davidaulloa/AmericanStories huggingface dataset:
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
probation Of the mark Is soon re
flected in the cost of living.
The Collapse Of Paper cuzrencies
By GEORGE E. ROBERTS

The Collapse Of Paper currencies
Included in the above-named
countries is much the greater part OF
Europe, and it is important to know
what effect further changes in their
currencies will have upon their for
eign trade and internal life. They
apparently have not the resources
within themselves to enable them to
get out of the fatal cycle of currency
initiation and currency depreciation.
A government must continue to tunc-
ton and must pay its way with sorl1e-
thing. These governments do not
seem to be able to increase revenues
fast enough to catch up with the de-
probation Of their currencies and give
them a chance TO- stop the printing
presses. 1t must be recognized also
that there is a tendency for revenues
TO fall off in all countries, owing to
business depression. 1t is question
whether any government in Europe
will its way out of revenues this
year, and not altogether certain that
the government of the United States
will do it. The war raised the costs
of government as we'll as all INDUS
trial costs, and disorganized the en-
tire social and industrial system. =
Imitation in the, United States
Light is thrown upon our recent
bank credit imitation in the United
States by the state of currency ex-
listing in a large part Of Europe.
where imitation has continued until
the money is practically worthless
Imitation IS practically the same in
essence and effects whether 1t comes
through paper currency or credit that
passes by means of bank checks. In
either case the mischief is done by
the increase of circulating credit
without relation to the production Of
commodities entering into trade.
Initiation had its start in the Unitet
States during the war, when grea
amounts of bank credit were brough
into use for the flotation of govern
. .ment loans and in response to the de-
mands of business, which was over
stimulated. After the war, following
FIVE months of s1ackening demands
business was again ovar-stimulated
The demand for commodities ap
peared to exceed the supply, price
> rose, more credit was wanted from
the banks, and the latter at ~
J thinking it necessary to support tn
revival of the peace industries re
/ sponded. It soon developed, howeve,
: that the increase of bank loans wa
!, financing q competitive struggle TO
{ labor and goods and forcing bot
E. wages and prices higher, in the sam
= manner that ISSUES of paper none
: would operate.
: In other words, the increasiir
: amount OF purchasing power put int
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
r. UROPEAN currencies are near.
~. ing . stage at which 4 win be
impossible to use them as media

LIZ - 0to6S ~ "AAASD - V>~~ -
impossible to use them as media
IT. exchange. There il no we'll
defined line at the crossing Of which
a currency becomes worthless, but
evidently it cannot continue TO oe-
Dxeciate without reaching in time the
Isoint where the public Will refuse to
erve anything for it. =.
! In Russia, the old unit, the rouble,
6rmerly worth about 81 cents, now
Aas q value so small that the old de.
nominations have long since passed
sntirely ont of use. Even thou
hand> rouble note of the new issues
Iill not buy anything. AS the de-
preeiation has progressed the demon.
nations have risen. 10000, $4,000 and
100000 rouble notes becoming the
cornmon change in use. s.,
The Polish mark. NORMALLY worth
ass cents in money OF the United
States, is quoted at .0 Of a cent; the
Austrian crown, formerly 20 cents, IS
only slightly higher: the crown OF
IJueo- Slavia, which corresponds to
the Austrian unit. is worth a little
,nore, about SO of a cent; the crown
OF Hungary, of the same crown fam
nv, is worth about onc-te1ith OF
cent, and the lei of Rurnania, for
tnerly 1913 cents, is worth 10 OF a
cent. These currencies are very near
extinction. and live on only because
there is nothing to take their places.
1T is difficult to see how business, can
lbe carried on with them, and par
)ticularly how any agreements TO.
future performance can be entered
Into in terms Of them. s..
| Currency Situation in Germany
Consider, for example, the situa-
tioa in Germany, where six months
ago the mark was worth ~ cents
laAd even three months ago was
lworth more than a cent, against a
Ippese,t value of about IS hundredtll:
Iol a cent. h =
It is true that the mark has not de-
Iclhed as rapidly in purchasing. power
within Germany as in the foreign ex'
changes. The relationship bctweel
internal prices ana foreign exchange
lis indirect, but it is close enough t.
cause steady dtkdine In the value O.
Hthe currency for internal use, result
Wing in strikes and wage-advance
.an,ta=,tly. The most effective in
affuklcs for ttinaing the interna
i Ivalae of the mark into line with it
yvaiuc In the Exchanges is the cost o
flood. Germany is obliged to irnpor
necessaries .ntering into commo,
consumption. and these imports mus
be paid for It the current rates o
exchange Since trade in these com
..nodities is now free, the portions i'm
ported fix the prices for the home
/ grown supplies, as well, and the d.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
Hard to xiii This Snake.

AN Australian reader says that this
summer when travelling in FIVE
passenger Buick. fully loaded, and
with brakes partially applied, he went
right over IN old.man-tiger snake. The
squeeze didn't even stop him. The
total weight Of the load, exclusive of
the car, was 500 pounds. 49,.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16

IA woman, to attract man, must
be q, little different FROM the crowd"
DR. Oldfeld said. "She must BE- wick
ed, distinctly talented or. must st,ike
some cdr notel
"Red hair isl the best color note.
FOf all coIors, Me shades of. copper
and rcd are the most beautifully ,un-
common
! "Other women, recognizing the ael-
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
Remarkable Condolences.

-. "A, case remarkable for Its coinci-
dences has been disclosed ut tho Ny
ack, N. Y, hospital, where Mrs. John
Bates and Mrs. George Gates are pa
ttents. They are lifelong friends, We're
born on the same day, stricken at the
same time, operated upon the same
day for the same ailment and are both
improving. Before their marriage Mrs.
Bates was a Miss emma Van Pelt aud
Mrs. Gates was Miss Emma Van
Zant. 49,.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16

A HORRIBLE DREAM
tle: Haven't seen your face
somewhere before? -
She: : don't know. I'm sure !
never saw yours, only after eating
q welsh rareblt at night.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
Cow Well Supplied with Legs.

A farmer Of Fairfield, Ia, has a COW
TINT has FIVE legs. The fifth leg grows
out Of the upper left shoulder, and is
fairly well developed, but Of course
swings useless by her side. Aside from
having this extra leg the animal is
normal in all respects and is a good
mixer. = y y Z =
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16

approaching the
ehd OF its tether.
The youngsters
were so exasper.
atingly saucy that
their instructress
trembled with
righteous anger.
The lesson was
about the history
n RIyk
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
Prolific Cat.

: A boy in st. Johnsbury, VT, has
cot that is only a year and a half old
and has had four litters of kittens.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
ENGLISH DOCTOR ToASTs
s~y THE RED-HAlRED. WOMEN
{By United Press)

ND5 11'ft''@T 01'"3
. London. Dec. 16. -"The red-haired
woman gets them, while the others
sniff or go after the henna," DR.. Jo-
siah Oldfield told the Society Of Phil
ology.
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
BOYS Born without Ears.

S Twin boys were born without any
ears at Grand Manan, N. B. They
lived only two days. :,
The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1921-12-16
&sj $1,000 The -- u .,
Scrap s J Book.
BRILLlANI, DON'T you KNOW!
English schoolboyFs Humor Not Ex.
actly Original, But Many Think
= . He 10 Right

4. The temper Of the teacher who was
presiding over the drowsy class was
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22
DAHNKE-wAIEER co.
TRUSTEES SALE

The corn and wheat mills. real es-
tate. plants. machinery equipment
etc, Of the Dahukc- Walker Milling Co.
according 10 the order Of the Trustee
IN Bankruptcy. II. G. Stanfield. was or
fered for sale az the premises in union
City on Monday. the 18th inst hrse
number Of people were present az me
sale. but the bidding was limited 70 a
few Ellyers
John o. Saunders the auctioneer
cried the property Corn Min II. inciud-
ing feed mill. warehouse. engine house
offScs. etc. WIS offered for sale separ-
atelv first on credit and then for cash.
The wheat mill was offered second IA
tho same manner. and the clogs WI re-
house on the VI X - tracks was in the
third sale.
Finally. after THESE offers were clos
ed the entire property was put mp as
whole and offered first on credit ana
then for cash Local men were In the
bidding. but th, successful bidder Was
ReHgor Motiow Of I.ynciburg. Tenn.
and the maximum bid was S2J.Oon
Discussing the matter with ATTORNEYS
for creditors. we understand an effort
will be- made to realize more money for
the property nj private sale. 4 pla Mt
III this character and everything com
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22
FIRST METHODIST CHURCH.

sunday School 9.l5 a. d.. r r. Ran
die Supf
Preaching 10 ~ n M. and 20 y m
Mid Week Service "Wednesday Z 80
n. m
Miss Mildred Thompson will conduct
The Junior I.engne ~ . 30 y. M
W A. Johnston. President Of ia.
Mems Glass. wants every member of
The Mems Class present SUNDAY morn
ing This class Is 10 entertain the
Ladies Glass and others. Oci 18th at
T" D. ~. All ought 10 come.
\ cordial invitation j. extended to all
the servie.s
n y Johnston. Pastor.
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22

plere could not be constructed probably
FOR less than $4,000 or more. But
there are some repairs to be made and
new parts 10 be- Installed before il is In
working order Therefore il is esti-
mated the property Is worth consider
ably more this time as au investment
and hence will bring a better price -
Union CITY Commercial
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22
TAX BOOKS READY.

The 1921 tax books for state and
county taxes are now ready for col
lection OF taxes. You viii please call
at the sherinrs office and pay same.
II. Swayne Walker. Sheriff.
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22

Misses and LOuella Leet. and vir-
ginia Seay left sunday night for Lex
ington. where they VIII attend State
University this year.
Woodbury. Soap. -, each at Dob
sons
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22

se. suse OF its tonic and laxative effect IAxA
TIVE bkOAiO QUISiSI. - better than ordiusry
Suinine and does not cause ucrrousurss nor
ringing In head Remember the fuil ma me and
ock tor the signature OF T. W. GROVE zoe.
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22
ASPIRIN
Name ''Bayer" on Genuine

Beware Unless you see the name
'Bayer' on package or on tablets you
are not getting genuine Aspirin pre-
scribed by physicians for twenty one
years and proved safe by millions. Take
Aspirin only as told In the Bayer pack
age for Colds. Headaches. Neuralgia.
Earache. Toothache. Lum-
bago and for Pain Handy tin boxes
OF twelve Bayer Tablets Of Aspirin cost
few cents. Druggists also sell larger
packages Aspirin IN the trade mark
Of Bayer Manufacture Of Aanoacetic-
acidester of Salicylicacid-
The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1921-09-22

Kotex. coo . dozen at Dobsona
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

entire period under review "
analysed to present the sources OF
income and purposes of principal
items Of expenditures. I.
! The net income is subject to a pro-
lportionate charge for operating and
general expense accrued from Deem
Der 1st to 3rd, inclusive, not COM
puted by us. 49,.
All expenditures for expense as re-
corded in the expense distribution
record, with the exception of items
from petty cash, were compared with
original invoices and vouchers found
in, the files. Some minor adjustments
in the expense distribution were made
by us.
In Schedule No. III is presented
the salaries of manager, department
heads and other employees.
General Remarks.
In Schedule No. II is presented list
Of surety bonds covering officers and
employees Of the bank, as authorized
by the industrial commission. The
schedule was verified by receipts from
Mr.. S. A. Olsness,. director of the
state bonding fund, who holds the
originals.
Not Adequate Record.
We call attention to the fact that
! no. general journal or adequate record
VI VI ~ 09 ~
Postings to the general ledger were
made from separate debit and credit
slips, in many instances not signed or
approved nor sufficiently explanatory.
The ransa ctions were also entered
Edaily on a transit sheet" In which
kthe interest were grouped under
tledger headings, and adjustments as
well as direct entries entered thereon,
but also with no descriptions.
a. Wa IN n0~t+tN0n0iAAr II within I'd orr
province. nor is it our intention to
pass Judgment upon the general plan
Of the state-operated interests as
adapted by the state of North Dakota.
J We do believe 1t proper to strongly
urge that all such enterprises, other
than the bank should be financed
through direct appropriations by, the
Legislature in, specific amounts and
designated. purposes, instead.;ao
Estate bank. - vges
/ Function of Bank. Sass.
The basis Of our entire industrial
and economic structure is credit. The
success of all business enterprises ts
dependent to q large degree upon the
establishment OF adequate credit re-
l~lations. The functions Of a bank Is
Icredit extension. The national federal
reserve bank system was established
for the purpose Of charging, regulat-
lang and establishing credit relations. 4
The Bank Of North Dakota oper-
EAtes under asp1an peculiarly analogous
It ia self -eyident that to properly
perform these functions a bank must
lprovide for q reasonable and suf-
hcient mobility and liquidity OF Its
You are aware Of the prevalent
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

July /. 1919. were as follows:
To be paid by the Bank of North
Dakota:
i. on daily balances subject to
check from outside the State of
North Dakota) averaging $500 per
month or more, {. per cent. 49,
2. On daily balances subject to
check (banks and public corpora
tions). crediting items on date Of re-
ceipt and charging costs of collection.
, if any 2 per cent.
3. On. daily balances subject to
check blanks and public. corporations
within the stated. deferring credit un-
costs of collections, If any 2H per
cent.
A.. On time deposits (sinking
funds). public corporations, 4 per
cent.
5. On time certificates Of deposit
(from outside the State of North Da-
kota) amounting to $500 or more,
To be charged by the Bank OF
North Dakota - -. 3;
6. on. daily balances in depositary
banks. per cent.
I. On time certificates Of deposit
Nfrom depositary banks) cured by
collateral. s per cent.
.. vi Ic.ucpV6AlS lEOHl uCpOoASA4 y
banks. or on money borrowed secured
by collateral other than state orYsov-
eminent obligations, not Exceeding
six months, 6 per cent.
9. On money borrowed (by deposit
tary banks secured by state or gov
ernment o~bligations). not exceeding
+ three months, 8 per cent. q
10. On farm loans &. per cent i'm
stallment to be paid annually, s per
tent. !
In Detail No. II is presented list
OF coupons on hand but not yet col
lected. OF these. North Dakota Bonds
Coupons Bank Series in the sum OF
s1s6.25. and Mill and Elevator Seriee
in the sum Of S552.50 were verified
Bank Series Bonds: in the sum of VI
257.50, were authenticated by the
records Of the state auditor. to whom
they have been presented for payment
by the Bank of. North Dakota.
The inventory Of supplies on hand
in the amount of $~l3,6S6.S3, was tax
cntunder the supervision Of an oficel
~1tatical correctness by us, with the
exception that verifcation was re.
ceiyed from the Iowa L~ithographine
rompanysas to printed checks and
customers drafts held by them for the
Hank Of North Dakota. in the snm Of
81. 022.Nbeing $3.50 lebo than tn
amount entered on the inventory
Adjustment of the inventory total WA
made 'accordingly. I
Said. inVentOrysis moi carrted on thu
books Of the bank. o II It customary
10 include such deferred: charges up,
. on bank s~tatenents Of condition
however, We consider II proper to in,
Glide it in our: balance sheet. - Z
suitable charge against future opera.
tions.
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05
With
Y M. G. 4.

Aaker's Business College was called
up by the Y. M. G. A. and asked to
supply a temporary stenographer. A
student was sent into the position at
once. The school has received four
requests for Office help during the
week showing the demand for A. B: C.
trained office help rel during this
quiet time Of the year. Enrol and get
in line for a position. Day or night
school.
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

general and serious. In some ways
it is particularly acute in your state.
At such a time and in such a condi-
ton h bank as organized should be
In a position to extend considerable
| relief, through the customary chan
nels of credit extension.
1t is therefore significant that, as
appear herein, on November 81.
1920, the bank apparently found it
necessary or advisable to draw upon
it's re-deposit of public funds in local
banks the amount Of $1,39o,000. 1t
is apparent that this could only ef-
feet an increased stringency. and de-
crease the ability Of the local banks
to assist the local merchants and
farmers at the time Of their greatest
need.
In, this connection it is only
necessary to direct you attention z
to the tdisprOportiOnate amount of
the assets Of the bank which arc
represented in The thirty-year
vanccs to the state institutions,
and other nOn-liquid Investments,
! to establish N emphasize the
/ property and Importance Of the
above recommendation.
Every facility was afforded us in
the within examination, and we
acknowledge the cooperation and as
sistance OF Mr.. F.. w. Cathro. mana
ger and director general, and Mr.. l.,
P. ,McAneney, credit department ,di-
rector, Mr.. A. .Johannsen, audits de.
partmept. director. and all officers and
employees as required.
Respectfully submitted,
~ Bishop, Brissman & Co.
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05
AMOUNT OF
BONDED LIQUOR
TAKEN FROM. SALOON

Kansas City. Mo-. Feb. 5:-More
than $4,000 worth Of bonded whiskey
was confiscated and our men were ar
rested early today when police raided
a saloon. None of the men arrested
would recval the name of the owne
of the liquor.
Fifteen hundred and ninety gallons
Of wire and IS gallons Of whiskey
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

On page No. Is ID presented state
ment Of income and expense FOR the
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

were taken by federal officers last
night in a raid on a grocery and a
quantity Of moonshine was also con-
fscated in a raid on y cabaret.
More than 5000 gallons of liquor
have beer seized by prohibition agents
here since Inauguration of the booze
cleanup Thursday night. Z
Two thousand gallons Of wine and
200 gallons of whiskey were dumped
into sewers here yesterday.
Berlin.-It was officially stated
that Germany has declined to attend
the Allies financial conference of ex-
perts in Brussels beginning next Mon
day.
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05
ADVERTISEMENT.
DRIVE away HEADACHE
Rub Musterole on Forehead
and Temples

A headache remedy without the dsa.
gers of Headache medicine" Relieves
headache and that miserable feeling
from colds or congestion. And it acts At
once! Musterole is q clean, white ONT
ment, made with oil Of mustard. Better
than a mustard plaster and does not
blister. Used only externally, and IN
no way can it afectstomach and heart
as some internal medicines do.
Excellent for sore throat hroachith
Group. stiff neck, asthma, neur1lgi4,
congestion, ple1uisy, rheunatiA, Inn
bago, all pains and aches of the hack
or joints sprain4 sore muscle4 bruises,
dilblains, frosted feet colds ef the
chest lit often preveats pneumonia.
Csc and Csc jars; hospital size $40
lnM
Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05
TABLES BRING
-. = - &. &T kss
0UTIMPORTANT' !.
FACTS OF AUDIT
State Institution Unusually
Liberal to Thirty-nine
Banks in State.
Indebtedness to Bank Of
North Dakota Of Suspend
ed Banks Shown.

beloW are given a number OF items
selected from the report Of the B.sh-
op Br:ssman company's audit Of the
Bank OF North Dakota. In these ex-
cerpts special attention is paid to the
method employed by the bank in its
relations with the other banks of the
state, and tables are presented in de-
tail which bring out many interesting
facts. Attached are tables showing
the Indebtedness to the Bank Of North
Dakota of each of the suspended
OF each. Another table indicates by
number, 80 banks which constitute. a
special class to which the state insti-
tuition has apparently been unusually
liberal in its advances of funds. 1t
Is not. considered expedient at this
time to designate these banks by
name and location, but many of them,
such as the acknowledgements Of
Fargo, have stood In very close relA-
tons to the Nonpartisan league.
Farm loans, special deposits, in the
amount of 1907 800, are listed in De-
tail No. Z. These represent sums
forwarded to local banks. to be held
on deposit pending completion of pa
pers on farm loan applications.
Where the Bonds Are.
In Detail No. 8 r listed bonds Of
North Dakota, together with sum.
mary thereof, exhibiting bonds n.y.
D~othecatcd with the Merchants Loan
and Trust Company of Chicago. in the
sum of $1.20O,OOO to secure loan of
$1,000. O0O Al appears in III within
balance sheet; bonds sold in the SUM
of $48.55O, and bonds remaining on
hand unsold. in the sum of $751,45O,
forming integral units of the original
issue of $2,OOO,OO by the State OF
North Dakota and herein referred to
md designated as "Bank Scries."
Bonds remaining on hand were u
thenticated by inspection, and veri-
fication was received from the Mer-
chants Loan and Trust compan ny OF
Chicago. of bonds held as security by
them
In Detail No. sis presented list OF
L. S. Liberty bonds on hand, in the
sum Of $4,000; verified by inspection
In Detail No. 1o-A are listed sinking
fund securities u~nliquidated. consist
ing of War Savings Stamps in the
sum of ~$38,941.19, and in Detail No
lob. U. S. Liberty bonds in the sum
of $3.50, or a total of $~47,091.1s, and
represented by per contra entry as Z
liability in the balance sheet. These
securities were verified by inspection.
Accrued interest represents Interest
receivable. as follows:
Interest due.and ACQUIRED from state
of North Dakota On, bonds, bank
series. as follows: a>
c upons in
h a n d S of
state audi
tor ........$96,246.25
Uncut coupons
and accrued