Decatur Daily Democrat, Volume 21, Number 120, Decatur, Adams County, 19 May 1923 — Page 3

DEMOCRAT WANT ADS GET RESULTS i Don’t Throw Your Old | Cylinder Block Away ! !: See us, we can save the block for you and save ;; you money. Come in. see our equipment, let us J ;; show you how it is done and tell you more about X cylinder regrindinif. ' ♦ Also Starter Gear Bands Installed Hofstetter Garage I; East Monroe Street f Decatur, Indiana <• Phone 763 * :: i *4+++*++*** , H , *+*+++++++ - ! , +++++++++++++++++++++++++++‘MNo Discount on Your Light Bill After the 20th of Month All light bills must be paid on or before the 20th of the month to secure discount. The company has no choice but to enforce this rule to one and all alike without any exception whatever, whether it be the largest or smallest consumer. City of Decatur Light & Power Dept, g —M— ■ iMfiiwi iih ii irimiiiiiiiiiinnnunijCort Theatre j PROGRAM FOR NEXT WEEK I Matinee Every Afternoon at 2:30. Evening Show at 7:00. jj Saturday Matinee at 2:00. Saturday Evening at 6:30. ■ “ONE WONDERFUL NIGHT” Universal featuring Herbert Rawlinson “True Blue” Comedy featuring Queenie. I 8 REELS FOX NEWS 10c-25c | MON. & TUES. WED. & THURS. j | “NOTORIETY” “CROSSROADS O F NEW ORK featuring . . An All-Star Cast. Mack Senncll produe- ■ A picture presenting lion. Comedy drainn. Folly and Fame. One oi the big ones. “Toonerville Tactics” “Blazes” Comedy. Mermaid Comedy. Fox News Fox News 10 reels 10c-25c 9 Reels 10c-25c I FRIDAY SATURDAY I “GAS, OIL & WATER” “FORSAKING ALL OTHERS” First National with . , • , CHARLES RAY wH ’ Fun and a wonderful le( ' n s(ory Culleen Landis. “His Last False Step" “Rookies" Paramount-Sennelt G()O( | foniedy . comedy. News Fox News , ; 9 Reels 10c-25c 8 Reels 10c-2ac Cut Out—Save for Reference. “Better pictures are being shown and the Cort is showing them. / w

DECATUR DAILY DEMOCRAT, SATURDAY, MAY 19, 1923.

BUSINESS CHAOS IN EDISON-FORD MONEYJCHEME Expert Shows How Commodity Money Would Make Worse the Evils It Aims to Correct. : MEANS SPECIAL FAVORS AND ADDITIONAL TAXES : ■ Would Open Way for Political Med, tiling With Business and Complicate the Conduct of Trade and Finance. , • The weaknesses of the Edison-Ford i commodity money scheme to abollsi) ’ the gold standard and do away with > monetary instability, interest and speculation in farm products arq exposed by William T. Foster, Direc. j tor of the Pollack Foundation foi] 1 Economic Research, in an article in I the Proceedings of the Academy oi Political Science. He shows that ths I only result of the plan would be to. aggravate the evils It aims to cure | There is presented herewith the firsb of a series of articles, prepared by th«t American Bankers' Association, re viewing Mr. Foster’s argument The plan provides, Mr. Foster ex plains, for government built, owned I and controlled warehouses, to which producers might bring basic com modi ties raised on American soil, on which they wish to borrow money. A gov eminent agent would grade the pro ducer's goods and hand him two pieces of paper—a mortgage certlfl cate and an equity certificate. The Edison-Ford Plan The mortgage certificate could be exchanged at any national bank sot Federal Reserve notes up to 50 per cent of the average value of the goods for the previous twenty-five years. In this way the producer would obtain a loan of money without incurring any expense for the use of the money and he would still own the goods. I “His equity certificate is his evl I deuce of ownership,” Mr. Foster says, I ‘‘He may keep it, sell it or present it I at a bank as security for a loan. He I or anyone to whom he sells It can prej sent it at any time within a year, together with the exact amount of mon ey that has been loaned, and receive I the goods. “If the gootjs are not removed within one year the Government must sell them and thus get back the money it has loaned. This is to prevent an accumulation of goods and to make sure that the money will be self-canceling. As soon as the farmer repays the loan or the Government sells the goods an amount of money is destroyed equal to the amount that was ’ advanced This, in all essentials, is 1 the Edison commodity-money plan. More Taxes “Most men will be impressed by the fact that it involves additional taxes, additional corps of political appointees and a vast extension of government control over industry. If the special privilege of borrowing mon ey without interest is really a boon and is granted only to certain groups of producers, the list to be changed from time to time, somebody must de I cide wio are to be the favored groups, and whether that somebody Is Congress or Federal warehouse dlrec-1 tors whp are subject to partisan appointment and removal, the question , who is to receive free money will undoubtedly remain in politics and will recurrently become of great moment as election day approaches. “Mr. Edison contends that his commodity dollars will be sounder than gold dollars because 'there in the warehouse Iles the actual wealth, the things we eat and wear and must consume to live.' At first, he says, only 1 a few basic commodities are to be acj cepted, such as grain, cotton, wool, rice, legumes, fats, flax and tobacco. > Manufactured articles, he warns us, will not be satisfactory for this purpose. "If, then, a warehouse full of tobacco guarantees the soundness of the notes issued against it they must be , redeemable in tobacco. They are, in 1 tact, Federal Tobacco notes. The plan must provide in like manner for Fed- j eral Flax notes and so on. Furthermore, there would have to be as many I different kinds of tobacco notes as there were grades of tobacco. Everyone who used money in exchange would need to have at hand the latest market quotations on all products ac- j cepted for storage, as they approached | In market value the established loan ( value, In order to estimate the relative value's of different kinds of dollars. Salt Cod Notes "Everybody would have to observe carefully whether he had Grade A ‘ Kippered Herring notes or Grade X j Salt Cod notes. If there was a strike j of bituminous coal miners he would hoard Bituminous Coal notes. If there was a slump In cotton he would try to j get rid of Cotton notes. “Consider, on the other hand, the simplicity and definiteness of a goldsecured dollar. All the world knows precisely what is meant by the convertibility of a paper certificate Into g->ld All the world accepts the gold In exchange. Its value is known in 1

every market. It Is readily teeted, stored, preserved, divided, transport ed Moreover, there are the gold reserves, maintained for ths very purpose of conversion and tor no ether and available on demand. “From one of Mr. Edieon’e authorised statements, however, it seems that his plan does not provide for Federal Tobacco notes. Federal Fish notes and the like. In fact, it provides for no new kind of money whatever. No matter what commodity the farmer deposits with Federal agents, ho takes ' his mortgage certificates to a national bank and there exchanges it for Fed eral Reserve notes. They are just like any other Federal Reserve notes. “Very well. If there is nothing more than this in the much-discussed Edison plan for a commodity money that is sounder than gold money this part of the plan vanishes into thin air. The Edison money is not sounder than gold money, for it is gold money.” BANKERS CAUTION AGAINST INFLATION By J. H. PUELICHER President the American Banker? Association A recent meeting of the Executive Council of the American Bankers Association, attended as it was by rep-;

resentative bank-! ers from every state In the Union, afforded an excellent opportunity to get a composite view of the business situation in the nation aa a whole. Representatives of agriculture were present at the meeting. They

A. J. H. Puellcher

made It clear that the upward trend of affairs in business had not yet reached the farmer and that his post tion of having to pay a relatively larger price for what be purchases as compared with that received for what he sells should be given the most thoughtful consideration. There were also present men fresh from observing and studying conditions In Europe. While they lent encouragement to the belief that European affairs are slowly—very slowlyrighting themselves, there Is In the feeling generally expressed by Amerl- ( can bankers a distinct note of caution. Questions of the Hour One hears the questions everywhere asked: “Are we going to permit American affairs to ride again Into a situation of extreme Inflation, which will, as we all know, be followed by another period of depression? Had we not better keep business on a normal keel by not going too rapidly? Should not the banker be sounding a note of warning to business men generally to keep their affairs well In hand?” The charts indicating the trend of business show that we are approaching the high point which followed the war. This should be the signal to the conservative business man that ex-) pansion must be definitely controlled and that reasonable conservatism should be the order of the day. To many this may appear the pes-’ slmism of the banker, but let me say that the banker is In a position to keep his finger on the pulse of our economic situation, and when there is such a consensus on the part of many, bankers that we are passing the safety point and that we are riding into another period of inflation such opln- 1 lon should not be looked upon as pes- [ simlstn, but rather as the advice of those whose business can prosper only as there is general prosperity. The banking situation in America is sound and can only be harmed by undue credit expansion. The banker should see that expansion does not again gain the headway that led us Into trouble before, and the business man should do everything possible to support the banker, thus avoiding another period of costly deflation. Socialism’s Worst Blow One of the most remarkable 11stances in history of the abandon- i ment of a great belief is presented by • Premier Mussolini of Italy. Formerly a rabid Socialist, he is now, with the responsibilities of state, so thorough-' ly converted to sound business prln-1 ciples that he speaks of the present order under “the glorious name of! capitalism.” Mussolini, who In many ways represents the hardest blow So-1 clallsni has received, recently said: “It Is my conviction that the state must renounce Its economic functions. especially those of monopolistic character —that a government which wants quickly to uplift Its own peo--pie must give free play to private enterprise and forego any measure of state control or state paternalism, which may satisfy demagogy, but, as shown by experience, will turn out to | be absolutely fatal to the Interests and economic development of a coun-I try. I do not believe that that com-| plex of forces which in industry, agriculture, commerce, banking and transport, may be called with the glorious name of capitalism, is about to end, as for a length of time It was thought It would by several thinkers of social extremism. One of the greatest historical experiences which has unfolded itself under our own eyes has clearly demonstrated that all systems of associated economy which avoid free initiative and individual impulse, fall more or less piteously In a short lapse of time.”

The People’s Voice A SICNED STATEMENT It h.'iu been reported through “The Adams Comity Witness" and otherwise that we the undersigned were ••x< onimitnleiUed from the “Amish • Christian* church" on the ground- that we accused certain members of the jchurch of having violated the prohthltion law. Here we wish to reply land say. that »•’ never accused any lone of tlx- church for sttch a matter, |neither do we know of any reason that would have warranted us for doing so. It was also reported that offi Hals of the ehiin h tnsed liar. J. words and violence toward us. which also is entirely false. There was no sign of violence shown and not one harsh word spoken by them, but the members (though filled with sorrow) tin anlniously voted us out and we confess and'admit that chaatisejn«nt has rightfully been pronounced over us. Hut some young people whose parents were excommunicated with its were enraged over the attitude which the church had taken towards their par- ' ents and therefore Bought revenge against the trustees of the church. I And through such influence the homes of some of the trustees were searched expecting to find that they violated the prohibition law, but nothing was found at. any place. But the trouble makers were not satisfied and some one swore out an affidavit against David Sdliwartz, charging him with having liquor in his posses sion with intent to sell, etc. Here we would also say that we sincerely be lieve that such charges against David Schwartz are entirely false. And that we know of no other reason tor such harsh and unmerciful treatment i towards him but hatred, malice, spite and begrudge, acquired through his ; honest unselfish, unprejudiced, !straightforward and pure teaching of ' the Word of God. I Signed Mr. and Mrs. David .1. Mazelin ,1 Mr. and Mrs. Joseph D. Schwartz J Mr. and Mrs. Peter-J-’. Graber • RED ROSES | for j COMMENCEMENT / —sl.s9— per dozen. PHONE 911. | ORDER EARLY DECATUR FLORAL COMPANY g

S5yR 1 FIRE TONIGHT |BB| ■ ■ i Ji A*3 B Ow * * *■ H *W& gfyf $ May destroy your home — your :^ 0 - ’wFl? j&rairP store—your factory your business. ■> ‘ n fw *J jOi | H Are you insured- Bw’J g »mm| ■■* $ fully—against loss 1 r>4 9 flwlS 9 r/ I £ J FIND OUT BEFORE TONIGHT Jr O gJ® J & American Security Co. wflHßl Fred E. Kolter, Mgr. nngnMHR Monroe Street Plume 172 ■'■

From Oil Derrick to Service Station THE Standard Oil Company (Indiana) Service Station with its modern conveniences, economical operation, scientific management and quic k, courteous uttendaDts, is the last link in that complete chain of service, whose first link is the derrick in the oil fields. The Service Station visualizes the thrift, the attention to detail, care in handling products and avoidance of waste, which are conspicuous in every branch of the Company’s activities in producing, shipping, refining and distributing. These methods insure rigid economy in operation, thus enabling the Company to maintain a low price for its products. The Service Station is the one link in the long chain which the motorist sees. It is the point of contact Lietween the Company and the motoring public. In locating these stations, extreme care is taken to see that they are so placed as to meet the convenience of the motorist. That this care is appreciated is made manifest by the increasing demand for extension of these facilities. It is the ambition of this Company to have a Service Station so located that you can secure your requirements of its produts, when and where you need them. The next time you drive up to a Standard Oil Company (Indiana) Service Station, observe carefully the way it is arranged, the facilities offered for your convenience, the high type of men acting as attendants, and the care and thoroughness with which they serve you. By doing th>s you will be able to visualize that intangible factor—the ideals of service animating the 27,0(10 men and women who go to make up the personnel of this Company. Standard Oil Company (Indiana) 910 So. Michigan Ave., Chicago .111. 3163