davidaulloa/AmericanStories huggingface dataset:
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

An Official Explanation of an Oper-
alton in Exchange.

To THE NEW YORK HERALD My at
tention has been called to an editorial
article in your paper entitled "Perus
Filler in Exchange" .
AS Secretary Of the Treasury until
four months ago and as special financial
commissioner of Peru to the United
States and Europe al present / consider
it my duty to rectify the misrepresen-
tation contained in the article. which is
probably due to inexact knowledge of
the currency act.
During the embargo on gold. when 1t
was found impossible for Peru TO take
home the balance of her commercial in
terchange with this country and Eng
land. a law, numbered 2776 and dated
September IA, 1918. was enacted au-
thorizing the issue of currency against
deposits made in New York or London
at the rate of S4.s66, or / pound sterling
5is pence for a Peruvian pound. This
law has not been modified since. and
therefore your reference to IAN ingen-
ious bill having been introduced after
ward in the Peruvian Legislature au-
thorizing the transfer of the funds from
New York to London" is absolutely in
correct.
Article VIII. of the law referred to, In
its second paragraph. provides that II
as consequence of the interest paid
On the deposits ard the commission of
per cent. charged by the banks par
ticipating in the emission a surplus Is
created. said surplus will be deemed a
profit for the public treasury
do not agree with the author of the
editorial article in his distrust as to the
future OF British finance, and currency,
but even in the case of drop in the
value Of the English sovereign the in
terest paid on the deposits, which in
creases the guarantee, will be sufficient
to cover any difference caused by a fall
in the rate of exchange.
The financial operation conducted by
the Peruvian Government is therefore
not only perfectly legal but will rot In
the least weaken the backing of Peru
Wan currency. +. G. FUCHS.
NEW YORK, July 10.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Advertising Religion.

The movement in the Protestant
Episcopal Church in favor of adver.
Using religion with trained adver-
Using man to direct its campaign is
based on sound sense and supported
by the highest precedents. The
church has a message OF incompara-
BILE Importance to deliver, and IL
must reach the minds and hearts OF
men through their eyes. The way to
do this Is to advertise. When the
founder OF Christianity walked the
earth as a man there were no news.
papers; consequently there was no
advertising as we know 1t. Infor.
nation was spread by word Of mouth,
and according to st. MARK when
the man out of whom JESUS drove
the unolean spirits into the swine
wanted to stay with JESUS this
occurred.
"lIowbeit JESUS suffered him not.
but saith unto him. Go home to thy
friends. and tell them how great
things the LORD hath done FOR thee.
and hath had compassion on thee
"And he departed. and began to
publish In Decapolis how great things
JESUS had done for him. and all
men did marvel
There could have been at that time
no more effective means of advertis.
ing than this. II there are any
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Perfection in a Contract.
Standard Fire Insurance Policy q
Triumph OF Intellect.

To THE New YORK HERALD; The
CLOSELY printed stuff" in the standard
fire insurance policy has been hacked at
by about every Legislature in every
State in the Union. 1t has been inves-
tigated and regulated and complicated
and simplfied and deleted and expanded
until now it is probably as perfect a
contract as the human mind expressing
itself in the English language ever pro-
rnulgated
There have been court opinions on IFS
ipiquities and sanctities rendered with
out number. and it is SO hedged in by
the law that every comma and period.
and. forsooth. even the size and spacing
of the type in which the stuff is printed
are prescribed.
1t would go hard with any insurer
who attempted to issue policy In which
each was not crossed and each !
dotted. Can Mr. Untermyer and the
Lockwood committee reform this classic
contract? Lou PECK.
New YORK, July 10.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
British "New Rich" Stingy.
impoverished Aristocracy Imputes
Lack OF Charity to Them.

Mdry Honkc IN the Los Angeles Express.
The English new rich" have to bear
almost as much criticism as the Prime
Minister and from almost Is mixed n
source. Their natural enemies arc the
poor and the new poor and the latter
element seems to feel strongest on the
subject.
The aristocracy have taken lately to
publishing their sentiments about the
people who have usurped their place
One of the charges they make is that
the new rich don't know how 10 give.
and that as a result hospitals and chart
close UP. 1t may not he, say the aris-
tocracy Gunlously, that the new rich are
wilfully selfish. But they are not used
to money and so are not used TO giving
II away.
Another allegation. made by n peppery
di lighter of an Impoverished duke. was
that the new rich had never done any
thing to make the world beautiful and
that as class they had produced no
great art or literature
Socially the new rich have to bear
the brunt for all the changes. An ac-
tess said the other day that she never
saw. before the war. the People who now
fill the stalls in the theatres. The pco-
PIE with good manners who used to sit
in stalls before the war have disappeared
and their successors lack breeding. One
day somebody ate oranges in the stalls
and the feeling Of calamity in aristo-
cratic circles was strong for weeks.
Extremes in styles are also blamed on
the women of the profiteer class. who
are declared by their enemies TO have
learned the art of dressing in their orig
inal honcs in The East End OF London.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
The Shipping Board Wreck.

When the Shipping Board business
wreck really lost last year three
hundred and eighty millions OF dol
lars it may be small comfort to Mr..
LAsKER to reflect, but it is hard
cold fact that what the Governments
maritime business did to the public
purse every other business enterprise
in which the Government is engaged
does to the public purse more or less.
1t is true, as Mr.. LAsKER says, that a
private concern operating on the same
basis as the Shipping Board long
ago would have been in the hands Of
a receiver. But the same thing
might be said OF the Post Office, the
most Wanted Of all the Government
business enterprises.
The Post Office business uses build
ings which have cost and always are
costing the Government hundreds Of
millions Of dollars to build. Yet the
Post Office not only does not charge up
any taxes against itself on its prop
erty and plant, as all private bust
ness must do; it does not charge up
any rent against itself. it does not
charge up any depreciation, it does
not set aside anything for sinking
funds to renew the hundreds of mill
ions of property and plants as they
wear out and are scrapped.
The Government even sponges on
the railroads for a large part of the
cost of the transportation Of the mail
matter, which is one of the heaviest
operating expenses Of the Post Office
business. And yet in annual report
after annual report the Post Office
management takes credit to itself
for conducting the postal business
at a profit or small loss when the
actual loss as a business proposition,
in the way business men would have
to figure it, is colossal.
This same record Of ruinous bust
ness failure and loss is so, whether
the Government is digging a Panama
Canal or operating a Panama Canal,
whether it is maintaining a navy
yard or building a battleship. 1t is
so when the Government is running
c munition plant or constructing a
gun. 1t is SO when it is putting up
hospitals or dredging a creek.
There is hopeful, credulous, gul.
lible fraction OF the public which
fondly believes that all that is needed
tc convert this practical, workaday
country into an earthly paradise for
everybody, the wise or the unwise,
the worker or the shirker, the good
CT the bad. is for the Government to
take the throttle in every business
venture into hand. Then there wouDn
be no more trouble for anybody, but
milk and honey for everybody.
But all that ever happens when the
Government sets its hand to any
business job is that the public gets
poorer service, pays very high price
for ii in the first instance, and in the
second instance is submerged by
tidal waves of taxes to wash out the
staggering deficits of the ruinous
Government operation.
The touch of the Government in
business is the touch OF death.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Scrapping the Dreadnought.

Sixteen years after her keel was
laid the British warship Dreadnought
was sold for scrap. From her tur-
rets a gun was never fred at an
enemy; yet she defeated every CAPT
tai ship which existed when she was
launched.
Hers was not glory such as the
Confederate ironclad Virginia--the
old United States frigate Merrimac--
won when, unframed by the fire of
Federal ships, she smashed the frig.
ate Congress and the sloop of war
Cumberland. March s, 1862, under the
guns of land batteries whose solid
shot rolled from her lilS hail from
a tin roof: IL was not given to
her to demonstrate her power as the
Monitor-Yankee cheese box on a
raft--demonstrated the genius OF
Ericsson when, commanding the
epoch making fighting craft that
great engineer had designed, and C.
S. BUSHNELL, JOHN A. GRIswoIp
and JOHN F. WIHsLow had built
for a sceptical and reluctant navy,
WoRDEN arrived at Hampton Roads
to rescue wooden walls from railroad
iron sloping sides. Yet the Dread.
nought, though these dramatic in.
cidents we're not TO be duplicated
in her career, and though she was
q development not an innovation,
rendered obsolete every first line
fighting ship designed before she
appeared.
She cost 400 a ton and sells for
f2 los. ton, but to the British en-.
pire she was worth the money. Yet
as she is broken up, her design is
already obsolescent after half gen.
Grafton as men count time.
When she was laid down the air.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Literature in Chains,
Only Two Themes Found Salable by
Poet Nowadays.

To THE NEW YORK HERALD. 1t is out
OF the question for new writer to get
a start in these days If he be tainted
with the slightest touch of originality.
That to-day is the objectionable crime
in literature.
If he will sit down and write trite
love stories for the shop girl he may
get ahead, but at the first suggestion
of the exotic, the bizarre. he is taboo.
nothing. The only writer Of the day
who can present the truth badly and
get away with il is Blasco Ibanez, ana
his originality is fast going.
The writer of verse Is also sadly
limited. The editors tell you that only
one of two types can be considered. lul-
.abies or nature verse. Lullabes or ma
ture verse; Fancy AS nobody in his
right senses could possibly become in
terested in either of these two enchant-
ing themes it is plain enough that verse
in American magazines is simply used
to fill in. In ether words 1t Is of no
Importance whatever.
Art is dead in our country, or fast
dying; and it Is TO be hoped that some
body will rise and wake it UP, But that
one will find egress very difficult I'M
less the hidebound restrictions of editor
and public alike are broadened TO con-
siderable degree.
By the way, it would be an excellent
thing If manuscripts were occasionally
read when submitted to magazines A
poem of mine was recently returned
with a pleasant letter saying that my
story had been read with care. but un-
fortunately was not suited 20 the needs"
&C. w. L. WILLIS.
NEW YORK, July 10.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Sound Yap Doctrine Cannot Be
Unsound German Doctrine.

Inc State Departments announce
ment of the recognition by the Allies
of American rights and powers in re.
spect of the League of Nations and
Treaty of Versailles mandates is illu-
minating in the matter OF our rights
and relations with Germany.
The very essence OF our position
with regard to the island of zap was
that no. Allied Council, no League Of
Nations, no Treaty of Versailles, no
anything could deprive this country
of what rights we possessed in zap
before the war and what additional
rights we acquired. along with those
Powers associated with us in the
war, by the defeat of Germany and
the separation from Germany of her
Pacific territories. And this conten-
ton of the United States, if we un-
derstand the State Department an
nouncement, is now conceded by all
the Allies.
Our position as to the Mesopo-
tamian oil fields rests on the same
fundamental principle. 1t is that
what was gained in Mesopotamia
through the war by the principal
Allies and associated Powers, we be-
ing one of those principal associated
Powers, was not gained for one Of
them but was gained for all Of them.
What belonged to all of them could
not be appropriated by or allotted to
one Of them with the equal claims
and rights therein of another or of
others of them ignored or denied.
And this contention of the United
States. if we understand the State
Departments explanation. is also
now making for acceptance by all
the Allies.
What is sound doctrine as to zap
and Mesopotamia cannot be unsound
doctrine as to Germany.
Then. if what rights we had before
the war and what rights we gained
through the war are inseparably
ours as to Yap or Mesopotamia, fail
ing. our consent to part with them,
no matter what the Allied Council or
the League of Nations or the Treaty
of Versailles or the lot of them to-
gether might mediate or attempt-if
that is so, how can it be that rights
and relations with Germany which
were ours before the war, or which
we gained through the war, are now
or ever could be separable from us
without our approval and consent,
no matter what the Allied Council or
the League of Nations or the Treaty
of Versailles or the lot OF them to-
gether might contemplate or decree?
How can it be that any treaty of
negotiate with Germany is now or
ever could be dependent upon the
authority and sanction of the Treaty
OF Versailles?
The United States no more needs
to go to the Treaty of Versailles for
license and permission to negotiate
and establish new treaty relations
with Germany. provided in so doing
we stay within our rights. than the
United States needs the license and
permission of the Treaty of Yer
sailles to be free and independent
sovereignty.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
On With the Breaks!

Break, break. break
On thy cold. gray stones. o sea,
While here IN the town slzzie.
With heat waves engulnng me.
o well for the ice baron bold
That he HES TO his villa away;
@ well for the soft drink prince
Who can Toll in his yacht on the bay
And the mercury RACES up
AS out through the top 'twouid splll
And O for the nip Of vanished frost.
And the howl Of a gale that is still
Break break, break
At the foot of thy crags, o sea,
But never a break IN the $50
DO all Of your breaks bring mel
MARY ELIZABETH kILLuEr.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
WEDNESDAY, JULY 20, 1921.
The Presidents Oil Tariff Club.

The legislative and economic diff
ference between fixed duty on oil
and the grant to the Chief Executive
of the power to lay such duty un'
der certain circumstances is all the
difference between daylight and
darkness.
With oil, or lumber. or any other
natural product verging on exhaus-
ton of domestic supply, fixed duty
on imports shuts off or tends to shut
off foreign inflow. Throwing the bur.
den of consumption by such means
on the domestic production intensi-
fiessthe depletion OF the home supply
and hastens the day of its exhaus.
ton. Such a programme, working to
put us utterly at the mercy of for
eign oil producers when our own oil
is all gone, could be nothing less than
national crime.
In contrast to such suicidal policy,
when we make it possible for the Pres
ident to employ tariff against for
eign country only when it seeks to
tax our consumers with an export
duty on its oil, we put premium
on shipments of oil to us from other
foreign countries whose product 9TH
erwise might not come here freely.
An exact case in point is Mexico
Much Mexican oil can be produced
SO cheaply that it could pay an ex-
Port duty at home and still sell in
this market against the higher cost
oil of other producers shipping to this
country. But when the President can
say to the Mexicans that either their
oil must come in here duty clear at
both ends or 1t must come in duty
loaded at both ends, he will give
them the choice either of sending in
their oil at rates which will sell it
here in abundance or of standing by
and seeing other oil come into this
market in place Of theirs.
In asking Congress for this power,
which the House at once sets out to
give him, President HARDING calls it
IN his soft spoken manner a bar
gain power" In unvarnished speech
it is club with which to safeguard
our national interests and serve our
national needs. But, call it by what
ever name yor will. this measure to
force pump oil into the country from
abroad on reasonable terms will
postpone, by as much as the for
eign product is imported and con-
sumed here. the draining of our
own wills dry.
And what is a good tariff ticker
for foreign oil can be as good a slim
ulation for lumber or anything else
that we may need from other sources
than our own.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
TEL PARTIES AT HOT SPRINGS.
Mr.. and Mrs. Chnuncey VI. Depesv
Among Those on Casino Lawn.

Special Dcspctch 10 TIE NEW York HEaALp.
Hot SPRINGS, Va. July l9-Miss
AEsa Mellon and her guest are at Barton
Lodge Miss Olyve e. Graef of WASH
ington registered this morning at the
Clubhouse and played over the short
course before luncheon. Mr. and Mrs.
De Witt w Balch of Cincinnati also
registered at the club for golf. Mrs.
Edward Cameron Foulkc and Mr. and
Mrs. Chauncey NJ Depew were among
those from New York on the Casino
lawn for tea.
Mr. John III. Ricketson.' Jr.. left for
Pittsburgh. and will return later in the
month to rojoin Mrs. Ricketson and Mr..
John H. Ricketson. Sd. Mr.. Eppa Hun
ton, Jr. left to-day for Richmond after
a visit Of several days with Mrs Iunton
and Mr.. Eppa Hunton. 18th.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Polo an Expensive Sport.

Polo has been called the sport OF
the rich because of the expense OF
maintaining a string of mounts OF
good quality. The recent sales at
Tattersall's as reported in the Lon.
don Sportsman give numerous exam
pies of mounts selling for from
81 900 to $4,000 each. These figures
are not unusual. AS it takes half a
dozen ponies to make complete
equipment for a man who plays with
pretensions to top form 1t is an ex-
pensive pleasure.
The tastes of some men Of wealth
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

churchmen who feel that advertis-
ing religion may be undignified they
should become better acquainted
with the Bible. Had there been
newspapers in the country CHRIST
would undoubtedly have utilized
them TO spread the truth about His
teachings. His followers of to-day
have long neglected the instrument
OF public enlightenment they are
about to utilize.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
Too Much for Him.


When a woman who was burning up the
road" on the boulevard was overtaken by
traffic officer and motioned to stop, she
Indignantly asked. What do you want
with me7'
you were running forty miles an hour
answered the officer.
Forty miles an hour Why. officer. I
haven't been out an hour said the woman.
Go ahead" said the officer. THAT Is
a new one on me-
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
HoNORs AMERICAN WOMAN.
Miss Bonney Receives Degree
From University of Paris.

Special Gable to THE New YORK HERALD.
Copyright, 1891. 5y THE New YORK HERALD
New York Herald Bureau.
Paris, July TO-
The name of another American woman
was added to the list of doctors at the
University of Paris yesterday when Miss
Mabel Bonney of California passed the
examination with honorable mention.
Miss Bonney is the youngest woman
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
EVENTS TODAY.
official town meeting. Hotel Commodore,

. +. M.
Marketing conferences for New York State
County Agents and guests, auspices of the
AGRICULTURAL Department of the New York
Central Railroad; sightseeing trips all day;
dinner Hotel Pennsylvania, p. NJ.
Allied Building Metal Industries, luncheon,
Commodore Hotel. 1880 p. NJ.
Elliott-Fisher Company convention, Com
,modore, all day. n.
Bolt. Nut and Rivet Institute. meeting.
Waldorf-Astoria. A. NJ
Stereopticon- lecture on'Peary's Conquest
OF the Pole" by Herbert c., Bridgman. Bow
cry Mission. r. NJ .4N TNft4N
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
The Sam Browne Belt.
Some say humanity
Inspired us for the fight.

Some say humanity
Inspired us for the fight.
Or drownings in the sea,
Or fervor for the Right
We know what it was for
And why the blow was dealt
We had, to go to war
To get that Sam Browne belt.
We hold not any land.
Indemnity Is waived,
And nothing we demand
For all the battles braved.
For all the thousands slain.
For all the sorrow felt,
Energies now the gain
We have the Sam Browne belt.
McLANDBURGH WILSON.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

poor little rich boys guardian
finds the cost of living for her ward
of so depicting to his allowance she
asks in court for s75 day for his
support TO avoid deficit. The famous
victory Of The Bronx in favor OF five
cent ice cream cones has aroused the
hopes Of all the oppressed.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
All Rheims Greets Myron 7. Herrick
Ambassador Speaks at Laying of Cornerstone for
Carnegie Library. =.

ever to receive a degree. being only 20.
She received her bachelors degree at
the University of California In 1916,
where she held scholarship for spe-
cializing in the romance languages.
Other American holders are the Count
tess Chambrun. nee Longworth; Miss
Ida Treat of Joliet. ILL.,, and Miss Flor
ence Ingersoll of Washington, ID. c.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

When they have leisure to consider
mere distractions politicopsychologist
will please tell MS why it is that few
States not subject to political 'isms
have ever been so bored with their
elected officials as 10 want to take
their jobs away from them. while
nearly every State which has been
Temporarily under the rule of some
ism has employed the recall to get rid
of its elected officials.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

From the Kingston (out) wing.
This Is very sad moment" declared the
Duke Of Devonshire. the retiring Governors
General. at a farewell luncheon at Ottawa.
And now curious persons are asking II he
referred to- his departure or to the fact
that he had Just signed an order IN council
making Ontario dry on Ju,T IS.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
wooing In Arkansas.

Armstrong Spring correspondence IN the
SearoD Citisen,
william A. also seems to Nave some mys.
terlous mystery around the south side of
satteiee's store. II Is hard for us 10 be-
lleve Mack regular lady killer, but from
all indications he sure "sets pretty, in the
park every Sunday afternoon.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20

The article in question sought to
show that Peru, in a fully legal and
proper manner, of course. had reduced
the actual gold reserve behind her
currency. If and when British money
again regains its full face value in gold
in the foreign exchange market the
depreciation in the reserve of the Pc
ruvian currency will be eliminated.
The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-07-20
welcoming the Newcomer.

From the Arkansas Thomas Cat.
Lee Giles OF Hot water Springs Is new
conner among us. He has been dabbling
I'm literature for some time past. but since
coming to snagtown has laid aside his pen
and will devote his time 10 raising a pig,
-,hich Is mghtier than the sword.