davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1912-06-23

The railroad connecting Chill and Bo-
livia, which crosses the Andes, I4,lO5
feet above sea level, provides oxygen
chambers, in which passengers can get
relief from the rarified air Of the high
altitudes
The Washington herald., 1912-06-23
THREATENED
PREVENTS FLIGHT
Paul Peck Does Not Make Trip
Over the Capital in New
Monoplane.

Unfavorable atmospheric conditions
prevented Paul Peck. the young Wash
ingtOn aviator, from sailing over the
city yesterday afternoon in q monopIane
Of his own design. as he had planned.
Peck took his machine out OF the
hangar at College Park early yesterday
afternoon, and in a short time had the
motor running smoothly. He made a
short flight over the aviation field. and
upon landing. put out OF commission one
Of the small wheels with which the
machine is fitted for being run upon the
ground. The damage was only slight,
and would have by no means have In
terfered with the over-city flight had the
weather been favorable.
But clouds frequently obscured the
skies. and the sun played a continuous
was Of the opinion that a storm was
brewing. 50 he dared not attempt the
flight The machine was working beau
tifully. and the aviator was sorely dis
appointed that the weather was not
favorable.
Peck leaves Washington tonight for
Charlestown, W. Va, where he will
make a number OF exhibition flights.
He will hy IN his biplane. After a short
stay in CharIestown, Peck will 20 to-
Boston. Mass, where he will partici-
pate in the aviation meet to be held
from June - to July Z. He will use
both his mOnoplans and bipIane at Bos-
ton.
Mr.. Peck said yesterday afternoon he
regretted greatly that the people Of
Washington had been disappointed. but
that he would attempt the over-cIty
flight upon his return to the National
Capital No monoplane has yet scared
above the Capital City.
The Washington herald., 1912-06-23
Prepare for baltimore Trip.

The National Champ Clark Democracy
League, Joined by all District Demo-
cratic Clubs to go to the Baltimore. Con-
vention. will meet at New Masonic Tenn
pie at 8 o'clock Tuesday morning, where
the members VIII don their regalia and
march to the train, which will leave for
Baltimore at $50 O'Clock. The league
will be led by band OF twenty pieces,
with twenty-six boys bearing banner
representative OF the States instructed
for Champ Clark.
The Washington herald., 1912-06-23

Ocean City r. now only six hours from
Washington. New direct Rapid Transit
every day. Special excursions Sunday. See
W. B. & A. Electric Railway.
The Washington herald., 1912-06-23
COMPLETEPLANSFOR
FOURTH PROGRAM
Only sl,44o Has Been Subscribed
to Fund to Be Spent for
Fireworks.

A COMMITTEES OF citizens met yesterday
morning in the once OF Commissioner
Cuno H. Rudolph. and conferred with a
view TO completing arrangements for
the safe and sane'' ceIebration OF In
dependence Day in the District.
The oficers Of the committee announced
at the meeting that only t.4lo has been
subscribed to defray the expenses Of the
celebration. and the programme as orig
inally planned calls for an expenditure
OF at least 5000. Unless the deficit Is
made up by citizens who are interested
in the project to diminish the number Of
injuries among theechildren OF the city.
the display Of fireworks planned win be
materially reduced.
An Invitation. Il was stated BY Com
missioner Rudolph. has been e1gended to
oil Revolutionary patriotic societies to
occupy the platform during the exer-
cises IN the Pan-AmeFican Union Build
ing IN the morning
The eeroplane flights win begin in the
morning at O'Clock. George o. Totten,
in charge OF the aviation features OF the
programme. declared that he also hopes
20 have a hydro-aeroplane flight on the
river at o'clock in the afternoon.
Canoe races viii be beid In the Tidal
Basin In the afternoon. These events
Will be held under the direction Of
Adrian sizer. commodore of the Interclub
Canoe Association.
The programme for the events, decided
upon by a joint committee OF officials
and citizens, follows;
Music and patriotic exercises in the
P9p-American Union Building, beginning
atS9:3O a. m.
Aeroplane flights by Signal Corps on
GERS OF the army over the Eihpse and
polo field, beginning at q. m
Daylight fireworks, IL a. m. to noon.
Swimming contests. l p. m.
Canoe races, 3 to Sis p. m.
q Hydroplane exhibit and fight on the
river, 5 p. m.
Night fireworks, s:l5 to 10 p. m.
Illumination Of Pennsylvania Avenue,
s:5 to n:l5 D. m
The Washington herald., 1912-06-23
LOCAL MENTION.
EXCURSIONS TODAY.

Steamer Charles Macalester for Mount Vernon
leaves seventh Street Wharf at 10 a. m. and IN
?. N. daily except Sunday. For Marshall Hall daily
and Sunday. 10 a. m. 30 and 10 p. m.
Steamer 81. Johns leaves Seventh Street Wharf
at ,. m. to-day for Colonial Beach
Norfoh and Washington Steamboat Company'I
steamers from foot Of Seventh Street for Old Point
Comfort and Norfolk daily at SIS D. m
Cars from Ffteenth Street and New York AVsnus
every quarter 5oT for main entrance Zoo PGrk and
Chevy ChAse.
To Great Falls-WashinEton and Old Dominion
Railroad ean every few minutes from Thirty-st1th
and NJ Streets
To Chesapeake NBeach-Daily trains Of Chesapeake
Beach Railway leave sso. lO;0. and II % a. N.
80. $50. and Ta5 p. m.
To Mount Yernon-Washington-Yir Railway
cars every hour on the hour from 10 a m to 5 d n.
Station. Twelfth Street and Pennsylvania Avenue.
The Washington herald., 1912-06-23

Cambridge e. now only ave hours from
Washington. New direct Rapid Transit
every day. See w. B. & A. Eectric Rwy.
The Washington herald., 1912-06-23

Eastern Shore n now connected diree
See W. B. & A. Electric Railway.
The Washington herald., 1912-06-23

The Finest and Freshest Flowers
occasions furnished by GUIDE, I2l4 F.
The Washington herald., 1912-06-23

GJudas," Magnificent Hand-eOIored =
reel feature to-day, Virginia Theater.
The Washington herald., 1912-06-23

Dine Tonight at Harvey's.
Electric fans and reasonable menu
with choice food awaits you.
The Washington herald., 1912-06-23
ShaHer Designs Finest Floral Emblem
Prices always moderate. 18th & Ely
Memorial to DR.. DeaIe.

At a special meeting OF the Clinico-
Pathological Society of Washington in
the Offices Of DR.. William Gerry Nor
gan last night, resolutions were adopted
on the death OF DR.. Henry B. Deale.
A committee was appointed to arrange
for a suitable memorial to be erected
to his memory. DR.. Deale was one of
the founders OF the society.
The Washington herald., 1912-06-23

The Dnllsry. ba.ine.s and civil ser1iOe eoune..
The Washington herald., 1912-06-23

pIilerT. .tenoErsphI "a tlperritipr. sunner &c.
The Washington herald., 1912-06-23

summer Rates. stag Hotel. Investigate.
The Washington herald., 1912-06-23
SPECIAL vENIRE DRAWN.
From This Panel Sabens Jury VIII
Be Picked.

A special venire Of seventy-hve men
will be summoned to complete the jury
next Monday in the trial Of William H
Sabens, the soldier charged with first
degree murder in causing the death Of
Ada Haynes. The venire was ordered
by Justice Anderson in Criminal Court
No. l.
The casa viii be opened next week. and
Assistant United States Attorney Hawken
and United States Attorney Wilson will
conduct the prosecution. II Is antici-
pated that the trial will last a week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08

issue of'currency was fundamentally a
government function" 1T seemed TO be
based on the assumption that paper
money is the essential medium OF e1-
change by which trade performs its
work. This we know TO be untrue. This
statement assumes. moreover, that the
government is an institution which is
SO closely in contact with business
transactions that IT can carry through
loans by an issue Of notes when want
ed. and withdraw them when the trans
actions are closed. This also we know
to be untrue.
There are certain operations OF trade
and banking which could not be per-
formed by a government even ii it
wished to-and the issue OF notes in
connection with the functions of dis
count is one of them. 1t would, more
over. be utterly impossible for a goS-
eminent issue to have elasticity. since
it is not a banking institution granting
loans to private persons. The whole
history of government issues has been
one not only of fnelasticity. but even or
folly. Even the highly paternalistic
states. like Germany and France, find ir
desirable to have the currency" issued.
not by the government but by banks.
Proba bly, these great commercial coun-
tries had never heard OF the principles
laid down in the platform just noted.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08

House and Senate. 1t is now proposed that
ing foreign warships shall he sunnia,rnrt
ed by passenger steamers and mercbant
me column would necessarily he in
Command o%nna OF the highest ranking naval
onicer on the active list that wear wbich
omcer probably would be the commandar
IN chief OF the Atlantic fleet. The place
OF mobilization probably will be Hamnton
roads. which is easily accessible for for
room for all vessels. The Nav DIP.
ment Is taking a keen interest in the
project, and everything will be dor. 20
make the event a notable one as far a.
the navy is concerned ~ AL "'
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
PLAN NAVAL DEMONSTRATION
Atlantic Fleet May Attend Canal
Celebration.

Officials ot the Navy Department al
ready are making tentative plans for the
representation of the navy at the pro-
posed celebration of the formal opening
OF the Panama canal, in 1915.
1t is expected that this session of Con-
gress will authorize the President to take
such action as will insure a notable
demonstration on the water. IT is felt
that the Atlantic fleet should head the
line of vessels to make the trip from
the east TO the west coast by way of the
canal. Several bills with that end In
view already have been introduced in the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
SETTLE PENSION PROGRAM
General Legislation Not to Be At
temDted nv nemooro%, NJ

Inc pension program of the democrats
In the House has been definitely settled
by the determination of the conmitte.
on Invalid pensions 10 attempt no gen
erai pension Legislation at this short
session.
chairman Sherwood said Yesterday
however, that the private pension hills
affecting several hundred persons. would
De consolidated into one, two or three
omnibus private pension measures.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
BANK. CURRENCY BASED ON TRADE
DECLARED BEST FOR THE NATION

first half of the last century in this cOun-
try, exchanges of goods were performed
either by primitive barter or by passing
some form of money as medium Of
exchange from the buyer to the seller.
Checks We're little used, and only in the
larger cities. The uses of credit were
very little developed. What a contrast
with the business methods of today!
Our vast exchanges of goods-valued at
billions Of dollars-are performed mainly
by checks drawn on deposit accounts in
banks. We have the gold standard. in
which contracts and prices of goods are
expressed, and in which our various medic
of exchange are directly or indirectly
convertible. but gold is seldom used as
medium of exchange. We have gold
and silver certificates, greenback6 and
national bank notes, but the amount Of
the transactions in goods PERFORMED by
them is insignificant as. compIred with
those performed by checks drawn on de-
posts.
for ali national banks from 1866 to the
present day shows that the increased
business of the country has been met.
not by any significant increase Of the
note issues, but by an extraordinary in
crease of the deposit currency-i. e..
checks drawn on bank deposits. While
| notes have risen from about $3OO.OOOOOO
to $7OO.OOO.COO. deposits have risen from
$6O0.0OO.OOO to S4,4OO0CO.OOO. and the
| figures for banks outside the national SyS-
tenn strengthen this showing. for they is
sue no notes, providing only deposit cur
rency.
! $3.50, 600, ooo, 900 Paid With Checks.
But this is not the real comparison;
| with the notes should be compared not
| actual deposits. but the amount of checks
| drawn on these deposits. The real ex-
| tent of the use of the deposit-currency as
medium of exchange can be approx
| mately seen in the amount of clearings.
l These figures disclose the fact that
ransactions to the amount Of over $780,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
KIRKPATRICK NEARLY BLIND.
Representative-Elect From Iowa
Also Full of Moonshiners' Lead.

s. kirkpatrick. representative leet
from the sixth Iowa district is carry
ing around with him in various parts
of his body more than 200 pieces Of
lead. all shot into him by various MOON
sinners who have crossed his path. This
information is contained in a letter
written by the new representative TO
South Trimble, clerk of the House MIR.
kirkpatrick will succeed Representative
n. +. Kendall. and he is nearly blind.
The letter says:
MY dear Mr.. Trimble: i want TO
thank you for all your kind re-
membranes. By reason of loss OF
vision I am feeling my dependence very
much. as my eyes were almost literally
shot out by moonshiners-am carrying
over 200 pieces Of lead in my body. L
will bear about the same relation 10
the House that Senator Gore does to the
Senate-almost blind"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
600 coo. 600 are performed annually in the
United States by the deposit-currency as
of

100000. 900 are performed annually in the
United States by the deposit-currency as
a medium of exchange.
In other words, modern business has
created methods of exchanging goods by
first expressing their worth in dollars:
borrowing on their value thus expressed
which accordingly appears in a deposit
account to the credit of the borrower. and
on which checks are drawn to be used in
paying maturing obligations. Thus. goods
on the way from the producer to the
consumer are coined into means Of pay
ment
Obviously. then, the service that banks
perform for the community, apart from
loaning, is not merely that Of issuing
notes. Quite the contrary, the function
of issue is less important than the func-
lions of discount and deposit. In fact.
the function of issue is not essential to
a modern bank in this country; because
by of the functions of discount and
deposit, it can create an effective and
really elastic medium of exchange in its
deposit
This evolution out of business expert
ence, without any help from legislation,
has appeared mainly In Great Britain and
the United States mot being of impor-
lance on the cOntinenD. Our various
state banking institutions do all their
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
REPORT INDIAN AFFAIRS BILL
A Appropriation Measure Probably
Will Be Passed This Week

The annual Indian affairs appropriation
bill. providing $S.132.O2S for conducting
the bureau of Indian affairs and fulfill
ing treaty stipulations with the various
Indian tribes, was reporte. to the House
late yesterday.
There is a reduction of S1.Ol6,5S5 from
last years appropriation. The measure
probably will be passed during the COM
ing week
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
carried on.
Government Should Not Be Banker.

The relation Of the state to money and
banking, therefore, must be viewed with
an intelligent understanding Of business
conditions as they really exist today. By
general consent, the state through it's
government is expected to regulate and
supervise all public or quasi-public &C
tivities, under which must be included
money and banking. The control of
. money is and always has been func-
ton Of the sovereign state. Consequent
ly. the coinage of money, the selection of
the unit Of the monetary system. its
weight and fineness. fixing the various
denominations Of coins anu moneys, regu-
lation of the alloy and seignorage, chOos-
ing the kind Of metal out of which the
standard and subsidiary coins should be
made. are attributes of sovereignty.
But is it an attribute of sovereignty to
determine and regulate the amount and
character of banh checks? In one sense,
yes; in large sense. no. The state has
passed general legislation about checks
just as it has about contracts and the
like: it determines when a check is legal.
and it looks after forgery and similar
acts but, within it's supervisory sphere,
it leaves the amount and uses of the
deposit-currency to the laws of trade and
experience And yet, as has been shown.
this depOsit-currency is our principal me-
dunn of exchange, which is an admitted
function of money in all lands.
Media of Exchange.
One point, then, we must all admit: The
evolution Of modern business has created
media of exchange SO connected with
private transactions that they cannot. in
common sense. be performed by the gov
eminent. This does not mean that the
service should not be supervised by the
state; it means that the state cannot in
any practical sense directly perform the
service itself.
We may start from the automatic
proposition. which ell will admit. that the
state itself cannOtAor should not attempt
to-perform the private banking func-
tons of deposit and discount. That is.
it could not attempt to offer loans to all
it's citizens. judge of the character Of
paper, grant loans to one and refuse
them to another. We have not yet
reached that extreme Of socialism. even
If it were possible. And yet the deposit
currency is a very part and consequence
of. the banking functions Of discount and
deposit which. under our poiity. lie out
side of the direct performance by the
state-not outside of its supervision. If
the government should not undertake the
work of private banking functions, It
cannot create the deposit-currency, our
chief medium Of exchange. This con-
clusion Is too obvious to need further dis
cussion, but it leads to something more.
No Special Profit in Bank Notes.
The particular service rendered by a
bank note Is very much the same as that
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
Railway Man Accidentally Killed.
Special Dispatch 10 The Star.

special Dispatch 10 The Star.
CUMBERLAND. Md. December T.
George II. Perea. twenty-four years of
age, brakeman on the Berlin branch of
the Baltimore and Ohio railroad was
killed at Macdonaldton yesterday while
polling" cars. The pole of white pine
he was using broke when the engine
struck it, and Perea was struck. He was
a son of the late Rev. j. Y. Perea, Pres
byterian minister. the first ordained ma
tive missionary in the territory of New
Mexico. He was of Spanish descent.
Young Perea had been stenographer at
the county court at Albuquerque and was
later railway mail clerk. He resigned
on account of i'll health, for outdoor work.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
AWARDS IN ART EXHIBIT
Cash Prizes and Medals for
Contemporary American
Oil Paintings.

The list OF awards for the fourth exhi-
bition OF cotemporary American oil
paintings at the Corcoran Art Gallery
was made public last night The W. A.
Clark prizes Were awarded as follows:
First, 5000 and the Corcoran gold
medal. to Childe Hassam OF New York
for his painting. THE New York Widow
Second. $3.50 and the Corcoran silver
medal TO Daniel CARRIER of Philadelphia
for his painting, Wilderness"
Third, $1,000 and the Corcoran bronze
medal. to Gardner Symons of New York
for his painting. The Breaking Of the
River Ice
Honorable Mention.
Fourth. $500 and the Cercoran honor
able mention certificate, TO Carl J. Nor
dell of Boston for his painting Femme
Nue..
The awards We're made by a jury com
posed of Carl Melchers. Weimar Ger
many, chairman: Ben Foster, New York
W. Elmer Schofield. New York; Frank
W. Benson, Salem, Mass, and Richard
VI. Brooke. Washington.
President Taft will attend a private
view Of the exhibition December 16
1t will be opened to the public the fol
lowing day and continue until January
70. 1913.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
BYJ LAURENCE LAUGHLIN,

Professor of Political Economy in the University
of Chicago.
Not infrequently it is said in connection
with measures for banking reform that 1t
is against public policy TO allow monop-
DIV of note issues to an institution formed
by private capital; and that the control
over money always has BEEN and always
should be, a function of the sovereign
state. There has been much vague think
ing on this topic, which of all others, due
to it's basic Importance, demands clear
ness, penetration and good sense.
BY their very nature banks are insti-
tutions for collecting and loaning capital
So long as capital is necessary to pro-
duction, banks render an unmistakable
service to industry. All production re-
ouires capital, as we'll as labor; and the
producer, the jobber and the retailer are
constantly in need of capital to hire la
Dor. to help in the rapid exchange OF
goods. to extend their business and to
meet maturing obligations while collec-
tons are coming in. Therefore, all classes
in the industrial world are as directly
dependent upon banks for loans of CAPT.
tai as the growing crops are dependent
on rain and sunshine.
What kind of a banking system we have
is, then, of direct concern, not merely to
bankers, out 10 ali poTro"ers' " pro-
ducers and laborers, and an evil system
which entails injury always hurts most
the man at the bottom. who has the least
means and the least power of resistance.
Banks and business men who borrow are
converse terms. The borrowers could not
exist without banks any more than banks
could exist without borrowers. The two
go together.
Enormous Gain in Bank Deposits.
AS the race has progressed in all forms
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08

ST. LOUIS. December 7.-Albert T. Pat
rick. recently pardoned from Sing Sing.
arrived here tonight and departed for the
country home OF his brother-in-law, John
T. .Milliken. at Crescent. Mo. Patrick
refused to talk, saying Milliken had ask
ed him not to give any interviews
Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-12-08
though in the readjustment net returns

though in the readjustment net returns
will be satisfactory.
AS the late Mr.. Havemeyer was wont
to say frequently. 1t makes very little
difference In the actual results. as the
manufacturers arrange for their profits
on basis of the actual cost of raw ma
terial-the velvet" being the difference
between what the stocks cost at bedrock
and the price at which the product can
be sold to the consumer. He held that
the principle which applied to his own
speciality, sugar. applied to nine-tenths
of the things manufactured, and that
tariff was. after all. matter Of much
commonly supposed. Judge Gary. head
of the United States Steel Corporation.
holds practically the same view.
Secretary MacVeagh's recent express
sions are regarded as thinly yelled preju-
dice against Wall street-that is, they
are looked upon as such In Wall street.
He Is being severely criticised for alleged
narrOwness. The complaint Is that he
is not broad enough to understand that
government money deposited In New
York directly affects and benefits the
whole country and is not as he init
mates, for the special help Of specula-
ton.
New money in Wall street is nutriment
to the whole United States. AS Well
might he object to feeding spring lest
some of the water find its way into the
bellies of Wall street hogs, or shut of
supplies from an irrigating ditch be-
cause some of the water might fructify
weeds as we'll as the crops.
The one fact that stands out plainly
is that So0.OOoO0O or s6O.O0OOOO lying idle
in the Treasury could be serving a use
full purpose in supplying the needs Of
legitimate business. instead of being
locked up and kept out of employment.