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Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-12-20

AvOCA CoAL-NICE LC&PY. DEEP
/" dry mined: 1915 per ton IN load lots.
Call Floyd Deit7. Phone 1857.
The New York herald., 1922-10-01
WHAT THE WEEK OFFERS
TO THE VISITING BANKERS

OoNvENTIoN headquarters the Hotel Commodore Head
quarters telephone Vanderbilt 313 is in
~ issuing information The sessions will
ballroom the Tuesday Wednes
and Thursday Sections and divisions will meet the grand
Monday afternoons Monday
Wednesday Thursday All morning sessions will be
$50 all afternoon sessions at 2:30
IN Monday r L. John McTIugh
the speakers Meyer. r and Marshall
will the bank division meeting Tuesday
w. Thomas McAdams Vincent
and Raymond B. Frazier and Dr.
Nicholas Murray Butler will address the savings bank division On
Wednesday Allen and the Right Hon.
Reginald McKenna Of England will speak the general session. and
national bank division will hear Alexander
Thursday session speakers will
Kent with others announced later Before the
division Alvin w. Kreh Wadron Rand and Francis H.
Sisson will speak
Friday there will meeting the executive council
board the steamboat Washington Irving IL NJ and o'clock
the meeting OF the administrative committee the ship
The weeks entertainment comprises boat trip around Man
haitian Island Westcheer Sunday afternoon
buffet luncheon the Stock Exchange Monday fashion
and Plaza and the luncheon the committee
hundred the Waldorf theaer
club day clubs luncheon the Btmore
and dinner OF State bankers the Btmore with
theater for
private homes and visit the Metropolitan Museum Art
grand ball the Hotel Commodore Thursday
Point and golf section dinner Friday.
The New York herald., 1922-10-01

main ballroom, Commodore Hotel, the
program being as follows: Remarks
by President John G.. Lonsdale, ap-
pointment of committees on resolu-
tions and nominations; address. James
S. Alexander. president National Bank
OF Commerce. New York; address,
Some Problems for Thinking Men to
Think About" Frank A Munsey, New
York; reports OF committees, election
OF officers.
In the evening at $3.50 o'clock there
Is a dinner OF incoming American
Bankers Association State vice. -presi-
dents, presidents and secretaries Of
State bankers associations: at a
theater party for ladies, and at $3.50 a
smoker for men.
Thursday, October 8. the final gem
eral session opens at $3.50 A. NJ, the
program being: Reports of the COM
mittee Of FIVE, Charles de B. Claiborne
chairman; insurance committee, Oscar
G.. Foreman chairman; committee on
State taxation. Ernest ]. Perry chair
man: committee on State legislation,
Craig Il. Hazlewood chalr1nan COM
mittee on Federal legislation, A. e.
Adams chairman; committee on public
education. John II. Puelicher chair
man: public relations commission.
Francis II. Sisson chairman; agricul-
tural commission, Joseph Hirsch chair
man; economic policy commission, VI.
a. Traylor chairman; commerce and
marine commission. Fred !. Kent
chairman: resolutions committee. in
stallatiop OF officers. In the afternoon
AZ 2:3e the trust company division
meets. it $3.50 there is a dinner Of the
American Institute OF Banking. and at
$3.50 the American Bankers Associa-
ton grand ball
Friday. October 6. the closing day,
comes the boat trip 70 West Point.
where the cadets give a special parade
At IL A. NJ. the executive council viii
The New York herald., 1922-10-01

rnittee Of five, committee on men,
bership. committee on public educa-
ton, committee on State taxation.
committee on Federal legislation.
committee on State legislation and
special committee on taxation.
On this date the sixteenth annual
meeting Of the Clearing House Sec
ton will also be held from $3.50 to
1880 p. NJ. in the Ballroom, Hotel
Commodore. The program Is: In
vocation: address Of the president.
John r. Washburn; reports of officers
and committees; address, John Nc
Hugh, president Mechanics and Metals
National Bank, New York; address, l..
+. Loree, president Delaware and Hud-
son Railway, on Labor Unions: open
discussion on the clearing house ex-
aminer system; election and install
lation OF officers.
In the afternoon the sixth annual
meeting of the State Bank Division
Will be held in the ballroom. Hotel
Commodore, at p. NJ. The pro-
gram Is: Address OF the president,
r. 8. Hecht; address, "F1nanc-
ing Agriculture" Eugene Meyer. Jr..
managing director OF the War Finance
Corporation; address, Practical Prob
lens of State Banking" Marshall
Cousins. Commissioner Of Banking OF
the State Of Wisconsin; committee re-
ports: open discussion; report OF the
committee on resolutions; election and
installation OF officers.
At p. NJ. there will be a dinner
Of Reserve officials. and at Q the ex-
ecutive council Of the association will
meet.
On Tuesday, October 3. the first
general session will start at $3.50 A. NJ.
called TO order by Thomas B. Nc
Adams, president OF the association.
Bishop Manning viii deliver an In
vocation and there will be an address
by Thomas w. Lamont on "The
The New York herald., 1922-10-01

American Bankers Responsibility To-
day" and the Presidents annual ad-
dress. This will be followed by the
report of committees.
The savings bank division will meet
in the main ballroom of the Com
modore at $3.50 p. NJ. under the
craftsmanship of Raymond r. Frazier
to hear addresses from Charles II.
Deppe on Federal Legislation" AL
vim p. Howard, Savings" John j.
Pulleyn, Mortgage Loans;" Samuel
II. Beach, Liquid Investments" and
Samuel NJ Hawley, Bank Facilities
and Service" Nicholas Murray But
Ter will speak on Thrift and Thrift
lessness," and there will be other ad-
dresses.
The State Secretaries Section will
meet at 2:30 p NJ. in room l. 10 West
Thirty-seventh street. The associa-
tion's nominating committee will meet
at p. M. in room Z, New York Chap
ter. American Institute of Bankers.
In the evening there will be theater
parties.
Wednesday. October 4, the program
Of the general session. which opens at
$3.50 A. NJ, is as follows: Address
Gov. Henry J. Allen of Kansas on the
responsibility of the Government for
Industrial justice and the relation of
the Federal Reserve System to Amer
lean business; address, Preparations
and International Debts" Reginald
McKenna; report Of nominating com
mittee, election of officers.
In the afternoon at 2:30 o'clock the
National Bank Division meets in the
The New York herald., 1922-10-01

Maiden lane. Although the huge
fabric will not be finished until next
year. they can get a good idea OF the
size and the beauty of 1t. The bank
ers will have a chance to inspect the
huge vault. the largest repository of
it's type in the world, down deep In
the foundations, which reach ninety
feet below the curb and far beneath
tidewater. In the three levels of this
stronghold Is TO be stored the vast
volume of cash and securities now
carried in eleven scattered vaults
throughout the financial quarter.
New York Clearing House
Now the Worlds Largest
The ornate building of the New
York Clearing House. in Cedar street,
will be another fame of finance to
which the visiting bankers will pay
their respects. This clearing ex-
change Of the banks of New York. the
largest and Oldest In the United
States and now the greatest In the
world, for its transactions exceed
those of a similar institution In Lon
don, will have n special attraction for
the younger bankers who may have
never been within its walls.
Delegates who were here nearly a
score of years ago will miss some
Of the great figures Of banking Of
that day. but they will find the re-
newal of many a pleasant memory IL
they chance to see the centenarian OF
New York banking. John A. Stewart.
the chairman of the board of the
United States Trust Company. Mr..
Stewart was born in 1922 in a little
frame house down in Fulton street in
this city not far from the fiscal center
in which he won such high place. He
was one of the trusted advisers of
President Lincoln In the dark days
of the civil war; leader In financing
the Government needs In the second
Administration OF Grover Cleveland,
The New York herald., 1922-10-01

and Is closely IN touch with the prob
lens of the present. He was one of
the first men to accept a place on the
committee of one hundred which Is
in general charge of the arrangements
for the convention.
To him the American Bankers
Association, which is soon to celebrate
the f1ftieth anniversary of its birth In
this city. is a very young organiza-
ton.
The general sessions OF the con-
vention will be held IN the grand
ballroom Of the Hotel Commodore In
the forenoons of Tuesday. Wednesday
and Thursday. October 3. 4 and s.
The sessions OF the sections ana III
visions of the association will be held
In the grand ballroom tomorrow
morning and subsequently on Tues
day. Wednesday and Thursday after
Moons. Morning sessions will Re
called at $3.50 and afternoon sessions
at $3.50. The Executive Council viii
hold its meetings In the east ball
room of the Commodore. The finance
and administrative committees Will
meet In the board room on the mez-
zanine floor. All other committees
will meet In the rooms of the New
York Chapter. American Institute Of
Banking. 15 West Eighty-seventh
street. The detailed program of
meetings Is as follows:
What Will Be Done
BY the Delegates Each Day
Monday. October 2, $3.50 TO 5.
Committees: Trust company division.
National bank division, State bank
division and savings bank division,
agricultural commission, commerce
and marine commission. economic
policy commission, public relations
commission. administrative commit
tee. fiftieth anniversary committee.
finance committee, insurance COM
mittee. protective committee, COM
The New York herald., 1922-10-01

teen tie lines and five extension lines,
which In all constitute system of
connections able 10 handle the traffic
of city of thirty thousand inhahi-
iants. With seven hundred volunteer
operators from the banks and the
bond houses of the city in charge Of
the communications, there is little
likelihood Of any Of the visitors get
ting out Of touch.
Protecting the Visitors
Against Pickpockets
AS the presence Of large crowds
always attracts certain light fingered
gentry, the Police Department Is as
signing numerous detectives and plain
clothes men to protect the financters
from the attentions of soft spoken
and we'll hammered persons who are
especially active on such occasions.
Important changes have taken place
in the financial district of New York
city since the last convention of the
American Bankers Association which
was held in this city seventeen years
ago. There will be new banks and
new trust company buildings for the
visitors to see. and Wall street ITSELF
with all its varied activities and it's
Stock Exchange, will be in gala garb.
AS third Of the thirty thousand
banks in the United States are as
sociated with the Federal Reserve
Bank. the delegates are particularly
interested In the plans of the new
New York Federal Reserve institution
which is being erected in Nassau
street, between Liberty street and
The Washington times., 1922-10-08
Public Not Frightened d

A third reason Il to be found
In the fact that the. country pros
pered % greatly under low tariff
that the, beneficiaries Of protec-
ton are no longer able to. frighten
the threat Of q panic. For q
generation the threat Of a panic
has been used as a club to beat
the country into submission to the
sxploiters.
Workingmen were afraid that
they would lose their jobs II the
tariff was lowered, and farmers
were afraid they would lose their
markets. 1t seems incredible that
90 many people could have been
deceived by the literature circu-
lated by those who use the taxing
power for their own private ad-
vantage, but the fat-frying went
on campaign after campaign until
actual experiences proved to the
country that prosperity does not
depend upon high tariff rates.
The discussion Of the tariff bill
In the present Congress revealed
such q difference Of opinion
among Republicans. as they
fought over the various schedules,
sthat the Democrats did not have
to do much speaking-they could
not have framed a more severe
indictment than some Of the Re-
publicans made against the more
outrageous rates.
The extravasance Of the de-
nnands made by the tariff barons
was probably due to the fact that
they recognized that this Congress
IL giving them the last chance
that they will likely have for
many years.
Work for the night Is COM
Ing seems to have been the bat
tie hymn Of those peculiarly in
terested in the high tariff rates.
The Washington times., 1922-10-08
Big Business Fought

The Senate adopted an amend
ment to . measure before the
Senate directing the appointment of
q farmer on this board. Big bust.
ness and the banking interests op-
posed the appointment of . farmer,
but the farmers had enough In.
fluence to secure the adoption Of
the amendment in the Senate.
Then II went to the House. and
Secretary Mellon. said to be one Of
the richest men in the United
States, and one Of the biggest
bankers, went personally before
tho House Committee having the
Senate bill in charge and protested
against . farmer being appointed
on the board. When one Of the
members Of the committee asked
him what he thought Of the I'd.
visibility Of appointing the Sec.
retary of Agriculture On the
Federal Reserve Board, the nsw1
papers quoted him as saying 4
would make the board cumbersome.
II the appointment Of one farmer
would make the board cumbersome.
why was It not possible to xubsti.
tute . farmer for one Of the two
lawyers or one Of the two pro-
fessors or for the Newspaper man?
The Washington times., 1922-10-08
Trick tho Farmers

The tariff bill has brought out
and polished up nearly all tho
old shsms and humbugs that
have been employed in years
past. The home market argu-
ment has been used wherever the
protectionists could find any
voters still willing to listen to it.
and the attempt is being made to
tole the farmer into the protection
lists camp by a tariff on agricultur-
al products, although they ought to
know that the farmers as .
whole will pay ten dollars be.
cause Of protection on manu-
factured products where they col.
lect 81 because Of . tariff on
agricultural products.
The old and absurd claim that
the foreigner pays the tariff"
cannot we'll be used at this time,
because prices have already been
advanced on domestic articles
in anticipation Of the tariff on
foreign imports.
But while the Democratic can
didates will profit politically by
the greed Of the protected inter-
ssta shown by the tariff rates In
The Washington times., 1922-10-08
Unrepresentativs Board

The farmers have . special
grievance In the effort Of the Ad-
ministration to defeat the passage
Of the measure directing that q
farmer be appointed on the Fed
eral Reserve Board. That board
Is more powerful than any other
arm Of the Government. It can
act moro quickly. and moro ef-
fectiveiy than the House. the Sen.
ate or the President. for each Of
these three branches Of Govern.
ment (the House, the Senate. and
the Administration must have the
aid Of the other two before It can
do anything. while the Federal
The Washington times., 1922-10-08
By WILLIAM JENNINGS
-, BRYAN.
Copyright, 1922, by the Wheeler
Syndicate, Inc.)

Copyright, 1922, by the Wheeler
! Syndicate, Inc.)
TIN these chaotic times 1t is
impossible to look far ahead
- even q day, and therefore
It ID not safe to predict as to what
issue win be paramount on the 7th
day Of next November.
The tariff question has in many
campaigns occupied the foremost
place, but for several reasons this
will not be true this year.
The strikes at home and the
political situation abroad may
at any time precipitate a crisis
that win temporarily crowd out
ether questions.
Then, too. we have the bonus
bill and the profiteer to deal with,
not to speak Of law enforcement,
the ship subsidy and other issues.
But the tariff has become Of
secondary importance for another
reason. viz, because the amount
collected from import duties is
relatively smaller than 1t was
formerly. The sum now raised by
. tax on incomes and upon corpo-
n ations IL 10 large that 1t over
shadows import duties.
The Washington times., 1922-10-08

porating the best Of the other serv-
ices into her own.
japanese naval officers studied
In the naval schools Of every ma
tion. Warships were built in
England, Germany, France. Italy
and the United States.
The army was built up along
German lines. Japanese officers
studied in Germany. and German
officers were sent to Japan to
train the troops. The result was
that, like Germany in Europe,
Japan was able to assert herself
in any part of Asia in an incred-
IDLY short time.
MILITARY PUT FIRST. .a
Around the security Of the EN-.
pire was built all the other funo-
tions Of the government. But
everything was subservient to the
military needs Of the nation. And
all branches Of the government
were built on German lines, diff.
fering from them only in things
indivisible from the Japanese
character.
All these things have contrib.
uted to Japan's rise to power
to a position as one Of the three
great nations OF the whole world
within period Of seventy.five
years: an unheard-of feat, un.
equaled even by the United States.
But Il is the spirit that counts
most. And II is in national spirit
that japan leads the world. The
Japanese are not braggarts-the
Bushido forbids. A the Bushido
demands. Japanese statesmen
practice the art Of giving up:
that In. giving up personal ambl-
tions In the name Of the eood OF
the smpire. Can anyone irnagine
IN Anerioan politician giving up
The Washington times., 1922-10-08
Around the Security of the Nation Has Been
Built All Other Functions of Government,
But Everything Has Been Made SubserVient
to MILITARY Needs of Nation.

B a h m q n 1 Q m. Mohamedanisnl
Confucianism and other religions
were tried and rejected. Shin.
toism was revived. with its gov.
ernment and king worship. and
Shinto shrines rose like magic
all over Japan.
It is to be seen that the spirit.
ual organization OF Japan Is far
superior to that of Germany for
war purposes. Had Germany pos
sessed the feeling Of the utter
sanctity Of the. emperor. the out.
come Of the war might have been
totally different.
THE LEADER IN ASIA.
Like Germany in Europe. Japan
claimed the leadership in Asia
and so objected to the suzerain-,
ity Of China over Korea for the
very simple reason that she want.
ed the control herself.
II cannot be charged that Japan
took over the responsibility
merely to allow the Koreans to
lead a peaceful life; for there has
been nothing but fighting ever
since Japanese troops first land.
ed on the mainland OF Chosen.
The result was the Chino,Jap.
anese war. While continental
Germany had to depend on her
army. insular japan had TO de-
pend upon her navy. And the
japanese navy responded giori.
ousiy.
b. the treaty Of peace that fcL
The Washington times., 1922-10-08

his personal ambitions for the
good Of the nation at large?
Then again, the Western
peoples abhdr the thought Of 60
ing to war. Of fighting for the
good Of their respective nations.
At present this spirit is entirely
too much in evidence in America
for the good Of the nation.
But in japan a great revolu.
ton was caused by the intention
Of the Japanese government to
allow all to share in the honor OF
defending the nation, the honor
Of dying for the nation. The
great satsuma clan of mobiles
arose demanding that only those
Of noble blood be. permitted to
bear arms in the cause of Japan.
sATSUMAs IN COMMAND.
In the war that followed thou.
sands we're slain, and Of course
the Satsumas were forced to bow
to the inevitable. Today the
Satsuma clan officers the Japan.
ese navy and finer officer per.
sonnel exists in no navy in tho
world.
And upon this spirit II was easy
to build government and emperor
worship. Outside the moral code
Of the Bushido. there was really
no official religion in Japan. A
search for one that would fiii the
needs Of the nation was made.
An religions had their innings.
Christianity. Judaism. Buddhism.
The Washington times., 1922-10-08
Issue for Democrats

Direct taxation does its work
openly; II the law is unjust, the
injustice cannot be concealed as 1t
can in a tariff law. For this
reason, the provisions OF the reve-
nue. law have aroused a nation.
wide protest, which. while strong
est among the farmers, Is powerful
among a large percentage of the
people.
There Ii a sense Of justice
which can always be appealed to
when the issues are clearly under
stood; the Democrats are fortunate
this year in having an issue Of
universal interest, which can be
easily understood by everyone.
When the Ways and Means Com
mittee presented the revenue bill
to the House It contained, among
other vicious provisions, two that
deserve the condemnation Of all
who favor Justice in taxation.
The first provision repealed the
tax on tsxcess profits, giving .-an'
estimated benefit Of $&5o. 100000 .
year, according to the tax returns
of last year. to the profiteers, viz.
to those who are collecting excess
profits.
An excess profit is. of course, an
unreasonable 'profit-that Is the
meaning Of the word excessive.
The tax on excess profits was for
two reasons the most just tax that
we had
The Washington times., 1922-10-08
JAPAN i'm POWER PARALLELS HISTORY OF GERMANY

pan. She controlled Asiatio waters
and therefore had, and stin has.
the commerce Of the world which
has its interests in Asia, in her
grip. Then came tho great Euro
pean war. Germany and japan
had been the best of friends until
this time. But It developed that
an alliance had been formed be-
tween Japan and England. japan
was q great naval power. Being
insular her interests were almost
entirely those Of the sea and,
therefore. identical with the in.
terests Of Britain. And 30. because
Of her alliance, though undenia.
bly, pro- German at heart, Japan
was forced to fight on the side Of
the allies.
She was amply repaid. however,
a. she gained considerable terri
tory without sending a single regi-
ment to the battlefronts Of Europe.
The Versailles treaty was a tre-
mendous victory for Japan. She
was allowed to retain the Caroline
and Marshall islands, which she
had seized without a struggle on
the outbreak Of the war.
These islands have no CONNER
cial value whatsoever. and they
will cost Japan much more money
than she will ever get out Of them.
There IL only one answer to
Japan's bitter fight to retain these
unproductive, coral-bound rocks.
She wanted them for strategic rea-
sons.
They have q great strategic
value and must have been acquired
to get bases for the Japanese fleet.
from which japan could operate
against Australia and cut America
off from Guam and the Philippines.
Like Germany In 1870. japan
IN 1872 ID looking ahead TO greater
thinDi
The Washington times., 1922-10-08
Help From the West.

What injustice could be more
cross than to select these two
groups-ths least deserving OF
aid of all the groups affected
by the bill-and give them relief
nearly q year earlier than any
other persons benefiting by the
bill.
This retroactive clause was
stricken out in . Republican
Congress by . majority Of nine
the majority vote coming very
largely from the West. II this
clause had remained in the bill.
II would have kept out Of the
Treasury. for last year. $780,
900 900. the sum which. accord
ing to estimates. the profi:eers
would have paid. and $4,000. 900
that the people Of large incomes
would have paid-a total OF
$50, 1000. 900.
This would have made It neo-
essary 20 devise new taxes 70
make mp the deficit. and these
new taxes would have been col
Isctsd from poorer people II
was . simple problem IN arith-
mstio-ths transferring q %
much taxes from the backs Of
,thsrich - ths 6aclrs % the poor.
The striking out Of the hetro-
active clause saved S54o, o,ooo. 900
to the Treasury last year and
thus made It unnecessary to. col
lsct that much in nsw taxes. but
the clauses remained In the bill.
and the profiteers and the people
with big incomes are now getting
the benefit of this favoritism
shown them BY the Republican
party.
But to proceed with the BIN.
II passed the House under . rule
that did not permit single
Democrat to offer an amend
ment and have q vote upon It.
The one amendment permitted
was to Be offered by the minority.
90 that It could be voted down
a . party measure.