before surrendering office to a successor. While die new amendment win make congress more responsive, and closer to, the people, there is and probably always will be some lack of unanimity, of opinion as to its value. The school of thought In congress that opposed the amendment felt there was danger that congress would be too responsive to public will; that there were such things as whims and public demand based upon misinformation, and that the present period of. delay afforded time for the electorate to \cool off.\ Those who look at both sides of the question see that danger. They recog- nize it Is possible for a majority of the citizens of the Republic to be swayed by demagoguery from a raucous minority. Some act of a for- eign nation might possibly engender such steaming hatred Just In advance of an election as to cause the selection of a majority of congress willing to rush Into war. Or there may be some domestic Issue about .which the flames of public sentiment may be fanned, with a subsequent action by congress that would be regretted in later years. On the other hand, those who foe- tared the change and who pressed It through congress have contended that this new responsiveness will work both ways. It is their view that sen- ators and representatives will \hear from home\ more quickly than ever before If sentiment swings back from the point that it reached at the polls. Plenty of safeguards are said to exist and this observer m Inclined to the opinion that they do exist in force. After watching the performance of congresses through more than a decade, I hold the conviction that they represent a rather good cross section os the population that elects them. The voters now and then get one who la better than the average and now and than put one In office who does se credit to the district or state from which he or aha comes. Slut the aver- age of anything la the sum total of all, divided, by that number. Repre- sentatives snd senators, aa ! have seen them, malce up a congress representa- tive of the public which usually, there- fere, has hati just about what It a willing and entitled to receive. #X IMS. WMUTB tfewipfper UBIM. National Topics Interpreted \' by Willianr Bnickart Washington.—The arrival ef first ef the foreign missions here for conferences with Washington President Roosevelt Conference provides some Ink- ling of bow he la going about the job of seeking en answer to the world economic problems. Of course, the Washington conferences are said to be preliminary only to the world economic confer- ence, but the methods which the President has adopted make It appear that he la about to capitalize the very thing v about which foreigners— and many Americana, too—complained, namely economic and political Isola- tion of America* Authorities here characterise his more as a bold stroke. They see al- most a transplanting of the main con- ference to the United States. But they see also many possible pltfalla In the President's plan. In calling the heads of the governments of Great Britain, France, Italy, Germany, Japan, China, Argentina, Brazil and Chile to the American capital* the President may be said to have caught oppo- sition plans off first base. If one may refer to baseball for a parallel play. Information available In h&> quar- ters here Is to the effect that few, If any, of them expected such a move. Any analysis of the policy on which the President has embarked must needs include reference to the certain benefits that come from knowing all ef the facta. The President has set out to warn them. He believes the procedure in the later world confer- ence win be made simple. But according to expressions being bandied about, one ought to look be- hind the scenes. In such conferences as are being held, there must be un- derstanding of tradition, of past links or breaks between peoples. There might be touchy spots, or there might be points susceptible of being put to good nee In the relations between na- tions. It seems that the danger Ilea, therefore, not so much In what is hap- pening now, but what has happened In years gone by. • e e European statesmen have, played their own games of International poll- tics for years. They Know AH know ail of the * the Tricks tricks, and they nee them. It v seems not unreasonable to assume they will nee their old methods, those with which they are best acquainted, 'in their dealings for the big stakes that are Involved In the economic and debt parleys. It is unfair to say in such an analysis as J have attempted to make that everything pot forward by the Europeans will be for ulterior pur- poses, but the opportunity is there, the diverse interest of the various peoples Is there, and therein Ues the threat to the Roosevelt policy. The economic conferences basically tnvolve something of a readjustment of advantages gained, some fairly, others by force, as a result of and since the World war. Every one agrees the conferences concern not only a solution of the problems of the degression but they reach far into the future. Apparently everybody needs and wants foreign capital. We all want to borrow from one another, and all want to trade with one another, but each wants a prior advantage th do- ing It It constitutes an exaggerated glamor upon which the eyes of all nations are set and to think each one Is going to give up something of Im- portance is to expect an early arrival of a mlllenlunt Nevertheless, In the opinion of stu- dents of International affaire, the move by President Roosevelt to capitalise our hitherto economic and political Isolation has some chance for success In that Its very boldness may partial- ly disarm the statesmen who have been used to playing another sort of a game. The President thinks pretty fast and It has been suggested here that he may foresee any traps and allow those who laid them to fall into their pits, see A backwash has set up from enact- ment of the emergency banking law. That statute broad- Backwash Prom ened the powers of Banking Law the Federal Reserve banks and allowed them to discount certain types of com- mercial paper not heretofore eligible to be received for discounting. r Since that waa done, Washington Is hearing from all parts of the coun- try to the effect that If the Federal Reserve banks are to be allowed to discount practically all kinds of com- mercial paper, incorporated cities and towns ought to be allowed to discount tax warrants and other obligations of the municipalities. Nearly every day resolutions to that effect are received In congress from some municipality. from a local standpoint the propo- sition Is one that Is difficult to deny. The gnawer Is simple, however, from the standpoint of national policy. Two reasons stand out why this sort of discounting should not he done: t If unlimited powers were accorded the Federal Reserve banks In this di- rection, soon the Federal Reserve banks wosld be carrying the entire burden of municipal Indebtedness. There would be no attempt to market their securities elsewhere. X If the Federal Reserve banks were author- ised to take such paper, nuCny.munici- palltles would be under no check or inhibition against spending; they could run high, wide and handsome, la car- rying out local Improvements or local schemes without having to reckon their payment—at this time. So it be- comes obvious that to permit each die*\ counts, sooner or later those towns and cities which failed to live within their Income would be compelled to burden their people with taxes far be- yond the present burden. Or the Fed- eral Reserve banks would have to lose and the currency Issued against those warrants and other obligations would be worthless. e* e. e The condition growing out of the emergency banking act insofar as It has developed the Shortsighted backwash of de- Ltadtrs mends for additional discounting privilege demonstrates probably better than «*y other circumstance now at hand as fo the abort-sighted policy so ssaay al- leged leaders have adopted. Bore la congress, and elsewhere throughout the country there has been a continual outcropping of laorements whlcfi seek to promote action by the Federal gov- ernment without consideration for the future. The bntk of them seem not to take into thought that ultimately the obligations thus created have to he paid at some time In the future. Of course, there always has been merit In the argument that the. pres- ent conditions will eventually end and that what we know aa prosperity will again prevail. In that event It Is ex- plained, some of the burden ought to be shared. The eame argument waa presented many times In congress re- specting «the reduction of the war debt It was held during the treasury administration of Secretary Mellon that he was paying off the debt too fast; that some of the burden ought to be passed on to future generations because they share the benefits of World war victory, aad that Is quite correct In the vtow ef ell observers here. Yet no country and no people who have persisted in remaining ever- lastingly in debt hare survived when the crisis came anew unless they had paid off their debta. Right now the wisdom of the ifeUoa debt-paying policy Is evident Had not the national debt which amounted roughly to $24,000,006,000 when Secre- tary Mellon took charge, been rapidly reduced, the federal government never could have met the drain of deficits like It has In the last three years. The tax burden, aside from running ex- penses for the government would have ' been beyond coniprehension of the American people. So apparently with- out attempting to analyse their pro-, grama from the perspective of the fu- ture, many of these breeders of Ideas are wilHng to establish themselves aa community benefactors or national statesmen by postponing the evil days of payment I have discussed these plans and the. philosophy they Involve wtth a good many senators and representatives tn congress. Privately, except In a few Instances, they admit the fallacy of spending now and paying tn the fu- ture If there Is any other way to oe- compllah necessary ends. Publicly, however, they may make much noise tn support of such things as the die* counting of municipal tax warrants or bonds or other obllgatione, because they think their people want them to support such things. e • e The corps of Washington newspaper correspondents is sorely puesled over the problem of the Pusiled newest addition to About Moses their ranks, George R. If oses, former Republican senator from New Hamp- shire, baa turned reporter after many years In the senate.. \ It Us not that the regular cor- respondents fear the competition ef Mr. Moses In the regular run of news, but they foresee difficulties from ad- vantages which he holds at the very beginning. Aa a former senator, Mr. Moess is entitled to enter the senate chamber, a privilege which no ether writer haa, and that will enable him to sit down and chat with the senators where the other memasrs ef the press gallery either must mok on pro- ceedings from their seats In the gal- lery er await the convenience of any senator whose presence Is desired. The senators nearly always respond to a request for an Interview, sent them by a page, but In the meantime the ordinary reporters \cool their heels.\ By a curious quirk, it was Mr. Moses who waa largely responsible for the senate rule that prohibits cor- respondents from entering the senate chamber. He wee,chairman ef the committee on rules at one time and during his chairmanship the committee waa called upon to make aa investiga tion of now certain senatorial secrets leaked out of an executive session. One of the results of that investiga- tion was a rule barring the writers, but the rule doesn't apply to Mr. Moses since another senate rule gives ex-eenatora the privilege of attttag la the chamber, though they do not par- ticipate In proceedings. e> us*, w 1 » •unfttee i veetlga- \ secrets \ session.
