anaheim-gazette 1922-11-30

THOMAS W. LAMONT CORRECTS MIS-QUOTATION New York Financier Does Not Favor Wholesale Cancellation of European Debts The following letter from Thomas W. Lamont, of the National City bank of New York City, relative to an editorial recently appearing in this paper commenting upon his speech before the National Bankers' association, was received at this office Monday. The entire letter is given space because we are glad to know, and our readers will also be pleased to learn, that Mr. Lamont, whose voice is a potent one in the financial world, does not favor forgiving European countries payment of the money American people denied themselves comforts in order to raise the vast sums needed by these nations to prosecute the war. Mr. Lamont's letter is as follows: 23 Wall St., New York, Nov. 17, 1922. Editor Gazette, Anaheim, Cal. Dear Sir: My attention has been called to an editorial appearing in your issue of October 26, 1922, and commenting upon some remarks that I recently made in New York before the American Bankers' association. In writing your editorial, you may not have had before you a full report of what I said. You indicate that I asked that a great part of the allied debts to the United States government be written off. This is quite untrue. In my speech I state: "I have never been in favor of wholesale cancellation of the allied indebtedness, nor am I today." In speaking to the bankers, I outlined certain of the factors as to the allied indebtedness. I said: "Now, being all, I hope, practical men, I think it behooves us to scrutinize this situation and to look the benefit of the American people. The citizens of California and those of New York are all working, I take it to the same end—the well-being of their country. I happen to be one of those who think that that well-being is wrapped up in the well-being of the world at large. I can see no way of improving conditions in this country permanently, of bringing abot a prosperity that will be enduring for our farmers, our manufacturers and our merchants, unless we do our share in settling the vexing problems of the world. The prosperity of our farmers and of our manufacturers is dependent upon their ability, year in and year out, to sell their surplus products abroad. Therefore, if their customers abroad fall by the wayside, this prosperity of ours will quickly fade away. For the moment, I put this argument purely on a dollars and cents basis; although manifestly I am one of those who feel that America, great and generous as she is, can well afford to remember that her soldiers fought side by side with the soldiers of the allies for the peace of the world and can afford to study, discuss and help solve the old world's problems in a spirit of deep sympathy and close co-operation. Knowing your desire for accuracy, I am writing you this letter to set forth the facts. Yours very truly, THOMAS W. LAMONT. Because Under Sheriff E. E. French has been in ill health recently, and desired to be relieved of his duties, Sheriff C. E. Jackson released him from his staff and thereby complied with the provisions of a recent ruling by the state supreme court, reducing the number of deputies that county officers may employ. Under this ruling Jackson was compelled to release one deputy. Had French's health per Because Under Sheriff E. E. French has been in ill health recently, and desired to be relieved of his duties, Sheriff C. E. Jackson released him from his staff and thereby complied with the provisions of a recent ruling by the state supreme court, reducing the number of deputies that county officers may employ. Under this ruling Jackson was compelled to release one deputy. Had French's health permitted him to continue at his duties Deputy Sheriff Roy Ballard would have been the one to be released, inasmuch as Ballard was deputized after French. To my mind, this whole business of allied indebtedness is one of great importance, commercially and industrially to the American people. I happen to be one of those who, after having studied the matter diligently, have become convinced that to attempt to keep alive any debts that are uncollectible is poor business; or to try to compel those European governments to pay us within a certain specified time sums which are so heavy as to cripple them and their citizens is also poor business. The government of Great Britain, for instance, which has expressed the firm determination to pay eventually the whole amount of its American debt principal and interest, probably could, if we insist, pay a large amount in gold to our government every year. Would such gold payments so made help or harm the American business community? My belief is that they heavy as to cripple them and their citizens is also poor business. The government of Great Britain, for instance, which has expressed the firm determination to pay eventually the whole amount of its American debt principal and interest, probably could, if we insist, pay a large amount in gold to our government every year. Would such gold payments so made help or harm the American business community? My belief is that they would harm it rather than help. Why do I believe this? Because of the fact that our national stock of gold is already so preponderant, being almost one-half of the entire world supply. If we continue to add heavily to it, it may easily become the basis for a great inflation of our own loans, leading, as the event has proved in the past, to unsound and even dangerous business expansion. Further, to have Great Britain seriously deplete her supply of gold would be likely to endanger the solidity of the gold basis upon the other side. If such basis should be endangered the re-action upon business and wages in this country would be incalculably bad. All this means that there should be devised some method of payment, or some method of handling the matter, that does not work in America's own detriment. The bill which became a law early this year, providing for the appointment of the debt refunding commission, gives no real latitude to that commission whatsoever. It is bound to require all the debtor governments to pay off their entire indebtedness within twenty-five years and to pay interest meantime at not less than 4 1/4 per cent per annum. There are many people who believe that this commission, composed as it is of leading cabinet officials, etc., should be granted more latitude in handling this matter intelligently for Why Freight Rates Cannot Be Reduced Railroads Under Public Control Transportation Changes Must Stay Up Until Costs Come Down, President Storey of the Santa Fe Explains United States Senator Capper, through his various publications, has been demanding a reduction of freight rates; but his attitude on the general subject of railroads has not blinded him to the main facts about government control, which have been clearly presented in the following editorial from one of his papers, the Topeka Daily Capital: "The railroad cannot fix its own rates and charges. "It cannot name the wages it will pay. "It cannot enter into combinations and deals. "It cannot shut down when business goes to the bad. "It cannot buy or sell a railroad system. "It cannot make capitalistic profits and dividends. "It cannot even determine how much capital it shall issue on its property, or issue any without previous approval of the public. "It is, in fact, an agency of the public, controlled completely by the government." The fact is, rates cannot be reduced unless costs are reduced. Costs cannot be reduced so long as the present scale of wages and the prices of fuel, materials and other supplies are maintained, and in these matters the hands of the Santa Fe are tied. What is particularly needed at this time is better transporta- issue on its property, or issue any without previous approval of the public. "It is, in fact, an agency of the public, controlled completely by the government." The fact is, rates cannot be reduced unless costs are reduced. Costs cannot be reduced so long as the present scale of wages and the prices of fuel, materials and other supplies are maintained, and in these matters the hands of the Santa Fe are tied. What is particularly needed at this time is better transportation service, more cars, locomotives, and other facilities necessary for moving the business, and the Santa Fe is doing everything in its power to provide these. W. B. STOREY, President, The Atchison, Topeka and Santa Fe Railway System. Introductory Sale of S RANGES Special Thirty-Day Sale of TAPPAN Regular $65.00 Range NO NEED FOR NEW PARTY Dr. Nicholas Murray Butler wants to see a new political party formed, to be known as the "Democrat-Republican Party," and to include in its membership those who "represent the predominant liberalism of our people." The object of the new coalition is better to meet the radical menace that is upon the country. It would seem to many that the proposed political move would have precisely the opposite effect. What greater encouragement could come to the ranks of the radicals than to see the two great political parties that have dominated our elections for 75 years break up, and their members attempt to form new alignments? While the radical element is growing stronger the con- of TAPPAN ECLIPSE GAS RANGES Regular $65.00 Range Now $52.50 Rule of ranges affords you an opportunity to put into your kitchen, a very highest quality at a price really lower than you'll be asked inferior range. The Ranges have made a name. They are made with precision and are built by the best mechanics, ensuring you a range that will give unlimited and efficiencies. They include all the new labor saving and economical features such as drop oven doors, white enamel splashers, door panels, drip and bounded corners, etc. In fact, they are built with the sole idea of satisfactory service and they never fail. BOOK FREE when presented at our tentile you to one of our book Books, containing one forty recipes. Remember, these prices are for one month only, during which time you have the privilege of selecting from several different models, prices at $75.00 to $147.50 Edward H. Ahlswede St. Odd Fellows Bld'd'g The object of the new coalition is better to meet the radical menace that is upon the country. It would seem to many that the proposed political move would have precisely the opposite effect. What greater encouragement could come to the ranks of the radicals than to see the two great political parties that have dominated our elections for 75 years break up, and their members attempt to form new alignments? While the radical element is growing stronger the conservatives would confess their weakness. The truth is that the Republican party today offers every inducement for the support of friends of sound government that could possibly be included in the policies of any new organization. Under its leadership the provisions of the constitution are jealously guarded, and the legislation passed by the Republican congress as well as the acts of the Republican executive, are strictly in accordance with its precepts. No new party, however liberal in its doctrines, could go beyond that in framing its issues. The radical movement in this country received its greatest impetus during the eight years of Wilsonism. Its leaders were catered to almost obsequiously by Mr. Wilson himself, by Mr. McAdoo, director general of railroads, and by others who had charge of the affairs of government. Their present strength is due to the encouragement they received at that time, but they are being firmly held in check now. Let the people rally to the support of the Republican party, and government by law will be maintained more effectively than by setting up any new political agency. A man may not know what is good for him, but he doesn't want anybody else to tell him what's good for him. Thanksgiving Greetings To our patrons we desire to return thanks today for their loyal support during the past. Our relations with all our friends and patrons in the past have been pleasant and cordial, and we trust they will continue so to be. We assure our friends that all business extended to our care in the future, as in the past, will receive our immediate personal attention. The Golden State National Bank extends tp all its best greetings on this We assure our friends that all business extended to our care in the future, as in the past, will receive our immediate personal attention. The Golden State National Bank extends tp all its best greetings on this happy Thanksgiving Day. Golden State National Bank ANAHEIM, CAL. Adolph Thomas, President E. E. Smith, Cashier FOR NEW PARTY Murray Butler wants political party formed, the "Democrat-Repuband to include in its se who "represent the generalism of our peot of the new coalition set the radical menace the country. It would that the proposed pould have precisely the What greater encourcome to the ranks of to see the two great that have dominated or 75 years break up, others attempt to form ? While the radical ing stronger the com Leaky Roofs Beware ORANGE COUNTY ROOFING CO. 139 So. Los Angeles Street Telephone 33 ANAHEIM, CAL. LADIES You can learn a profession that will be very profitable. You can operate among your friends during your spare time and make a substantial income. The LADIES You can learn a profession that will be very profitable. You can operate among your friends during your spare time and make a substantial income. The training will cost you nothing but your time and will be valuable to you the rest of your life. Call at 215 Kraemer Bld'd at 2:30 p.m. Thursday. NOTICE TO CREDITORS Estate of Warren H. Brown, Deceased. Notice is Hereby Given, by the undersigned, Warren Elmer Brown and Henry C. Brown, executors of the last will and testament of Warren H. 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