Indianapolis Times, Volume 44, Number 10, Indianapolis, Marion County, 23 May 1932 — Page 12

PAGE 12

MAROTT URGES BOND ISSUE TO BUY U. S. SILVER City Financier-Merchant Sees Solution for Depression Ills. {Continued From Par* li loans, which may not exceed 25 per cent of the normal value of property, real estate or securities loaned therpon. The federal reserve system, by an act of congress, can not make such loans to any borrower to make an interest charge (including all charges) in excess of 7 per cent per annum. The majority of such loans easily could be made with safety at a rate of from 5 to 6 per cent per annum. If the American mines could produce $5,000,000,000 of silver and the government should make the purchase of such mined silver, with a bon'* issue having 2 pe: cent per annum interest, the silver being loaned by the federal reserve system at 4 1 * per cent, upon ample security. as above set out, it would give the solvent borrowers of said silver a profit ranging up to 2Ti per cent in loans to the public. This would put our government on a basis of $100,000,000 a year profit, which would retire the bond issue by a sinking fund in about thirty-five years, and result in a total profit to our government. Would Show Profit In other words, the sinking fund of $100,000,000 a year could be used in purchasing other outstanding bonds of the government which are at a higher rate of interest, thus relieving a burdensome cost to the government in interest charges. If so regulated by law, the entire bond issue, which may have all silver purchased up to $5,000,000,000. the total money outstanding, would be a total profit to Uncle Sam, just merely for the government's responsibility to redeem. This would result in a very beneficial economy of government to all the people. A further consideration of such enactment would be the fact that the banks of the United States could be benefited with increased circulation by the right to deposit with the government the aforementioned bonds, in which they shall have the right of bank ; money circulation, which, with the i 2 per cent interest the government pays, and the legal right to loan at 7 per cent, would permit an i elasticity, with safety of profit, to the banks from the 2 per cent upon the bonds and up to 7 per cent upon the bank circulation. Bonds as Low as SSO I further advocate that these bonds shall be issued in denomination as low as SSO so that any work- ; ing man may make a savings account with them, and also may make purchases of said bonds, instead of hoarding his small savings, as under present conditions. I also believe that such bond issue, recognized as money, would be accepted by merchants throughout the United States in transactions of buying merchandise or any other kind of obligations, and pay the interest accumulated thereon to the owner of such bond. I am convinced sincerely that un- I less there be destructive purposes ' by crucifying goldites) this bond is- ! sue would hold at par and be ac- j ceptcd with our present money unit.! Our governments 2 per cent bonds issued before the war, that carried ! the right of national bank circulation, sold at a premium. Why not now! In the financial dilemma which now covers the world. I understand that twenty-three nations (including t England, which nation before the war was the center “‘of the world’s finance) have gone off the gold basis. Commerce Is Injured These twenty-three nations have a billion population, more than onethird that of the world, and these people now are suffering, with their I silver money being depressed to ! about one-half its value two years ago. This leaves these nations unable to make purchases, and impairs international commerce. If silver the world over was in value at least : thirty ounces of silver to one ounce of gold, I am sure this outrageous panic rap dly would mend. It is said the World war cosT* a total of approximately $180,000,000.- ; 000, and much of it yet is unpaid. j Following this, our bond and stock markets, through exchange operations. have depreciated more than $100,000,000 000 in the last three years. Besides this, we have $90,000,000.000 increased capital investments in the United States since beginning of the war. These three facts have very much to do with our present financial disaster, and in crushing the pr.ee of silver below 50 cents on the dollar of its value two years ago means billions of depreciation in buying power, and leaves the j 51i,200,000.000 of gold taking over j all other assets and forcing values down to 5 to 20 cents on the dollar. If the present disastrous condition is left open, the damage can grow many fold Hence the emergency for governmental action to put “silver threads with the gold,” for the good of our countrv and the happiness of all peoples of the w.ria.

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DEDICATE PARK CABIN SYSTEM Brown County Rites Honor Memory of Hubbard. By Timet specinl NASHVILLE, Ind., May 23.—First of the state parks to have a cabin system for visitors was dedicated by Governor Harry G. Leslie and other state officials here Sunday. The Brown county state park, which comprises 13.000 acres of wooded hills, has twenty of the cabins, located on what has been named Kin Hubbard ridge. Dedicatory services honored the memory of the famed creater of Abe Martin, a Brown county character. Each cabin bears the name of one of the Abe Martin characters, and the large community house, located at the center of the cabin groups, houses the Little Gem restaurant. Tribute to the genius of Director Richard Lieber of the state conservation department, in conceiving the cabin plan, which is the first of its kind in America, was paid by Leslie. Meredith Nicholson, author, memoralized the late Kin Hubbard, and Thomas Hubbard, son of the cartoonist, expressed the appreciation of the family in naming the cabin site Hubbard ridge. FOUR NOOSE Executive Clemency Only Hope for Bank Holdup Slayers. By L'nitrd Prrst NEW ORLEANS. May 23.—Four men face the gallows June 1 for a bank holdup slaying with their only chance to escape the death penalty depending <-n executive action. The parole board denied applications for commutation of sentence Saturday. The doomed men are Herman Taylor, Donald Rylich and George O'Day. who came here from Chicago. and Ito Jacques, New Orleans Negro.

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FISHING WORMS STOLEN Somebody may try to wiggle out of this. Fishing worms valued at $lO were reported stolen Sunday from 1223 Massachusetts avenue by G. W.

MW" 8 ••• It’s Easy to Buy mi j New Tires Here | Everything is in your favor at the Rose A Tire r ' ce: Tires are at rock- •'“* 1 T A NAR US”,,,“ T ii'Allowance: Now the ve have ever offered, enient you’ll never miss the money. You just can’t afford to let old tires mar that Decoration Day trip when it is so easy to ride on really dependable, super-service tires. [ILLER IED-TO-THE-ROAD TIRES First Door South of Elevation on South Meridian Street Tone in the Rose Tire Baddies 6:45 Tonite—WKßF

THE INDIANAPOLIS TIMES

Kee, Dorothy Cornelius, Dorothy Stevens. Fourth Row—Dorothy Spacke, Betty Baker, Peggy Yates, Betty Voll, Dorothyann Young, Francis Lee. Fifth Row—James Fowler, Joseph Espin, Wilbur Rowe, Robert Patrick, Franklin Hoff, John Lichtenberg. Bottom Row—Charles Green.

Cummins. 4201 North Pennsylvania street, owner of the property. He to'd police the worms were of the red variety and were contained in a tub and lard can. Front door of the property was broken open in the absence of the caretaker, Wilbur Boyce.

$25,000 LIKELY STATE REWARD IN LINDT HUNT Search Again Is Turned to Nation’s Prisons; Clews Are Revealed. BY DELOS SMITH I'dlM fmi Staff Correipondent HOPEWELL. N. J.. May 23 —The determined search lor the murderers of the Lindbergh baby again took on a nation-wide scope today when Colonel H. Norman Schwarzkopf. in charge, divulged his clews to the kidnapers’ identity to all prison wardens and police authorities in the country. At the same time, members of the New jersey legislature were preparing to post a reward of “suitable size” for the arrest and conviction of the kidnapers. The amount will not be less than $25,000. Specimens Are Given In his appeal to law enforcement agencies, Schwarzkopf included specimens of the handwriting used by the kidnapers in dealing with Dr. John R. Condon, the Jafsie negotia- • tor. who paid over $50,000 without avail. The specimens:" “Cross the street i and walk to the next comer and follow Whittemore avenue to the sound. “Take the money with you. Come alone and walk.. “I will meet you. “The boy is on boat Nelly. It is a small boat, 25 feet long. Six persons are on the boat. They are innosent. (CQ>. "You will find the boat between Horseneck Beach and Gay Head near Elizabeth Island.” Repudiation Denied Reports that John Hughes Curtis, the Norfolk boatbuilder who cruelly hoaxed Colonel and Mrs. Lindbergh into the following non-existent leads had repudiated his confession, were denied by Prosecutor Anthony M. Hauck Jr., Hunterdon county, who preferred the charges under which Curtis is now held. “There was no trickery Involved in obtaining Curtis’ confession," Hauck said. Dr. Condon today disappeared mysteriously from his Bronx home, and headed toward western Massachusetts. His Saturday and Monday moves weer said to be “personal” without significance to the Lindj bergh case, although this was not j certain.

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mgr— - j-uiw •■ i-j!yi* ll , | .!r'm-iui‘ | \<m' A CHRISTIAN INSTITUTION OF HIGHER LEARNING WITH A NON-SECTARIAN SPIRIT AND PROGRAM ''Valtee Scorr Atheain, A M.. LL.D., Litt.D., President William G. I*u-tx, Cheirmsn Executive Committee 'axes William Putnam. Ph.D., Vice-President John W. Atmeston. Finsncisl Secretory Hilton U. Biown, President Board of Directors Cnaeles W. Wilson, Secretary Board of Director* Sabah E. Cotton, A.P., Examiner and Registrar College of Liberal Art* and Science* Affiliated Schools Junior and senior eolle** division* leading to degree* of j. .yj, e Arthur Jordan Ceneemttnrr of Mu*le B.A. and 8.5.; B.S. tn Home Economics; B.S. In Tournallam: . _ _. , .. . BS. In Business Administration. Pre-medical and pre-dental , Offers,* M, 7** V°S 1 Tel varsity lead. , cou-see lead in B 8 decree •"* *• the *" *f Bachelor of Music. Prepsree music James William Putnam, Ph.D., Dean. teachers and supervisors for all grades of the public schools. - „ . „ ... ’ ' Mas. HcNtr Schuimann, President. College of Religion 1 Offers undergraduate course* leading to degree of Bach- t. The John Herrou Art Institute elor of Sacred Literature, and graduate courses leading to Offer. rour ,„ ro . op , r ,, ion „it h Butler rnlver.ity teedthe degree of Bachelor of Divinity. Special Diploma roureM lag t „ th , ot Bachelor of Tine Arte. In addition to - " ,v . for Church Secretaries and Ministerial Aeelataate. Majors to The Fin# Art# Department, there ere maintained a CommerJteligious and M.A., LL.D., Dean. cUI ArU Apartment, and a Teacher.- Training Department , College of Education Courses leading to B.S. In Education and M.S. tn Educe- Summer Seasion tlon. Junior College Diploma courses for kindergarten, prl- . , . . .. ~_ : ' mary. Intermediate and grammar grade teachers. Continues . .. ?' underrraduate . W * ,N Indlenepolis Teacher.- College, founded by Elisa A. Blaker. ,e,diß * lo and.rgr.duat. graduate eud profe.elon.l degree., Pr&ctie* Teaching end Demonstration School*. jAMKi William Putnam, Ph.D., Director. William Leeds Richabdson, Ph.D., Dean. Division of Graduate Instruction , . . Courses leading to M.A. and MS. degree*. -Major, are 1 ""l” offered in Religion. Education and ell departments of in- th * r 1m * to Mfulsr •truetlon maintained In the College of Arte and Sclenrea. I nlreraity schedule of course*. Hy.tr Lane Bbvkxe. Ph.D., Director. Guuaoe Feaxelin Leonaed, A M. Director. N Summer Session Open* Jane It • Regular Beeeloa Opens September IS * For information regarding the -different colleges or departments, address the various -deans or directors. For general information, address THE PRESIDENT, BUTLER UNIVERSITY, Indianapolis, Indiana ... j '> ■■ - - ft, v 11 1 ;

FIGURES DON’T LIE 2 Cars Exactly Even in Trials

THE three timers and mathematicians in charge of ■‘docking” the speeds in the qualification trials at the Indianapolis Motor speedway turned Ripley Sunday afternoon and handed down a “believe it or not” that almost knocked the A. A. A. officials on the track off their feet. For Odis A. Porter. Chester Ricker and fc. J. Williams, who operate the timing and calculating devices, reported that Wilbur Shaw had qualified his car at a speed of 114.326 miles an hour. On Saturday. Russell Snowberger had qualified at a speed of 114.326 miles an hour. “It's absolutely impossible for two care to travel ten miles at a perfectly identical speed,” declared the A. A. A. bosses on the track.

So Porter, Ricker and Williams checked back on the timing tape. They found that when Snowberger started his trial Saturday the front wheels ol his car hit the timing tape at 52:57:27.75 on Porter's machine. The finish of his four laps recorded 58:12:11.75 and that reduced the time to 5 minutes 14 and 89 one-hundredths seconds. There were no other possible fractions. m * m SHAW had recorded at his start 25:55:88.00 on the timing machine and his finish was recorded at 31:10:77.00 and that, too. reduced to 5 minutes, 14 seconds and 89 one-hundredths seconds. There, also, were no other possible fractions. Williams set his machine to work. And the answer was: 114.325637 miles an hour. “That speed.” he said, “is carried out to the one one-hundred-thousandth. We can’t go any farther.” “The ars finished perfectly even, physically and mathematically,” said Ricker, “and it’s actually the impossible. Look it over.” “I’ve been timing these buggies for a long time.” smiled Porter, “and it’s the first time in the history of racing that such a thing has happened. You can’t fool machines. Go tell that to Ripley.”

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.MAY 23, 1932

FREDRICK ASKS j FOR HARMONY’ Issues 3-Point Plea to Democratic Party. A three-point “harmony program ’• has been suggested by John E. Fredj rick, Kokomo manufacturer and candidate for the Democratic Governor nomination, who joined with ’ Frank Mayr Jr., secretary of state, In an unsuccessful fight to oust R. Earl Peters, state chairman of the party. Fredrick’s statement was Issued on behalf of Mayr because of the widespread suggestion that the secretary of state be defeated for renomination because of the insurrection he is charged with leading. "In the interest of harmony and party success m this fall s election I would suggest and recommend the following." Fredrick said. “1. That the offices of the party organization observe a strict neutrality as to the candidate’s contests for all offices. “2. That all candidates for second term offices be nominated by acclamation and without contest. “3. That all candidates in their contests observe a strict ethical and gentlemanly attitude in their campaign. keeping them on a high plana as is incumbent upon every Dcmo--1 crat.”