davidaulloa/AmericanStories huggingface dataset:
Evening star., 1922-06-19
COUNT IRISH VOTES.
By the Associated Press.

By the Associated Press.
DUBLIN, June 1s.-The counting
of the votes in the recent election in
Dublin began this morning. 1t is
thought possibly the results may be
announced by midnight. The Cork
figures have been eagerly scanned
here, but have not seriously modified
the expert forecasts of the final COM
position Of the dali eireann..
Evening star., 1922-06-19
P0INCARE LUNCH GUEST
OF PREMIER AT LONDON
Conference With Lloyd George and
Balfour to Precede Return
to Paris.
By the Associated Press.

Ey the Associated Press.
LONDON. June 19.-Prime Minister
Lloyd George gave luncheon at
Downing street this noon in honor
Of Premier Poincare Of France. Most
Of the members Of the British cabinet
were present.
After the luncheon Premier Poin-
care was to confer with Mr.. Lloyd
George and the Earl of Balfour. act
ing foreign minister. The French
premier leaves for Paris this evening.
Evening star., 1922-06-19
WEATHER.

Generally cloudy tonight and to-
morrow; moderate temperature. Tenn
perature for twentyfour hours end
ed at 2 pm. today: Highest, 81. at
pm. yesterday; lowest, IS, at 6 am.
today.
Evening star., 1922-06-19
Member Of the Associated Press

The Associated Press is exclusively entitled TO
the use for republication Of all news disps tches
credited to it or not otherwise credited In this
paper and also the local news published herein.
.. All, rights Of publication Of special
dispatches herein also reserved.
Evening star., 1922-06-19

Saturdays Net Circulation, 1858
Sundays Net Circulation, 8s,oA
Arizona republican., 1922-03-17
OTHER PROBLEMS FACE AD-
MlNISTRATION

Now. il is not alone the agricul-
tural problem we have been faced
with. We have been faced, of course
with an enormous reduction in eX-
port trade. in manufactures, great
difficulties in finding an outlet for
our surplus and maintaining employ
ment Of our people in the industrial
sections, and we have done what We
could in that direction. The prob
lens involved i'm the restoration Of
the worlds trade are infinitely deep
er than may appear upon the sur
face, and in entering that problem,
the first thing that we have to en-
compass is a restoration Of the stan
dards of living Of the world, and
thereby to increase its consuming
power.
Now, often enough we hear the su-
perficial expression, IF we could re-
store the stability of foreign eN-
change. we would have encompassed
that point" Few people seem to re-
aliZe that exchange is a barometer.
and as such it is nothing but an in
dication of the weather; il is not the
weather itself It is true that the
discount on foreign curreucies has
given the dollar increased buying
power, and results in the diminution
of our exports, and it opens the door
TO imports into the United States 1t
makes it doubly difficult for foreign
countries TO buy from us. but there
is no artificial sInanner by which we
can restore the rela tivity OF the cur
rency. We will find that the reason
that the foreign currency is at q
discount is caused bv the continued
Arizona republican., 1922-03-17

Standing before the demonstratlVe,
loudly applauding throng, Mr.. Hoover
thanked them for their greeting, en-
81 ged in q few general remarks, ana
then launched into his main address
He spoke in a low conversational
tone, which carried to every part OF
the house, but without gestures or
any attempt at oratory. Generally
he read from the notes he had before
him. with a conscientious observance
OF small details which made ms
every word of vital importance to his
hearers, and caused him to be fol-
lowed with the most minute atten-
tion.
Following the convening OF the
house in joint session, II. 3. WI
kinson. president of the senate, ap-
pointed q reception committee from
the legislature to wait upon Gov
ernor Campbell and Secretary Hoo
Yer in the governors office and es-
cort them to the legislative hall. sec
retary Hoover was greeted with ap-
pIause when he appeared on the floor
of the house accompanied by Gov
ernor Campbell. Mrs. Hoover, Mrs.
Campbell and members Of the Colo
RADIO commission and the legislative
reception committee.
President Wilkinson Introduces Sec
retary
President Wilkinson Of the senate
introduced Secretary Hoover VINO
Arizona republican., 1922-03-17
oNG TERM LOANS
70 BE AVOIDED

IL : fundamental in the safeguard
80 - that system that they shoulu
4 Iis ovnend their resources IN IoIls
~ ~, Iosus They must be able 10
20 ofeauard the financial staplllly OF
&C. 1ountrv at all times, to call Ior
ti,o whole of its resources IN very
ei,o,t term loans. | think II Is con
andad nv all students that the Ieu
e,.oI reserve system should not actepI
loans for a longer period thah lEIs el,.o
roonths. On the other mana, ogLor
the war. we had TO assist az -, 80,
tire through first mortgage lodIIS
tbr0ugh the farm loan poaru.
Those were long-term loans eA
s+ending over a period OF years no'
oI,c OF rly deposits of the panhs' ouI
out of the investment pooI OIL Tue
country. ,.- .,,i.,, ,,e
found in the study as known before
hnt il is the crisis that brings things
to the surface and silhouettes them
in their importance, and We found
chat our farmers needed above all
things was some sort of mobilization
of tbe loan capital of the country
that would make available loans
from six months TO three years, that
we should be able to reorganize loans
upon cattle and livestock, in such a
fashion as to tremendously decrease
the cost and increase the security.
And this is the plan. therefore. that
is now before congress, which pro
yides for the setting up OF parallel
institution to the federal reserve and
farm land board, resources TO come
from the investment pool OF the
country and make available to the
Arizona republican., 1922-03-17
SECRETARY HOOVER MAKES SPLENDID ADDRESS

Great Britain upon one hand. and
we have settled these major points
of friction with China and Japan
that make for large navies We have
gained more than this. We have
gained something we cannot in our
day, perhaps interpret, in that we
have turned the real tide OF mill
trism i'm the world: we have such
a world going backward on arma-
ment. We have accomplished here,
/ believe, a moral victory as great
as the moral victory of the Amer
lean revolution or the freedom Of the
slaves, because we have started the
great moral forces or disarmament
in a practical and certain manner
that we are not dealing with the
theoretical possibility or disarma-
ment; we have dealt a practical blow
to armament OF the world.
And now. before the world NAV re-
cover, the things that the Washing
ton conference must extend further:
One-half Of Europe is armed today
on a basis, II it is translated into
terms of America, would mean we
would have q standing army OF
million and seven hundred thousand
men; with the first reserve army
called up for three months in the
year. another million and seven hum
dred thousand with the second re-
serve army Of six weeks Of a million
and one hundred and seven thou
sand men; and even with our great
resources and our great strength.
we could not carry the burden OF
such armament as that; and yet that
Continued on page 3 section y
Arizona republican., 1922-03-17
FIRST CONCERN MUST
BE AMERICAN FARMER

In the administration at Washlng-
ton. that has. indeed, been our ilrSI
concern during the whole or last
year There is something in conhec-
ton with the efforts made by the
federal government in that direction
that seems To me affects every
farmer in the United States For IN
stance. in this pellmell liquidation
there was a coincident destruction OF
confidence: there was set IN hloIloli
new economic currepts that none OF
us ever suspected. We may take
the single case Of cotton IN WnlJn
YOU are interested, as beng Ialrly
illustrative of the processes Whlch
have gone on in nearly every coil-
modify.
The worlds consumption OF cot
ton had necessarily decreased Wlth
it's lowered standards Of living, put,
bevond that. the normal period at
which cotton was purchased in Eu-
rope: that is, Immediately following
the American harvest, when Europe
came to our markets TO purchase her
years supply. that capital in Europe
vas unable to come TO our markets
except from day TO day for their
minimum necessities. Inc cohse-
ouence was instead of marketing our
cotton largely during three or lour
ronths, the cotton was lett on the
hands of the American farmer ah1
he was asked to carry the burden OIL
finding the capital TO carry tne re-
sarva cotton supply OF the World.
Further than that. in the tremen-
dous drop in the value of that com
modify. throughout the South IN par
ticuIsr. there has been great deal
NJ Jeopardy to their financial insttu-
tions There was a feeling or ap-
nrehension that those institutions
would not be able TO pull through'
and, therefore, the buyers or cottoh'
that is, the manufacturers ana lhe
dealers in cotton, were convinced
that at the moment Of some collapse
or panic the price OF cotton Would so
still lower That again decreased the
amount OF cotton held in STOCK ~
our own spinners and cotton lnills
and dealers. And there is the purueh
even harder upon our farmer ana tue
local banks and the local flnanclal
institutions. ,.4 -.
fret dutv in the remedy of the situa-
tion was the restoration or conll-
dence that there would be al least no
further. collapse. That We set apoul
10 proyide through the war IhlailCe
corporation to assure the local IN :
stitUtions throughout the nation that
they would be able to not only carry
his thi large stock of cotton. but also
would be able to finance the fortn-
coming crop Of last summer. There
fore no apprehension Of the further
fan was felt. although the total II
nancing of the cotton crop OF tne
tinted States involves some SIX nun :
dred or eight hundred millions ol
dollars. -
Arizona republican., 1922-03-17

that I should spend few moments
discussing with you the present eco
nomic problems that concern the
country. / must make the reservation
that these are problems that do fun
amentally interest US all: that they
are vital to the prosperity OF the
American people, but they do not lend
themselves to oratory; they are not
a basis for emotional appeal.
They are, however, the things that
fundamentally make UP the comfort
and the we'll being OF the American
people.
You, in this emergency session, We
in Washington, in an endeavor to
meet the emergencies upon a national
scale with which we are faced. are
dominated by the economic problems
with which we are confronted. Thegs
never has been in our history or IN
the history or the world. a time OF
such disorder, OF such difficulty, on
the economic side. This is a matter
OF little surprise If we review what
we and the whole world have passed
through during this last 10 years,
the greatest war in history. the most
terrible destruction that the world
has ever seen, which would in itself
account for a good many of the diff
culties with which we are confronted,
not only from a national point of
view, but with which every single
state, every town and every village
and every individual, must, in some
force and in some manner, face its re-
suit.
Happily, we have passed the dan
ger point in the great readjustment
that must take place after these great
events; at the moment when the
credit strain upon our financial insti-
tutions had been passed, without a
financial panic, we had turned the
corner, and we had passed from the
problems of liquidation and of re-
organization, into the area OF recup-
Grafton, and we are, indeed, in that
period today. It is matter of con-
stant amazement to me, being In a
position where the difficulties of the
country probably come more forciby
than that of any other, particularly
national officials, to see the gradual
readjustment OF the American people
and their institutions. and to see the
courage and the manner with which
they have faced each and every one
OF these problems and have solved
each one in turn with success.
Arizona republican., 1922-03-17
ECONOMIC WOUNDS ARE
SEVERELY DEEP

Few people appreciate the depth of
the economic wounds which we re-
ceived from the war. and which the
world, indeed, as a whole, has suf-
fered not alone has there been the
tremendous destruction in life. tre-
mendous destruction n property, a
tremendous dislocation of industry,
but one OF the fundamental results OF
the war has been lowered standard
OF living to probably half of the pop
ulation of the world, and in conse-
quence a lowered consuming power,
and the market incapable OF absorb
ing the surplus production OF the
United States. In addition TO those
difficulties there has been a tremen-
dous diversion OF industry, a great
change in the economic currents Of
the world as the result of the war
For instance, we were compelled,
as a war measure to estop practical
ly the entire construction OF indus
tries in the United States during the
period of the war, in order that all
OF our energies could be devoted to
the production of consumable goods,
food or munitions and other articles
which we needed absolutely, and in
the fullest capacity we could produce,
for the purposes of the war. The re-
suit was that for a period of three
years we practically stopped wholly
the construction OF houses; we had
to stop the normal addition to our
railroads, addition to their rolling
stock, so that we came out OF the
war sadly delayed in the normal ad-
ditions that were required TO our
plant and equipment to meet the nor
NAL growth of our population and our
industry, and in the processes of re-
adjustment from the war we had one
unfortunate incident in that at the
moment of the cessation of the war,
the world was short of most of its
consumable articles.
We thus had imposed upon us 9TH
err difficulties postwar boom,
followed by reckless speculation, wild
extrava gance, over expansion, and in
the ultimate collapse Of that post
war boom, we enormously added TO
the difficulties which we were con-
fronted with, even from the destruc-
tion of the war and the delays and
! the distortion Of our industries which
we had already to readjust
| I often think that we have but lit
/ tie appreciation of the tremendous
/ adjustment we have gone through.
/ In the processes of deflation. the
/ price levels throughout the country
/ have dropped from 80 TO 65 per cent
/ in less than IS months. There has
/ been a fall in the actual value of
/ consumable goods, as distinguished
1 from our property and equipment, OF
nearly 80 to 40 billions of dollars
and the loss has fallen upon the indi-
/ vidual citizen Of the United States
| somewhere.
Arizona republican., 1922-03-17
GOVERNMENT STAND
CREATES CONFIDENCE

The fact that the government was
p,.enared to stand behind that sltud-
tion was practically suttlclehI 10
create the element of confidence lllat
Uros calling upon the government TOT
soy,,ice 7 doubt whether the total
Ioans made by the government loI
4I,a n,,rnose of financing the COTTON
crons exceeded twenty mllhon .uol-
lars out of the whole SIX ihlllloh9
inyolyed. The moment there was
s1rance there would ne ahlpie
nances. then the spihheIs ~
world the dealers OF the WoIlu, e
tered the market. conllueIt .;ae
T,-aI,Id he no further fall in the prlCe
W an+ton and the thing we all hoped
FOR vas realized in nearly nohIu,
+ho+ the price of cotton nearly
la,,I,Iad and in the course OF the
-t1dios made by the department ol
so,,o,,oerce leading up TO that course
- ar+io,, We became convinced We
Lad raached a stage in the deNeiop
vent of agricultural financing lHa.
-,eonired not alone a tehlpoi d
- eo eI,ra where the government re-
sanrces were brought into play Du' De!
,,,ora able mobilization OF the IL
,no,,cing of the agricultural lndusLIS'
come definite plan for NEE IlIls ~
emergencies of that INDUSTRY lIolit t
dav to dav that, indeed "ouiu - -
mil upon the government pul '.i's .Iao
Ppo,,Id pun mobilize the resources OF ne
aoI,rtyr automatically and assist lhe
industries of the country;
AN out Of this has been evolved pan pa
80 tJinl- viii be adopted. That plan
l ltai.n Easaa ,inon this assumption: we
80 mobiiized demand deposits IN
tLe country. The demand IN e t.le
movement of our commodlties III 20.
iilon .ni e.'1' course Of banking was
norI,,oi l,C,I,,a,i, the federal reserve system.
Arizona republican., 1922-03-17
ECONOMIC PROBLEMS OF
UNITED STATES SUBJECT
OF THOUGHTFUL SPEECH

Speaking before one Of the greatest crowds which
forced its way into the state capitol building Her
bert c. Hoover delivered, yesterday morning, 45-
minute address on the economic problems of the country
which provoked the most profound attention from his
hearers and which the subject of almost universal
comment throughout the day.
Members of the legislature and state officials with
their guests filled the floor of the house while the gal
eries not large enough by half to contain the ct
fellow-countryman. Standing room was taxed to the
limit and yet than 300 people were unable to et-
feet entrance to the building and had to content
themselves with second hand information regarding the
address.
Arizona republican., 1922-03-17

was again greeted with applause.
Secretary Hoover spoke in low
voice without gesture, standing be-
hind the speakers desk on the ros-
trum OF the house. From time to
time, he referred to notes which lay
on the desk before him. At the close
Of his address. on motion of Senator
w. p. Sims of Bisbee, a rising vote
of thanks was extended to Secretary
Hoover by the legislature. Secretary
Hoover in leaving the legislative hall,
shook hands with the senators and
representatives
1t had been anticipated that Secre-
tary Hoover would speak on the
problems of the Colorado river but
he did not mention this question dur
ing his entire address. 1t has been
suggested by many of the citizens OF
Phoenix that the address of Secre-
tary Hoover be placed in the records
of the special session of the legisla-
ture, and that both houses pass .
resolution placing the address on the
records before the session is ad-
journed.
In introducing Secretary Hoover,
President Wilkinson OF the senate
said:
"The legislature Of Arizona have as
their guest today citizen. who. in
his world work, has caught the imag-
ination and the admiration of the en-
tire civilized world, and we, along
with the rest of the world, applaud
and honor him because of that ac-
complishment.
THE people of the United States
are proud Of their country, and of the
point to which they have attained,
but they also feel, with Whittier, that
we understand how little we have ac-
complished, and how vast the unat-
tanned, and we believe that in the
world work, in the work in America
which our guest has still to accom-
plsh, that something Of that vast un-
attained will be reduced.
In this emergency session, it is en-
inently Sitting and peculiarly fitting,
that we should be addressed by one
who is an authority on the question
which our governor has called us into
session TO consider.
We feel honored in having Mr..
Hoover with us to address us today
Mr. Hoover. (Great applause).
Arizona republican., 1922-03-17

initiation Of currencies in practically
all the combatant states Of the late
war.
If we go into their national ac-
counts. we will find. with the eXcep-
tion of Great Britain, practically all
of the states that were engaged IN
the war. have doubled their war
debts since the war was over; that
they have continued armament and
possession of political relations with
other states that made armament
necessary. and that they have not
been able to balance their national
budgets; that they have made up the
deficiency in their receipts by a con-
tinucd initiation of the currency 1t
is a FOOLS view to try 10 stabilize
the dollar to anything in Europe so
long as their currency is the product
of the printing presses, because the
currency must represent some rela-
tionship to actual values other than
paper.
Arizona republican., 1922-03-17
GREAT INEQUALITIES IN
READJUSTMENT

Furthermore, IN tfis process of
rapid readjustment, there have been
great inequalities We find, il we
take 1918 as a basis of relative ratio,
in the price of different commodities
and in the. price Of labor, and if we
assume that period represented one
hundred in every industry and in
every activity, we will find that to-
day of agricultural produce and of
the great minerals is practically back
to pre- war level; yet, on the other
hand. we will find that the price of
consumers goods, the things that we
must buy, vary from $50 to 200. In
other words. there has been a tre-
mendous inequality in readjustment,
that while the price Of the agricul-
tural products today is somewhere
near the 1913 levels, yet the ability of
the agricultural community to buy is
probably less than so or 60 per cent
Of what it was in 1918.
If we examine, then, these tre-
mendous disparities to find out
wherein the causes lie, we will find
that there has been an enormous
spread in the cost OF manufacture
and of distribution of all Of the pri-
mary commodities. and this spread
we can in some manner estimate as
to its different causes. For instance,
there has been an increase in federal
and state taxation Of upwards of six
billions per annum. and that increase
i'm taxation must be laid somewhere
between the producer and the con-
sumer Again there has been an in
crease in the total railway rates, the
total railway charges, OF the nation
Of some three to four billions Of dol
lars.
If we so back into the incroa sed
railway charges to find the causes
there we will find there has been an
enormous increase in the cost or la
Dor and supplies, and every time we
add one Of these gigantic charges to
the process Of manufacture and dis
Arizona republican., 1922-03-17
DISARMAM EMIT PROBLEM OF
GREAT IMPORTANCE

Therefore. when We compare what
we come 10 in this problem, we come
up TO a very fundamental question.
That fundamental question is the
balancing of the budgets in the Eu-
ropean states and the cessation Of
initiation. That problem, in turn, is
problem OF disarmament in the
world and therefore. in the hope Of
finding some solution, not only to
that question. but to the general
question Of a better restoration OF
peace, the Washington conference
was called
That conference has been enor-
mously successful in reducing arma-
ment In those states that have a
direct relationship TO the United
States. we have made a saving, not
only i'm our national budget, by the
agreements which lead to a reduction
i'm naval armament, but we have
made saving in the budget in each
Arizona republican., 1922-03-17

tribution. we start another train to
the long sequence of further read
justments. We increase the railway
charges, and we necessarily increase
the cost Of goods, we increase the
cost of living and in industrial COM
munities. We thereby inspire raise
of wages in those communities, ana
the spiral goes up until 1T exhausts
itself i'm some distortion in our whole
economic life.
Our problem today is one OF en-
deavoring TO find a readjustment in
this inequality of our deflation. and
if our agricultural communities have
suffered the most. that must be the
first concern of the nation.