The Hutchinson News from Hutchinson, Kansas on September 4, 1918 · Page 3
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The Hutchinson News from Hutchinson, Kansas · Page 3

Hutchinson, Kansas
Issue Date:
Wednesday, September 4, 1918
Page 3
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[Cost of Civil War VWy Small, as ^Compared to the War of Ptpentfime k *i'*«f.-Wivflhthgtbn, Sept. 4.—The Civil war cost the federal government $3,027,-, 791,000, eicluslrc of pensions and interest oa the public debt Wond the fttttiat war period. This amount ReoHiB small Indeed, when compared with the $00,000,000 a day the United States now IR paying an list nharp of the present conflict. Conditions fifty years ago were such Hint die people of thai day felt the burden they were forced to carry, to a greater degree, perhaps, than do tho people of the present. There was a demand by the people during the Civil war period for emergency taxation nnd, while a vast amount of war revenue wa.t raised through that means. Secretary Cliaur, head or the treasury department, pinned his greatest faith to loans. The loan system Inaugurated by Chase was elaborate and complicated. 1-onn followed loan In rapid sin cession and they were floated at varying rates nf Interest and over widely separated perloits of time. In discussing this phase of Hie nation's financial ex jierpiiei", authoritative writers have found It convenient to group these loans under four headings: (al l«ng Term Loans, (b) Short Term Ijoans. let Nou Interest Loans, (dl Temporary Indebtedness. It Is Impossible In Ihe brief space st bund to. an.ilyze these completely but one. may gain a general idea of Hie syslum by a hurried survey of Ihoao Issues which attracted the widest attention and made the greatest appeal to the subscribers, With the exception uf rtn Issue of $St>,000,000 of twenty year bonds bearing six per cent interest, thn loan operations of 18(51 were of temporary nature, but in February, 1XG2, an Issue of $5110,000,000 was authorized, at six per cent, redeemable after five years and actually payable in twenty years'. It was provided, however, that thry wore not to be sold "below the market value," which Secretary f'hase Interpreted to mean at par. and since a majority of Investors were buying bonds merely for the purpose of selling them again at a profit, only $aa,- 750.000 of the Issue watt sold. Temporary Loans. During 18S2-)8i;:). after Hie army suffered reverses ami mono/ was badly needed, the system of temporary loans was revived and certificates of deposit, bearing five per cent interest, were Issued. They priced popular and within a month the $25,(1011.000 authorized us a limit had been doubted. Six months later It was increased to $100,000,001) and by Ihc next year—June, • ISlii,—a limit of Stri0,000 ,p00 had been aui.horiied. The premium on precious metals eaused reins to go almost out nf circulation, and In their place congress authorized the use of stamps. That medium, Inconvenient at best, was replaced March 3, 1863, by small notes called fraciion- al currency or "shin plasters" Mnd the K'0.000,000 worth of it oiuhnrl7 .."l, proved effective in replenishing tl>- treasury. When congress met la December, 1S62, it was confronted by a deficit of $2711 ,0011 ,000. To meet It, a seHos of treasury notes, totalling $WO ,60D,00w was authorized, but of the amount only $75,000 ,001) was sold. In the meantime, however, the restriction ngnitsgt selling below par tho $50,000,000 bond issue, authorised eleven months before was repealed, and Jav Cooke, a New York banker was engaged to dispose ot the bonds on n commission basis, Cooke 'established agencies throughout the country and $400,000,000 or the bonds Were notd within a year. The plan ot soiling bonds through brokers nnd dulBldo the Immediate control or the government, nrottsed mnch antagonism and It as abandoned by Chose In negotiating the next loan. Temporary loana were resorted to during the fiscal year of 1864, when one year notes bearing five per cent Interest were Issued, and sold through 1 he banks of New York, 1'hlladelphla and l.loston. Thoy brought a return Of |4-l.3iO,0OO. An Issue of two year] notes was disposed or at the lime nnd through their sale S1 CM 80,000 was re- aliied. The notes howover, were not I entirely desirable since their coupons could be clipped only by an officer nf the government, which mndn them unsuitable for popular Investment. They were held chiefly by banks for reserve purposes and the banks, In turn, set free their own paper ouri ency, which It was contended Increased the evils of an Inflated monetary medium. Idealizing n danger Secretary Chase changed his plans and when It became necessary to negotiate a t-^m'irw.'try loan the following year, preftrejee was given to the compound interest treasury notes at a higher rate of Interest. The financial condition of the federal government was loarfd to u:; In a very satisfactory condition when Secretary Chase made his report to congress in December, IStiJ. - "taxes had become to be pro.l:ic:ive. confidence had been restored through the Success or the Union arnVes at ticllys. burg and Vlcksbttrs, H13 premium on Kold had decreased and the bonds left mi bana" from the early long lssuen, were in demand. "*t'lic secretary reported that the risctfpts from loans for the fiscal year were $.100,000,000 and he promised f, the cemmltte.j on ways and means that further loans he authorized for tfJI.COO.OiH) for the following year. . Congress Passed Law. Secretary Chase also asked greater freedom In ncsnt!f,iinr. loans mil m compliance with his to|iw, dngresi passed a new loan act March 3. 18IJ4, authorizing an issue uf f20O.0O0.ii00 of bonds at not over six per cent and re- Ueemalil" in betwr "j five and forty years at the dlscrcti't i ot the government. I'hase lowered the interest on the loan to five per ee»! ae.d buying nearly ceased. Only .'73,^.''7,';l l 'i as real- izi'd while the expenses ot the war were rapidly increasing. Short loans were again resorted to and one and two year certificates of indebtedness ht>nr- iftg compound interest were Issued, tnd they were followed by still further Issnes, *:! ol Which were In pop- ulat demand. Owing to various causes, Chase re- Rlgtied June 29, 1864 and WBB succeeded by S««ator William P. Pesserden, of Maine. He had boon chairman of the senate finance «oritmitteo. There •waa a balancn on hand ot only $18,812,000. Interest on the public debt was due, Ihc pay of the soldiers was In arrears and tho army expansion meant an Increase of daily exiwnscs ranging from $2,500,000 to $8,000,000. Pesserden remained In office until March 3, 1SC5, but during- lhat lime he provd his ability and his courage. Ho proposed a great national loan or $200,000,000 in the form of noteB payable In three years at an Interest of 7.3 per cent- Tbo services of Jay Cooke were again secured and during the latter part 6f 1865, $110,800,000 ot the notes were sold. The Issue was then Increased to $800,000,000 and $7I8,00M00 of notes met a ready sale Pesserden likewise returned to the six per cent Interest policy on the temporary compound and these were also eagerly taken by the people. The success of Pesserden, however, reflected no^dlscrodit upon the ability ot Chase, who bore the brunt through the most trying days of the war and displayed a genius for organization which has been compared to that of Alexander Hamilton. Cliase was responsible for tho establishment of tho national hanking syBtcm which prevailed until it was supplanted by tho present federal reserve bank system. Chase Laid Foundations. Chase laid tho foundations of the system of selling government bonds to the national banks nnd permitting the banks to Issue circulating notes upon them. The effect of this was that If a national bank bought one hundred thousand dollars worth ot govern- mont bonds It was permitted to Issue almost a hundred thousand dollars in the familiar national bank notes. The bank, meanwhile, deposited the bonds with the government as security for, the redemption of tho notes it issued? While this system had the advantages of making a ready and continuing market for government bonds, it also had what financiers pointed out was the effect of practically limiting a large proportion of the currency in circulation to the amount of the national debt. It provided a sufficient amount of ready currency during the Civil war, but as the country grew, its industries expanded und the needs for new capital became pressing, there was no way lo increase the amount of circulating currency other than to increase the ISSUCB of bonds and permit the banks to issue notes upon them. Among the many disadvantages of Ibis system was its luck of elasticity at a time when it 'waa most needed. ( One of the rirst acts of President Wllscu at the beginning of his rirst , administration was to call congress in ! extrabrinary session to revise the lar- i itr aud rebuild the national monetary ! system. The result was the present system of feeral reserve banks which provides mi elastic issuo of currency. MORE BIG SERIES ! COIN FOR STRUNB tESTS MAttE IN CANADA. Milking M«ehtne« timed by cows' Heart Beats. According to tests' made by the Can. acUati government, rnllklng machines to operate properljf should take Into account the heart beats of the cow. Examinations have shown that there Is a relatively small amount of milk In a cow'fl udder at any one time. Many times that amount can be bl>- talncd In a milking, because nature secretes the milk from the glands to which blood Is supplied, as fast as the .22 Calmer Rifles and Cartridges . for Shooting . M T7fR5T get ttw right rifle ind •mtuuaition—tK*t» thoot H^fce." r Myi the eld # port«ma*. He lovee jkootjotf, will not tolerate spotting" around at tin, can*. dwUiit* "target tjwotta^" competition* $bat are not regular, and hi* adWoe rintfa true Remuigto* UMC .22 Rifles arc made in UM different model** from •ingle abot to autoloading repeater. Every one of them ti made to vhoot n'gmt with Remington UMC ,2$ Cartn'dtfefl — aocne modeU arc the lavoritca for shooting to win the Marksman, Sbariwliooter aod Expert Rifleman U. S. Government decoration* awarded to civilian and Junior raarjutnen by the National Rifle Aa»ociatioa at V^atbingtoti. Get * Kcnaiftjloa UMC Rifla and Cutrtdfc* and t**urt jroa are right. Sold hj/ $$x>rting Goods PmJtrs in Your Community CW a»d oil your rifle with REM OIL. tn« «otnt>!nt- tipo Powder Si>ly »t, Lubriu&f and &wt iWvcatnw THE REMINGTON ARMS UNION METALLIC CARTRIDGE COMPANY, Uc IimrlMl M*mtifnttttr4rt ef Firterm* mmJAmmunition in |A« W#rAJ WOOtWORTH BUILDING NEW YORK CITY We have only the best quality .in DIAMONDS Perfect nnd blue white. You protect yourfelf. in buying of ua. THE ZINN JEWELRY OPTICAL CO, I Henry Zlnn John Blrchfleld STHMA bat ftn.t It eftn bto«iht fej— Your BoctvriunwiM ICR'S W0RliB x \V NEW PRICES—30c, 60c, $1.20 udder W cmiitled. The Investigators I making; the* tests referred to main-! lain that a milking machine should create a vacuum about 42 times a minute, tallytnR with the heart beats of the cow.—New York World. A fat woman loathe'a "diet."—Atchison Globe. that word Plums-Plums $2.50 per crate 65c per basket Buy caning plums now School Tablets 1 dozen school Tablets 40c 1 Tablet, each. 4c These tablets are perforated and fastened, and meet all school requirements. 2 good Pencils for 5c Phone 232 * Gleenwood .Grocery UNITED DOCTORS Specialists * DISEASES OF THE STOMACH, UIVER, KIDNEYS, BLOOD. NERVES AND SKIN Indigestion, Constipation, Dyspepsia, Call Bladder Troubles, Rheumatism, Neuritis, Weak Back, Catarrh, Kidney and Bladder Complaints, Nervousness, Falling Strength, Bloating, Pain In Side, Goitre, Epilepsy, Asthma. £ron&hitls f Chronic Blood poison, Rectal Disorders, Discuses of Women and Diseases of Men. References: Satisfied patients in Hutchinson and aJI parts of the country. ilun« tlreds of testimonial* on file. Liberty, Kansas. 1 tun plefu<^ vrith my oxiMinerics with the Vnitci} I>»ctorH treatment ami I recommend thunti .Kpcclaliatu to utixone who wishes to resain th«lr health, r J MttS. A. IlAlUHN. Consultation an<J ex ami nation free. Quick resuttH at small coat. ModlcliiM furnished. X-rny. Violet Itay, High Frequency, Ozone. Serum and Hacteria treatments, all latest discoveries, 5% West First St.. Hutctiltutoti. Kansas. A LL men look alike to us. We fit the submarine, airoplane, or skyscraper in- our hand-tailored suits made by Society Brand and Hirsh, Wickwire and Michael Stern. "Quality FUxt" Buy your clothes now ID ouRwcrmg advertisements please mention The New* RAILROAD TIME TABLE*. 1:0* p. Ill *:<* p. lu. 1I:J6 «. m. U':I0 a. m »:2S 'o."m. ,U:>v a. u. 7:<<) p. oi Amaa 8 trunk- WSien Connie Mack's famous (100,000 lufleid was going al high speed Amos Strunk was ono If tho lutfleldera backing up Baiter, Collins, Harry and Mclnnts. Strunk vras on tho bench during tho 1911 world series but broke into the big games in 1913 against the Ciiants und in 1914 against the Braves. Strunlc has been dolus good work for tho Red 3ox this year. SANTA FE No. 2 Ths N»v»Jo... No. 4 Cblca«a Limited.." No. fi CfalcuKo KxpreiM.'... No. t Santa Bietlt.....:'.. No. 10 Thr Scout. .. . T '.Y;., No, IK Kansua CUy fUpr. No. 66« ;*assvnjor....., , ,. TV No. bit P&wtugur 4:tt p . ul . No. 698 H. at S. fiuaetmar AJ-.. tM p. m. No. 7< Wl< FrclKbC 11:47 p. Ol. , «veacfeountf. No. 1 Tll» Scout...,' (:U ». m. No. 1 The California Limited.. J:40 p. m. No. * Th« Coloi Ado Cxpresc,.. fe:dfi p, in. No. 7 Puffo !>'a»L 4:00 p. m. No. 9 The Nilvajo <:3i a. m. No. 11 Colorado fast Mali IM a. m. No. tiCS Passt'iiccr i:i0 p. m. No. itl raascutter f.ti a. m . Ho. m l'asseusor 9:10 a. m. No. 507 H. «i S. l'aasonicr..., a. in No. 73 War l^elgttt (Main line) ,10:00 a. m. No. 7T Way Preleht (Branch Une> 7:66 a. m. MISSOURI PACIFIC, ffaattiound. No. 414—Local PaHueufier . No. 4S«—l^>cal PaHRcngcr , No. 4»6—l*cal FrciBtlt ... Weatoouna'. No. 4!t—local Pa»8en«er pm No. 433—Local l'aaicoaer 0:K am No. 4»&—Local freight ..11:40am ROCK ISLAND, eaat Bound. No. 34..Ar. s:« a. m., Depart (:4S a m. Na 4 11:15 a m. No. t IOIIO p. m. No. SO. Local Freight 12:16 p. m. Weal Bound. No. 1 " '.'*?„»• m ' No. S 5:10 P- m. No. SJ..Ar. 6:15 p. in., Depart «:*5 p. ra. No, 61. Local l''icl«-ht 1:40 p. m ARKANSAS VALLEY INTERURBAN, OtiD TOPS repaired. Top Dept., Guick Co. Ileno S0-6t .10:10 am . 4:3a pm ,13:10 pro THURSDAY Start Their Big Annual Fall Opening Sale f \ Buys Some— T y§~jT% *12~White Ki ( 1 Boots. *^ $10 Champaigii Kid Boots 510 White Kid Tops, Black Kid Vauip'Boots. $9 Grey and Brown Kid Vamps with corkscrew cloth tops, matched beautifully. High Ixniis heels or low Military heels. Buys $7.00 White Kid Top Black Kid Vamp Boots. , Eaatbound, Electric tr..(n« for Newton. Wichita and Intw-roedlatt? points leave Huto'a'nuon at 6:30 A. M. 6:S0 A. M., LlmlliyJ: 7:S5 A. *)., »:« A. M., 10:35 A. M„ lt:«0 P. M„ Limited; 1:15 P. M.. t:so P. M,., J:o» P. Al, 5:1^ P. M., l.imltod; 6:36 PTM ., 7:56 P. M., D.16 P, M., 11:20 P. M. Westuound. Slectrlc. trains from Wlohlta, Newton and lntarmediato points arrive at Hutchinson at 7:(0 A. M., 1:30 A. St., Limited; 10:15 A. M., 11:S6 A. M., 12:65 P. M., 1:61) P. M., Llmltftd; 3:S6 P. M., 4:65 P. M„ 5:50 P. M., Umlted; 7:S5 P. M., 8:66 P. M„ 10:16 P. M.. 11:36 P. M. 1:30 A. M. $ 4 3 Worth *5.00 and #6.00 In both high. aud low heels. We will include many other good shoes in ladies' and children's that we can't mention here. All tbe above styles are Goodj'ear Welt and come m most all sizes. The bargain counter of Ivadies' Fine Black Shoes, in all leathers and' some ill' cloth tops with leather vamps. PETEY DINK [tj Well, Maybe Country Food Wouldn't Agree With Petey, Anyway [•[ By C- A. VOIGHT

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