THE NOME DAILY NUGGET
GEO S. MAYNAKD. Editor
RUSSELL G MAYNARD. Manager.
Published every evening except Sunday by The Nome
Publishing Company. Nome, Alaska.
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MIt. ROPERS FORECAST
Secretary Roper of the Commerce Department has
for some years gained the distinction, not shared by all
the government’s present chiefs, of envisaging easily
and practically matters of economic interest which con
cern his department’s activities. For that reason, his
forecast recently of the country’s financial future at
tracted interest. Mr. Roper’s expression of judgment
is that “we have entered not a temporary but a long
termed upward swing**; that we are “approaching one
of the greatest eras in American history.” The pre
diction has a tinge of enthusiasm but it can hardly be
called extravagant, in the light of what has happened
in the aftermath of past great “depression periods”.
Our country’s financial history has repeatedly proved
that, in the hard times following collapse of a wild spec
ulative “boom”, the people sorrowfully adopt the con
clusion that American prosperity has gone forever; only
to discover, when the difficult process of retrenchment
and readjustment had been completed, that subsequent
recovery eventually carried the country’s economic
achievement to heights never reached before.
This is the commonplace of American economic
history. But the Secretary’s further remarks on our
economic future raise another question. Mr. Roper
very correctly reminds us that one of our greatest dif
ficulties will be “to prevent segments of business from
“boom conditions.” This is only another way of say>
ing that continuance of the prosperity which the coun
try eventually should regain depends on prudent use of
credit and an avoidance of speculative mania. The Sec
retary intimates that these very desirable results may
be achieved by what he calls a Bureau of Industrial
Economics Inferentially, it would be the business of
such a governmental byjreau to examine the actual facts
or implications in outbursts of speculative excitement
and, by warning against possible excesses, to protect the
public from what happened in 1929..
Nothing could be more useful. The difficulty is to
insure the detached and dispassionate view of such an
episode by an official body. Today and during four or
five years past, our prudent experts, our chambers of
commerce, and even our thoughtful government offi
cials, could be depended on to warn against financial ov
erconfidence. So they could have been in 1923, for in
stance, or in 1897. But how about a time when, as hap
pened in 1929, the speculative illusion had not only
gained control of the public mind, but had become al
most inextricably bound up with politics?
We do not need to remind the reader of President
Coolidge’s remark of January 1928, when “brokers’
loans” had increased nearly a thousand million dollars
in six months, that this was a “natural expansion of
business” in which there was “nothing unfavorable”.
The attitude of almost every competent practical ad
visor in that period was shaped either by surrender
on his own part to the popular illusion, or else by hesi
tation at denouncing a speculative movement which
was considered an enthusiastic tribute to American
prosperity. Reminiscently, one can imagine the public
indignation if the President or his Treasury Secretary,
in the middle of 1929, had publicly and emphatically
warned the people of what would happen to them if
they did not stop their speculation. Among even our re
sponsible financiers Mr. Warburg’s was almost the only
voice to tell the truth, and he was denounced for try
ing to “sandbag American prosperity.”
Perhaps the exceedingly bitter lesson of 1929 will
last longer than others of the kind. Perhaps we shall
evolve a race of responsible financiers or public men
who will understand their duty at such times, and will
not allow popular obloquy or denunciation to stand in
the way of honest and plain-spoken warnings. Wheth
er any official body could perform that service is more
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of a question; we all know how the view of the Wall
Street situation by the Congress of 1929 contrasted with
that of the Congress of 1933. But Mr. Roper is right
in believing that some one ought to be made to recog
nize the duty of speaking plainly and honestly on
such occasions.—New- York Times.
COST OF OLD AGE PENSIONS
Speaking before the convention of the American
Bankers Association, the president of the Metropolitan
Life Insurance Company, Leroy A. Lincoln, while ex
pressing sympathy with the aim of providing reasonable
aid to our needy old people, warned his hearers that,
if we are too lavishly generous in this respect now, we
run the danger of a future burden of taxation which
may destroy our ability to take reasonably good care
even of those who may be in the direst need. To give
$50 a month to every one 65 years old or over on the
basis of 1934 population, he pointed out, would call
for $4,429,000,000 a year, while $200 monthly would
be $17,688,000,000. If we reduced the age limit to 60
it would require $6,864,000,000 to pay $50 a month and
$27,456,000,000 to pay $200. These estimates make
no allowance for administrative costs or for the steady
growth in the proportion of our aged population in fut
ure years. To recognize what these sums mean, we
have only to recall that the total revenues of the Fed
eral government from all sources in the last fiscal year
were only $4,116,000,000.
Mr. Lincoln’s figures are hypothetical. But an
other life insurance company president, M. A. Linton
of the Provident Mutual of Philadelphia, who was one
of the actuaries associated with the Committee on Ec
onomic Security which laid the framework of our pre
sent Social Security Act, has already made calculations
of the most of our actual government insurance pro
gram. He estimates that all together the old-age assi
stance taxes, old-age payroll taxes and the unemploy
ment payroll taxes provided under the Social Security
Act will probably amount in ten years to $3,000,000,000
annually, and to $4,000,000,000 annually within twenty
years. These estimates do no include any allowance
for the cost of such forms of aid as assistance to the
blind, to dependent and crippled children, for maternal
and public health, which are also provided by the new
Federal Act.
Most reformers talk only oi tne adequacy oi
the various insurance payments. It is important that
such payments should be adequate. But we cannot
afford to neglect the other side of the question—the
prospective cost of all this to the nation as a whole.—
New York Times.
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-NOME HI NEWS
(Official News Organ Of Nome High School)
EDITOR.MARY HOOD CHAPMAN
Friday, Nov. 6th, 1936
The Nome Chapter of the Boy
Scouts met at the City Hall Wed
nesday night. The main event ol
the evening was the giving of sec
ond class tests by Mr. R. Webb of
the Radio Station. Those who
took and passed these tests were
Ernest Burgh, Floyd Wheeler, &
Kermit Rock. Mr. Webb will
give first class tests next Wed
nesday for the benefit of those
who have not previously had an
opportunity of taking them.
The Senior Class met Thursday
afternoon, selected their class
rings, and made plans for three
class functions the nature of whi
ch have not been disclosed.
The Junior Class has almost
completed plans for the Junior
dance to be held in the High
School Gym on November 13th.
This is the first dance to be held
in the new gymnasium, and pro
mises to be a very successful one.
GENERAL NEWS
The curtain for the stage has
been put up, but the back-drops
and spotlights are not yet mount
ed. However, the stage will, in
all probability be ready for use
at Open House.
The date for Open House to be
held at the Nome School has been
set for November 11th at 8 P. M.
Following is the program:
The First Grade—Acting out of
Mother Goose Rimes,
Sing a Song of Six-pence,
Little Miss MufFet.
The Second Grade—Dramatiza
tion of the Story, “The Bre-'
mentown Musicians.
The Third and Fourth Grades—
Dramatization of the story,
“Hans and the Four Giants."
The Fifth and Sixth Grades:—
A tap dance.
Songs—
j The Seventh and Eighth Grades:
‘When Irish Eyes are Smiling
I >
“Long, Long Ago.”
The High School:—A One Act
Play—“Fourteen.”
In addition the students will
offer desk displays of work ac
: complished during the year.
—
The High School ranks boast
the addition of two new members
—Pearce Walsh and Walter Slack
Jr., who have come back for
some post-graduate work.
To avoid unnecessary confusion
and congestion in the halls, the
high school has been requested to
use only the west entrance, and
the grade school, the east.
The High School-Federal base,
i ball team has organized, electing
Mr. E. E. Kirkpatrick coach, and
Mr. Calvin Pool manager. Prac
tices will be held at 5 P. M., on
Mondays and Wednesdays until
JUST RECEIVED
OLYMPIC AND SCHLITZ BEER.
Also Bulk Wines and Liquors. We Are Closing out
Our Entire line of Mens Furnishings Rubbers
Boots and Pacs.
NOME LIQUOR STORE
(Next Door To Fire Station)
i 1
ARCTIC BEER PARLOR
AND CARD ROOM
Between Pioneer Drug Store And Dream Theatre
Jack Solomon, Pron.
the series starts. The High Sch
ooLFederals and the Alaskans
are to play the Christinas benefit
game shortly before Christmas.
The High School English and
History classes under Mrs. Bock
man’s supervision have been bus.
ily engaged for the past week
drawing large pictures and maps.
These though scarcely works of
art, will certainly add to the at
tractiveness of the room.
VOCATION CLASS NEWS
The Home Making Class has
spent the week making collars
and working on their parkas. A
nerw Flamo range of the latest
model has finally been installed
in the room, much to the delight
of the class, and the girls have
taken turns in preparing such
delicacies as muffins and toasted
cheese and crackers for the class.
Last Friday the Home Making
Class gave a delightful party in
honor of Mrs. William O’Mara,
lately one of their class. Mrs.
O'Mara received many lovely kit_
chen gifts. The afternoon was
spent sewing and talking, and a
delicious buffet luncheon of salad,
sandwiches and coffee, which was j
prepared by the girls, completed
the truly enjoyable affairs.
The Manual Training Class has
now completed its metal-working
table, and installed a metal and
a pipe vice on it. Two of the cup
boards in the storeroom are also
completed. They have been busy
this week refinishing some of the
old tables for use in the Home
Economics room.
The seventh and eighth grade
Handcraft Hobby Class has start,
ed working on individual projects
—match boxes, trouser racks,
pencil pointers, and book ends.
GRADE NEWS
The first grade are very proud
of the new reading work books
they received Thursday, and are
already making excellent progress
in them. They have also been
learning to write numbers. Billy
Waldheim is beck at school,much
to his class.mates pleasure, after
a long seige of illness.
Second grade news. Bo Mozee
wrote this week’s news.
The second grade had a Hallo
we’en party. (Friday, Oct. 30.)
The first grade was invited.
It was funny when we played
pin the tale on the cat.
Miss Bonstrom read us a Hallo,
we’en story.
We had cookies and candy.
The candy had funny faces.
We had lots of fun at our party.
The fifth and sixth grade party
last Friday was very successful—
lots of good eats and many games.
The art class has been recovering
the library books, which now
look very attractive. Several of
the pupils who have dancing ex
perience are working on a tap
dance number for Open House.
The third and fourth grades
have been very busy working up
the play they will give at the
Open House—choosing the char.
(Continued on Page Three)
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