davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1913-01-19

circulation in place of the certificates.
The government is simply taking care
of 1t for the owners. The country loses
the prestige and potentiality that would
belong to it IL it was a banking re-
serve against which additional cur
rency might be issued when needed in
stead of an inert. lifeless mass, whose
power is lost in its scattered owner
ship.
There is very common misunder-
standing of the meaning of the word
credit when used as a banking term.
Some people associate it wholly with
advances of money or goods upon time.
but credit is also substitute for
money in cash transactions When a
customer gives a merchant a check for
bill of goods and the merchant de-
posits the check for his own bank ac-
count and simultaneously draws against
1t, credit is being used, and a great
convenience and economy are effected
over payments of money from hand to
hand When payments are between dis
tant localities the advantages are OBJ
viously greater The great bulk of the
payments between the east and west
are accomplished by offsetting the pur-
chases they make OF each other. The
great bulk of the bank deposits of the
country are created in this way and not
by passing money over the countef All
of this involves the use of credit This
method of doing business will not be
changed. The public will not go back
to q greater use of money from hand
to hand; on the contrary, it is certain
that the various forms of bank credit
will more and more become the means
by which payments are made.
Banks Must Act Together
iS oa hat bar
must be some way by which the banks
may act together in time of panic. US
ing their combined credit for mutual
support, but many who favor author
izng currency issues for this purpose
give no thought to the organization of
The Birmingham age-herald., 1913-01-19

is no expansion of credit; it has merely
taken another form better adapted 10 use
in Texas We need to get rid of the idea
that credit currency should be taxed
on general principles. There should he
no tax on any form of ordinary banking
facilities. There Is no reason for penal
izing the use OF credit currency unless it
stands for an initiation of credit and then
all loans, whether made by the use of
currency or subject to cheque, should he
penalized alike. and the only way This
can he done Is through a central dis
counting agency which keeps great
gold reserve as a basis for a final reSrve
of credit. When all other supplies OF
credit are exhauster this, which has
been specially guarded, remains at the
service of the whole country. subject to
terms determined by the existing state Of
credit.
To sum up, there must he a gold re-
serve to support the modern system OF
credit and there must be some orgaDiza-
ton in which power is vested to do the
things that are necessary to protect and
utilize that reserve. The United States
sits, In every competitive struggle for
this metal, which Is the basis of banking
and credit systems the world over, the
one nation without an organized system
for defense and intelligent control. And
we never can have such a system ut its
best with its full prestige and power,
The Birmingham age-herald., 1913-01-19

which is certainly an extreme concentra-
ton. From every standpoint 1t would
be better to vest this authority in a board
elected by the several associations, with
several representatives of the govern
ment.
Fauacy of the Tax Theory
The common theory about local issues is
that they may be automatically retired
by high tax without ever being an
actual charge upon the gold reserve The
effect of the tax is the same as the effect
OF the discount rate when the rate is the
same, but there is a great difference in
their application. The tax is permanently
hxe6 by statute, while the discount rate
is on sliding scale and adjusted to suit
conditions In the one case Congress fixes
the charge and In the other case it dele
gates the power to a subordinate author
ity. as 1t delegates the power to fix rail-
way rates to the interstate commission.
The policy of regulation by taxation is
blind and arbitrary one; II is based
upon the theory that an expansion of
the currency always means an expansion
of credits, and that is not true by any
means A credit note Is just as legiti-
mate and innocent as credit on
banks ledger and is commonly only a
substitute for book credit. If the banks
of Texas draw against their balances
with New York correspondents for S16
100000, and bank curreny is sent, there
The Birmingham age-herald., 1913-01-19


a great reserve behind these issues.
And yet II is fundamental in sound
finance that all currency issues shall
have a direct relation to an ample gold
reserve.
Moreover. there Is always a real
basis for the fear that facilities for
extending time credits may result in
an undue imitation Of such credits. No
provision against money panics is suf-
ficient that does not afford means Of
checking the imitation of credit before
1t has reached the point where collapse
lis inevitable and panic results. There
must be some common policy among
the banks of the whole country IL these
recurring crises are to be avoided. An
unhealthy state of imitation and other
evils that weaken the banking situa-
tion are to a great extent a result of
excessive banking competition. There is
competitor not only between banks of
the same city but between banks of
rival cities. No lines can be drawn ar
bitrarily. dividing and apportioning the
business of the country between bank
ing districts. The country Is one bus
mess field, and there can be no ade-
quate supervision or regulation of the
banking business that is not national
in scope.
Supervision Must Be National
lie pldu TOT currency re-
form proposes a national organization,
although provided with branches that
are to be in large degree Independent
in their operations. The moment 1t is
proposed to divide the country into
districts, and to rely upon a wholly
independent currency association in
each district. the questions arise where
shall the gold reserves be maintained,
who shall be responsible for them and
what measures will these local assocfa-
tions take to protect the gold stock Of
the country?
In countries where the entire bank
ing system is affiliated with central
Institution at the head. this institution
is charged with the responsibility of
protecting the gold reserve. The Off
cials of the central institution are In
position to know the demands that are
likely to be made upon the reserve in
the near future. They know the con-
ditions of trade and industry. the de-
gree to which credits are expended.
the state of the foreign exchanges.
the rates of discount in other financial
conters and AL Of the signs that tell
The Birmingham age-herald., 1913-01-19

Thousands Of people In all walks Of life have bene-
fitted BY this mans advice. He tells you what you
are capable Of. and how you be successful. He
mentions your friends and enemies and describes the
good and bad periods in your life
His description past present future events
will astonlsh and help you. All he wants is your
name written By yourselD your birth date and ser
10 guide him in his work. Money not necessary Men
,ion the name of this paper and get Trial Reading
free.
Herr Paul stahmann. an experienced Astrologer
OF ober Niewsadern. Germany. says
"Ths Horoscope which Professor Roxroy worked out
Tor me Is quite according TO The truth. 1t Is very
clever and conscientious piece Of work. As an Astro
,oaer myself l carefully examined his Planetary cal
euatcns and indications. and proved that his work In
.ysry detail Is perfect and that he Is usts date In hi,
science
Baroness Banquet. of the most talented la
dies of Paris. says:
al thank you for my Complete Life Readlns which
u really Of extraordinary accuracy. had already
consulted several Astrooscrs. but never before have
been answered with SO much truth. or received such
lcomplets satisfaction. With sincere pleasure ! viii
reeommend you and make your marvellous scienc,
known to my friends and scquaintances."
II you to take advantage Of this special offer
and obtain a review Of your lifs simply send you,
fun name. address. the date. month. and place
Mrs or Miss and also copy the following verse In
sour own handwriting:
.'Your advice Is useful.
So thousands say.
l wish success and happiness;
VIII you show the wayf
II you wish you enclose 10 cents stamps OF
your country) to pay postage and clerical work.
send your letter TO RoxRoY. Dept. 92 G. No liza
Kensingon High street. London. w. England. Do
not enclose coins in your letter. Postage on letters
70 England two CENTS
The Birmingham age-herald., 1913-01-19
BIC GOLD HOARD
FAILS TO CHECK
CREDIT PAN|CS
United States Has a Greater
Gold Stock Than Three
European Powers
NEAR TWO BILLION
MARK is REACHED
, Disgrace That Richest Nation Suffers
Periodically From Collapse of
Banl1ing-Due to Her An
tiouated System
BY GEORGE Il. ROBERTS
Director of the United States Mint

This country has the greatest stock
OF gold in the world 1t has the great
est store of gold in reserves and its
reserves are effective for the mainten-
anee of its paper currency at par, but
lamentably ineffective for the support
of its great ia brio Of credit. We have
no organization for the support of credit
or by which our ample supplies of gold
may be used for that purpose. The bill
lion of gold which backs our gold GER
tihcates gains nothing in Importance
by being gathered together in one
great store; it might as well be in
The Birmingham age-herald., 1913-01-19

of financial weather If 1t is time to
check the expansion of credits, the dis
count rate is advanced, and IL the first
advance is not effective, another Is
made and others until the desired re-
suit is obtained. As the rate advances
the other banking institutions, which
must look to the central organization
TO rediscount their paper, naturally
conform to it's policy and thus an in
fuence nation-w wide is exerted to cur
tail expansion and to reduce the la
bilities Which directly or indirectly are
charge upon the reserve.
Power of the Discount Rate
In these modern times an advancing
rate for money in one country viii
quickly divert an important body of
loans to other markets, and this is
frequently sufficient to restore the bal
ance in the exchanges and avert the
movement of gold
Most of these central institutions for
tify their position by the practice of
regularly carrying a good amount of
foreign bills, which constitute their
first line of defense against adverse
balances. These bills are as good an
Offset against the country upon which
they are drawn as gold in the re-
serves.
The practice of carrying certain
high class securities. particularly gov
ernment bonds of the countries in
which the chief financial markets are
situated. which have constant mar
ket with narrow fluctuations, Is a
similar method of maintaining an in
ternational equilibrium.
Thus, an organization of great fnan-
cial strength, representing the entire
banking system of country like the
United States, and conducted primarily
with view to studying the domestic
financial situation and serving as an
adjustable joint or buffer between the
domestic and foreign situations, may
render very great service to the bank
ing and business interests. 1t can pro-
tect the domestic situation from for
eign disturbances and relieve the do
The Birmingham age-herald., 1913-01-19
Better Than Spanking

Spanking does not cure children of
bed wettng There is a constitutional
cause for this trouble Mrs M. Sum
mers, Box w, Notre Dame, Ind, will
send free to any mother her successful
home treatment. with full instructions.
Send no money, but write her today il
your children trouble you in this way.
Don't blame the child. the chances are
1t can't help it. This treatment aiso
cures adults and aged people troubled
with urine difficulties by day or night.
The Birmingham age-herald., 1913-01-19
His Mite

From the Lona.n = .ei<ly Telegraph.
you look very pleased with your
self this morning, Higgs."
Yes I've gnod reason to he. Miggs.
/ made a will you know, leaving my
brain to the hospital and this morning
have received an ackno wledgment
from the authorities"
Were they pleased, Hisgs?"
Certainly. | take It that they were,
Miggs. They say that every little helps
The Birmingham age-herald., 1913-01-19

unless it stands in the eyes of the world
for the whole United States, as national
in its organization and support as tho
army and navy.
The Birmingham age-herald., 1913-01-19
FRED d. SMITH
p,soTo sx roNSNssr<p

rRE0 2
the international
The Washington times., 1913-07-05
Gbeosopbp

The claim that advertising pays has
been amply proven true oy the ex-
perience of the Theosophical Society
during the past year. Its success in
disseminating the ancient wisdom has
been gratifying and that success has
been due to the columns of the WASH
tngton Times and its unvarying
courtesy and fairness. It seems strange
that all churches, all great monuments
for the uplift of humanity. do NOT ad-
vertise their special features.
On Wednesday evening last two
friends of the society attended a ben
eft given at Studio Hall, by Don AL
fonso Zelaya and were well repaid.
Don Alfonso Is original in his inter-
probation of the great masters of mu-
sic and Is himself master of the piano.
his favorite instrument.
The following was the program:
Russian Dance" Jholkousky; Etude
Liebestrune." Liszt: ''Valse Chrom-
SPIEL Chraminade: "Blue Danube, -
Strouss Paraphrase); Etude in A fat.
Mendelssohn; Spring of the Year"
Wilde; ''Valse de Concert" Cervantez; /;
Dame Antic," Pascal.
A. Clifford Wilkins sang two songs,
Beloved 1t Is Morn" (Aylward). and
II Mind the Day." (Willeby), during
the program. Miss Dorothy Snyder
was the accompanist.
The Washington times., 1913-07-05
So s-a-s.--. .
Lutheran

A. D. Albert a Grand Army veteran.
who died suddenly in Gettysburg
Tuesday last. was a brother of the
late Rev. c. s. Albert, D. D., one OF
the most prominent of the general
synod ministers. A son Of Mr.. AL
bert, the Rev. John Albert, was also
q Lutheran clergyman, who died a
other son, was connected with Tne
Times for a number of years.
In the death Of Mrs. Maria kuhns
July 8, the Lutheran Church loses one
of its nobIest women. Mrs. Kuhns was
the widow Of the Rev. l.. M. Kuhns,
d. D., and the mother of Mrs. William
Hamilton Bayly. president of the Young
women's Christian Association for a
number Of years. DR.. Kuhns served
several of the large Lutheran churches
in Ohio and Pennsylvania. retiring from
the active pastorate two decades ago. and
accepting a position in the Pension Of
fee. of which his son-in-law. the late
William Hamilton Bayly. was chief clerk.
Mrs. Kuhns was member Of the
had been confined to the bed for year.
For some years she was treasurer of
the woman's board Of managers for the
Lutheran Home for the Aged.
Funeral services were conducted FRI
day afternoon at Mrs. Bayly's resi-
dence by the pastor of the church, the
Rev. Henry Anstadt. assisted by the
Rev. Charles II. Butler. Last evening
the remains were taken to Canton.
Ohio. to rest beside those of her hus-
band.
Next Tuesday there will be joint
The Washington times., 1913-07-05
Episcopal

The last Of series Of sermons BY
the Rev. DR.. Johnston. Of Philadelphia.
the well-known rector Of the Church Of
The Saviour, viii be preached at the
Open Air Service tomorrow sftsrnoou.
at o'clock. ON the Cathedral Close.
Hitherto we have called attention to
this series Of sermons - beine tn
product Of a rich experiences. and as
presenting Christianity on the simple
experimental grounds Of ancient timeo-
1t 10 quite marked, according to DR..
Johnston. that Christianity has veered
shows that the basic doctrines Of the
Christian faith, In the present age, are
precisely a. they were In the flfst cen
tury, and q Christian now 10 not ex-
pected to believe more than were the
facts that the Christians OF the present
age do believe more. and compel others
to believe more also, 10 owing TO the
conditions Of the missions Of the church.
In the beginning Christian was
distinction still exists In nations with
which Christianity has been brought
into contact for the frst time was II
Illustrated by . story DR.. Johnston told
sn, sSSst !. blind man IN Chm. 1. THIS man nan
was discharged from his care. cured.
when he went back amon9 his blind
friends they asked him how he happen
ed to see, II being an unusual thing for
other extraneou. growth. to recover his
sight He said, why, I went to Z
Jesus-man and he cured me-" 30 that
men IN primitive countries Who become
converted. or are assisted by the foreign
missionaries. call them Jesus-men- Thia
he claims. St Paul meant when be
spoke Of himself a. q new man IN
Christ Jesus. Other illustrations IN
abundance might be taken from the
sermon preached last Sunday, but this
ID enough to show the simple and direct
methods pursued by Dr.. Johnston IN
his discourDea
The Washington times., 1913-07-05
Washington Temple.

After an absence Of over a month
from The city. Evangelist C. B. Ray
mond, Of New York. Is to address the
Washington Temple Congregation.
popular Sunday afternoon service in
New Masonic Temple tomorrow at
o'clock. He will discuss as his subject
Gross Bearing"
service for the month of June he dis
cussed the enjoyment those Of the
Church Of Christ are to get out Of the
kingdom which the Redeemer is to set
up on His second coming to earth and
the only city which he is to reign over.
and which the Bible says Is to be To-
Gated on Mount Zion.
Mr.. Cook was discussing The Home
coming. and averred that when the
peoples begin gathering at the founda-
ton Of this city the scene will be 4
The Washington times., 1913-07-05
Congregational

The pastor Of the Ingram Memorial
CONGREGATIONAL Church, the Rev. ]. W..
Frizzell, has left the city on his vaca-
tion to be away until the first Of Sep
tember. He Is spending the month Of
July on an automobile trip to and from
Vermont. The month of August win be
spent in Kansas City. Mo, where DR..
Frizzell will fill the pulpit of the West
minister Congregational Church. Dur
ing the pastors absence. the pulpit OF
ingram Church will be filled by various
local speakers
On next Sunday morning. Mr.. N. W.
Preston, who spoke at a twilight ser
vice a short time ago, will speak.
At the twilight service at p. m. the
Rev. Lewis E. Purdum. assistant pastor
of the First Congregational Church. viii
preach. taking as his topic, Environ
ment: Its Slave and Its Master"
The Washington times., 1913-07-05
Scfentfst

God" 10 to be the subject tomorrow
morning In the Christian Science
Church. II Is said that the treatment
of this subject. according to the Chris
ton Science Interpretation Of the Bible,
win emphasize Jesus teaching that God
Is a loving Father. who possesses all
power. One Of the statements that will
be quoted from the textbook, Science
and Health. With Key to the Scrip
tures," written by Mrs. Eddy, is the
following: The Jewish tribal Jehovah
was a man-projected God. liable to
wrath, repentance. and human change
ableness. The Christian Science God
is universal, eternal, divine Love,
which changeth not. and causeth no
evil, disease, nor death"
The Washington times., 1913-07-05
Gospel Mission Car
Services Tomorrow

The new gospel wagon recently pre-
-sented to the Gospel Mission by the
churches of WarreHton, Va. WIN make
IT'S hrst appearance upon the streets Of
Washington tomorrow, and services
win be held from its platform at the
corner Of X and Seventh streets north
west at p. m, and at the corner Of
Pennsylvania avenue and Four-snd-a-
half street at p. m.
The services viii be In charge Of
H. d. Gordon. With w. II. Evans d.
rector of music: Mrs. J. A. Edgar. or
ganist, and Evangelist Downing.
speaker. Among the singers who win
render gospel solos are Mrs Madis0n
Clark, Mrs. Marie c. Baier. MiW Ksth-
crime Reese. H. d. Gordon. and W. H.
Evans.
The car will leave the mission st 40
D. m. Sunday, and workers who can
be Of service In speaking and singing
are requested to be on hand promptly
at that hour. The prayers Of all Chri1-
tians are requested that the work Of the
Gospel Mission ear may prove e6eettve
In reaching the careless and Indifferent
and leading many to forsake the old
life and enter the Christian service
The Washington times., 1913-07-05
Joint Excursion Of
Sunday Schools Monday

Monday, July 2. Is announced ss
Capitol Hill day at Marshall Hail. and
a Joint excursion has been arranged
for metropolitan Baptist Sunday
Sunday School, Second Baptist Sunday
school, Epworth Methodist Episcopal
south Sunday School. and Lutheran
Church Of the Reformation Sunday
School
such sports as foot races Jumping:
sack races potato races. peanut
scrambles, and ball throwing VIII at
ford amusement for the young people:
Steamer Charles Macalester Win
leave Seventh street wharf as fol-
lows: 1000 a. m, 2:30 and $50 p. m
Aside from the boat leaving Marshan
Han on the regular schedule. special
arrangements have been made Tor the
accommodatipg many who would
otherwise be compelled to return TO
the city on the afternoon boat
The Washington times., 1913-07-05
Church Requirements to
Deet Changed Conditions

diversity of opinion among
of should progressive
scientific
industrial world scarcely dreamed
that and yet this of time the changes made in
the churches exceptionally few and there
degree progresseness
meage expense
days and even weeks ahead planning mi 1 for tn the "trip %h % NOW wit" tn
rapid and quite frequently but few
Fifty
either unknown else INDUCED in to very limited degree
years ago today
Fifty the temptations surrounding not great
@ sn s ss as a se Ssns than do % at g
there awakening conditions and remedies
. Ct s
HIS house there were then the same as today who put their
though
put regularly Sunday time comfortable
them that the he end hs wsTe a with the
and d III largely upon right DO
sh 5 Saa 5 h a[ cam am H
e s0 n @ eng s G su WS % @ @ s s s ps na of our
The fact of selfish and too to go in
this would have all to gain and nothing @ lose These he's are
odds our ''. and 'sn that should not pass
that best results attendance upon church
must have
beneficial results
followed
might be spiritual
the church of - 49, ~ ~
Among
Cathedral Aban
held Sunday afternoon O'Clock the Cathedral
Church Of the
avenue
Methodist
Presbyterian Church.
Tenth
Y. C.. at
o'clock Lincoln All
would recommend similar
attendance where suitable
suitable
than overcome by the larger congregations
is late for of churches to
should before the
tegrated for the
church
a this kind
church.
accomplish
purianica
will
what is always desired
A nTD ECTOQV 0E w
The Washington times., 1913-07-05
Disciples.

Evangelist Henry F. Lutz. pastor of
the II Street Christian Church in the
southwest announces that he will con-
services on the church lawn from z to
o'clock in place of the regular night
services during July and August.
Special vocal and instrumental music
Will be provided at each service. The
Bible School, at 9:i5. and the preaching
service at II a. m. will be continued
through the summer.
The Washington times., 1913-07-05

excursion to Marshall Hall by the Sum-
day schools of the following churches:
st. Paurs. the Rev. J. T. Huddle, pas
tor. Luther Memorial. the Rev. Henry
Anstadt: Church of the Atonement. the
Rev. ]. o. Baker; Columbia Heights, the
Rev. c. H. Butler; Eastern Presby-
terian, the Rev. Alfred Barrows.
The Washington times., 1913-07-05
presbyterian

The pulpit of the First Presbyterian
Church. so long filled by Donald c. Mac
Leod, d. D.. viii be declared vacan: Al
II O'Clock Sunday, July s, by the Rev.
8. N. vail. under the authority OF the
Washington City Presbytery.
The Washington times., 1913-07-05
Netboofst

A patriotic service will be held on
the lawn Of Waugh Methodist Episcopal
Church. at Third and A streets north
east, at I o'clock Sunday evening.
There will be appropriate music by or
chestra, chorus singing, and solo by
Truman Burchard. An address will
be delivered by Hon. Simeon d. Fess,
of Ohio.
DR.. James Shera Montgomery is an
nounced to speak at the Metropolitan
Memorial Methodist Church Sunday
morning at IL o'clock on the subject
THE Coming of the Prophet" Free
seats to the public.
In Foundry Methodist Episcopal
Church on Sunday evenings the Bright
Hour" is popular. This Sunday even
ing DR.. Wedderspoon will deliver one
OF the addresses in the series on Vital
Truths as Taught by Classical and Mod
ern Authors" On Sunday morning the
topic announced is The Marriage
Feast"