davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07

one another, and any one OF them VIII
export gold at any time II can do so Win
profit. No one of them Is big or strong
enough to correct abnormal conditions
which are expelling gold from the coun-
try. Every country In Europe has CEN
,ral banking institution. one OF the prih-
cipal functions OF which Is to guard its
countrys gold supply.
our currency and banking system mas
other defects, but the four named above
are the most important ones.
In 1906 q committee OF the Chamber OF
Commerce, after thorough study OF the
subject, reported that in their opinion the
hest possible solution lay In the creation
OF a government controlled central bank
similar TO those Of Europe. Their report
was adopted by the chamber and since
then the Central Bank idea has been
growing i'm favor throughout the country.
Why should the bank be government
controlled? For the same reason that
the coinage and issue OF money Is govern
ment controlled Credit is more SEN
sitive thing than money, and Is much
more important In business. The welfare
NJ the people depends upon II.
The government took over the postofhce
business because Of the Importance Oh
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07

communications IT will probably. for the
same reason. take over the telephone
and telegraph business. The federal gov
eminent regulates immigration because
that is a matter of national consequence.
Credit il national affair, for our manu-
facturers and traders are carrying on
business with one another without any
regard to state boundaries. Therefore
any institution controlling the ebb and
flow of credit in the country should De
managed by experienced government offi-
Gals.
There Is another reason. The FIRST ana
Second Banks of the United States, which
were central banks with branches an
over the country, failed to have their
charters renewed solely because they
were private institutions controlled by
directors elected by the stockholders
That was the reason why Andrew jack
son became Jealous and suspicious OF the
power and political influence of the Sec
ond Bank of the United States, ana
started the war against 1t which ended In
its downfall.
After the panic of 1907 Congress create"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07

draft has been accepted by the debtor II
is technically known as an acceptance
1t is legally the promissory note OF the
acceptor. II bears also the Endorsement
OF the creditor and sometimes OF banker
These bills are freely bought and sold by
the banks Of Europe. 30 that bahk
there is always in position to Increase
its cash resources If the necessity arises.
In other words. Europe has what Is teen
nically known as "A discount market IN
which the obligations OF business men are
bought and sold as freely as stocks ana
bonds are traded in here We have noth-
ing like II because of the local character
of our banks. We have not single ma
t.onal banking institution. In It's develop
ment in this respect finance Is eVidehtiy
far behind trade and industry.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
FINANCIAL LEADERSHIP.

Fourth-We lack that financial ieaoer-
shin and Capitalization necessary TO the
protection of the nations credit ana Bold
stock. If the credit and gold reserve OF
France are threatened the Bank OF
T., ance. by its dominating influence ana
with the aid OF its branches In all the
provinces. is able TO control the move
mont of the foreign exchanges. Some
times IL is normal and proper for coui-
trv TO export gold just as 1t does other
commodities. There are times, however
when abnormal conditions make the eA-
port of gold profitable. Then these con-
ditions should be corrected and the eN-
port of gold thereby prevented. The most
common abnormal condition causing an
outward flow of gold from the country Is
an undue expansion OF credit. and that Is
usually due to excessive speculative buy-
ing by their customers. Then prices In
the country rise a little above prices IN
other countries, exports fall on and I'M
ports increase until balance OF Indebted
ness is created which must be paid IN
gold.
In the United States no single institu-
ton Is charged with the responsibility OF
preventing an undesired export OF goio'
All our banks arp competing sharply with
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
Dean Johnson Analyses the Currency Situa-
ton. Voices the Need of Better Bank
ing and Money System and Dis
cusses the Relief Legislation
Now Pending in Congress-
Now Pending in Congress.

exchanges. promoting speculation. When
business gets more active in the country
money is withdrawn from New York, and
New York banks are obliged to call loans.
This always hurts the Spectator who has
not been smart enough to foresee IL. and
frequently hurts the investor, the mer-
chant and the manufacturer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
Defects Of Present System in the Way Of
Lack of Elasticity and Bank Reserve
Provisions---The Owen-Glass Bill,
What 1t Contemplates and Why
tWouldP Prove Intellectual.

the National Monetary Commission, SEN
ator Aldrich, chairman. This commits
sion made most exhaustive investiga-
ton Of banking systems in other coun-
tries and finally reported a plan modelled
in many respects after the central oahhs
of Europe Its organization, however
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
MONEY SUPPLY SCATTERED.

second-The money which makes up
vur banking reserves is scattered In small
aesps about the country The national
'ahking act requires that banks in the
'a'ger cities, called reserve cities, shan
Asep on hand an amount Of lawful money
(which means everything except bank
'"ees) equal TO 25 per cent Of their de-
p'slis' but one-half OF this may be kept
credit balance on deposit with the
o'caiied central reserve cities-New
.efK, Chicago and ST. Louis. All the
s'ner banks must carry 10 per cent
serve, but three-fifths of this may be
n on deposit with the national banks
= 'ne reserve cities. As a result OF this
ss and OF the fact that New York City
!. we commercial and financial centre OF
country. the banks of this city are
lays heavily in debt TO country bankers.
10y they can never be certain when they
s',' DC called upon TO pay the debt In
~" umes money piles up here and finds
p'oSment on the Stock and Produce
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
EUROPEAN BILLS OF EXCHANGE

In Europe banks invest their money IN
hills of exchange, not In pron'isso'N
notes. A bill OF exchange is drait mace
by the seller upor the buyer, ana may We
made payable at sight or from 'hirty "
ninety days after sight. When such
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
EUROPEAN BANKERS.

The bankers of Europe learned long ago
at this was the effective way 10 main
tain that confidence which Is essential to
the solvency and operation OF any good
banking system. The Bank Of England.
for example, holds practically all the gold
reserve for the United Kingdom; the Bank
\of France does the same thing for France;
the Bank OF Germany for Germany.
banker in France, If he has been doing
straight business. Is never IN any fear OF
lis depositors. He knows, If they make
Unusual demand on him, he can lean on
the Bank OF France In other words ne
can take some of his assets to the Bank
OF France and exchange them for gold or
banknotes.
In this country. when financial trouble
threatens each bank must lean on itselt.
There is nobody to whom it can appeal
except the Secretary of the Treasury.
That official, however. Is not in close
touch with banking or business and can
rot determine what help Is most needed;
nor does he usually have enough money
on hand TO inspire general confidence.
Third-The assets Of our banks are not
LIQUID. / mean by this that the average
hank in the country has very little that 1t
can quickly convert into money. Its loans
and discounts have practically all been
made against promissory notes OF local
customers. A bank may know that these
notes are all good. for 1t knows its Dor
rowers but no other bank knows them or
is willing 10 lend them money Our So
called national banks are really local
banks. holding close and confidential re-
,atlons with their customers. banks
customers would be offended II 1t should
try 10 raise money on their promissory
votes such an attempt. which is techni-
caIlv called rediscounting, is looked upon
as a confession of weakness OH 'ne p"''
of the bank
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
IN TIME OF PANIC.

our bankers find themselves helpless
whenever they see a monetary panic or
J pinch approaching. Even though the
panic seems at first TO be only a local
affair, all banks begin to strengthen them
selves by increasing the amount Of cash
| in their own vaults and by reducing the
amount they have on deposit with re
serve city banks. This explains why We
| had the absurd currency panic Of 1901.
The same process aggravated the evils 81
| the serious industrial crises of 1873 and
1899.
The reader will understand the situation
| better II he takes into account the follow
| ing facts: % The banks OF this country
owe their depositors about 100000, 600, 600,
all payable on demand (2) There Is in
the country only about $500, goo. 600. Of
which less than onC-half is I'm the posses
sion OF the banks. Evidently, if all de-
positors, or any considerable proportion
uf them. call for their money on the
| same day our banks must all close their
doors.
What shall we do about IL? We must,
! as Paul NJ Warburg has pointed out in
| one Of his excellent pamphlets on the sub
| iect, treat our money reserves as city
does it's water supply-accumulate IL i'm a
large reservoir and be able 10 send IL at
orce TO the spot where 1t is needed. Then
we shall be able TO nip panic In the bud.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-07
BY Joseph French johnson. Dean OF New
York University School Of Commerce.

YORK University School OF commerce
IN THIS article / shall try to DISCUSS
the owen-Giass Currency BIZ IN
Il languageftat any business man eeI"
understand. II is not an easy task III
nance comes near being an exact science
like geometry. and Tobody could expect
10 understand thoroughly the last propo-
sition in the tenth book of Euclid If he
were not well grounded in all that went
before.
l hope that paragraph will not frighteh
any reader. The need for currency legls-
lation can be made clear TO anybody %
can the essential features OF the Dill upon
which Congress is now at work.
The need for better system of banking
than we have is admitted by all bankers
and by business men who have made any
study Of the subject. The following de-
fects Of our present system are easily
recognized:
F;rst-Our national bank note circuia-
ton is not elastic. That is 1t does not
increase and decrease In volume IN re-
spouse TO changes II the demand Tor cur
rency A national back, before 1t can
issue banknotes. must buy government
bonds and deposit them with the Treas
urer Of the United States. No bank likes
10 do this unless II can figure out proht.
REDUCTION OF LOANS.
Hence. in the autumn months. when
there is a great increase in the need Tor
fsnd-to-hand money for use in the pu'-
chase OF agricultural products. our banks
do not increase their note issues Dut
meet this temporary need by paying out
lawful money. AS a result they are
obliged to reduce their loans at'the very
time wnen the need for money IS great
est. This Is the reason why money rates
have been higher the last forty years
during the fall than in the spring OF
summer.
No law compels man 10 put up secure
ties when he writes check, nor does the
law compel a bank to deposit security TOT
its deposits. Here there IS perfect ree-
dom Of action In busy times shen busl-
ness is on a large scale, more checks
are written than when business Is duli
and on small scale. In other words
the check as a medium Of exchange IS
perfectly elastic. But some business
Transactions cannot be settled by check
Tor the seller demands cash. 1t Is Tor
such cases that the banknote is Intended
II Is the banks check upon itself. pay
sele TO bearer.
= Canada, within certain limitations
oanknotes are issued as freely and easily
as Checks are written in this country
There the banknote currency is as elastic
as the check currency is here. AS re-
suit Canada has never had currency
famine or panic. as its business men can
'Orrow money in the fan as cheaply as
a' other times Of the year.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
Raisin Bread.

One cake compressed yeast. a cnpfu'
lukewarm water. Il cupful milk S'ald
ed and cooled. six cupfuls Siftpd -four.
three-QuarterS Of Il cupful sugar. four
tablespoOnfulS lard or butter. three
quarters Of u cupful raisins and II tea
spoonful salt. Dissolve yeast and a
tablespoonful sugar i'm lukewarm liq-
uid. add two cupfuls tiour, the lard Or
butter and sugar well creamed. and
beat until smooth. Cover and set aside
to rise III warn place free from draft
until light-abOut one and One-half
hours. When well risen add raisins
well ti0ure1. the rest Of the t1Our t.
make a soft dough and lastly the salt.
Knead lightly. Place in well creased
bowl and let rise again until double in
.bulk-about one and One-balf hours.
Mold into haves. ill well creased
pans half full. cover and let rise until
.light-about one hour. Glaze with egg
diluted with water and bake forty-five
minutes. The temperature Of the oven
should be $50 degrees +.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19

E#alHEEt AN0s WAN 1O00O1 ~AOA4Ms As.
The election OF John Purroy Mitchell
brings his wife into great prominenes
. odlciai chatelaine Of the city Of
New York. Mrs. Mitchell, who before
her marriage 70 Hr. Mitchell was .
Boston girl, II the picture Of . strong.
healthy outdoor woman. and she holds
that every n could be healthy II be
q shs would take regular exercise.
She = particularly interested IN swim
ming.
The wife Of the new mayor elect =
also . strong champion Of woman's
Suffrage ana believes TINT IN tan years
hence women win have the ballot =
New York stats. Although : suf-
hagist Mn. Mitchell took no active
part IN her husbands campaign. She
= more interested 81 ~ work e tn
voman's auxiliary q - board q
haalth, which = aiding 8 ~ ngh1 -
nnp ont tubsscuiosia. thaA = - -
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
WOMAN'S PAGE
RhcaI game.

6t1ca1 game.
In q recent interview Mrs. Mitchell
was asked whether she would insist
upon her husband putting a ban on
the slit skirt and the 6lmy sartoYial ef.
feet. Here her devotion To personal
liberty came out
Indeed. l would not!' she replied.
This is a FREQ country, and I believe
that every one should be allowed to
dress as she pleases. OF course II any
style should be too extravagant 1t
would bring its W punishment. Wo-
men should dress 50 as 70 make them
selves most attractive. and extrava-
rant dress will not do that"
Mrs. Mitchell alluded to the fact that
che liked housekeeping and would not
b content without her own home. 50
the natural question vas:
III you like housekeeping. do you
kke bookings"
'Shall l tell a lie or shalt l tell the
TRUTH" she replied with Z charming
little laugh. I'm say that | like to
cock in camp. and camping is great
I would like to spend two months In
the woods that way every year. All
outdoor life il very attractive to me-"
Incidental to her remarks about
housekeeping, Mrs. Mitchell spoke OF
the criticism often heard Of the higher
education of women Mrs. Mitchell be
ieves that the more highly developed
q woman Is intellectually the more
helpful she can be as q wife. II am
not a college m myself, hut am
sorry that ! am not"
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19

Aus M<~,441l
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19

He was q young mana candidate
for an agricultural constituency-and
be was sketching in glowing colors to
the audience Of rural voters the happy
life the laborer would lead under an
administration for the propagation Of
sweetness and light I'VE have not
yet three acres and q cow. but It will
come. Old age pensions N stll'V6 the
future. but they will come" Similarly
every item Of biz comprehensive pro-
gram was indorsed by the Same CRY.
Then b went On to talk Of prison 10
forms. II have not yet personally" b
said. been inside Z criminal lunAt1c
asylum" Then theFs was . voice from
the back Of the hall. 'sD1t \ yin
eome."-Argonaut
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
To Clean Bottles.

To clean decanters and sugar cruets
roll small pieces Of blOtting paper into
little wads: wet them and soap them
well. Put them in the decanters that
are one-quarter full Of warn mot hot'
water: shake them well for a few min
utes. then rinse with clear cold water.
Wipe the outside and stand to drain.
and when dry they will be about as
bright IA new ones.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
DECEPTION.

The essence of lying y = decep-
tioa. no. in wosds. A lie may Be
seld BY silence. BY equivoeat;on. By
he .ccen, on a syllable. By . glance
4 TIE eye attaching . pecskar &C.
ni6cance to 4 sentence, and q hess
End q les are bsser hy many De-
gees than : ie plainly wosded
No form q blinded co0sc;ence $50
far sunk y that which comforts isef
fos having deceived because the de-
cep6on was BY gesture O. Silence n
seead q ustesance. John Ruskin.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
Sauce For Warmed Over Mutton.

Sauce For Warmed Over Mutton.
One and one-half cupfuls white
stock. a slice onion. a slice carrot. n
sprig parsley. two p~eppercorns. one
quarter cupful butter. quarter cup
ful 6Our. Il cup scalded milk. One-half
teaspOOnful salt. one-eighth teaspoon
ful pepper. Cook the stock twenty
minutes with onion. carrot. bay leaf.
parsley and ]pepperrorn and strain.
There should re one cupful. Melt the
butter. add the -four and gradually the
hot stock and milk. Season with salt
and pepper.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19

DOING UP

DECAUSE Of the simple ways in
ID which they ms be pvt ny to-
'matoes have 1lways been the
most popular OF vegetables at the can
ming 3 Ripe red tomatoes, small
yellow tomatoes and green tomatoes
may be done in widely varied ways.
An uneeoksd Relish. 7
Tomato Relish.-Take N peck Of
ripe tomatoes chopped and then drain
ID overnight in a bag, two rurfuls
chopped celery. two cupfulS chopped
onions, three chopped green peppers.
enc quart strong vinegar. two pounds
brown sugar, three tablespoonful salt
two tablespOonfuls cinnamon and two
ounces mustard seed. Stir all together
and bottle and seal. No cooking is re-
Quired g
Tomato Jam.-Take three pounds OF
tomatoes, II pound and a half Of loaf
sugar, two lemons sliced thin. Use to-
natoes which are not quite ripe, wip"
them with a cloth and take off the
stems. Cut each tomato in four pieces
and cook in u preserving pan with the
sliced lemon till tender, then add the
sugar, bring 1t to the boil and boil fast
for forty-five, minutes. II necessary Il
little water may be added with the
sugar If the preserve 10 too thick.
A Convent Method.
Golden Preserves.-Pour boiling Wa
TOR e tomatoes, then skin and weigh
them. Take the same quantity Of sugar
and boil the sugar and a little water
until It threads when dropped from a
spoon, then pour the hot strip over the
tomatoes and allow to stand until cold.
When cold add thinly sliced lemon in
the proportion Of n lemon to four or
i've pounds Of tomatoes and boil slowly
until the tomatoes are transparent. Put
IN glasses and when cold cover with
melted parafan.
Mixed With Corn.
Tomatoes and Corn.-Take tomatoes
which are not too ripe n the proportion
Of one-third corn sliced from Tie cob to
two-thirds tomatoes. Dcald, peel and
slice and cut out AL green or hard parts.
Put all In q porcelain kettle. Let boil
fifteen minutes and seal immediately In
glass jars. You may After cutting Of
the corn cook It fifteen minutes. Add
. little water and stir often, then pre-
pare. the tomatoes as above. Cook in
separate kettles ave minutes. Add them
to the corn, mixing web until they boil
up once. then put IN jars Immediately.
Seal the jars and keep n the dask m.
n needed.
n ~ =
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
The Soapstone Criddle.

For cleaning q new ~sOapstoDe grid
|ale rub hard with salt and let It heat
Glowly. II it still sticks It II not hot
enough. A Soapstone griddle requires
10 very hot FIRE. You win need no
grease. and grease will spoil It.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
Handy Articles For Hall Rack.

Handy ArticleS FOR HAN RACK.
Here are two adjuncts for the hat
rack or hall stand. which may be cordi.
ally recommended as easily made and
sure to be very useful. One In . long
handled shoehorn. to be used when
putting on rubber ~overshoes: the other.
q shoe buster. which has q 3 all its
own after n walk along dirty roads.
The shoehorn is carved er whitfield
from some soft. light wood. With .
handle long enough to enable y to
use It in putting on O. II taking OF
evershoes while standing erect. The
buster is made from strips u old dan.
mel and wOOien cloth cut into inEer
wide strips three inches long. wound
round and round the handle II 4 dis
carded feather dnster to form . thick.
soft tasxel with which to dick. ones
shoes on entering the house
When you have given both these ar
ticles q fair trial you VIII never IKE t.
b without them.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
sett;no co,ors with vinesar.

Setting CoIors With Vinegar
II new col0red bIonaes are placed In
water in which one tn tablespoonful Of
vinegar has been put and allowed to
for an hour OF sO the color Will
not run when the blouse h washed -
he usual way.
The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1913-12-19
Gave Her . Tip.

Wife-DO you love me stNl. 6esf7
Hub-Why. yes. But yeu'Te never
still. = Boston Transcript.
The daily sentinel., 1913-02-13

desire to call particular attention the fact that the figures
previously quoted refer WHOLE
that may that portion
ment lying of the larger cities territory These fig
concsvely prove that Company is wholesome and
prosperous condition With the rapid growth of the past few
should be- generally known that have maintain
ed the high standard of financing which long characterized
he Colorado Telephone Company Like that Company the
have invested actual physical property greater
than capital liabilities by considerable sum. This
bic advantage stockholders first that the value of their
stock apparent when the need desirabty arises
selling mortgagng their holdings when emergency funds
required nsures the ready market that all stable and safe in
should command In the second place. great
safeguard the face of attacks which constantly be
expected by public corporations. 1t insurance
final trial of strength between Company and those who would
seek to undermine its credit at large.
We have been subjected from time and must expect
the future to be similarly subjected attacks such
indicated But the fact that there stock that
have fixed charges the for bond interest
ferred stock abnormal charges of kind lies and
strength Our books and of accounting
all times that he who may read No charge that
make profit possibly be the
of the facts shown by the figures herewith submitted which prove
concusvey that reasonable because they su
cent only fair percentage upon our actual investment
and this investment bes ubatated by careful inventory of
property either by interested dsntersed Investigators
noteworthy that those with political purpose who seek
lfaggrandzemen careful avoid anlyss of fig
ures challenge to refute them.
No corporation in the United States makes fuller more
complete stockholders, and the general public
than this Company does both annually and from time time
annual periods large number of stockholders
people of small whose little all the of savings
invested with only natural that such investors should