The Leader Tribune (Laverne, Okla.), Vol. 10, No. 47, Ed. 1 Friday, May 19, 1922 Page: 4 of 10
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T— UV1IWI L1APW.T1I1UW. LAVBHltl. otfAWOWA
Peary Memorial Unveiled by the Admiral's Daughter
Mm. 10(1 witril Ktuft’orri, tlulltflilor of the lute Hour Admiral Holierl K. I'ettry, unvellllitc Him memorial to her futhi>r,
Ihe discoverer of the North Pole, ut Arlington Nutlonul cemetery, Her brother, Hubert K. Peary, atumla ut the right
of the picture. The tueinorlul stunds on u hill ftppnaite the Memorial amphitheater.
Europe Redeems
Printed Money
Hoarded Stocks of Gold and Cur-
rency Make Appearance as
Exchange Falls.
MOST VEXED WAR PROBLEM
European Countries Flooded With
Cheap Money When Emergency of
War Compelled Abandonment
of Gold Standard.
Washington.—Students nf Interna-
tional finance and economics lire
aware of n new development In con-
nection with the depreciated currencies
of tliurope. These currencies have con-
el Hated one of the most vexed prob-
lems brought on by the war.
The need for greatly Increased sums
of money, brought nhnut by the war
cost, was met by most of the nations
liy the Issue of paper currency with-
out relation to gold reserve. In nor-
mal times Ihe paper currency of n na-
tion has a definite gold reserve, gen-
erally nhnut -1(1 per cent. The emer-
gency of war caused the abandonment
of lids reserve by all belligerent na-
tions excepting the United Stales, be-
cause the national treasuries of these
cations lacked ndeqitote gold to main-
tain Ihe reserve ratio, la the failed
Stales the treasury and the federal re-
serve hanks discouraged use of gold
und gold certificates for general circu-
lation and accumulated the greatest
slock of gold ever assembled In Ihe
history of the world. It was with-
drawn gradually from circulation and
idled up In ihe treasury and the vaults
of the federal reserve hanks.
An Inevitable result of lids policy
was that during the war and following
the armistice the European printing
presses, being definitely oat loose
front the retarding element of a gold
reserve, kept on running at high
speed, turning out reams of paper
money which went Into circulation. It
Is a natural rule that the Increase of
the supply of anything makes It cheap-
er. 'litis Is as true of money ns of
ootil or potatoes. The result was that
tills plentiful supply of paper money
made money cheap. In other words,
people who laid consumable goods lo
sell would not exchange them for as
sin a 11 n quantity of the cheap money
ns nf the old-fashioned money, hacked
by gold. Tills meant that prices rose.
The United States experienced Infla-
tion of currency hut of a milder char-
acter. The gold standard was not
abandoned here. Prices rose In this
country 100 or 200 per cent In some
cases, but in Europe they rose thou-
sands of per cent.
Exchange Hurts Europe.
A fnrtlier result was that European
money, being cheaper und more plenti-
ful than Amerlenn money, foreign ex-
change became unfavorable to Europe.
Unit la, European money would not
buy as much here ns American money
would buy In Europe.
There Is a law nf economies known
ns Qreshatti’s law, which lays down
the rnle thnt where two kinds of
money are In circulation nnd one Is
much Inferior In value to the other,
the more vnluahle type will retire.
1‘eople who have It, believing It to he
of greater value and therefore more
worth keeping, will hoard It nway.
This tvns done to a great extent till
over Europe. As the Inllatlon pro-
gressed, people who had gold pieces or
silver money or paper money nf na-
tions In better financial slinpe than
their own hid this wealth nway and
used the more plentiful cltetip paper
cnrroncy.
The extent lo which European In-
llntlon Ims gone Is notorious. The
IDuropcufi news entiles every dny sny
something of the difficulties being ex-
perienced aa a result of tho Inflation.,
The .ItUMlun ruble and the German^
mark are favorite comic picture nnd
vaudeville theater Jokes because they
have become so cheap. It now costs
mm than 100,000 rubles to buy a
(Mat In Ruaeli,
The Os runs nark, which In normal
times was worth 111 wlint Is enlled the
pur of exchange, nearly a quarter In
American money now is so cheapened
that you cun buy three marks for an
American penny. The Austrian crown
has been as cheap ns ",000 for #1. A
$10 hill of American money In Kussln
would exchange for enough rubles to
make wlint would have been a Hus-
sion fortune before the war.
Trade, especially International
trade, has become very difficult under
these conditions. The problem of re-
storing lliese currencies to something
like normal value Ims perplexed Euro-
pean financiers and economists ever
| since Ihe Inflation started. It Is one
of the Idg questions before the Genoa
conference which Ims been called to
solve European economic and political
problems. The United States declined
an Invitation to this conference, part-
ly because of Ihe danger of becoming
Involved In so unstable n condition of
affairs as thnt created by Ihe cheap
currencies.
Development Surprises Experts.
Now, the new development which
has surprised economists In connec-
tion with this situation Is the discov-
ery that there Is a tendency on the |
part of Europeans to bring about a
hitherto undreamed of method of cor-
recting the Inflation. Many plans have
been suggested but none has been
found practical, The new develop-
ment Is one which, If It continues, will
lend to correct the situation without
Ihe aid of conferences or politicians.
The development is hailed as a re-
versal of Gresham’s law. The fact
seems to la- that Ihe people of Hussln,
Germany and Poland and some of Ihe
other nations having Imdly depred-
ated currencies have become so dis-
gusted with the nuisance of dealing
with cheap money that they are bring-
ing out of hiding their hoards of gold
nnd other vnluahle money. A case
Hen Lays Daily
on Kitchen Table
York, Pa.—A pvt Plymouth
Rock hen, owned by Churles E.
l.nucks of Ited I.lon, delivers an
egg each dny on Ihe kitchen
table with more grace und In-
telligence Ilian the ordinary
huckster.
The fowl found the kitchen
door ajar one morning, slipped
in, llew upon I ho table and
scratching together several
pieces lit paper, deposited s
cleun white egg, ready for use.
Since her first effort the door
Ims been left open, but when
Mrs. l.nucks forgets to do so, the
pet cackles for admission. The
lien has been so regular thnt
a small cushion has been placed
on the table, and each day she
comes in und deposits nn egg.
»»o»o»#--o--o»a»0“0--o--o--o--a--o--0"0--0”0"«"a»*»a“0»o 4
Why Caatoria?
Y^ARS ago Castor Oil, Paregoric, Drop* and 8oothlng 8yrupi were the remedial
in common use for Infants and Children) Oaator Oil to nausoating aa to bo
almost impossible and the others all containing Opium in one form or another,
u-u80 M *° Ina^e them pleasant to the taste, yet really tostupify the
child and give the appearance of relief from pain.
It required year, of research to find a purely vegetable combination that
would take the place of these disagreeable, unpleasant and vicious remediea that
lrora habit had become almost universal. This was the inception of, and the reason
for, the introduction of Fletcher's Oastoria, and for over 30 years it has proven its
worth, received the praise of Physicians everywhere and become a household word
among mothers.
A remedy ESPECIALLY prepared for Infants and Children and no
would think of giving to her baby a remedy that she would use for
without consulting a physician.
Children Cry For
■g rrr>v5-x!•• ywim
mother
for herself
:■ =^.:
' .a
. > i i = ] F!
- I 1 :j 11: !
- i In. i an is l Hill"" \
I SSS&SS
•either
Mineral. NotNai
V >" <’
HARDING SPORTS TROPHY
.....
■ ■ . . ' :: mBa&towc?
■
~i/
W I
< >2*
L: ■
'-v.\
Illustrating this new development re-
cently whs reported by n Rrltlsli trad-
ing firm. This firm sold a hill of goods
to n Russian dealer at Rostov. Pay-
ment was received In a miscellaneous
assortment of cash. It consisted of
American gold, checks drawn on
American bunks, American hills of ex-
change, English currency und checks.
Turkish gold and checks nnd notes, i
French currency and checks und Rus-
sian gold rubles. Obviously, with tho
exception of the checks, this payment
was made from good money which
doubtless hud been hoarded since the
wur.
Agents of the American relief ad-
ministration In Russia have reported
similar instances of people bringing
out gold nnd other metal money, Tho
same Is true In Poland, Germany and
Austria.
Currency Revolution Seen.
Wlmt economists see in this devel-
opment is the possibility of u gradual
revolution In European currencies.
For Instance, the Russians have dis-
covered Hint their own rubles nro
nearly useless hut that they cun get
Idg value for llrlllsh or American or
other good money. Consequently they
will try lo get hold of us much of lids
foreign money ns possible.
In early days In Europe lids same
phenomenon occurred. Money Issued
at the great hanking centers of Ven-
ice, Antwerp and a few other cities
came Into general use all over Europe,
displacing cheaper native currencies
because everybody knew It was good
money.
Recently, the United States treasury
removed the Iran front the free issue
of gold nnd gold certificates. It Is
thought possible by economists nnd
students of international finance that
n good deal of this gold money, knows
all over the world us being ohtainuhla,
will reach the countries nhroud having
depreciated currency nnd become pop-
ular as a vnluahle medium of ex-
change. This has not been possible
until the lust few days because the
treasury and the federal reserve banks
would not let gold go Into general cir-
culation, but now it Is possible for
foreign-born Americans to get this
money nnd aend It to their relatives
abroad.
It Is recognised thnt this process of
substitution of foreign money for the
depreciated native currencies wnuld
he slow, hut some economists believe
i hut It Is n possible hut necessarily
slow solution to the European enter
gency problem.
UtCOTlC
ajyae&sBsr
facsimile .Mnstar*.*1
IBS GEXTACS COHT.O«
nrrw YORK;
Have You Tried It?
Everybody has read the above headline; how many believe M
Have yon a little-one in the home, and haa that dear littla mitt
when ita stomach waa not just right felt the comforti that coma with
tho use of Fletcher's Caatoria? You have heard the cry of pain.
Have you heard them cry for Flotcbor'a Caatoria? Try it.
Just help baby out of its trouble tomorrow with a taste of Caa>
toria. Watch tht difference in the tone of tho cry, the look la the
eye, the wiggle in the tiny Ungers. The transformation is complete—
fTom pain to pleasure. Try it.
You'll find a wonderful lot of information about Baby in the
booklet that it wrapped around every bottle of Fletcher's Caatoria.
GENUINE CASTOR IA ALWAYS
Bears the Signature of
Exact Copy of Wrapper.
The hardest tiling some men have
to learn Is tlint the other fellow Is
entitled to something.
COPS FIND GUN CHECKROOM
President Hording altered this tro-
phy for winter sports nnd It has been
won this year by Dartmouth college
and Is to be presented shortly under
the auspices of Ihe snowbirds of the
Luke Placid club, Ths cup Is the first
trophy tvsr presented by a president
ot th* United Utatsa to sucourugs itb-
lotim.
Discover Station Where th* Qunmsn
of Nsw York Park Their
Artillery.
New York.—The checking business,
which Ims made rapid strides with the
opening nf checkrooms for Imhlea and
parking stations for lluppers' corsets,
has been broadened again.
The police announced here that they
hud discovered a checking station for
pistols, where members of the under-
world may purk their artillery whea
they have a few hours of leisure.
Most of the cRy's gun wlelders ap-
parently were nn the crime path, how-
ever, si tho parking station bad only
two pistols oo Ita abalvaa,
Lloyds
Baby Carnages 6-Furniture
Ask Your Local Dealer
WriteNow
for 32-Page
Illus-
trated Mil
Booklet
.The Lloyd Manufacturing Company
(HtywooJ-Wak*/iiU Cs.)
Dept. £
Menominee, Michigan (16)
Gant of ths Old School.
Gipsies apparently do not tuke
much stock In the newer feministic
theories, A swarthy nomnd nnd his
gnlly-dreescd wife came Into u cigar
store on Cadillac square. He bought
some good cigars for himself and a'
package of pipe tobacco for her. Site
demonstrated with him in gipsy lan-
guage about something, turned her
buck to him und started for the door.
Ills face clouded with anger, he raised
Ills large foot nnd administered a lus-
ty kick thnt was forceful enough to
send her through the swinging doors.
She mndc no protest und they walked
away together.—Detroit News.
Walt a Little.
Lady—Tube, I'm sorry to hear your
I wife got u dlvqrce.
Tube—Yessuni, she done gone buck
i l<> Alabama.
Lady—Who will do my washing
now?
Tube—Well, mum, I’se co’tln' again,
and I co’ts rapid.—Topics of Ihe Day
l Films.
The original family tree was of ths
apple variety.
la Indispensable In all casts |
of Cough, Cold, Influenza,
Distemper, Pink Bps,
Reaves and Worms among horses and
males. Give sn oecsslc
live sn occasional doae as a 1
preventive. Excellent for Dog Distemper I
cnh o?icrk:n Write for Fret Booklet
Bold In two Rites.
SPOHN rn Die At <0 f.OSMIN INI) USA
Ladies Keep Your Skin
Clear, Sweet, Healthy
With Cuticura Soap
and Cuticura Talcum
Taste is a matter of
tobacco quality
We ttste It si our honest
belief that the tobaccoi used
in Chesterfield ire of finer
quality (and hence of better
tatte) thin in any other
cigarette at the price.
LitfiU V Mjtri Ttimett C*.
'J
Chesterfield
CIGARETTES
qf Turkish and Domttle tobaccos—blondod
20 tor Ita
10 for 9e
Vacuum tint
of 30.43c
JH
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Ray, Leslie I. The Leader Tribune (Laverne, Okla.), Vol. 10, No. 47, Ed. 1 Friday, May 19, 1922, newspaper, May 19, 1922; (https://gateway.okhistory.org/ark:/67531/metadc826589/m1/4/: accessed April 25, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.