davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1912-12-01

credits. at aeserpe banks. In the same way the reserve city banks show re- serves of nearly s500,0o0,00O, but only about half of these are cash in hand. The rest are credits at central reserve banks. ,
 While the official returns of the nation al banks show reserves of 21 per cent against deposit liabilities, the actual cash reserves are less than II per cent.
 This system of redepositing reserves, without any foundation of gerat public single reserve upholding the whole stfuc- ture of credit, collapses whenever the country banks and reserve banks, in time of panic, attempt to convert ther credits at the central reserve banks into cash in hand.
 As soon as the country banks attempt to draw down any large part of their S250 CO., 600 deposits at the reserve banks, and the reserve banks turn to the central reserve banks (New York. Chicago and St. Louis-but, in the end, New YorlO, our system fails
 The New York national banks, the hold CTS of the ultimate reserves, carry net deposits for other banks of S500,000 GOO and any general attempt on the part of interior banks. in a money panic, to draw cash against these deposits, must inevita- bly result in disaster.
 No Reserve Laws in Other Countries
 We have stringent cash reserve laws, not only for all national banks, but for many state banks. No other banking country requires it's banks to keep cash reserves. But we have money panics and they do not In times Of stress. our banks stop paying cash and stop loaning intensifying distress. In other countries the banks meet financial storms by pay ing cash freely and loaning freely.
 In other banking countries, with the sirEle reserve system, where money pan ics are unknown, and where there are no violent, business disturbing fluctuations in interest rates, no importance Is at tached to individual money reserves The chief reserves of foreign banks are the secondary reserves-liquid resources which can be quickly sold or rediscounted at the central reserve reservoir. These sec ondary reserves are largely discounts based on goods soon to be consumed The discounts are highly liquid, because the consumption of the goods liquidates the loans.
 Our secondary banking reserves are chiefly call loans on investment securi- ties A great mass of these loans can not be liquidated without creating a stock exchange panic. And the very fact that the central reserve banks of New York must create a mass of stock exchange loans, for lack of any other large sec ondary reserve basis, in itself unduly pro- notes speculation in investment secur- ties to the detriment of productive in- dustry.
 Ours is the only nation basing it's bank ing credit system primarily on stocks and hondS
The Birmingham age-herald., 1912-12-01

The prize of $50 for the best sec ton on the Cincinnati, New Orleans and Texas Pacific was awarded to N Strunk of Winfield, Tenn, foreman section 39, between mile posts 200 and 204. and the prize of $25 for the sec ond best section to J. Carroll of Coul- terville, Tenn, foreman of section be- tween mile posts 299 and 305.
 The prize of s75 for the best super visor's district, between Cincinnati and Meridian. went to s. McPherson of the Cincinnati, New Orleans and Texas Pa cific between mile posts 160 and 251. J. Bradley, supervisor of the Cincinnati, New Orleans and Texas Pacific, be- tween mile posts IA and 150, was de- clared to have the second best district.
 The most critical inspection of the track was made on the annual trip, every element contributing to safety or efficiency being given consideration.
The Birmingham age-herald., 1912-12-01

wasn't the same demand for them fhen, and they didn't bring the prices they do now. That mantel with the Corlntman
 columns and the Greek key design VIII
 sell for $75 and it's cheap at that, Tor ehe lines and proportions are perfect. It hs fine a type of colonial mantel as you Wi' run across; the wood is In prime cohui, ton and the design Is classic one. oio manteIs range anywhere from s2o up 10 S15o
 .One of the products of this business
 in demand by wood carvers Is old oaK.
 In the early days when wood was ihore
 plentiful than. it Is now oak was the staple material for builders and caplhe,-
 makers. In many of the old New forK houses the beams, joists, and ehtlle u,i
 derpinning of the buildings were ot oah' and massive supports they were too.
 we don't get a load of that stun avery day. but now and then when some old landmark goes we are apie to se- eure several thousand feet but It IS scarcely unloaded before it is sold and carried away again. It is well seasoheo, so there is no danger of it's warpihs >r splitting, and consequently 1t is In ae- mand by woodcarvers. It seils ior s'o '' hundred feet.
 "Old mahogany doesn't find resting nlace here for any length of time. In many of the old New York houses you will find the doors and trimmings Of the narlors of Santo Domingo mahogany AS
 a rule they are pretty well battered up and stuck full of nail holes when they get to us but occasionally they come III fairly good condition so that the wood can be utilized for furniture.
 Tn either case it is always Tn demand bv cabinetmakers for repairing antique furniture for the modern wood bears little resemblance either in color or tex ture to that which has grown dark anu rich with age and constant wear Ma
 hogany doors usually sell for from slo
 to $25 each.
 Not infrequently we run across a me
 tyne of antique brass chandelier or side light. and whenever anything of this sort turns up one man stands ready to take it off our hands. He is in the brass ! business and a good design IS valuable
 for copying. while the original can be
 disposed of to advantage. One of the prizes much sought after among the olu building material is hand-wrought iron
 '.See those posts' said the dealer, pointing to group or wrought-lfoh porch posts with low railing to inateh' sthose go down to Virginia. See, nere i is the order to be sent to New York
 man who has show farm down on the James river He will use the posts mounted on granite bases to hank ,he entrance to his drive.
 They are fine examples of the work i done some one hundred years ago, every
 bit done by hand and as good today as
 the day they were made-better, in fact,
 than most of the stuff turned out now.
The Birmingham age-herald., 1912-12-01
Ancestry of the Revolver

Since the introduction of gunpowder as a propellant and the general use of ire arms in warfare and hunting. there has been a more or less insistant demand for mechanisms that would give the soldier or hunter a number of shots at his commanu, without reloading, and enable them 10 be rapidly discharged. The first patent for a firearm of this description seems to nave been issued by the British patent office In 17lS to James Puckle, citizen of London for a gun mounted upon tripod, having a single barrel and a revolving cylinder. Strangely enough, one of the claims set forth in this patent appears almost yer batIm. l30 years later, In patent taken out by Roin White, an American inventor of a revolving pistol. Another curious claim of the patent was: The mechanism permits the use of square bullets against the Turk and round bullets against Chris tians; moreover, so great is the rapidity of fire that ships armed with the gun cannot be boarded by any attacking force
The Birmingham age-herald., 1912-12-01

these reserve holding banks to invest their resources largely in loans on stock exchange collateral, instead of in com mercial discounts. The captains Of finance, engaged in the Notation of new ventures, are bank customers as bor- roHers on the securities which these fio- tations bring into the market The sys- tem, therefore, which forces the reserve holding banks 10 seek stock exchange loans in preference to commercial loans. directly benefits the captains of finance who are popularity supposed to be mem bers of the alleged money trust
 Spectators and other borrowers on stocks and bonds pay the lowest rates for loans in this country. Business men pay higher rates. In Europe, where they have scientific banking systems, the low CT rates are paid by business men, the higher by speculators.
 The big banks. of the financial eenters, holding hundreds of millions of reserves for thousands of smaller banks, must keep these reserves liquid. that is, in such shape that they may be convertible into cash at a moments notice, to meet the de- mands of the depositing banks for funds. The big banks cannot invest the bulk of their resources in commercial discounts, as is the European practice, because we have no broad. liquid market in this country for such discounts The only big, liquid loan market Is the stock ex- change. And so the banks must, whether they like 1t or not foster speculation at the expense of business
 Credit Pyramid Built on Gold
 Our bank reserve system is faulty. All money lying in bank vaults is idle money. A bank, therefore, keeps no more money on hand than it needs to insure it's ability to meet the expected demands of it's de- positors for cash. The larger the propor- ton of money in the resources of a bank the more must the bank charge it's GUS
The Birmingham age-herald., 1912-12-01

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 For sale Birmingham by Eugene Jacobs Drug Store 1904 2nd Ave. and other druggists.
The Birmingham age-herald., 1912-12-01
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The Birmingham age-herald., 1912-12-01
CoCOperative Central Reserve Needed

Our many reserve system has broken down under every great strain. In the panics of '73, '93 and 1907, which cost JUS untold millions of dollars, our scat tered reserves were powerless to uphold the structure of credit. In the pinch the thousands of smaller banks could not use their own little hoards of cash they had grabbed out of the central reserve banks. because the law forces every bank not only to build up a reserve, but to keep It intact at all hazards.
 The cash our banks must hold for emergencies must not be used for emer- gencies. Thus says the law.
 With a great single reserve where loans based on industry could always be rediscounted by the banks, the panic of 1907 would never have occurred.
 We have enough gold in the banks amply to uphold the structure of credit. The reason the structure collapsed periodically in the United States is that small reserves, fail to do the work of supporting the structure that they would do if combined into a central reserve. Ours Is the only great banking country without central reserve; and it is like wise the only great banking country that suffers from money pancs.
 The only way we have checked great panlcs has been by temporarily combin- ing reserves, through the clearing houses. The banks in 1907. in the midst of panic, pooled their reserves in the clearing houses. This stopped the panic. What we should do is to pool the reserves of the banks permanently.
 Our many reserve system forces New York to assume the position of the keeper of the basic banking reserves and New York must continue to be the bank ing ruler so long as the system continues.
 The country has the choice Of allow ing New York to continue as the keeper of the final reserves, or of establishing a cooperative central reserve at Wash ington. in which all the banks of the country will have voice. and which no
The Birmingham age-herald., 1912-12-01
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The Birmingham age-herald., 1912-12-01
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Morris tribune., 1912-06-28

tent as Abraham Lincoln, as modest and
dauntless as U. s. Grant, as temperate
and peace loving as Rutherford B. Hayes,
as patriotic and intellectual as Jemes A.
Garfield, as courtly and generous as Ches-
ter A. Arthur, as learned in the law as
Benjamin Harrison, as sympathetic and
brave as William Mckinley, as progress
sive as his predecessor with moral stam-
ina, breadth Of view and sturdy manhood
all his own.
Rejoicing in the gratifying record of
things done, confident Of the forward
movement to the things we are pledged
to do, mindful of the spirit Of the time
and the requirement Of poise and pa
tience, glad of the new hopes and higher
aspirations of our people and their faith
In national progress and the harmony Of
his purpose, Herewith reassuring his ca
pacity by the exactiOns Of experience,
testing his patriotism by every demand
Of honesty, courage and Justice: knowing
his devotion to his country and its people
on behalf of Ohio and for 100000 Of
Americans, name for renomination our
great president-William Howard Taft.
Morris tribune., 1912-06-28
Citation for Hearing on Petition
for Probate of Will
Estate of Christian F. Violin

Estate of Christian F. Violin
State of Minnesota, County of Stevens,
In Probate Court.
In the Matter of the Estate of Christian
f. Violin, Decedent.
The State of Minnesota to Wilhe1nine
y ollin, William Violin, Oscar Violin,
Emma Wendt, Bertha Peters, Anna
Peters, Ida Mohr, Ella Violin, Lena VOL
lin, Herman Violin, Emil Violin, Elmer
Violin, Max Violin and all persons in
terested in the allowance and probate
of the will of said decedent: The petition
of Wilhelmine Violin, being duly filed in
this court, representing that Christian F.
Violin, then a resident of the County of
Stevens State of Minnesota, died on the
10th. day of March 1912, leaving a last
will and testament which is presented to
this court with said petition, and praying
that said instrument be allowed as the
last will and testament OF said decedent,
and that letters of administration
with will annexed be issued
thereon to William Violin. Now therefore.
you, and each of you, are hereby cited
and required to show cause, if any you
have, before this court, at the Probate
Court Rooms in the Court House, in the
City of Morris County of Stevens. State
of Minnesota, on the 18th day OF July 1912,
at 10 o'clock A. NJ, why the prayer of said
petition should not be granted.
Witness the honorable, A. L. Stenger
Judge OF said court, and the seal Of said
court, this 10th day of June 1912.
Court SeaO A. L. STENGER
GEO. W. BEISE,
Attorney for Petitioner.
Morris tribune., 1912-06-28
TAFT AND SHERMAN CHOSEN;
j. IRIS Name IS WITHHELD

salaver 1t is not pretence nor play on
prejudice.
1t is not the perturbation of a. people
passion wrought nor a promise proposed
progression is everlasting lifting the
standards that marked the end of the
worlds march yesterday and planting
them on new advanced heights today
Tested by such standard President Taft
is the greatest progressive of the age.
1t is needless to magnify and needless
to belittle the crisis of this eventful year.
Representative democracy has come to
the crucial test, and we know that a
pure democracy has never been secure
Whatever is uttered now through ambi-
ton, misunderstanding or falsehood mat
ters little except to warn and sober US
There is call for sober and righteous
leadership and need of justice unfailing-
justice to the least of them, justice to the
greatest men. If no other motive impelled
in the very name of justice, the Justice Of
/ party. people and a nation; the JUS
tice done and justice hoped for to sustain
our faith, this Republican convention
would enlist again under the Just leader
ship of President Taft
Opposition Without Reason,
Opposition to his denomination is as
nearly without precedent as it is without
reason or excuse. This opposition was
born of expediency, but triumphant Re-
publican party is not one Of expediency
While we have gone on to successive vic
| tories, holding measures above men and
| principles above personality and aims
above animosity, we have been so commit
| ted to abiding principles that every utter
ance Of fifty years Is in consonance with
our declaration of today. The common
enemy has been the party OF expediency,
catching up. ephemeral whims, paramount
ing new troubles, bellying the sails Of it's
ship of state to the winds of new griev-
ances or the recrudescent old-and rarely
| reaching port. And, sirs, Ohio proudly
| reminds you now that one Of her six Re-
publican sons who have borne the party's
national banner never trailed it defeated.
The record Of the present Republican
administration is not only proof Of the
conscience and the wisdom Of our party
; declarations and an impossible barrier
to self reputation, but the record is i'm
! pregnable to Democratic assault. More
over except for the attack Of disloyalty
in our own ranks, the record would rate
in current criticism as it will in history,
the marvel Of the progressive accomplish
| ment in one administration
Euloqy For Taft.
The sum total Of things done is far too
extended for detailed enumeration now
present to you today a leader who is
composite of the virtues Of all those de-
servedly enshrined in our party pantheon
William Howard Taft-as wide and pa.
Morris tribune., 1912-06-28
HARDING'S SPEECH.
dominates President Taft In Address
Kidding Opposition.

dominates President art In ADDRESS
Kidding Opposition.
Chicago, June 23.-Warren G. Hard
ing of Ohio in his speech nominating
President Taft said:
The first utterance Of the first Repub-
lican national convention ever assembled
in resolution declared that the maiRte-
nance of the principles promulgated in the
declaration of independence and embod-
led in the federal constitution is essential
to the preservation Of our Republican in
situations" Fifty-SiX years have not al
tered that truth.
Much of the contention between disput-
ing schools of American politics has relat-
ed to means of development. Until very
recently there was never serious question
about the wisdom of representative democ-
racy, because surprising results in human
advancement made it unassailable.
You've heard much lately about the peo-
pies rule. The peoples rule is no new
discovery to sovereign American people.
Nor is demagOgic employment of the term
new to the worlds hearing. Through such
demagogic employment centuries ago re-
publics tottered and fell and republican
liberties were lost in the sway of empires
in their stead. Human rights and their de-
fence are as old as civilization; but, more
important to us, the founders wrote the
right Of the people to rule into the consti-
tuition.
People Have Always Ruled.
The American people literally began to
rule in 1776 and there has not been and
never will be any suspension of that
power.
The same people, a plain people and an
honest people, ruled in the awakening Of
the American conscience that marks o
new era in our national life. They are
ruling today shielded by the laws su-
premacy and safeguarded by understand
ing. And they are ruling with unwaver-
ing faith and increased confidence in that
fine embodiment OF honesty, that fearless
executor Of the law. that inspiring per-
sonification of courage, that matchless
exemplar Of justice. that glorious apostle
of peace and amity, William Howard
Taft.
Noting his stalwart greatness in the
stress Of passing events believe him the
finest example of lofty patience since the
immortal Lincoln bore the scourge Of
vengeful tones without a murmur.
Sirs. have heard men arrogate to
themselves the title Of Progressive Re-
publicans," seemingly forgetting that
progression is the first essential to Re-
publican fellowship.
Progression is not a proclamation Of
Morris tribune., 1912-06-28
MRS. PANKHURST RELEASED
Militant sSUfFraesSts oNiNs FrOsdoWs
by Hunger Strike.

London, June 25.-MrS. Emmeliae
PahkhurSt, the militant suHrAgette
leader, who was sentenced ON May -
ct the Old Bailey sessions to nine
months imprisonment on the 0wgs
Of conspiracy and melting to malicious
damage to property, was released
from Holloway jail owing TO her
health breaking down ON account Of
the hunger strike which she and her
Imprisoned followers recently began.
The other prisoners, including Mrs.
Pethick Lawrence. ono % the editors
Of Votes for Women, VINO was SEN
fenced at the same time as Mrs. PNnk.
hurst, are being forcibly fed.
Morris tribune., 1912-06-28
ROOSEVELT.

The nominations were secured by
theft. There is no question about
that. The decisions in the contest
ed cases were given by a packed
jury. Neither the national commit
tee nor the credentials committee
was unbiased. How could it decide
any other way than it did? And its
decisions ruled the convention. The
contested cases formed the balance
of power.
Morris tribune., 1912-06-28
ST. LOUIS WANTS CONVENTION

To Begin Work on Effort to Land
Progressive Gathering.
st, Louis, June 24.-St. Louis will
be q candidate for the convention Of
the Progressive party" which, ac-
cording to Roosevelt adherents, will
convene In August.
The st. Louis movement WAL be
started at a meeting Of the convention
bureau of st. Louis.
Morris tribune., 1912-06-28
44szSrs =
PLEASURE PARTY PERISHES
Rollers From River Steamer Upset
Boat Containing Five.

Cincinnati, June 24-Four persons
were drowned in the Ohio river at the
foot of Ludlow street here when
boat with party of five was upset by
the rollers" from a river steamboat.
The party was rowing on the river,
indulging the precarious sport of rid
ing the, waves tossed up by the big
river steamers when they encountered
an unusually high "roller" and their
boat capsized
Morris tribune., 1912-06-28
MEYER HAS TYPHOID FEVER

Secretary of Navy Ill at His Home In
Massachusetts.
Washington, June 23.-Secretary of
the Navy Meyer, who left Washington
a week ago for his home at Hamilton,
Mass, has developed typhoid fever. A
message to that effect was received
at the navy department. When the
secretary left it was said he was sui
fering from a stomach trouble.
Morris tribune., 1912-06-28
LEADING FEATURES OF THE PLATFORM.

Roosevets previous administrations Endorsed.
Against recall judges smpIfeation
amendment antitrust providing punishment
For protective tariff, but with reductions
Federal trade commission administrative inter-
state affairs.
Law urged to aid farmers
Extension Of federal
retirement
other
SO:
Morris tribune., 1912-06-28
Roller Skating Fatal to Child.

Clara Smith, the nine-year-oRd
daughter OF Mr.. and Mrs. Frank Smith
of Plainview, died suddenly IA Winona
hospital after an operation ON the hip
bone. While roller skating with play.
mates about two mouthS ago Shs fell
on cement walk. striking on her hip.