THE CORDOVA DAILY TIMES
Entered at the Postoffice at Cordova
Alaska, as second-class matter
H. G, STEEL
EDITOR AND PROPRIETOR
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THURSDAY, JUNE 24, 1920
REPUBLICAN TICKET
For President—
WARREN G. HARDING.
For Vice President—
CALVIN COOLIDGE.
For Delegate to Congress—
DAN SUTHERLAND.
For Senator—
E. E. CHAMBERLAIN.
For Representatives—
A. E. LATHROP
JOS. H. MURPHY
R. E. ELSNER
A. H. FRAME.
THE UNITED STATES IS PANIC
PROFIT
Confidence that the currency and
banking system of the United States
has made the country “panic-proof”
under wise financial leadership is
expressed by the National Bank of
Commerce in New York in an article
bearing the title, “The Normal Busi
ness Cycle,” in the June number of
its magizine, Commerce Monthly. The
federal reserve system, the bank says,
has been devised to make panics im
possible in the future, and there is
abundant reason to expect that we
shall not see again in this country
such demoralization and chaos in the
money market as the years 1893 or
1907 witnessed.
No currency and banking system
can avoid the recurrence of crises
in the sense of liquidation periods,
or periods of readjustment, but we
have strong grounds for confidence
that, under wise financial leadership,
our currency and banking system has
made us panic-proof.” the bank states.
Periods of reaction and liquidation,
unless too violent and prolonged, are
wholesome rather than harmful, the
bank says. It explains that such
crises are merely phases of the gen
eral rythmic movement in business.
It differentiates, however, between
crises and panics, defining a crises as
“an affair of industry general!/” and
a panic as “an affair of the money
market.” It declares that sound bank
policy can and does prevent crises
fiom degenerating into panics.
"As our understanding of crises
has increased,” the bank states, “we
have come to substitute for the notion
of crises the notion of ‘business cy
cle’ and to recognize that the crisis
is merely a phase of the general
rythmic movement in business—crir
sis followed by depression, depression
by prosperity, prosperity by crisis
again, and so on. There is no good
reason for believing, too, that with
better understanding of the business
cycle we are gaining better control
of it, that the period of prosperity
can be lengthened, that the crisis can
be made less severe and that the per
iod of depression can be shortened. If
we can minimize the extravagance
and mistakes of the prosperity per
iod we can make the reaction from it
less severe. This relates to the normal
crisis.
“Great disasters, such as a world
war, will bring derangement under
any system imaginable. Natural
disasters—earthquakes, fires, tidal
waves, crop failures and the like
striking at great and rich centers of
population, may bring unexpected bus
iness and financial shocks. But the
normal crisis which brings every pros
perity period to a close can ultimately
be reduced to a relatively painless
process of readjustment.
“Crises come when active business
men find that their creditors, whether
banks or investors or other business
men, begin to insist upon a contrac
tion of credit and a liquidation of
debts. A crisis means the end of a
boom period, the inauguration of a
period of slow business and depress
ion, accompanied by a settling up of
debts and a readjustment of prices.
“Periods of reaction and liquida
tion,” according to the Commerce
Monthly, “relieve maladjustment and
strain. They prevent unsound poli
cies from being carried too far. They
give time for the maturing of new
plans and for the careful introduction
of new processes. They check wastes
and restore efficiency. They allay
financial fevers. They need mitiga
tion and control—but progressively
we are learning to mitigate and to
control them.”
“When the banking and currency
system is sound and elastic it is al
most always possible to prevent a
crisis from degenerating into a panic,”
the bank continues. “It is no part of
the duty of the banks in a crisis period
to force, by artificial methods, a con
tinuance of waning prosperity. Banks
will rather seek to persuade their
strongest customers to curtail borrow
ings in the interests of the general
situation and may even seek to per
suade their strongest customers to
make loans to help relieve the situ
atlon. But banks will lend freely to
enable solvent firms to meet their
quick insolvent firms. It is their busi
ness to assist solvent firms to mobil
ize slow assets, but it is not their
business to validate bad assets of in
solvent firms.”
The recent proposal for “stabilizing
the dollar” by withdrawing gold coins
from circulation and substituting for
them gold certificates redeemable in
a varying amount of gold has many de
fects, the article says. It points out
that had such a method been in oper
ation in 1893 and in 1907 it would have
lead to foreign drains on our gold.
“The most important proposal that
has yet been made for the mitigation
of the extremes of the business cycle,”
the bank says, “is that the various
grades of government, federal, state
and municipal, together with large
corporations like the railroads, should
adopt a buying policy designed to
throw as many of their purchases as
possible into the period of depression
and to withdraw from the market in
considerable measure at the height of
the period of prosperity.”
“Sacred Dust, Mingled With the Soil of
France, But Forever America. ”
%
By BISHOP CHARLES H. BRANT, A. E. F.
America has left to the decision of the nearest of kin in each case
I what the final resting place of our dead is to be—whether in France or in
this country. No one will dispute the right of parent or wife to claim
the fulfillment of the promise made by the American government to return
to America the bodies of our dead ’soldiers. But it is conceivable that
there are those who, after learning the plan to establish and maintain in
France an American field of honor for those who are “forever overseas,”
mav consider this the more excellent w7ay.
There will be an American central field of honor, with as many de
partments as may be necessary. Here each year on an appointed day
commemoration of the dead will be observed. Over all, the sheltering folds
of the Stars and Stripes will forever wave.
Those of us who have given for more than a year careful considera
tion to the American field of honor are moved by a single-minded purpose.
It is the work of love carried through by a sense of reverence for that
sacred dust which, though mingled with the soil of France, is forever
America.
It aims to pay high honor to those to whom high honor is due. It
would preserve as far as may be the comradeship of the war among those
who met a common fate. It would express to all who are bereaved the
undying value of the sacrifice made.
WONDER VALUES
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GEORGETTE
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K. G. ROBINSON, Mgr.
Collections, Reports,
Insurance
Ostrander Bldg., Corvoda, Alaska
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UNDERTAKERS
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Phono 133——3
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Phone 187
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KATALLA
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All Kinds of Light Lunches
Tray Service Our Specialty
CHARLEY CHONG
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Cordova Abstract and
Realty Co.
100 PER CENT AMERICAN
Ostrander Building C Avenue
For Summer 1.
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FROCKS IN SUMMER’S NEWEST I
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I PHONE 107—OR MAIL YOUR ORDERS-PHONE 107 I
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' PEYSER THE TAILOR
PHONE 188
/
BUILDING MATERIALS OF
ALL KINDS
Brick and Lime
CORDOVA MILL AND
LUMBER CO.
— ——— - — |
__ |
CORDOVA
SHEET METAL
WORKS
Goods Manufactured to Order of
Sheet Iron, Galvanized Iron, Tin
and Zinc.
Phone 143
Second St., Next to Hospital
I —i __
OSCAR’S PLACE
FOR
GOOD CIGARS
AND TOBACCOS OF ALL KINDS
ALSO
Pool Tables
Keist Furniture
Company
Is the Place to Buy
New and Second-Hand
Household Goods
OUR PRICES ARE RIGHT
We Sell Goods on Commission
Next door to Alaska S. S. Office
THOROUGHLY MODERN. NEAREST TO EVERYTHING
POPULAR PRICES
HOTEL MOD
Corner Firs; Ave. and Pine 8t
SEATTLE, WASH.
J. A. Farnham and E, Taylor,
Proprietors
Headquarters for Alaskans. Ted
Taylor, formerly chief steward
S. S. Alaska
-— -- - - - ^j—
|----j
LAUNCHES
PIONEER AND SWAN
Wm. J. Crooker, Owner and Master
REGULAR TRIPS TO KATALLA
FREIGHTING AND TOWING
To All Parts of the Sound
Phone 57—2 Rings
HALL
Milk Shakes
Ice Cream Sundaes
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Gin Fizzes
Starboard Light Fizzed
(Club Special)
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For Rooms that are
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