davidaulloa/AmericanStories huggingface dataset:
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19
ELIFNSBURG KITTIrAs COUNTY, No. st.

gold reserve notes, beginning at a
rate of not over 2 per cent per
annum.
This plan is not new. 1t has
been urged upon congress at every
session for the last 10 or II years,
and has invariably met opposition
there which resulted III its defeat.
Mr.. Bryan sums up the objections
to asset currency in the last number
of the Comnoner wherein he says:
Asset currency is to be brought
forward as if it were a new remedy
just thought ola panic cure. 1t
is panic breeder, instead of a
panacea. -
1t would aggravate rather than
relieve the situation. 1t would
increase the banks liabilities Just
at time when depositors are
fearful that the banks cannot meet
present liabilities.
The need of elasticity has been
much exaggerated. Such elasticity
As is necessary should be controlled
by the government and not by the
banks.
The Wall Street Journal believes
that The assertion that an elastic
currency based upon bank assets
would prevent panics, needs proof
before it can be accepted. Again,
the same Journal, commenting on
a report that the president i'll his
annual message will urge the enact
ment of all asset currency, plainly
sounds this warning:
The President will be wise if he
will make a point of advocating
heavily taxed circulation. What is
wanted is a currency for ener-
gcncies, not currency for imitation. "
Many students of our financial
problem, while expressing opposit
ion to the plan advocated by ex-
Secretary Shaw and Comptroller
Ridgcly, are however, i'll favor of
another plan, which, they affirm,
would meet all the needs Of an
elastic currency, with none Of the
perils of currency issued by banks
without specific collateral security.
tnder the present law, national
bank notes are secured by govern
ment bonds deposited by the issuing
banks, with the L. S. treasury.
These bonds are held to insure the
redemption of the banks notes, in
case of its possible failure. Many
are OF opinion that the note issuing
capacity of national banks could be
safely increased if the law were
amended to permit banks to issue
additional circulation by depositing
acceptable state and city bonds,
as well as L. S. bonds. They
would impart elasticity to this Sup
Elementary issue by imposing a tax
heavy enough to make it to the
interest of the banks to retire the
emergency issue whenever the ex-
traordinary demand for money
subsIcd and interest rates declined.
Others there are who believe that
The country already has all the
money it requires and that it would
be unwise to encourage further
ilniatingo Of the currency The Port
land Orcgonian takes that view,
and says;
More money is always the
cry Of those who stretch credit and
expectations too far, and have too
little or nothing to meet the one or
the other. Now we are told there
is not money enough though prices
81 commodities never were 50 high
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19
A PERFECT CASE
Trust Masnates Make a Very
Generous Offer.

"A Washington dispatch says that
the hnanciers and trust magnates
nave agreed that if the administra-
uon will give them asset currency
sney will not make a fight against
RE administration s federal control
" corporations plan. What very
senefous offer. 1t is indeed one OF
.ne most perfect instances OF
aeads I win, tails you lose"
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19
ASSET CURRENCY
SHALL WE HAVE IT?
REPUBLICANS BEAT GROVER
Issuing Asset Currency and Bonds
In Time of Peace.

Some people confuse the term
fiat currency and asset cur
rency.' But there is vital dis
tinction. Those who advocate fiat
money pure and simple contend
that the United States government
should issue legal tender currency
with no promise of redemption
other than to receive it for all dues
to itself including duties on goods
imported and to pay it out for all
debts owning by the government
This currency would not be
United States note; it Wonld be
simply a declaration by the govern
ment that particular piece of
paper was 81, s. or S.. and must
be taken i'll payment Of all debts
and dues as full legal tender, the
theory being that the need of this
currency to satisfy debts and obi
cations and being taken as full
payment tor all taxes and dues to
the United States Would give it
value'
Strictly speaking there IS no Such
thing as lrredeemable Money
for it IS redeemed every time 1t is
paid out to cancel debts and as
matter OF tact IN case OF the collect
ion OF debts by law all debts arc
cancelled by the payment OF lawful
money, and that only, although
there may De damages aooeo 'o'
not paying at a certain time or III
particular brand OF money.
\ person agreeing TO pay Spanish
milled dollars, cannot pay i'll any
other kind OF a dollar, without
being liable for amy damage there
may be.
Asset currency, as now proposed
by many bankers and others would
take the form of definite promise
to pay, and its payment would be
secured by the assets OF the issuing
banks. Leslie NJ. Shaw c%-aecre-
tary of the treasury, and NllIlahi
B. Ridgely, comptroller OF the cur
rcncy, are substantially aS'ccU up
on a plan Of asset currency. Comp
trollcr Ridgely in his last report to
congress recommended the follow
ing plan:
All national banks which have
been in operation for not less than
two years and which have an I'M
impaired sur u "0' '~'' ''''''i
20 per cent OF their capital stock
to be permitted to issue not 10 e%-
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19
BRYAN OFFERS
A SUGGESTION
PROVES LOYAL TO COUNTRY
In Spite Of Adverse Criticism
Of Rabid Republicans.

The following good sound advise
coming from w. J. Bryans paper,
The Commoner, is we'll worth re-
producing, and also a careful and
close perusal by our readers:
In other editorials The Com
moner has pointed out certain
remedies that ought to be invoked
for the relieving of the present
panic and the protection of the
public for the future, but it begs
to urge patience and confidence
upon its readers. The banks are,
as rule, perfectly sound. They
are not loaded up with bad paper.
Examination will show that prices
have been rising and that men are
better able to pay their debts now
than they were ten or even five
years ago, but the depositors can
precipitate panic if they are un-
reasonable enough to do so. The
withdrawal of a few dollars a day
by each depositor if he deposits
none, will soon cripple the strong
eat institution, while an afreement
among the depositors to exercise
little more faith, will soon relieve
the situation. While the local
banks may find it impossible to
withdraw the deposits which they
have made in the eastern banks,
those deposits will ultimately be
be paid, and there is practically no
danger Of loss to the various COM
mnuities unless depositors are fool
lsh enough to expect the impossi
Die. When a depositor puts his
money into bank, he knows that
his ability to withdraw it on de
mand defends entirely upon the
probability that but few will want
to withdraw the money at one
time. He has no right to expect,
therefore, that he can call for his
money at once if all the other de.
posters do the same thing-still
less should he expect it if his tim
ldity makes others timid. This is
time when depositors should rec
ognlze the service of the bank to
'ne communication the bank
would not EXIST but for the local
demand for it-and the depositor
should help to protect the commit
nifty by giving such support as is
*lthin his power. The depositor
who thinks only of himself at a
Time like this is as much to be crit
'clsed as the citizen who, thinking
only of himself in time of war, re-
fuses to bear any of the risks or
hangers necessary for his country s
protection"
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19
KITTITAS POULTRY SHOW
Opens Dec. II and Closes Dec. Il.
Biggest Ever Held.

The catalogue and premium list
of the Kittitas Poultry Assocla-
tons third annual show, to be
held in this city, December II to
21, will be ready to send out short
". the work nearly all being III
TYNE now. 1t is confidently eX-
nected to not only be the biggest
hut the best show ever held i'll the
county, and we are informed that
neighboring counties will send bras
70 this show as formerly, but III
larger numbers.
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19

Though opposed to his candidacy
Henry Wattcrson, ad'hi'9 ''',
prvan might win out, if nominated
for the presidency next year: AS
between l Bryan and Roosevelt, he
.h;nts q stronger man than Bryan
can be found.
The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1907-11-19

The populist idea of currency
issued by the government, safe
sound, and flexible, is mighty
popular today, and ever VIII DC
until the idea is put into execution
Any system of money controlled
by national banks, is both unsafe
and unwisc, so far as the great
masses of the people are concerned
for the old saying that "a poor
mans panic, is a picnic for the
bankers" is as true today as ever
it was.
The Montgomery advertiser., 1907-07-24
FOR ENTERTAINMENT
E. P. HuNz'kER ON TRISSL IN CITY
 COURT.
Accused of Padding Pay Roll While Engaged With Company ErGct- ing Exchange Hotel, Caus-
 ing Loss of $50.

The trial of E. P. Hunziker. young white man accused of embezzlement and false pretenses, occupied the great CT part of the ttime yesterday of the criminal division of the City Court.
 Hunziker is accused of padding his pay roll while in the employ of the Roebling Construction Company. of St. Louis, at the time the company was at work on the Exchange Hotel. It IS alleged in the indictment that he caus- ed the company a loss of $50.
 The State examined three witnesses yesterday and rested when court ad- journued late yesterday afternoon: The witnesses were: c. H. Scammeu of New York, general superintendent of the company; J. Henderson. assistant foreman at the time of the alleged mis- conduct, and w. J. Bryan. foreman during the same period. The defense will put on it's witnesses this morning.
 The case against Harrison walker, charged with perjury. was continued for the term.
 Fleming Lewis and Oliver Dinkins pleaded guilty to violating the prohi- bition law, each being fined $50.
 The following eases are set Tor trial today, in addition to those which were not reached yesterday: Will Ellis, manslaughter; Willie Evans, assault to murder Eugene Bowling. incest; Will Hall, unlawfully riding on train; James Daniel Jones carnal knowledge; Ed Me Lain, assault to murder; Presley Notes, destroying fence; Charles D. Reed grand larceny; Ella Belle Waite. grand larceny; Bernard Burger. receiving stolen property, two cases; Henry NICK Kirk Watkins. shooting across public road; Timothy Church, bigamy; Ed Williams shooting across public road and carrying concealed pistol.
The Montgomery advertiser., 1907-07-24
PRESS AT FAIRHOPE
EDITORS GUESTS OF SINGLE TAX
 COLONY.
Are Tendered Moonlight Ride on Bay and Drive trough Alabama's
 Model Little Town in
 Baldwin County,

| Mobile. July 23.-(Special. )-The ed-
 itors had royal good time over on
 the Eastern Shore last night. A moon- light ride on the bay was given them
 by the steamer Fairhope. and a car- cred them by the people of the Single
 Tax Colony.
 Ice cream, cake, watermelon and or-
 thodox single-tax doctrine was served
 them at the pavilion on the beach. Frank L.. Brown welcomed the Associ- ation. outlining the policy of the col- ony to them and President Doster re- sponded for the editors. E. B. Gaston gave a summary of the history of Fair hope and the plan along which 1t is conducted.
 The return to the hotel at the Point was enlivened by songs and merriment | of every variety that editorial minds could conceive of and it was C jolly
 though travel worn party that disem-
 parked at the wharf
 After spending a thoroughly delight
 full day and night at Point Clear the members of the Alabama Press Asso-
 citation arrived back in the city today
 about noon on the steamer Fairhope | diately taken aboard special cars wait ing here and taken to Monroe Park | where they aat down to well pre-, | pared fish dinner to which they. did | full justice During the course of the | dinner many happy speeches were made | which greatly added to the pleasure | of the affair.
 Through the courtesy of the Mobile | Baseball Association the editors were | given the privileges of the ball park | for the afternoons game and many | took occasion to see the two fast Cot 1 ton States League teams play. After
 returning from the ball game the mem-
 bers of the party came to the steam
 boat wharves where the good steamer
 City of Mobile was awaiting them and
 at 6:2O o'clock the steamer got under
 way with the editors for the return
 trip to Montgomery. Several of the party stayed over in the city and are
 the guests of the Mobile newspaper
 men, who are seeing that they enjo,
 themselves. At a meeting held on tho
 little steamer Fairhope coming ovel
 resolutions were passed thanking the | manager and the crew of the steamer
 for the delightful time shown them ant
 also thanking the Point Clear HoteI | management for courtesies extended | them.
The Montgomery advertiser., 1907-07-24
DAY IS UNEVENTFUL
| CAPTAIN PEACOCK RESIGNS HIS .. STAFF OFFICE.
Captain Frank Taylor and Captain Hunt Taylor are COmplimented by Colonel Brleken for Their
 Emcient Services.

ond % day of of camp at Camp John T. Morgan proved uneventful gone e through with. The only thing of Interest transpiring being the accept ing of the resignation of Capt. H. B. Peacock, inspector of rifle practice. and the transferring of Capt. William A. position made vacant by the resigna- tion of Captain Peacock. evening was witnessed by a large crowd. Just as the companies. were forming on the parade grounds the horse ridden by Lieutenant Colonel Car some slight bruises about the face The following two orders were read during the parade
 Special Order No. 1:
 The commanding officer desires to especially compliment Capt. Frank G. Taylor, Regimental Quartermaster. Capt. J. H. Taylor, Regimental Com missary ,and their efficient helpers in the preparation of camp and in the per formance of their several duties since the regiment arrived in camp. Regi- mental Quartermaster Sergeant w. R. Wilkerson also has the thanks of the commanding officer for his untiring eff forts in the performance of hts duties" !" By order of C. R. Bricken. Colonel
 "J. H. Patterson,
 Captain and Adjutant." Special Order No. 7:
 "The commanding officer announces the acceptance of the re- signtion of Capt H. B. Peacock inspector of rife practice. Capt. Will liam A. Collier is hereby transferred from ordnance officer to that of in- spector of rifle practice to fill said va- cancy.
 By order of C. R. Bricken, Colonel
 Commanding.
 U. H. Patterson,
 Captain and Adtutant." The Abbott Rifles of Selma gave their annual encampment ball at Elkdale Park tonight. The dance was largely attended.
The Montgomery advertiser., 1907-07-24
FOR REMOVAL OF THE DEPOT State Seeks to Move Lee Street Structure. FREIGHT HOUSE IS NUISANCE So Declares Bill Filed in City Court
 h Equity. CIaim Maae That Neither General As- semhly Ner City Council Had Au-
 thority to Grant Postis. of
 Street to Railroad.
FREIGHT HOUSE IS NUISANCE

Declaring the Louisville and Nash- vile freight depot at the foot of Lee street to be a public nuisance, the State of Alabama. through Attorney General Alex M. Garber, filed a bill of com plaint in the City Court in Equity at 8 o'clock last night asking that the freight house be removed.
 Thus began the first chapter in what promises to be an interesting contest to ascertain if the Louisville and Nashville Railroad Company is in right full possession of the property which is claimed to blockade the outlet to the
 The bill directed against the Mobile and Montgomery Railway Company and the Louisville and Nashville Railroad Company. It was filed by counsel last Parks, clerk of the equity court.
 Upon a final hearing of the case, the State of Alabama. in the phraseology of sns sesrs asss hs nss eny eha of much of the freight station as in fringes upon. or obstructs any portion of. Lee street to be . public nuisance Q void the ordinance of the, City of Montgomery granting the railroads pos session of the property.
 After reciting the origin of Lee street and the birth and incorporation of the City of Montgomery. the state alleges in the bill that the thoroughfare has been used by the City of Montgomery and its inhabitants as a public high way for the past thirty years.
 The state or the pi9hts af tbe citi gems of Montgomery. the respondents have caused the permanent obstruction of Lee street and they refuse to abate the alleged nuisance.
 It Is charged that the defendants undertake to justify their wrongful S1l the City Council, granting the use of the property. and under act of the ..rhe Citv Council of Montgomery the state alleges, undertook to make ak property held by it in trust, and with reference to which it was as clothed ahhesa with
 In reference to the act of the Gen eral Assembly. the bill ayers that the former Town of Montgomery has been changed by a subsequent charter of the Legislature to the City of Mont gomery.
 No action was taken last night by Judge Sayre. presiding over the equity court. It Is expected something will be done today.
The Montgomery advertiser., 1907-07-24
FINE HOUSE BURNS
FERRALL RESIDENCE ON MONROE
 AVENUE DESTROYED.
Family Away From Home, And Origin of COnflagrAti0n is . Mystery- Loss Estimated at $2O,OOO to

Family Away From Home, And origin of COnflagrhtion h . Mystery- Loss Estimated at $2O,OOO to 130,e00.
 The handsome residence of James F. Ferran, SIS Monroe Avenue. was last evening burned almost to the ground as the result of fire which originated on the second floor of the dwelling about 11:1h o'clock.
 The residence of the cotton merchant was one of the handosemest houses In the city. and the loss to the building and contents will be complete owing to the ravages of the fire and the destruc- tion caused by the showers of water from the number of lines of hose which played upon the flames.
 Owing to the fact that the residence was unoccupied at the time of the con flagration, MT. Ferrall and family being from the city at the time of the blaze the flames had made considerable headway before t.-e alarm was turned in. vRsen the engines arrived. accord ingly, the residence was almost totally beyond power of redemption from the flames. and the efofrts of the firemen were mainly bent on the saving of the adjoining residences.
 The cause of the blaze could not be ascertained last evening nor the amount of the loss. It is supposed. however, that the building was well covered with insurance, and that the contents were as fully insured. An estimate of the loss last evening was that 1t would aggregate, probably, from $20,000 to $30.000.
The Montgomery advertiser., 1907-07-24
EXPECT DIVIDENDS.
Insurance Companies to Pay oH II
 1908.

New York. July 23.-The heavy de clines in the market values or hlSh- class securities in the last year nave given rise to inquiry by many policy holders of the large insurance colhpa nies as 10 what effect this reduction or market values would have 'on their div idend prospects in the next year or so to come.
 Inquiry at the offices of the Eauita- ble Mutual and New York Life insu- rance companies. according to TheTimes today, developed the statement that not unless further declines or unexpect- cd severity should ensue between now and the end of the year would there be substantial dividend dist7 button in the year 1908.
The Montgomery advertiser., 1907-07-24
WOULD DOUBLE
 MEMBERSHIP Commercial Club Meet- ing Enthusiastic. REPORT OF PAST ACTIVITIES Resolves to Affiliate More Closely
 With City. Semi-Annual sessien sf Members Re- elects Retiring Directors Takes stand Against Overton Anti-
 trust Bnl.

That the Commercial Club should double its membership in the course of the next month. that it should keep . more watchful eye oyer the munich pal government, affiliating itself with the city officials and offering sugges- tions and help. that cities should be governed by municipal commission and that certain legislative bills now pending should not be passed, were the sentiments last evening of the business men who met at the Commercial Club in semi annual session of that body.
The Montgomery advertiser., 1907-07-24
FIVE ARE ARRESTED.

Men Indicted by GranA Jury Make Bond
 When AppRehenAed.
 Five persons, against whom indict- ments were found by the grand jury, were arrested yesterday. They imme- diately made bond and were releasd.
 The defendants to these indictments are: Archie Taylor. violating prohibi- tion law, two cases; Fred Wilson. car rying concealed pistol Nose Turner, gaming; Lucius Corbett. violating rev. enue law: Henry corbett. violating rev. enue law.
The Montgomery advertiser., 1907-07-24
CONVICT IS DROWNED.
Negro Gets Beyond His Depth In Tal-
 lapOOsa River.

Huston Rushton. negro convict, was drowned in the Tallapoosa river near the State farm at Convict camp No Saturday while bathing In the stream, acording to information that reached the State Convict Bureau yes terday. He, in company with mum Der of other convicts, had been in bath ing in the river, and he got beyond his depth and drowned before he could be gotten from the water.
 Rushton had been in the prison since last March. having served about TOUT months of an eighteen months sen tence. He was from Crenshaw county
The Montgomery advertiser., 1907-07-24
ENCAMPMENT ENDS TODAY.
Competitive Drill of Camp Pratt Won
 Ny W0odlawn Company.

S0mDeutINc OI SuihP svSsA
 Fly WOodlawn Company.
 Huntsville. July 23--(SpeciaD The first prize in the competitive drill of the 3rd regiment was captured by Company A. the Woodlawn Light In fantry, Captain John B. Scully. Lieu tenant John w. Wood and Lieutenant Elmos. The first prize Is a hundred dollars.
 Company G. of Birmingham, Captain Hugh Miller. won the second prize of fifty dollars. The first and second prizes for clean lines in camp were awarded to Company C. and Company F. respectively.
 In general orders this evening Col. McKleroy paid officers and men of the regiment a high compliment for their devotion to duty and the uniform high order that has been maintained during the encampment.
 By noon tomorrow the encampment will be a thing of the past. The en- campment has been successful from every standpoint.
The Montgomery advertiser., 1907-07-24

being given visitors to and residents of Montgomery
 Upon vote Dr. F. c. Stevenson. Messrs. J. C. Haas, r. S. Ball and J. T. Walker was reelected to member ship on the Board of Directois. F. R. Whiting offered a resolution expressive of the clubs regret over the retirement of Secretary Gilbert. and the resolution was unanimously adopted.
The Montgomery advertiser., 1907-07-24
Newa of Florence,

Florence. July 2a-(special)- )-The died suddenly last week at the James, town Exposition, were brought to Flor ence. her former home, for interment. The funeral cortege arrived Sunday afternoon over the Southern from Jamestown and was met at the depot by large number of friends and rel atives. The remains were carried di- rect to the First Methodist Church where the funeral services was read by the pastor. Rev. W. O. waggoner
The Montgomery advertiser., 1907-07-24
Favors Free Trade.

Montivideo, July 23.-Minister of Finance Vidalis is preparing a new tarin law and is abandoning the pro- tectionists policy, he will recommend free import of all products not produc- ed within the country and a reduction of duty on agricultural machinery and articles liable to be introduced as con- traband.
The Montgomery advertiser., 1907-07-24
RECORD TIP GIVEN.
Waitress in London Lunch Room Gets
 $500.

London, uly 23.-The passing of Crosby Hall, a well-known lunching place in the city. because the building in which it is located is to be torn down has been a lucky incident for Miss Sage, a waitress in the place.
 number of city men whom she has regularly attended at luncheon sub scribed a purse of $500 which they presented to the waitress. It is believ- ed to be a record tip for London.