anaheim-gazette 1919-04-24

UNCLE SAM AND HIS WAR TIME LOANS BRIEF HISTORY OF GOVERNMENT SECURITIES ISSUED DURING OUR FORMER WARS How the Patriotic Citizens in Former Years Came to the Nation's Aid in Its Hour of Need.—Bonds Always Gilt Edged. When the War of the Revolution began, the thirteen colonies found themselves "with practically no funds in their treasuries." What was worse the Continental Congress had no power to raise money by taxation, and so had to depend on credit bills and requisitions drawn against the several colonies. The first foreign country to give us any aid was France, King Louis XVI advancing the loan. All told the loans of France in that war period amounted to $6,352,500. Other loans were obtained by us; from Holland, $2,000,000 and from Spain $174,017. The loans from France were repaid between 1791 and 1795 to the revolutionary government; the Holland loan in five annual installments during the same period and the Spanish loan in 1793 and 1794. Our first domestic war loan was for the tiny sum of £6000, made in 1775. The loan was taken at par. A year and a half later found Con- $150,000,000, at 5 per cent. In December, 1863, Congress faced a deficit of $277,000,000, but by the close of the year nearly $400,000,000 had been raised by bond sales. A loan act passed in March, 1864, provided for the issue of $200,000,-000 five per cent bonds, but of this total only $73,337,000 was disposed of. Subsequently, in June, 1864, a great public loan of $200,000,000 was authorized. This was an issue of Treasury Notes, payable at any time not exceeding three years, and bearing 7 3-10 per cent interest. Notes aggregating $248,601,080 were sold. The total government loans of the Civil War were $2,600,700,000. With one exception all these were placed at par. The average interest paid was slightly under 6 per cent. The total cost of the war was $8,000,000,-000. Through refunding operations, the government paid off up to 1879, $1,-395,345,950 in bonds, bearing interest at 5 6-10 per cent. Our United States 5's, at par in 1861, dropped to 83 on the exchange but went up to 125 in 1869. The French 5 per cent loan offered to raise the billion-dollar indemnity to Prussia in 1871, sold at first as low as 79½%. In 1874 these securities rose to 100½%, and in 1881, barely ten years after their issue to 125½%. Following the sinking of the Maine, in 1898, Congress authorized an issue of $200,000,000 3 per cent bonds. Of this issue, $198,729,660 worth were sold at par. So popular was this loan, that it was oversubscribed seven times. During the year 1898, following the allotment to the public, the issue sold at a premium, the price going up to 107⅛%, and during the next year to CALIFORNIA The statistical Mining Bureau, under Fletcher Hamilton has now received from the operator number of the twi-1918. The data advance of the m that those interesting information at an of publication of the bulletin on the new year is dependent on the replie- So far this season turns have come better form than for which reason the final bulletin than usual. The output of amounted to 229 tons as against 136 to 1917. The material the chrysotile var Alameda, Calavera ties, mainly the employed principle stucco, floor covering. Some o product is of No. The output of bled to 88,772 tons as against 169,944 958 in 1917. The from the coleman and Los Angeles. The output amounted to 4,772 at $7,969,909, co-734 barrels worth Because of the c building operation war, there was a volume of cement age selling price riod amounted to $6,352,500. Other loans were obtained by us; from Holland, $2,000,000 and from Spain $174,017. The loans from France were repaid between 1791 and 1795 to the revolutionary government; the Holland loan in five annual installments during the same period and the Spanish loan in 1793 and 1794. Our first domestic war loan was for the tiny sum of £6000, made in 1775. The loan was taken at par. A year and a half later found Congress laboring under immense difficulties. Boston and New York were held by the enemy, the patriot forces were retreating, and the people were as little inclined to domestic taxation as they had been to "taxation without representation." To raise funds even a lottery was attempted. In October, 1776, Congress authorized a second loan of $5,000,000. It was not a pronounced success, but $3,787,000 being raised in twelve months. In 1778, fourteen issues of paper money were floated to meet the expenses of the army. By 1779, $200,000,000 had been issued by the continental government, and bills of credit had fallen 99 per cent. Then came Robert Morris, the patriotic Philadelphia banker, who borrowed upon his own individual security on every hand and saved the government. In March, 1812, a loan of $11,000,000, bearing 6 per cent, maturing in twelve years from 1813, was authorized. Of this, however, only $2,150,000 was issued, and all was redeemed by 1817. Next year a loan of $16,000,000 was authorized, redeemable after January 1, 1826, and paying 6 per cent. It sold at 88. The amount issued was $18,109,137, which was all paid off by 1821. At the end of the war of 1812, the total loans issued by the government amounted to $88,000,000. By 1835, either by redemption or through the maturing of the bonds, the total amount was paid. The Mexican War debt incurred by the United States exceeded $45,000,000, and was financed by loans in the form of treasury notes and government stock. The treasury notes under the act of 1846 totaled $7,687,800, and the stock $4,499,149. The latter paid 6 per cent. By act of 1847 treasury notes to the amount of $26,122,-100 were issued. These were convertible into government stock at 6 per cent in 1881, barely ten years after their issue to 125½. Following the sinking of the Maine, in 1898, Congress authorized an issue of $200,000,000 3 per cent bonds. Of this issue, $198,729,660 worth were sold at par. So popular was this loan, that it was oversubscribed seven times. During the year 1898, following the allotment to the public, the issue sold at a premium, the price going up to 107¼%, and during the next year to 110¾%. After the war ended the government, following its unvarying custom, began to pay off this debt; but despite the Secretary of the Treasury's offer to buy these bonds he could succeed in purchasing but $20-ooo,ooo of them. All told, the Spanish-American War cost $115,000,ooo. DECLARATION OF INDEPENDENCE Under the caption,"Second Declaration of Independence," the "round robin" which placed thirty-nine senators and senators-elect on record as opposed to the League of Nations covenant "in the form now proposed" was issued Thursday by the Republican Publicity Association. It is an expensive lithograph bearing the pictures of the signers, then the text of the resolution, that the constitution of the League of Nations as submitted "should not be accepted by the United States," closing with the signatures of the senators. "In preparation of this," the Republican Publicity Association announced today,"we have endeavored to give the resolution the prominence it deserves. The first declaration gave freedom to three million American colonists. The second declaration preserved that freedom to 110,ooo,ooo American citizens—freedom not only from future domination by the nations of Europe and Asia, but freedom from the very present menace of autocratic control of the legislative department of the government by the executive. "In our opinion the second declaration of independence will go down in history equally with the first as marking the inflexible determination of the people to govern themselves, freed alike from foreign interposition and the ambition of individuals temporarily in power in this country to add to their laurels at the expense of our established institutions." KICKING OVER THE The output of amounted to 4,774 at $7,969,909; cooled barrels worth Because of the building operation war there was no volume of cement age selling price ever. The result was $425,627 in the preceding year. The output of 1918 amounted to $29,955; compared worth $34,973 in 1917. The main properties in Alamuchi each in El Dorado ties; and was used facture of sulphur. The output of ash in 1918 amounted at $28,669 worth $5,295 in was due to ship operated deposit Siaklyou county; mentions from Imperial these deposits are block pumice. High-grade volcanic Humboldt county. There was a series in Monterey Shasta county; for count; lithia micho Diego county; or county; and sent Los Angeles county of $97,732. As the operator on each in each locality; bined so as not unusual's business. There was a shur produced in new plants in Cities toward the none of the products The Mexican War debt incurred by the United States exceeded $45,000,000, and was financed by loans in the form of treasury notes and government stock. The treasury notes under the act of 1846 totaled $7,687,800, and the stock $4,499,149. The latter paid 6 per cent. By act of 1847 treasury notes to the amount of $26,122,100 were issued. These were convertible into government stock at 6 per cent. They were redeemable after December 31, 1867. The debt contracted in consequence of the Mexican war was redeemed in full by 1874. The total cost of this war was $31,000,000. The outbreak of the Civil War found the treasury empty and the financial machinery of the government seriously disorganized, owing to the disastrous effects of the panic of 1857 and the consequent disturbance of the public mind. In 1862 the Legal Tender Act was passed, which authorized an issue of $150,000,000 in legal tender notes, and an issue of bonds to the amount of $500,000,000. This proved a most popular loan. The bonds were payable in twenty years, and bore interest at 6 per cent. Through the genius of Jey Cooke, this loan was placed directly with the people at par. To accomplish this, 2850 sub-agents were utilized, and they thus acted as sub-agents of the present Liberty Loan organization. The aggregate of this loan was $514,771,600. Later in the year Congress authorized a second issue of Treasury Notes, amounting to $150,000,000, at par, the interest being 6 per cent. In January, 1863, a third issue of $100,000,000 was authorized, and was increased the following March to "In our opinion the second declaration of independence will go down in history equally with the first as marking the inflexible determination of the people to govern themselves, freed alike from foreign interposition and the ambition of individuals temporarily in power in this country to add to their laurels at the expense of our established institutions." KICKING OVER THE MOLASSES BUCKET England has erected a trade barrier against the United States that is more formidable than any protective tariff the United States ever has had. It includes practically everything that the United States has to sell except food. One of President Wilson's "fourteen points" (by the way, where have those points been hiding lately?), if memory has not gone back on us again, was that no "economic barriers" should be raised between friendly nations. Also there has been a considerable protest among the free trade adherents against a high tariff in the United States, these persons asserting that it would be a sign of unfriendliness toward our allies of the recent war. Somehow this whole business seems terribly mixed up, sometimes. We wish the United States to be trusting and kind and pleasant to everybody and want to love our neighbors as ourselves and spread joy and sunshine and happiness throughout the world, and have everybody a brother to everybody else and all that sort of thing, but just as we get to feeling that way about it along comes somebody and just naturally kicks over the molasses bucket and allows the gooey fluid to spread all over the ground. Frank H. Sims Paris, avers: "It is dead. All change of Europe end." A desperate attempt to get together within the next at least put an economic paralysis collapse of the result of the arrival of thebolt having had no vism, the Paris awoke from its rest that two-thirds Europe would scribe to the letter that the league to be anything, alliance against an ance which calls tions. In this situation which f concentrated made upon the draft of league of nation formed that German treaty which rec ANAHEIM GAZETTE CALIFORNIA MINERALS The statistical division of the State Mining Bureau, under the direction of Fletcher Hamilton, State Mineralogist, has now received complete returns from the operators on the output of a number of the mineral products for 1918. The data are given herein in advance of the main report, in order that those interested may receive the information at an early date. The date of publication of the final and complete bulletin on the mineral yield of the year is dependent upon the promptness of the replies from the operators. So far this season, the bulk of the returns have come in earlier and in better form than in previous years; for which reason, it is expected that the final bulletin will be issued earlier than usual. The output of Asbestos in 1918 amounted to 229 tons valued at $9,903, as against 136 tons worth $10,225 in 1917. The material was entirely of the chrysotile variety and came from Alameda, Calaveras and Nevada counties, mainly the last named. It was employed principally in magnesite cement stucco, flooring, and steam-pipe covering. Some of the Nevada County product is of No. 1 spinning fiber. The output of borax in 1918 amounted to 88,772 tons, valued at $1,867,908, as against 109,944 tons worth $2,561,-958 in 1917. The product is entirely from the colemanite deposits of Inyo and Los Angeles-counties. The output of cement in 1918 amounted to 4,772,921 barrels valued at $7,969,909, compared with 5,790,-734 barrels worth $7,544,282 in 1917. Because of the curtailment in general building operations on account of the war, there was a decrease in the volume of cement used, but the average selling price was materially high. the small nationalities to existence at her expense, and that unless the allies prepared to enforce their demands upon German and bolshevist alike the doctrines themselves had no value and no weight. In the panic which resulted the conference at Paris gave up the just decision that the Poles should have Danzig and an outlet on the Baltic. By this course it doomed the Poles to a choice between the Germans and the bolshevists and put an end forever to Polish hopes of real independence. The conference had brought the bolshevists to Budapest by recognizing the rights of the Rumanians; it now condemns the Poles to bolshevism by denying Polish rights." COUNTY APPROPRIATION FOR ANAHEIM CEMETERY Supervisors Appropriate $150 for Cleaning the Potter's Field. The Board of Supervisors at the last meeting appropriated $150.00 in favor of the Anaheim Cemetery Association for the purpose of clearing indigent graves and lots in the cemetery. A spraying license was ordered issued to D. J. Dodge, on recommendation of the Horticultural Commissioner. The hearing on the petition of C. R. Clapp, et al., to vacate a portion of a road in Laguna Beach in the Fifth Roard District, was set for May 7, 1919, at 11 a.m., notice to be given in the Laguna Life. The hearing on the petition of Bastanchury Ranch Company, et al., for formation of Fullerton Irrigation District, was set for May 7, 1919, at 11 a.m. The application of A. B. Watson for permit to operate stage line in Orange wild sage of California. It is the lightest in color of all honeys, is rich and heavy, and possesses a flavor preferred by most connoisseurs to all others. In addition to all these merits, sage honey possesses another, and that is freedom from the tendency to granulate, which is a highly important consideration to the honey trade. For this reason, California honey is eagerly sought by dealers in less-favored States who blend it with other honey and thus prevent loss by granulation. There are many varieties of sage in California, and though white sage honey is rated highest, the fact is that experts declare that honey from the different varieties of sage is indistinguishable. So it is all marketed under the favored name of white sage, though the greater part of it is produced from the nectar of black, or button, sage. Black sage is not found at quite as high an altitude as white sage, and its bloom is not as attractive, but its flowering season is longer and each tiny floweret is literally filled with nectar. White sage, with its long spikes of delicately tinted bloom, loves the mountain reaches, though it is also found on all unreclaimed regions south of the Tehachepli. Purple or silver sage occurs less frequently though there is much of it on the foot-hills of both the Santa Monica and the San Fernando mountains. It usually remains in bloom somewhat later than the other varieties, frequently as late as July or August. The sage blooming season varies from year to year with the rainfall and other climatic conditions. In some years an abundance of bloom is forthcoming as early as February, though March or April is the usual time for the sage to put forth its spring blossoms. Maine, in issue of their as against 109,944 tons worth $2,561.958 in 1917. The product is entirely from the colemanite deposits of Inyo and Los Angeles counties. The output of cement in 1918 amounted to 4,772,921 barrels valued at $7,969,909, compared with 5,790,734 barrels worth $7,544,282 in 1917. Because of the curtailment in general building operations on account of the war, there was a decrease in the volume of cement used, but the average selling price was materially higher. The result was a net increase of $425,627 in the total value over the preceding year. The output of magnesium salts in 1918 amounted to 1008 tons valued at $29,955, compared with 1,064 tons worth $34,973 in 1917. These salts were the product of bitter waters at two plants on San Francisco Bay and one at Long Beach, and consisted mainly of magnesium chloride sold for use in Sorel cement for magnesite flooring and stucco. A small amount of magnesium sulphate was also made, at one of the Alameda county plants. The output of pyrite in 1918 amounted to 131,029 tons valued at $425,012 as against 111,325 tons worth $323,704 in 1917. The material came from two properties in Alameda county, and one each in El Dorado and Shasta counties; and was utilized for the manufacture of sulphuric acid. The output of pumice and volcanic ash in 1918 amounted to 2,114 tons valued at $28,669, as against 525 tons worth $5,295 in 1917. The increase was due to shipments from a newly operated deposit rear Mt. Shasta in Siskelly county, and to larger shipments from Imperial county. Both of these deposits are of the vesicular block pumice. A small tonnage of high-grade volcanic ash was sold from Humboldt county. There was a small output of barytes in Monterey county; cadmium in Shasta county; fluorspar in Riverside count; lithia mica (lepidolite) in San Diego county; onyx marble in Solano county; and serpentine "marble" in Los Angeles county; of a total value of $97,732. As there was but a single operator on each of these substances in each locality, the figures are combined so as not to reveal the individual's business. There was a small tonnage of sulphur produced in 1916 at each of two new plants in Colusa and Inyo counties, toward the end of the year; but none of the product had been shipped The hearing on the petition of C. R. Clapp, et al., to vacate a portion of a road in Laguna Beach in the Fifth Roard District, was set for May 7, 1919, at 11 a.m., notice to be given in the Laguna Life. The hearing on the petition of Bastanchury Ranch Company, et al., for formation of Fullerton Irrigation District, was set for May 7, 1919, at 11 a.m. The application of A. B. Watson for permit to operate stage line in Orange county, was granted. The Purchasing Agent was authorized to secure the proper conveyance by deed, and the County Auditor was directed to draw a warrant for $1450 in favor of R. J. Wiley and Pilar Wiley, for purchase of certain lots at Tustin, said warrant to be paid out of the Fifth Roard District Fund. The County Auditor was directed to cancel warrant made April 2, 1919, for $2400 in favor of W. B. Williams, payable out of the County Good Roads Fund, and to draw a warrant for $2400 in favor of W. B. Williams, said warrant to be payable out of the County General Fund. The Application of Olive Milling Company to drive a 1¼ inch pipe line under the pavement known as the Anaheim-Olive Boulevard about 650 feet west of the Santa Fe tracks, was granted. The County Auditor was directed to cancel Warrant No. 1001 for $2.50 in favor of E. A. White, payable out of the Advertising Fund. It was ordered that four sprinkling wagons and a Fairbanks-Morse Road Engine, belonging to the County, be sold at public auction on April 22, 1919, at 11 a.m. at the south door of the Court House. The petition of G. F. Collins, et al., to vacate a portion of a certain road in the Yorba Linda Tract, was denied. The hearing on the application of Chas. Dixon for permit to operate an auto stage line between Huntington Beach and Santa Ana, was set for May 7, 1919, at 10 a.m. D. D. Whitten was appointed Justice of the Peace of Laguna Township for the unexpired term. The map of Heins Subdivision was ordered submitted to the City Engineer of the City of Anaheim. The map of Tract No. 87 was accepted as the official plotting of said tract. The bond accompanying the map of Holby's Subdivision to the City of hills of both the Santa Monica and the San Fernando mountains. It usually remains in bloom somewhat later than the other varieties, frequently as late as July or August. The sage blooming season varies from year to year with the rainfall and other climatic conditions. In some years an abundance of bloom is forthcoming as early as February, though March or April is the usual time for the sage to put forth its spring blossoms. While in most years California sage blossoms profusely, in an occasional dry year it fails to bloom, and then bee-keepers who depend upon it must look elsewhere for the necessary supply of nectar. This is one of several reasons why successful apiarists are adopting the plan of moving their bees from one reason to another, as the abundance or lack of bloom makes advisable, thus following the plan of sheep men, who drive their flocks from mountain to valley, and of cattlemen, whose range frequently includes two or three widely different sections of country. There are many other wild plants in California that produce much nectar. In fact, no other area of the same extent can boast as many species of plants as California. Wild poppies, various kinds of lilies, lupines, cacti, and many other wild flowers make the hills and valleys colorful and fragrant practically every month in the year, while such plants as mesquite, yucca, and other desert growth add to the supply of nectar. The two cultivated crops of Southern California most valuable for their bloom are alfalfa and cotton. Alfalfa, of which the State has about three-quarters of a million acres, is especially prized by bee-keepers because of its succession of crops and consequent long blooming season. Bees frequently find sufficient alfalfa blossoms to keep them busy from early May until late fall. Cotton blossoms have long been recognized in many parts of the South as a source of nectar for bees, but it is only in recent years that it has figured in the California bee-keeper's calculations. With an enormous acreage planted to cotton in the Imperial Valley, another source of honey is added to the list. A highly important factor in honey production in Southern California is the great stretches of deciduous orchards and citrus groves, whose nec ITS A CORPSE Frank H. Simonds, writing from Paris, avers: "The league of nations is dead. All chance of a real settlement of European problems is at an end.. A desperate effort is being made to get together a patched-up peace within the next ten days which shall at least put an end to unrest and economic paralysis in the world. The collapse of the league of nations is the result of the panic following the arrival of the bolshevists at Budapest; having had no policy toward bolshevism, the Paris conference suddenly awoke from its dreams of reordering the world to a realization of the fact that two-thirds of the population of Europe would not in any case subscribe to the league of nations, and that the league of nations, if it were to be anything, would have to be an alliance against bolshevism, an alliance which called for active operations. In this situation the Paris conference, which for three months had concentrated most of its attention upon the draft of the covenant of the league of nations, was suddenly informed that Germany would sign no treaty which recognized the right of CALIFORNIA HONEY Southern California's honey producing possibilities are practically unlimited. No region in the world has the number and variety of nectar-producing plants. The most important of all is wild sage, which is one of the greatest honey-producing plants known. It is found everywhere in the Southland on the unreclaimed level valley stretches on every mesa and hillside lining remote canyons, and stretching up the mountain slopes to a height of from 5000 to 7000 feet. No honey in the world, not even that far-famed honey of Hymettus, excels that produced from the nectar of the HOTEL VALENCIA Modern in Every Respect Finest Hotel in Orange County Accommodations Unsurpassed By any hotel in the Southland and prices reasonable. Corner Lemon and Center Sts Anaheim, California Rates, $1.00 per night, up. Special Rates by the week or month. increased many fold with profit both to the State and to the individual. FARM BUREAU PICNIC The big meeting of the year for Orange County Farm Bureau members and their friends has been set for Saturday, May 3, at the Orange County Park. A day of instruction and recreation combined is planned for the gathering of farmers from the fourteen Farm Centers in the county. It will be a real get-together and get-acquainted meeting. A short business meeting will be called at 11 a.m. for the election of directors at large. A brief program of short talks will occupy the hour before lunch time. OFFICE PHONES HOME 753-1 SUNSET 341-J. Res. 125 E. Broadway, Cor. Claudina RESIDENCE PHONES PACIFIC 341-M HOME 753-2 J. W. TRUXAW, M. D. PHYSICIAN AND SURGEON HOURS 11-12; 2-4; 7-8 GERMAN AMERICAN BANK BLDG. Cor. Center and Los Angeles Sts. ANAHEIM, CAL. J.C.Osher, D.D.S., M.D. PHYSICIAN AND SURGEON EYE, EAR, NOSE AND THROAT—ORAL SURGERY—GLASSES FITTED SUITE 1 CENTRAL BLDG. PHONE SUNSET 337 Dr. G. A. Neth General Drugless Practitioner SUITE 4, CASSOU BLDG., ANAHEIM VICTOR CEMENT AGENCY GIBBS LUMBER East Broadway ANAHEIM CAL. Anaheim Cash Market County Park. A day of instruction and recreation combined is planned for the gathering of farmers from the fourteen Farm Centers in the county. It will be a real get-together and get-acquainted meeting. A short business meeting will be called at 11 a.m. for the election of directors at large. A brief program of short talks will occupy the hour before lunch time. This program will include an address of welcome by the retiring president of the Farm Bureau, H. B. Woodrough, of Harper, an experience talk by a soldier from "over there," a musical number, and a report by Farm Advisor Wahlberg. "All members of the Farm Bureau and others are invited to make this their May Day celebration," says the farm advisor. "Bring your picnic lunches and spend the day in the cool shade of the giant live oaks." Further announcement of other events of the day will be reported next week. Watch the papers." ORANGE COUNTY QUOTAS Following is the quota for the various towns of Orange county in the Victory Loan: Anaheim $282,150 Brea 15,975 Buena Park 8,550 Fullerton 214,425 Garden Grove 30,375 Huntington Beach 37,575 La Habra 25,875 Newport Beach 12,375 Olive 15,075 Orange 271,800 Placentia 43,875 Santa Ana 1,072,125 Tustin 40,500 Yorba Linda 11,925 Building is Brisk Since the government lifted the restrictions on material, and if you are among the many who contemplate putting up a new home or repairing an old one, let us make an estimate for you. We handle everything you will need, and you will find our prices right. Griffith Lumber Company South Los Angeles St. H. M. ADAMS, Mgr. Good Place to Buy— G-O-O-D L-U-M-B-E-R C. GANAHL LUMBER COMPANY Anaheim: Cal Good Place to Buy— G-O-O-D L-U-M-B-E-R C. GANAHL LUMBER COMPANY Anaheim, Cal ANAHEIM FEED and FUEL CO. DEALERS IN Wood, Coal, Hay, Grain Seeds and Flour PUBLIC WEIGHING SCALES Phones: Pacific 317, Home 294 R. W. McClellan, W. D. Grafton, Props. CITY CASH MARKET 117 W. Center St. "Quality, Price and Service" Our Motto We handle nothing but the choicest of meats. We deliver. Phone your orders early. Pacific 20 ED. W. SCHNEIDER - Proprietor