davidaulloa/AmericanStories huggingface dataset:
The Marietta journal and courier., 1918-10-25
BUY MORE W. S. S.


Poland China SOW and litter: 1st,
|. G. Power, Jr., silver cup.
Hampshire boars under 6 months
3rd, Katie Chastain.
Hampshire sows under 6 months
End, Emmes Kemp; 3rd, Clifford
Beavers.
Hampshire SOW and little: End,
Pat Kemp.
Hampshire boar under IL months
4th, j. c. Reed, Jr.
Three silver cups besides $27.0o
in r'n~
7 - Sc itheaEterr
Fair. $1sS.00.
The Marietta journal and courier., 1918-10-25
COBB COUNTY'SLIYE
STOCK MADE GOOD
SHOWING AT THE FAIR
Agricultural Exhibit Also
Made Good Showing:
Club Fair Success

We give herewith the names OF
the prize winners at our Cobb County
boys and girls pig, corn, wheat and
canning show.
We also give the names of oul
young prize winners at the pig show
at the Southeastern Fair, and num-
Der of the prizes are enough to be
proud of.
Pigs
Poland sow pigs under 6 months
1st, ]. Senger White; End Lucille Bur-
ton; 3rd, Mamie Wilson.
Poland boar pigs under 6 months
1st, Sarah Jackson; End, John Poor
3rd, S. A. Powers, Jr.
Duroc sow pigs under 6 months
1st, Harold Glore; End, Herbert
Sprayberry; 3rd, Clyde Adair; 4th,
c. M. Lee; 5th, Pettett Nicholson
9Th, Henry B. Paris.
Duroc boar pigs under months
1st, Mamie Mays; End, Eddie Bur
ton; 3rd, Homer Glore.
Berkshire sow pigs under 6 months
1st, Earl Bryant; End, Maggie Hen
dirk; 3rd, John Stark.
Birkshire boar pigs under 6
months: 1st, Ellie Lowe, End, Paul
Landers; 9rd, Tommy Stark.
Hampshire sow pigs unde r 6
months: 1st, Clifford Beavers; End,
Emmet Kemp; 3rd, Dodson Awtrey.
Hampshire boar pigs under 6
months: 1st, Katie Chastain; End, Pat
Kemp; 3rd, Cecil Arnold.
Sow and litters: 1st, Tommy Stark
2nd, Clyde Prather; 3rd, Kinsley Mil
Ter.
Grand Champion boar of all breeds
Mamie Mays.
Grand Champion sow of all breeds
J. Senger White.
Boars, any breed, over 6 months
1st, l. C. Powers; End, j. c. Reed,
Jr.
Meat pigs: 1st, C. M. Lee; End, Co
Der Osborn.
Canning Club Winners
For Tomatoes 1st, Fannie Cunn-
ingham; End, Bessie Dobbs; 3rd, Nan
ME Mays; 4th, Gladys Orr; 9Th, Mag
gle Womack; 9th, Sallie Neill; 7th,
Mabel Bryant; 8th, Cornelia Landers
9th, Ollie McCleskey; 10th, Cora
Davies; 18th, Bette Carney.
For Fruit: 1st, Flora Cunningham
End, Wilma Watson; 3rd, Lou Ella
Mcclure.
Wheat Club Winners
Finest Grade Wheat: 1st, Henry
Dcwberry; End, Ewin Cogburn; 3rd,
Roland Arnold.
Henry Dewberry, 401A bushels per
acre largest yield. Other wheat
club prizes not awarded yet.
Corn Club Best Ten Ear Exhibit
1st, Jesse Davis; End Alonzo Tur-
ner; 3rd, Howard Mays; 4th, Hugh
Dobbin; 9Th Paul Greenway; 9th, Ro-
land Arnold; 7th, Pink Dawson; 9Th,
Patterson Kemp; 9th, Charlie Mays /;
10th, Arts Cantrell.
Cottage Cheese
1st, Mamie Mays; End, Flora Gun
ningham; 3rd, Wilma Watson.
Flowers
1st, Wilma Watson; End, Lou Ella
Mcclure; 3rd, Ollie McCleskey; 4th,
Mamie Mayes; 5th, Nina Cunning
ham.
Record Books, Caps and Aprons
1st, Velma Allen; End, Sarah
Kemp; Ord, Fannie Cunningham; 4th,
Nina Cunningham; 5th, Lena Kemp
9Th, Lillian Orr.
Atlanta Fair-State Pig Club
Berkshire boars under months
4th, Tommy Stark; 5th, Morris Han
ey.
Berkshire sovs under 6 months
4th, Maggie Hendrix; sch, Earl Bry-
ant.
Berkshire SOW and litter: 1st, Tom
my Stark, silver cup.
Duroc sows under months: Her
bert Spraybcrry, 4th; H, B. Paris
9Th.
Duroc boars under months 1st
Eddie Burton; End Mamie Mays.
Duroc SOW ard litter: 1st, Kinsley
Miller, silver cup; End Clyde Prather
Poland China boars under Il
months: Str, J. G. Power, Jr.
Poland China boars under
months: 1st, Sarah Jackson; Srd, John
Psor.
Caira sows under
.s. Wits; 3rl. Mami'
wilson.
The Marietta journal and courier., 1918-10-25
ST. JAMES CHURCH NEWS

Morning service at II o'clock on
Sunday by Re- G.. r. Hitler. No
evening service.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
Administrative Notice.
(9-25-1S-6)

Notice is hereby given, that Letters
of Administration upon the estate of
HENRY C. ENGELBRECHT,
deceased, have been granted to the
undersigned, by the Probate Court of
Gasconade County, Missouri, bearing
date the goth day of September, 1918.
All persons having claims against
said estate are required to exhibit
them to her for allowance within six
months from the date of said letters,
or they may be prccluded from any
benefit of said estate and if such
claims be not exhibited within one
year from the date of said letters, they
will be forever barred.
Dated September 20, 1918.
WILLIMINA ENGELBRECHT,
Attest: Administrators.
L. G.. Graf, Clerk of Probate.
(9-25-18-6)
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
was if patriotismns!
Bon u. Yaul &arfcr.% ranocx
(friiber itclluertrct. Sdriitlcitcr
6es rGcntidcn Scrplo", IbcnS'
Nnsaabc.)

9atrictismus lit, mic Sd)illcr I'M
,2ieSc bon Der @lofc" la9t,
.,..b as hcrrIiditc ser Sanoc, Der
Grieb Sllr1 GatcrInnoc". Sum
9%aterlonoc!! 81 all DEM, mas
fir uus 0cutid,e oas Satcrlano alls'
mad,t: Slater mo Wuttcr. Vrilocr
uno Shmcitcrn oabcim; Die cll9rll
8aiien oes Oorid)cns, aus ornl mir
Itammei,, coer Die menlden9cIiillten
9crfcbrsaoeru. ucnn mir aus Den
aroBcn St1otcn bcs OeutId)en Sater'
lanoes fanlcll. limo oieIcS orut'd)e
Tatcrlnno lit ms nlles. llcgt ms
bel,te nlcbr an Ncr5cn bcnn le, ocrn
INNER oeutlid)cr ur,o ocutlid)cr lcDcn
mir, hob oie Sd)riniic8c uon 1911,
1918, 1916 mo 1917 lid lll'll III
cine ciniigc Nrobc. mrIalItnO' 9|tc'
Oerla0c ulliIGICn, sic Der quite ,YclilO
u~nicrer alien @cinot %bclbrinDt.
Ger quito Scinb! Gcnn oir'er
;Sei,o lit ms mo oeltu, sic mir nor
Sabr llllo IaA onhcim licGcn
f~re,lnOlid,er Nciirnt ola Ole uicien
ioIid)Cn TrrunNc. Bic lIta IN eIllcl
ialidcn N}atriotlslul,s bllelnln9en,
in circn &atrloti3mta, Der gar fern
Eatriatismts lunr nnO 1T, Innocrn
MIR Gin Mcttnnasanfcr fir iunllfcrbc
Spnaiticn!
Tatriotismua uio 2pnaitisnl,s!
Senc ,allf teller $751;, sic 49, mo
oas mfrs iid) boiientlidj baIo jcigcn
,nid)t Hob uno Ncili9c lidlcrn"
f0nnen, babcll inlntcr nit SorIIebe
uno iteta nit GROCER Sd)Ialtbeit lDrc
opnaItiidcn Snraen binter patriotl-
id)cn Sd)einingitcn pcritcdt nllo
audi bclltc bobcn tic nit OicIcm Grid
nod Grfolg.
Sic iprcdlcn Oouon, oaB Die 6rei-
beit ocs ocutihen Goltes III @ciabr
lei, lie, Die ibm icit licb5ig Sab
rem sic Srcibeit porentbicIten. 8le
fam oicie Sreibcit, Die man Dem
ocliid)en Solfe mic geDabrte, bcOrobt
iein? SIRE Ibronc uno Sbr0nd)en
lino beorobt - bcorobt pom Der
6reibeit, Die Der quite Tciuo ocnl
ocutidcn Solfe bringen miro!
9iuis .mie Srombeerea" lit belltc
sic Sreibeit bier in oieicm groBen
2anoe Der Jrclbcit, in Der Sfas'
talumer Der Sreibcit. Sn Inteilld)el'
men fam man Die Sreibeit faulen -
iiir 9ater un0 Wutter mo Die &c.
ihwilter oabeim!
&auit ,Sibertp'9 Bombs" - anteil.
id)einc an Der 6rclbclt!
True translation filed with the post
master at Hermann, Mo-, on Oct
10, 1918, as required by the Act o
October 6, 1917.
. (Plate Service. supplied by Bureau
Of Publicity, Treasury Department,
Washington. ID. G., of which transla-
ton has been filed with the Post
master at Cleveland. o., oct ., 1915.
IS required by the Act of oct. 6. 1870
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
@rai Yrintins g., 9eraussrber.
Sermann, @o.

catered as Second Class Matter Week
" at Post Office, Hermann, Mo-,
Under Act of Congress, March 8,
1879.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
pcrbinScrt nadbauic 5ltriid 5u fcbrcn.

perbinOcrt nadbauic 5l,riid 5l fcbrcn.
j. StoIte, iowie $. g. Stoltc uno
6anilic maften anl lcbten Sonntae
cine 6obrt nod Grafc, Inn g(rlauit
Smith gu beiuhen.
Scbn g. &ouictt crIitt filrSlih bel
clncln StirS mrbrcrc Tcrlctrngcn;
5llm Slid nidt c~rnithaiter Totur.
Gbas. &etbemcpcr rnb Sarolo
Sobnion arbcitcn gcgcnnGrtie oils
gafiteinleger fir Gbos. Sberg.
Srau Mife Rotbiom bon st. 2ouis
bcfinoet iih bier in Der Nnhboridaft
artf 9rilrf, bel Sermon6ten.
Scrman Slunncr, bon Berger, mar
III Der pcriloiicncn @ofc bier IN &c.
ihditlihen Ingelcgcnbciten.
Senrp Sbcrg. Der &oufnlann Don
Ban. nar ON letter Sonntog bier
oltf @cirh.
@ir baben iett bcrrlidcs Script
luctter unb sic Sormcr MAIDEN lid,
hasiclbc ulid 5ltnllbe. 0ic nit Wcis
sen beitelltc Ifcr5ohl miro ~nngcbeller
aroB iein.
True translation filed with the post
master at Hermann, Mo-, on Oct.
10, 1918, as required by the Act of
October 6, 1917.
Sic 2ebrcr . S%erianlmllrhg I'M
Mihhpoob Sfulballic mGrc bcinabe
ein SebIidlag aelporoen, inoem mir
slpei 2ebrer ontpeienb maren. I'm Die
S6ar DER 9eiuher Weldc lid einge'
iunoen bottc Slt untcrbaltcn, arran.
aicrten bic beioen 2ebrer i'll Serell
nit g. @. Sp. Seientann unb s. 8
| Stoltc cine 9ebottc. Spdter bielter
bic 2ebrer Inipraden iiber Sdulan
oelcgcnbciten unb s. 8. Stolte iprad
iiber oic Sierte Sreibeits . anleibc
Die @eriammlllng mar boher gctpiI
iern,abcn bod elm grfolg.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
Executors Notice.

Notice is hereby given, that Letters
Testamentary upon the estate of
BALTHASAR SCHNEIDER,
deceased, have been granted to the
undersigned, by the Probate Court of
Gasconade County, Missouri, bearing
date the 21st day Of September, 1918.
All persons having claims against
said estate are required to exhibit
them to him for allowance within six
months from the date of said letters,
or they may be precluded from any
benefit of said estate and If such
claims be not exhibited within one
year from the date Of said letters, they
will be forever barred.
Dated September 81, 1918.
ALBERT SCHNEIDER,
Attest Executor
L. G. Graf, Clerk Of Probate.
(9-25-18-6)
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
1rsitas, ben II. Sftober, 1918.
Nadridten non @em.

8ei5enidcn uno &ornabbafen lit
bier nod imlner Die Souptarbeit.
grnlt Mumlln uno Satin, bon sto.
fomis, Sas.. unb Srau Iugl,it Sod,
BON Owensbiae, maren anl porigcn
0onnerstag Die @Gite bon allgult
2oeb unb Samilie.
Geo. Orr rnb Sanlilie, ipelfe mel.
rere Monate bel 8eniamin Efcffer
uno Sanilie artf gciu6 geueien lpo'
rem, rciIten am letter. Montag Uicocr
nad ibrem Seim in Genniplponicn.
gbas. Burgess uno 5amilie, bon
Oiage Golintp, Daren an bergange'
men Sonntag bic @GIte bon S. s.
2%anfenall mo Samilie. Sic battell
Die Sabrt per Iuto gema6t nlo iub'
rem aln Sonntag Mbenb mieoer nad).
balie.
Die 8erIammlung Der bieligen ".
8. U. 2oge, am lesten Samstag
stbeno mar icbr gut beilldt.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
6. 8nmper berlGkt Stong Sill.
SumItisc Nadridten pon Stump Sill.

8ir bcrihten nit grobem geooil'
prn oob l,nier Tadbur s. @lmper
sic @biidt bat cine guftipn obaubal'
len uno nod ct. 2ollis at 5iebcn, mo
CT 9ci6Gftiglrng oils MaihiniIt er-
boltcn bat. Obglcid, mir oos S6el-
ocn ser Sornilie @,tnlpcr lebr bconll'
ern, miinidcn mir ibnen beItes @obl'
craeben in Scr fleltelt Seintatb.
$. 9. Bumper ulb Samilie fonlell
bierbcr I'M ser Mllftion BEL 8limpers
beisumobncn. Snfol9c ron @rfront-
una in Der 5omilic nllrbcn tic jeood1
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11

40 10 III I!lletitu.
Sic gulljp tanplcloe McnidlA@i
oen 6rlcOen. Nilrllcl 'dN
ylln ,yricOcn. Sdrclt IN lDrei Il"
len Nebcicn rad) Dem 0rltorll, ME
Der uerouritcuoc 9irld) nad) SSall''.
Scun tic bralld)t Ocn Srlcoeil.
Sralld)t i'm mie Oaa &orn Ole SpE'
nc, Hult uro @arnlc 81 Jllsril w.
Sclhcl. llno lragt ME lan0t
.;od), bis Der 0rieoc tom1lrn talllIi
NSie lange nod? Soian9e, rS
.rrcitt lit, mas aucin Olelell arlca
opr Den. @elt8erldt red)tlcrt'9eR
.lla0. Solauge bis EN- 6rleoe lllo9
iidl miro, Der uid]t llllr ell Mallell
ltiultano nit I%lcbcrDa1tcnl Wetlr''
item oller gegcn allc mare, Der 81!
neucn aricgcn iiibrcn miiBtc: So'
lonac, bis Dem Weoantell, oaB alFll
@0lfern bas Selbitbcltllnnlllll9H'
unO acknowledgements peroeil
!nllb, nllscmcinc Entertaining 5ui'l'
miro. @ia Die Madjt Der Nillotralle
ullO Milit1r. mo &lallctberr ddlt'
Gle Die clNrllcu %pltu III nllulro!'
orr llntcrt0nigtcit hGlt iniO orn
,JricOcn mn 0ic 6rclbclt nllocrrf
ncoroht, %apbrpdlen unO brArllnort'
Nualidlt gegupnlcn miro, ourd) eta
}uIunmu1idllit5un mn u%erllonolGt>
3riunmcnarbritrH Der &oiicr N:h
1cl,cll Nric0cu III chem ooEcrll0tI
mudlcn III t0MItn. Ml'rj Der
,5rIcnc fam, crit ~fQnnltlL mcnn DC
,Nric0@iiHr 2tMr,it1S, ME IL 0o'l
ErdIi0rut %4ilioH "crtjinNrt lu.Ir0fo
.crcift ljlo.
So bcibl, cen Erieocn luoiien, -
Errcihnng Der Nrle1ajiclc AIitiI
fos moltcu; ellcll b0Ioi0cl NrIc0co
,srbciicbNcn. ben ihncIicn Sl!A
Hucrifn3 uollcn; mo allies Nh
: N0oiiG1c i'm, NmCritN 10 TART,
e1npirid!iN mo ihlnAicriiA 5u ma.
/ I,clr, Nob - bic Nrlcocn>binOerrilI@
,drncll bcicil:gcr, Ole NciHOe &C.
jduIctieru un0 linen hcn ,TrlcoeI
| Njfiicrcn form lofern 'ie ntdlt
/ anaciihta DER ncmn!tincn Maftcnt
IoIt!lua ms Nps onS iGr bcrrc-.
.nrd}tclNcn mrridiittcrlid}rn Si"'
ucsluiilrua ymcr!fa3 uorDcr en-
! Ginichrn lcpoMuCn mo Den Nor
ncr,nl0cn gImcritaS nadllrhcn o0'r
rom ci0rlcn &'oItc oaju gcjlpltnlcIl
mcrNcn.
Mo= icncn @iiracrs einiohjl:
Tiljd)t iii, miro 10 Dem rric02ns'
! 'chniIdui9ra McEitcnirnnN NOS
III bcioup2rCm Ucbpt: Miles, llio
Ie0rs 5r tim, mn@ Die aic1iyrm1
iorbcrt. oNcr arrcat, bcbuiS 1tlI'
tung ma NyiaIHmiGun3 e:
arie05iiibrira: hchui@ 'dnc''icr
rno uouitin0igitcr GntiNlulnA >ef
Mud)t o;s @dnOcS uno nAGorti1'
lidIitcr &unNlntc Nca Slt0>@ml!
lens scr Station. Glen jest III
0Cn nGd)Itcr y&otGA u plr.e
| Jorrtb Yitcrtp NonN& 81 tonl"L
ME mir mGllid} lit; uilc2 'r3rlN!rit
~cnibebrlid)c mo porOraiidrlid) III
Qnliie Der nGditcn Monatc cn;bcEr=
lid mcrocnoc @elo in Den goro5
onSulegcn, Die bcn Wcg 5lln 6r:e'
sen pcrfiir5en, Den 1rieben n0ber
riidcn lno bringcn ncrDcn.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
Wir Tango no0!
Gun Saul j. Miiacr, JicSaftcnr Der
Ibenbppit, Chicago,

Vtau lprld). il!d)i pIel eduo!i -
imloniebr bclbu11lgl man lta) Ii
OeOuntcu 0annll: AIT Ocm Srleoeii,
ser DEM Uiorncn, 0cR Aplcrlt ui'1
snibeDrHmyen 0ielea &rie9es en-
LnGe mlad]en loI.
~ III OeutlutdHO unr Oclter'
fsid3. ungarn. 80 III yelalen uil0
.sranfreldL Stallen un6 england.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11

7Wlan bereeiie es nidt oas
announcement auf bns 8olfsblatt gu
beaablen, tuenn Dos Sabr auf benz
a~bress5ettel nidt 1919, oocr tpeiter
i'm 8orars Iaittet.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11

8ei5eniden uno &ornabbaden lit
bier nod imrner Die Sauptarbeit.
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
Q hIaaierti q.

Sdlagfertig. "9obnt(
uarlim baben Sic Sbre arbeit MIDI
abgeIieiert?"
Sic en%tifuIbisen Serr Erotei.
ior, i'd bin nidt gar5 fertia 9eIpor.
oeni"
so? Gun, i'd iab Sic 9eItern
obeno auf Dem Sdii!erbale; Sic
hatten oa eiueu gang ncilet Srad
an @as piirben Sic nit Dem
5dnciocr semadt baben. ,penn er
Sbnen ben Srad nidt our ret,ten
Belt aebradt unb iih oamit battr
cntidnIoigen molten Dob er nid1t
gan3 iertis eeporoen iei2"
SD niirbe nihts mebr BET ibn'
arbeiten laiien'"
Hermanner Volksblatt. [volume] (Hermann, Mo.) 1875-1928, 1918-10-11
True translation filed with the post
master at Hermann, Mo-, on Oct.
10, 1918, as required by the Act of
October 6, 1917.

plate Service. supplied by Bureau
of Publicity, Treasury Department.
WASHINGTON, ID. g.. of which transla-
ton has been filed with the POST
master at Cleveland, o., Oct. ., dSls,
as required by the Act of OCT. b. I9l'.(
New-York tribune., 1918-05-26
By H. J. Davenport

Professor of Economics in Cornell
University
New-York tribune., 1918-05-26
Industrial Output, Not Dollars,
Determines Nations War Capacity
The United States Will Be Duplicating the Achievement Of the
English People in Sacrifice When Supports 5,000 900
Soldiers on the French Front Professor Davenport Says

that "by women's labor nine-tenths
Ct the shells are made" But here,
with two and half times Eng
lands population, and with small
er use of women's work in ordinary
years, we still do nothing in sup
plementlng our, labor shortage -
essentially therefore our product
shortage-through the mobilization
OF these enormous resources of pro-
ductive power. Were we only will
ing to shoulder our burden -
burden that willing or unwilling we
cannot escape our present share
in the war would present an easy
task in comparison with that of
England. Our present maximum
accomplishment is possible only
through the fiscal methods that,
leaving no choice, carry with them
a general and just apportionment Of
sacrifice. Our actual burden could
be carried by taxation ludicrously
moderate beside the rates that Eng
land imposes and the weight that
England carries.
New-York tribune., 1918-05-26
England's $ Example
Sharnes u. S.

Nor, from any point of view, is
il true that We cannot help it. Eng
lands example shames US. England
has lowered its exemption from in
come taxes to approximately S700.
Ours is at $4,000 for married men
and $1,000 for the unmarried. Eng
land is increasing the basic rate of
its income tax from 25 to 33 per
cent. Ours is still 2 per cent. Eng
land imposes excess profits taxes up
to 80 or 80 per cent. Our require
ments remain moderate, with in
definite avenues of escape. Eng
land raises its draft limit to fifty
years, summons its men to war
work, and has called in million
and half of it's women to take
the places of men in the new neces-
sary labor of war. The London
Daily Mail" of April 26 declares
New-York tribune., 1918-05-26

vital factors connected with the
financing of the war is perhaps to
consider the situation that would
arise if each family in the United
States supplied one soldier who went
into the trenches, under conditions
whereby his entire sustenance de-
pended directly upon the family at
home, instead Of upon the public
treasury. Can you imagine that the
family with a soldier at the front
would have any illusion as to main
taining the old standard of living.
or conducting business as usual? On
the contrary, every family with any
ordinary intelligence, would use the
most rigorous personal economy, cut
ting out waste at every angle, so as
to provide in the fullest; possible
measure for the supply of the son,
the brother, or the father. fighting
in France. If, with the utmost
economy, the family would still be
unable to provide for his proper sup
port, then and only then would it
fall back upon a system of borrow
ing with which to purchase supplies
for shipment to the front.
New-York tribune., 1918-05-26
Unchecked Initiation Will Lead
To Tremendous Popular Unrest
Pacific Coast Banker Urges Federal Reserve Board to In
crease Its Rediscomt Rates To Halt Expansion
and Calls for Higher Income Taxes

'oi"s' ana VIII undertake to. buy
commodities by bidding for them IN
an unlimited credit, against compet-j
ltors whose money power is steadily
increased with the increasing money
stock of the nation.
There is reason to believe that the
immediate palliative for this condi-
ton would consist in a sharp ad-
vance in discount rates by the Fed
eral Reserve Bank. While there has
been some advance. in interest
charges, it has been altogether
too slight to serve as check
on the imitation that has de-
veloped. Money for commercial pur-
poses is artifcially cheap, and the
tree discount facilities offered by the
Federal Reserve Bank are steadily
increasing the money supply and are
relatively increasing the disparity
between. normal interest CHARGE
and the prevailing rate. :
All OF us recognize the situation
that would develop If we were under
the necessity of financing the war
and carrying on business with our
normal money stock. There would
be no question then about whether
we should finance non-essential in
dustries. With fixed volume of
money, the banks would have avail
able for the more or less parasitic
branches Of commerce only such
meager amounts as would remain
after providing food, shelter, trans
portation, and the voracious de-
mands of all branches of war indus
try. AS matters stand at present.
however, the bank that holds paper
classified as eligible under the defini-
ton of the Federal Reserve system
has access to the cheapest money in
the whole world, and the money thus
made available can be loaned to pro-
ducers of every luxury from per-
fumes to passementerie. Practically
the member banks themselves are
helpless to check this imitation. for
they are forced by competition be-
tween themselves to extend credit to
any customer who presents a reason
able statement.
Despite the sober and consistent
counsel Of the Federal Reserve
Board to avoid non-essential credits.
we have not yet fully awakened to
the folly, not to say criminality, in
volved in the cry of "business as
usual" The only business of the
United States now is to win the war.
Any commerce that interferes with
that business in the slightest degree
has got to be suppressed just as rig
orously as seditious talk by soap-box
spellblnders. There is demand for
the service of every man in the coun-
try, either in the army at the front,
or IN the army which ought to be
creating supplies for the sustenance
of the fighting brigades. True, any
peremptory suspension of industries
not directly contributing to the war
would throw millions of our people
into temporary idleness with conse-
quent suffering. 1t is, therefore, the
part of real financial statesmanship
to convert the non-essential indus
tries into branches of commerce that
will aid the war, and our ideal
should be to effect this transforma-
tion with a minimum delay as we'll
as discomfort.
The simplest way of grasping the
C.-------------------- C-.---------------------
New-York tribune., 1918-05-26

r NEQUALLED anywhere in
the past and unsurpass-
able in any probable future
New-York tribune., 1918-05-26

r. T NEQUALLED anywhere in
the past and unsurpass-
able In any probable future
time are the soldier valor and the
civilian sacrifice of England. How
is it possible that a people possess
ing in 1914 only twelve billions of
annual income should be now spend
ing fifteen billions in war alone? 1t
is superb, and-if the figures we're
not at hand to prove it--even in
credible. Herewith the English
fnanciers report that England is
row self-supporting lending as
much to its European allies as it
is borrowing from America. Mar
vellous, however, as the record is, it
is still not quite thus marvellous.
England is collecting four billions
by taxes and eleven billions by bor-
rowing. But the prices are now
more than double those Of 1914
the expenditures still only about
one-half the national income in terms
of the new price level. And the
further fact is that these domestic
loans are in no small part secured
on terms of the sale in America of
English-owned securities
The investor gets English bonds
to replace the securities that are
being marketed for government ac-
count in America. To this extent
England is cutting into it's capital
sacrificing its patrimony. And to
this same extent, in addition to our
government advances, we are still
financing England's war activities.
But what England really obtains at
home from loans and taxes it gets
from it's domestic productive power,
no matter whether the process is
the indirect one of banking inha-
ton or the direct restriction of
private spending through the
direct reduction of private in
come. Some part Of its loans,
at any rate, reveals the degree
in which England is not self-support-
ing-the degree also in which we are
carrying war burdens in excess of
anvthinp that orr fiscal onerations
cover. However magnificent, then,
may be England's efforts and sacri-
fees, it is still not true that England
is self-supporting or that as much
as one-half her economic resources
for current use can be made avail
able for her war programme.