PAGE FOUR '
i lf-
THE 0iiARLOTTETOWii GUARDIAN
Yrsaiiient--W. Chester B. McLui¢_ M. P. Vice-President-J. Ii. Burnet( Secr..-tary-|..ie\iL-Hoi. D. A. liscxtuaon. D. B. 0.
Director-.l ll Burnet;
Editor and Managing . .
_ Assoc-:lie Editors-Frank Walker and D. K. J.‘urri|
’ Morning Daily ttuuiiueil 185?) $5.00 per year (ln advance) delivered, ` $4.50 per your (in advance) inslled in Canada Ind United Slllel. ADVEBTIBINO REPRESENTATIVES
UNITED STATES-The Beckwith Special A 'l _
uildiug, New York City, General Motors BulldfiisfynetlfoltNII\'¢eI:¢:ecIs?|'iI;‘
Eg, Kansas Cl!y_ Willoughby Tower lldl St Loull. Glenn B iidin
Alflilliiilas “Colossus Sniaicsu 'rum
u ng . ' u g, - Tranelacb: 1135 No, 0-'ith Street, Phila r|cilinhlia_ I oumnud awww" 8"
, , - Morning Maxim '
Disarmament, as lt. can be practised, only welghg M un ,”“|“1_
THURSDAY, MARCH U, 1933.
INFLATION FA LLACY
Ons of the policies most strong- !! advocated by Mr. w. M. Lea. Opposition leader, in his speech on the Draft Address was that Canada
should immediately adopt, currency inflation. This subject was dealt
with by the Prime Minister of canada in an iiiumgpting address before the Toronto Board of Trade
lhldh was nepublished in Saturday's
guardian. Strong support of Pre- uilcr Bcnnctt's attitude is given in
ln the current issue of "Canadian once supported a great mass of
Business,' s publication issued by the Canadian Chamber of com mcrce
It secms evidcnt Mr White says,
that the circumstances are definite
unfavourable for u. Canadian
flation For example, present
conditions and outlook in the Unlt-
cl States are not such as to suggest
the il1Il8.t10I115i»! Wink 15 3, wild Orgy Of unjustlfiabls losns, not a dcpos. itor in Csnads would leave s five- “ht Piece in our banks and over-
night the country would collapse, The ihflationists also point out that the wor1d’s gold stocks are insufficient for requfremgnts but their contention is exploded by Sir
John Aird, who recently remarked, "As the gold holdings of central
banks and governments have risen almost uninterruptedly since 1919- ttiey have increased by over '10 per
credit the statement that the world
had suffered from a. shortage of this metal may bc regarded fiction" Further, the Gold Delega tion of the League of Nations, though anxious about the future SUPPIY of gold, considered the con tenticn that the depression was due to a present shortage of gold
,st the Americans would regard to be wmwut foundation
h action on our part with con-
The further inflation of our dol-
dence. Accordingly, if we inflated, lm. would add to the already
ere would no doubt be heavy
tlidrawals of United' States de- lts in Canadian banks totalling tween twenty-five to fifty mil- on dollars, and would also result
heavy American selling of
Canadian Govemment bonds and other securities. These two reactions
would have a very harmful affect
lpon our public and private fin-
N112.
The facts show also that the
lc-called prosperity of inflation is dear-bought, and at the expense of the great body of plain-livinr;
people. Our advocates of inflation insist, however, that they are the ones who will most benefit, farm-
ers, wage-earners, :mtl dr.'bt0i's. They
overlook that rising domestic prices
and dearer imports would so
heighten costs ofrproduction that
an article by Mr. Hamblcy White cent since that yem__and as they
. _ V as
ly in . _ _
E th
IUC
H th vi
9°! be ii in
bllrdensonie extra. charges involved in meeting heavy obligations in New York which are payable in S0ld and must be honoured ss such. Defau1t.wou1d add at least 2 per cent pei- annum to thc cost of refunding and new borrowing and 2 per cent per annum is suf- ficient to spell the difference be- tween success or failure over the longer term. `
Finally, further inflation in
Canada. would lead to a flight of
domestic and foreign capital and
would increase present uiiscttlcment
and pei-pctuate it. Business would be reduced to a 'gamble in face of
an insecurity and instability with which no man could reasonably
cope. 'I‘here would also be heavy international speculation in the Canadian dollar as there was
any contemplated export advantage ` agalnsl, the Gemian mark, the “wo f ~ -
_ uld be more than can cilcd. This luffect has not been experienced
A 'ffwafdly in Great Britain as B Austrian krone, the Spanish peseta.
suit of the Gold Standard sus- dm-ing 1937-31 ,md the pq-and from
cnsion as it has l;ccn offset by a.
ailing world lzricc level, but it is
I be noted that the British price same group largely ¢ll,»¢¢¢,¢¢l all
vel has not followed world trends mes., gpegulsuons and this gmup
that tho 11511115 15 in iilflillliillf-li would probably interest itself in our
currency too, were we to adcp: inflation further than we have.
ked-for effects of thc deprccia- Sueh gpegulallon would probably
contribute to unwarranted depres-
Cf-S 0f S¢\‘01'al 0U`i0I` ¢0U“l1'i°S sing of our exchange rate and wild . hich departed f1`2n\ U10 GUM fluctuations with consequences
iearer domestic prices in the final
alysls. Then again many of the
n of the pound were offset by the
Standard along with Great Britain
and which fomied s "Sterling
bloc.” Also, S. H. Logan, General Manager of thc Caiiuclian Bank of
Commerce, made a power-lui remark
when he warned: “Tiicrc is a In eleventh place in 1930, and in 'further consideration flint com- twelfth place in 1901 amongst the
petitor contrics now li:u.in': dc- nations of the world in regard to
imports to Great Britain, the Do-
#still further dcpreciate tlicir cur- minion of Canada assumed fourth
_eencics and we should then have place during 1932, according to fs competition in depreciation with omciai fisures 01 the Board' 0! igsultg which no one can forctsll." Trade of thc Unlt€f1 KiI\l¢f'l0m. .1 The rcocnt action of New Zeal- which have been mceivccl by the
pi-eciaicd ciii't'cticl<:s ivuulrl lii':.i.»'.ibiy
-idnd in further drbasing its foreign
lsxchange rate is an cxample of The figures also rcveal that s what Mr. I/agan contcinplntcs and considerable increase in the British
Empire proportion of United King-
A'Nc\v ZcaIai~.d`s nct has raised a dom imports and exports took
lt should be well understood that
Itorm of contro\~ers_v at home and further reduced confidence abroad,
_those cndcavouriiig to do business
mcst nations have adopted retaliat-
ory tarlfl' mcasurcs to protect
domestic producers against a
_flood of goods from countries _with depreciated currcncics. Thus the exporters' advantages are further cnnccllcrl.
cluding Mr Leah state further that thcrc is n t enough money to
more credit. on the contrary. there ' any amount of available credit for sound 2:2121 but this credit is
not being applied to business be- cause there is no demand. If what
French franc between 1919 26, the
Italian lira, the Belgian franc, the
1931 till now. As far as can be
ascertained, it appears that the
disastrous beyond measure.
EMPIRE TRADE
Montreal Board of Trade.
place in 1932. The percentage of
43.69 in 1931, while last year the
figure was set at 45.33 per cent. The major gains were made during the close of the year and are at- tributed directly to the results of
the Imperial Economic Conference at Ottawa. '
domestic exports India still ranks
first as a leading market, with the
st.mulntc business, that we nccd_Irlsh Free State in second place
Other nations rank in the follow-
ing order: Australia, France, Union of South Africa, Canada, United
The advocates of inflation, fin- As regards the United Kingdom’s
18
states. Germany, the , Netherlands, and the Argentine. _ '
Great Britain's Empire imports in
more especially of course among 1931 was 28.13 per cent. while in
1932 it was 35.42 pcr cent. 'I'iie per-
with that country. Furthermore, centage of domestic exports was
'U
ir.-
,_,,_._..._s_._..__,__...,_.._.. ...-,... , .__,_...._................~.._ ----» .._=r».;~1.!.~rW ._ .. _
F T '
’li0TES BY THE WAY
Senator Hull of Tennessee who
has been appointed Secretary. of State in the Roosevelt Cabinet is a low tariff man and his appoint. ment is hailed by many 'ss fore. shadowing g general tariff reduc. tion.
President Roosevelt has a won-
derful opportunity, one of the finest ever given an American President, and we have an idea that he will rise to the situation, giving his fellow-countrymen the very lead that they need to lift them from the depression, giving them s. new outlook on intemational relations and trade, and most important of all, showing the other countries that Uncle Sam is ready and will- ing to co-operate; ready and willing to be fair; ready and willing to do the right thing for the general' rehaibilftatlon of a world that has been dazed and staggering for
Is the name “grandmother” los-
ing some of its ancient charm and dignity? asks the London Daily Exrpress. In claiming tc bc the youngest bearers of it, a surprising number of our women readers have protested against being known as “grandmothcr." The sum of their complains is that the term implies that a woman is :ict merely old, but out of date. Queen Mai-y is a grandmother, but, majesty apart, has anyone dared yet to rank her as out ci’ date? Lady Oxford is younger than most women of her years, but she does not scorn being called “g:randmother." “Grand- mother” is s. distinction of which no woman, young or old, need bc ashamed. It is her titlc-deed tc the inestimable privilege of a second stake in the future.
There are not wanting indications
that certain influential sections of American opinion are beginning t0 realize that there can be no hope of s. turn for the better in world affairs until there is a debt settle- ment of some sort, and that unless such a. settlement is efiectcd it is useless to talk about remeclying economic conditions. It may evcn- tually turn out that Americas resent financial emergency is a blessing in disguise, in that it paves thc way for si new and more liberal approach to the debt problem on the part of Mr. Roosevelt. He has s. greatlopportunlty, even as there is laid upon him a very heavy burden of responsibility.
The fear, says the Edmonton
Journal, that New Zealand butter shipments would again demoralizc the Canadian market may, from nil appearances, bc disirilssed for the time being at least. The New Zealand Finance Minister has stat- cd that his Government is prepared to consider regulating such cxporls in vicw of the alarm that . they
have caused. He clai_nis, however; that the treaty has been a lop- sided one in Canadasfavour. That may be so, and in any case this country cannot expect to increase thc sales of its products in the sister Dominion without making similar purchases in return. But a way of balancing the trade will have to be found without exposing our dairy industry to unfair com- petition. Its expansion and pros- perity mean too much too this country for any chance of its be- ing seriously injured to be taken. The extent to which that view is held by the Canadian piiblic was forcibly demonstrated three years ago.
The New York Times says: “OM
strong consideration in favor of thc Japanese contention has all along been admitted. This is that there has been no well-organized and stable and continuing Chinese gov- ernment with which a foreign nat- ion can make agrcemcnts. When the Covenant of thc League ol' Nations speaks of a country made the victim of aggressive action, it manifestly intends is cohesive and recognized govcrnnicnt, able to maintain law and order within its own boundaries and to speak for the wishes of its subjects and citi- zens. This has not been the case with China. since thc overthrow of the monarchy at Peking. other na- tions, inciuding the United states. have been embarrassed and baif‘cd by this lark of a central Chinese authority, but it is doubtless truc that Japan, in her more intimal: relations, has felt thc awkward- ness of the Chlncse situation more keenly. In fairness, let it be admit- ted that Jalpan has had real crm- plalntg and grievances in lvlnn- churia.
There is no way of knowing pre-
cisely, says the New York Herald Tribune, what Japsn‘s recent tm- pcrtations of arms and strictly war materials have been. She was said to have placed an $8,000,000 order for munitions in France in January, and last year sho bought, s consid-
erable number of machine guns
more than three years. i
J i
' .__,....,~. ‘ "“"` “‘\l»¢la»\v»-~ ¢a.......» ._ . . » - _ _
'rua cria1u.o'r'i1i'rowN cuaizniaw - - ,l gf” ~»-- -u-7'? r :_ m
I.
|» _
What 3011;: of yours
TESTING THE LIVER FOR
TROUBLE IN OTHER .
ORGANS
The x-ray specialist is often able
to help the physician and the sur- geon when they src in s. little doubt as to the advisabillty of an oper- ation. The physician knows the pst- ient, recognizes certain symptoms that would indicate the need of operation and other symptoms that
iiiiight make it advisable to walt a. -,little longer.'Tlie surgeon may not
be in any hurry to operate but in his opln1on,_as the operation has to be done anyway, the sooner it is
The x-ray specialist by making
the necessary pictures is able to help physicians and surgeon.coine to an agreement.
And now what is called the lab-
oratory pathologist physlcian, or specialist, by making various tests of the blood, urine, digestive juices, and spinal fluid, is able to tell the physician and the surgeon also, the working ability of various organs.
And the most important working
organ in the body is the liver, as it is the largest organ, contains 25 per cent of all the blood in the body, makes bile, stores sugar, helps make coloring matter for the blood, and destroys poisons or harmful sub- stances or filters them out of the blood. »
You can thus see that if any one
or more of these jobs are not being done properly by tlic liver, other pai-ts of the body-heart, lungs, stomach. intestines, kidneys-may all be affected.
This might easily mean that
treatment would be given_to these other organs while the real trouble was due to thc sluggishness or an 'inflammatory condition ofthe liver or gall bladder.
For some time now, before oper-
ation on the liver or gall bladder, various tests of the ability of the liver to do its work have been made.
By tlicse tests it can be decided as
to what is best for the patlent-lm- mediate operation, postponement of operation, medical treatment. 01' other measures.
It is now felt that tlicsc tests will
be of great help in the treatment cf heart disease of various kinds and degree, in thc condition and treat- ment' of the blood vessels-high blood pressure-and in the treat- ment of advanced kidney disease, bssides giving a fairly accurate idea of the condition of the liver itself.
iianaj
......_'-.
FROM ACRES OF YOUR OWN
Hera’s the road to independence, who would bow and dance attend-
ancc!`
Who with c'ei‘ it spark of prlfie, While the bush is wild and wide,
Would bc but a hanger-on,
Begging favors from a throne; While beneath yon smiling sun,
Farms by labor can be won.
Up! be stirring, be alive,
Get upon a farm and thrivcl
He's a king upon a throne. Who has acres of his own! Honest labor thou would'st shirk- Tiicu art far too flnc for work!
Such gcutility's a fudge, ` True men all must toil and drudge. Natures true nobility
Scoms such mock gentiiity; Fools but talk of blood and birth- Evcry man must prove his worth.
Upi be stirring, be alive.
Get upon a farm and thrive.
-Alexander McLachlan.
Little I-‘rcddlc did not know quite
HS much about scriptural history as he ought to have known, but when his sister asked him, “Where was Soiomon’s temple?" he was rather indignant that she should think him unable to answer a simple question like that-
“Do you think I don't know any-
thing?" he asked.
“Well. where was it, then?" ssld
his sister.
"On the side of his forehead, of
course-the some as other folks!" was the reply. _
from Great Britain, as well as some rifle ammunition. Japan is well equipped, moreover, to make licr own munitions: she has, of course, been straining every rc- source to build up her war stocks, and it scams highly unlikely that an embargo now which did not extend to raw materials, credit and ordinary commerce would have any material effect upon her operations in China. If moral suaslon leads to an arms cmbargo, than there is every reason to fear that the arms embargo would lead to s general cmbarzo. and what a general lim- lmrso would lead to no one knows. ,
done the better. t
i
i»UBi.ic_ FORUM
this column sl apoa fur ill » illacaaslou by uorrsapoudeala . -:I uueatloua of Interest. 'Ihr Charlottetown Guardian duel not ncceaaarlly endorse the
opluluna ol currsspuuilrntl,
11
P. W. C.
Sir,-My recent letter to your
columns with regard to the re- opening of Prince of Wales College was, ss I hardly need to assure you, not prompted by any desire to find fault or to criticize. Newspaper rc- ports however carefully prepared can hardly hope to cover verbatim all of the remarks made at some- what lengthy proceedings, and I sm glad to be assured both by the coi- umns of the press and by private communication, that the services of DT- G€0l'8e H. Locke in connection with the obtaining of grants for Prince of Wales College and the presentation of the charter of the Central Academy by Mr. W. I-I. P. Jarvis secured adequate and gener- ous acknowledgment.
I can speak for the alumni of
Prince of Wales College now resid- ing in Toronto, of whom there are several, in saying that there is much satisfaction in the promise of even greater days for the fine old institution and every appreciation of the disinterested efforts of Is- landers of all parties and crccds in the great work 'of education- which lies before it.
I am Sir, etc.,
F. C. AULD.
Tcroiito University.
TAIL LIGHTS
Sir.-It is surprising to mc that
more has not been written against lights on horse drawn vehicles, but, no doubt the reason is that no one believes any government would think of saddling our country peo- ple with such a. grievance. If it were anything that would be for the general safety of the travcl-
ling public it would be commend-
ed but there is no way that I can' see any benefits will be derived except to the “road hog speed fiend" who, when he runs into any one, can claim (rightly or wrong- ly) they had no light and that, of course, will clear him of all res- pons'bility. Then it is so near im- possible to have lights on all 1/Uh-i icles that it can never bc carried out and woe begone the vehicle without orie`._I do not believe it is the wish of farmer auto owners to,- have this trouble and expense at- tached to them, so now is your time to speak as notice has been given that ii, “Vehicle Act” bill iS to be introduced at the present scs- sion. '
I am, slr etc.
IL R. 'EMERALD
March 3rd, 1933. (No such measure is to bc in- troduced. Ed. G.)
AMERICAN CONDITIONS
By Hon. I-l. D. McEwen
Sir,-In our last -letter we pro-
mised some information re the con- dition of farmers in this country. We will take the State of Iowa as a sample, for thc reason that this state is considered to be one cf thc best, if not the very best farming state in this country. It is consid- ered the nution‘s storehouse for cattle and hogs, grain and poultry and general farm products. When we passed through this state in thc fall of 1929, wc were impressed with the fine appearance of its farms and farm buildings, fine fields, well tiiled and immense herds of cattle, hogs and great poultry producing plants. We decided that this was surely an ideal and prosperous farming community. But what are the facts? The 214,000 farms com- prising 34,000,000 acres, are mort- gaged for about 1,000 million dol- lars, or an average of $5,000 per fsrmgif all were mortgaged. From 1927 to 1932 45,000, (1-5 of the total) farms were sold by foreclosure for taxes or mortgages, and about 700 banks failed, addins more to the misery of thc people. Owing to low prices farmers cannot pay taxes and interest, and are becoming des- perate. They are beseigtng Congress at Washington for relief. Some want the prices of farm products stabilized, and that the Government Ply the difference between what the farmer gets and the stabilized price. but there are so many diffi- culties in carrying out this plan that it will not become law. For instance. they claim that it taxes llfc to produce a b ushel of wheat, for which they have been getting about 30 to 35o and so on all through the list. As matters stand the farmers are in a state of semi- rebellion, and what the end will be no one can fell., The following clip- Wlfi from a local Wiper further explains the situstion:-
Ifl F-lnlsoid county, south of
Des Moines, William Runkel, re- ceiver for the Lsmonl Stats savings Bank, one among the hundreds that have failed here, had ordered s foreclosure sale of the farm of II. A,
Gilliland. The bank held a mort-
I .-. .
. , .4 ,
. ~ , Y
~ , y
' ¢
you can' covivr on
A risiisiin , iiunuiiiic oii
.c rslfsvc pain, indamatory .xwcl.linga, stiff joints and nusclcs, and also as a relief. 'or lslneness.
ln fact, Pexiar Limbering Jil is the ef! tive remedy iii so many different cases- that .t should bc kept handy in :very household.
We know of several cures of nflamstory rheumstlsm due to this preparation, right in the city and also some in the country.
lt is being called for every
day and we wish to make everybody suffering from rheumatic ailments acquaint- ed with lt.
Only 50 Cents A Bottle.
E. A. FUSTER
CENTRAL DRUG STORE
___i_.____<ii- gagc against him.
The auctloneei' arrived the day of
the sale to find himself superseded on thc block by it farmer. A $200 team of horses sold for $4, a wagon for 25 cents, cows for $1 each and brood sows for '15 cents each. The sale brought approximately $35. Runkel hurried to the farm when hc learned what was happening but was powerless against thc 100 or more embattled farmers.
Similarly, near Perry, at a fore-
closure salc of the farm of George Rosander. Only in this instance some 1,500 farmers attended, The Judgment was for $2,500. A cow was bid in for a dime, horses , for 15 cents, while a tractor went for $1-50 The mortgage holders realized but $45.05.
One mortgagee with If llldklnefit
for $2.500, forcclosing his mcrtgntift yesterday, got forty-flvc dollars for his $2.500 mortgage. Fiitccn liimd- red farniers stood around near Des Moines, Iowa, and bought in cows for ten cents each, thc price of a quart cf milk in the city, horses for fifteen cents, it tractor for one dol- lar and a. half. That will not help the sale of mortgages on farms hereafter. ,
After thc "Kingfish" had blocked
action on the Glass Banking bill
and the Dcflcieiicy Apprqpylation bill at a iivc-and-a-liaif-ho r scs- siou, Senator Thomas iD.) of Okla- homa, declared: .
"I can scc something resembling
a revolution in this country. We have thc spectacle of 1,000 hungry. homeless and ragged people sur- rounding the Capitol at Sacramen- to, Cai. Ono fourth of the land ln Spottsylvauia, County, Va., was sold for taxes today. In Iowa, force was uscd to prevent the sale of farms. Oklahoma judges arc refusing to consider foreclosure petitions. In Pennsylvania o. Sheriff sold a farm for $1.80, cows and liorscs from 3 to 5 cents."
This will give some idea of the
condition of farmers in this great farming state heretofore looked upon as the “bread box" of the na- tion. As conditions :irc similar in all the States east of the Rockies, we will just mention the State of New Jersey. This State has at its door the largest and best market in the world for its products, yet wc find that the report of the Commit- tee of Governor Moore last Decem- ber rcvcals that of the 10,564 farms occupied by full owners 9,020 are mortgaged for about 40 inillion dol- lars, or over $4,000 each, and thatin 1032 about 400 farms were sold at forced sales. The Federal Census shows that the average mortgage debt in this State is $66.83 pcr ticrc and has lncrcascci 16 pci' ccnt. since 1925.
The same thing applies to Simms
further South. A farmer in Georgia wld US that the price hc received for his cotton this year, about 5 1.2 cents per lb., scarcely paid for me l°b0r. leaving nothing for fertilizer or profit.
DR U G SPECIALS
FREE! 50 Piece Jlg Saw Pulllc with Purchase of Prophylactlc Tooth Brush 50c. _ mimi
25|: Box Bsyer’s Aspirin Tablets .... . . . . 22|;
50c Box Bnyer’s Aspirin Tablets 304: $1.25 Bottle Baycr's As- , Dido Tablets 80c csc Bottle A. B. s. si c. Tshlcts . . . . . . 194; Mc Jar Vicks Vupo Rub.. 44|: £1.00 Bottlc Enos Fruit salts ‘lilo
$1.00 Bottlc Beef, Iron and Winc . . . . . . 88c
$1.50 Bottle Fellows Ily- ilhosphltes ............. $1.29
$1.00 Buttle Nujol ...,,., 891:
, 40c\ Bottle Lysol ......... 20a ‘
uiissz mA.cs`
DRUG STORE
1 i
\
in the Guardian.
t County.
PONY CONTEST
MARCH 9. 1933
_
|i0MI|iATl|iG C0l||’0|i PONY GUIITEST
DEPOSIT AT PRINCE EDWARD OR CAPITOL THEATRE WORTH
. ` 1000 VOTES '
Name
i
» »'a'a'¢a foo a'rs'e'a‘ra rua s s's ears s va s rn a e o Q rs_l
'I'he Guardian Offers the Following Votes:
3 Months Subscription $1.25 0 Months Subscription . . . . . . . . $2.50 1 Year (Suburban) Subscription $4.00 1 Year (City) Subscription $5.00
5.000 Votes 12,000 Votes 30.000 Votes 30,000 Votes
Office.
Partial lists of contestants will appear each day
- The Contest open to all children in Queens
l
FOR PERFECT
TEA FLAVOR
' -Usa-
Brahmin Urange Pekoe Tea
Sold Only in Red Alrtlght Packages.
These facts show that farmers in
this country are “up against 1t" and arc becoming desperate. President O'Neal of the American Farm Bureau Federation says, "Unless something is done for the Ameri- can farmer, we will have revolution in the country side in less than 12 months." I.. A. Simpson, president of the Farmers Union says, “The biggest and finest crop of revolu- tions you ever saw are sprouting all over this country right now."
Of course, there will bc no "revo-
1ution," but these facts go to show how matters are with the great and most important food producing class in this country.
The “Glass bill" now before Con-
gress is a “try” to improve the Banking System ln the U. S. It is meeting with strong opposition from the big interests of Wall Street as well as from thc small banks, but I prophecy that it will become law. People in this coiuitry have little faith in the banks, 1, 302 of which failed in 1932 with deposits of $664,358,000 and demand some better security for depositors. In the debate in Congress over this bill, thc British and Canadian banking system was held up as a pattern for them to copy. We surely felt proud of our banks and proud- ci- still to be a Canadian. As a. mat- ter of fact many shrewd people here do not put their-money in banks
but use deposit vaults and other hiding places. The numerous fail- ures have driven tltem to this. When we left home we were re-
commended to banks in different places as agents or correspondents. In St. Petersburg we looked up the Bank so recommended but was told , that “it failed two years ago an i was irr the hands of it receiver. | Mr. Adoo, Senator Elect from California says that there are 49
d i.
banking laws in the United States. One for each State and one Feder- al and that the. system is the worst of any country in the world. One of the great reasons of failure is that banks here are allowed, to lend money on real estate, and when the mortgagor cannot psy principal or interest, the bank assets become “f`rozen." The depositor’s money is tied up in such frozen assets. We know of an old man who bought a home at St. Pctersburgh and depog. ited the balance of his money, $16,000 in a bank to provide for hs and his wife in their “old days. In a few weeks the bank failed and
away. This is only one of thousan of similar cases in this country, su that distrust of the banks is ni surprise.
‘ This is ample to show coiiditioni
and state of mind of farmers in this country. The laborers of Lliii country are also "up against lt." 1| is slated that about 12 million an out of work who, with their depen- dent-S. means a population of 25 to 30 million or about 1-4 of the total population. Of course, no om starves to death, but thousands an only existing. People are very char- itable and contribute largely and WIIUIIBIY 1-0 help the poor, but thin is but s. makeshift to tide over thi present dcpremion. It does scent strange that while this country hai more gold and wealth than any other, yet at the same time has more unemployment,
The m°m|I18 paper just to hand
has big headlines stating that thi banks 'will be closed for two days Wall Street is in s panic because
currency from the banks. A special 99551011 °f C0I\8iess` is to be con-
Continued on page 6
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the old mun's living was swepm
the heavy withdrawing of gold ang