Horton Speaks for Republicans
(Itrincred llj John Jienjaroin Morton,
Jr., at Republican Meeting. Dreamland
Hall. Sent. 7th. 1932.)
-YOU CANT LAY THE CAUSES
OF THE PRESENT DEPRES
SION TO THE REPUBLICAN
PARTY”
NO HONEST AND THINKING
CITIZEN can truthfully accuse the
Republican Party for this business
panic which is wrecking the main
springs of business and moral pro
gress without proving the truth of
that assertion backed by a preponder
ance of evidence much stronger than
the natural laws of life.
I have talked with bankers, lawyers,
merchants, editors, domestics, and
friends representative of all walks of
life, and the majority of these people
have agreed with me that it is not the
gold standard which has failed, not
capitalism, nor Statesmanship, nor the
facts of life having to do with the
working of barter and trade. NO!
The thing which has caused this tem
porary panic is the inability of the hu
man being to do common thinking
when he has cramps in his purse. In
the good days whew work is plentiful
and salaries fat, and people literally
throw their money to the winds just
for the pleasure of a moment, men for
get that good times never last forever
W hen lean days come, these same peo
ple complain, in sharp protest, that the
Government is the cause of it all. The
answer is as plain as day and night;
they forget to put plain thinking into
play by saving their money.
I’m just an ordinary newspaper-man
who knows nothing about the work
ings of the financial scheme, a fallacy
I share with too many men who pro
fess to know much about the monetary
system and. the administration of the
business scheme. I read quite a lot
(POLITICAL AUV.J
Vote 0
A. W.
Elsasser
—FOR—
Municipal
Judge
(POLITICAL ADV.)
of books and some of the most inter
esting of these are the Histories of the
United States of America, which is
more or less a history of panics. Any
body can generalize or theorize or
prophecy, and you can’t pin him down
and say he is mistaken. Just let an
individual state a thing as fact, and if
it is not fact, you’ve got him in a trap.
My countrymen who have lost faith
in the United States and its future
destiny and greatness, (I hope none
of you have lost that faith), are labor
ing under false impressions and are
off on the wrong foot, dancing along
with a blindfold over your eyes. In
less time than you can fathom, pros
perity will come again; it will creep
in as inevitably as night follows day
and as the moon shines at night and
the stars illuminate the nocturnal
heavens. It will come and it will lin
ger for a long, long time, ten or twelve
years. It is destined to be a better
and sounder and more magnanimous
prosperity than the minds of some
mortals can encompass and that we
have ever known, because after every
previous depression of ours, the pros
perous period has been better and
sounder. I’m saying these things
things not just as a full fledged per
on who has hopeful views on life; nor
shone all through these emergencies,
as a man upon whom the sun has
I’m saying these things as a young
man who has had plenty of exper
ience in taking it on the chin, because
I didn’t profit by my own knowledge
nor act as histo-y told me I should
act. I’ve had many of the woes, with
some extra trimmings. I’m in the same
tub as every one else, and maybe a
litle worse off; but I haven’t lost one
thing that many folks have lost, and
that ONE THING IS MY HEAD. I
haven’t jumped into an ocean of ter
ror; I haven’t been so foolish as to
conceive that this chaos is more than
a temporary state of affairs which
will come to an end; and I haven’t
grown so idiotic as to lay the cause of
| this dilemma at the doorsteps of the
present administration at Washington
whose every effort is directed toward
effecting human relief through well
through the courageous leadership of
organized governmental functions
that grand and noble patriot whose
name will always linger in my mind
and whose efforts will be printed on
i the sands of time; and my leader’s
name is Herbert C. Hoover. My opin
ion is that we’ll never, in our life-time
be present at such an opportunity for
moderate wisdom and common or
backyard courage to lay the basis oi
fortune. I intend to! I mean to
emerge from this unfair state of af
fairs with seeds planted that will
grow me more of a competence than I
ever had before. Anyone of us car
do it if he or she only realizes the
facts.
1 •_4.U,
\\ e ve naa a Daiwers uu4.cn omw
year 1800, and and at least three ol
them were so much wrorse than this
. ,ne that the present predicament
looks like a gold rush or a buffalo
stampede. The Napoleonic wars did
their work of destruction and the
aftermath was a world of suffering
and some people will say that there
never wras a world war before to help
break down the economic machinery
,jf the whole earth. If Napoleon did t
run a world war, and keep it going
about four times as long as we kept
' this last war running, then somebody
has been writing little white lies. No
body was involved in the Napoleonic
wars but France and England and
Holland and Spain and Italy and
Russia and a few others, including
Uncle Sam. To make the matter worse
we had just finished up a terrible war
v th England. India was in revolt
and China was in upheaval. If that
wasn t a world war, go find me a bet
ter one. The panic of 1837 came
along later, about as many years after
Napoleon was abated as this one
came after the Kaiser was dethroned
and sent into exile. The world was
in a state that bordered on saying that
this was the end of civilization, and
that we never could emerge from it,
and that money could never make
money any more. Banks were pop
ping all over the United States like
ft ecrackers on the fourth of July.
Nothing was worth anything; people
:: A Republican President:: |
Issued the EMANCIPATION 1
| PROCLAMATION. The Re- |
publican Party, from its incep- S
g tion, has carried out that pro- gj
gram The Republican Party is gg
§ pledged to the program of Equal §f
| Rights. Vote the Republican ^
> | Ticket |
| Republican County Central |
I Committee j
1 S JACKSON B. CHASE, Chairman ty§
_gkRBERT T. WHITE, Secretary Ip
‘Lest We Forget9
JOHN BROWN
The Man That Broke the First Link of Slavery.
After kissing a little black boy on the head, he remarked, “I willingly go to the
gallows; that you may have a chance in life.”_
—
, were starving; there was no work;
j business was at a standstill. You can’t
name a condition that obtains today
that didn’t exist then, only a little
more severe. Well, we stepped right
into the steam age. We invented the
cotton gin and the steam boat and
weaving and spinning machinery and
in a couple of years, a little longer
than the present depression, has been
going on, we went into a period of
activity and prosperity the like of
which the world (whole) had never
seen. Now, some of you folks ask
| the question in your minds; How did
we come out of it? I’ll answer your
question. Just what they are doing
now, nothing, and they are doing that
very poorly. The thing that brought
us out of it was that the masses of
people naturally have a foundation of
intestional fortitude; and the creative
and inventive brains of the world did
their job, and the first thing every
body knew, the world was at work and
buying and selling. You can’t stop
the operation of a natural law by
imuwjiig tx udiih presiuem, at iu me
pendulum had swung too far one way,
and it had to swing back the other.
The genuises of finance couldn’t stop
what they called the Great Blizzard—
it. Then came the panic of 1837 or
more like this one than the panic of
1837. We went through twelve years
of what the Historians called com
mercial optimism. The States of Eu
rope had been in a state of'revolution.
The year 1848 saw tottering thrones;
we had fought a war with Mexico. All
the world had gone crazy just as it
did in 1929, and there was a wild in
flation of credit and the same cock
eyed sinking of capital. The States,
counties, railways, industrialists,
cities, and promoters had incurred a
debt which grew to a point where the
general public could not absorb it.
You had overproduced railroads and
canals worse than we overproduced
automobiles and radios and the rest in
1929. Industrialists expanded their
plants because they thought it was al
ways going to last. The blow-up
came just as it came in 1929; railroads
went broke; practically every bank in
the United States with exception of
one in New York, a few in Kentucky,
and four in New Orleans suspended.
Prices on commodities fell 33%; real
estate values declined; and fourteen
railroads failed. After the Crimean
war. Russia began dumping grain.
Then President Buchar.an in his an
nual message said:
“Our country in its monetary inter
ests, is at the present moment in a
deplorable condition. In the midst of
unsurpassed plenty—in all the ele
ments of national wealth—we find our
manufacturers suspended, our public
werka retarded, 0CT private enter
prizes abandoned, and thousands of
useful laborers thrown out of employ
ment or reduced to want.” Mind you!
that was President Buchanan’s idea
and there never was a President given
to over steting pitiful conditions. In
less than three years—1860 the coun
try started its recovery of confidence
tion was IRON, and it advanced and
' surpassed any previous figures. Rail
way stocks rose on an average of a
third. By the end of 1860, the recov
i ery wa^ complete and Uncle Sammy
I found himself in the same prosperous
condition as before panic occurred.
Depression never lasted very long and
| the longest one we have known was
: for five years, after 1873.
Many people are so pre-occupied
with fear of the future that they
make a mess of the present. There
aren’t any prophets but there is a
clock, and every hour that you waste is
just so much capital thrown away.
Some people are peculiar; they con
ceived that if it rains they’ll never be
able to go out again without an um
brella. Noah’s rain lasted 40 days and
40 nights but it ended eventually.
When a storm comes along, jump into
a storm cellar, but don’t make prepa
rations to stay there the rest of your
living days, because there never was
an endless storm and there never was
an endless panic.
In the past 132 years we have had
one year of adversity for every four
years of prosperity. We have proved
that by passing through 13 panics, we
can emerge from the 14th in a big
way. We shall have unexcelled pros
perity just as we have had after ev
ery depression, in a very , very short
while. If something happens one,
two or three times, it makes you won
der but, my fellow countrymen, if it
happens 13 times in a row then the
greatest scientist in the world will i
tell you that you have discovered a
law. This law is that there is an ebb .
and flow in finance which is going to
function just as the tides of the At
lantic and Pacific Oceans ebbs and
flows. We can’t do anything about it;
nor stop it nor hasten it. It is going
to flow in graciously for about 12
years and then it is going to exit and
ebb for about three years, and it is
going to keep on doing the same thing
eternally. Don’t go sour on the fut
ure of this country or the world; don’t
condemn the Republican party for this
panic for they just happened to be in
power at the time and they are made
to shoulder the burden and carry this
gTeat load and they are doing the job
wisely and best they know how. And
after the stormy battles of party poli
tics shall have ceased and the winds
of « new day shall have blown the
REPUBLICAN PARTY again to vic
tory, I hope to hear the voices of
Herbert C. Hoover. Howard Malcolm
Baldrige, Rosenbloom, John Adams,
Singleton, Counsman, Griswold and
all the rest (all of those loyal Republi
cans), in sweet accord chanting,
“Glory, Glory, Hallelujiah. And just
over the mountain top, I hope to see
the messenger of prosperity, and the
dawn of a new day which is the dream
of all mankind.
Read The...
GulAg
-I
DELEGATES TO THE 12th
ANNUAL CONVENTION
OF THE AMERICAN
LEGION
Held Aug. 21.24, 1932, Norflk, Nebr.
The delegates were Mrs. John
Fields, Pres. Mrs. J. C. Carey, and
Mrs Purcell W. Baugh. Mr. J. C.
Carey, Mr. Edward Turner. We were
all extended a hearty and cordial wel
cme to Norfolk arriving at Depart
ment Headquarters at Hotel Norfolk.
After getting our rooms we register
ed at the ME. Church. All sessions
were held here. Monday, August 22,
opening of Convention ME. Church,
Memorial Hour, Department Presi
dent Mrs. Lottie Rosencrans. Music
Pipe Organ. Report on Rules Com
mittee. Address by Don Stewart,
Dept. Commander, Kansas Caucas of
District, on election of members of
Nominations and Resolutions Com
mittee. Tea complimentary to Dele
gates Alternate and Registered guests 1
at Norfolk, Hotel. Quartete and Trio
Contest 7:15. Tuesday 9:00 a. m. ,
Music by Mrs. Frank Warner. In- !
vocation—chaplain. Advancement
of colors, Flag Salute and Pledge. •
Report of Credentials Committee.
Child Welfare Chairman, Rehabilit
ation, Hospital and Poppy Chairman. •
Music of Winning Quartette and Trio.
Address of Mrs. Amelia Morris, NatT
Vice-pres. Address of Watson B.
Miller, Natl. Legion Rehabilitation ■
officer. Reading of Amendments to 1
Constitution. Presentation of Troph- 1
ies an dAwards. Leah Ball Cup, Mar- j
caret Amundson. Trophy— Public
ity Award,—Ireen Fleming. Trophy
Citations of Merit—Gold Star A- 1
ward—District Awards— Fidac A- <
wards—Report of Nominations Com- <
mittee. *Music-Pipe organ,— Mrs. j
Frank Warner. Processional Invoca- j
tion Mrs. T. D. Schroeder—St. Chap. ,
lain—Flag Salute and Pledge—Uni- ^
son. Star Spangled Banner. Reading (
of preamble—Mrs. Olga Webb. ]
Greetings Gov. Chas. Bryan and May- \
of Norfolk, Mr. Paul Nordwig.' Re- j
sponse by Mrs. Elsie Diers, from Pa
triotic organizations. Address Com- ‘
mander Robt. Flory. Our Legion by (
H. H. Dudley, Sam Reynolds and (
Gorden Beck. Greetings from 8 and
40 Miss Mary Bolton. Reading of j
Convention Call Mrs. Irving Fleming.! j
Welcome by Mrs. J. O. Olson, pres, j
of Norfolk Unit. Introduction of J I
Dept. Officers and Chairmen of Local j 5
Committees. 1st reading of amend- ]
ments to dept. Constitution-Mrs. 1
Grace McCoy. Report of executive j
board meeting and finance commit
tee meeting. Memorial hour. '
Chicken Fry. Joint Session with j t
Legion Parade—Delegates Banquet at (
Norfolk Hotel. Drum Corps and c
Band Contest at Athletic Park under ^
flood lights. Concert by Comedy
Bands. Commanders Ball at Kings
Park Wednesday— Music. Opening ‘
Ceremony). Report Tuesday’s Ses- (
sion. Dept. Secretary Final Report J
Credentials Committee. Election of j
I of election. Reading of Courtesy—
Resolutions. Introduction of Offic
ers. Final adjournment Convention
at Kearney, Nebraska, next year. All
churches served meals. Mrs. Carey
Fields and Baugh spent Monday af
ternoon at Kings Park taking pictur
est boating and playing on Merry
go round.
Through the kindness of Mr. and
Mrs. J. C. Carey we were sent sever
al places while in Norfolk and enjoyed
every minute. Returning home with
Mr. J. C. Carey at the wheel until
Old Man Sleep overtook him, at which
time the wheel was relinquished to
Mr. Ed. Turner who speeded down the
highway as though he were driving
the old Fire truck. However we ar
rived home safely.
Federal Home Loan
Bill
(continued from last week)
Loan secured by it has more than fifteen years to
run to maturity, or (2) the value of the real estate with
OOtPor t3l"?iCh th® ho™« mortgage is given exceeds $20
presented Fn..attdUe (26) moTe,t.han six months when
section fa'l pU1?Tu °f this subsec4ion and sub
section (a) (27) value shall be as of the time the advance
made and sh.a11 Reestablished by such certification by
the borrowing institution, or such other evidence as the
FederaT W Teqxllre- £or.the purposes of this section, each
ederat Home Loan Bank shall have power to make or to
5 TCst?eatinnsmre>t0 be mj“de’SUch aPPraisals and other in
I estl&at1(ms as it may deem necessary. No home mort
1 otgWthel a1Se eli?ible 40 be accepted'as collateral secur
! accent ;? anCaby ? FedeJ.al Home Loan Ba«k shall be
“f tu ap^,director, officer, employee, attorney, or
^4h« Fe.deral Home Loan Bank or of the borrow
ho!ed i1tltUtl0n-«PnrSOnaily liable thereon’ unless the
board has specifically approved by formal resolution such
acceptance.
u.(c) advances shall be made upon the note or
obligation of the member or nonmember borrower se
cured as provided in this section, bearing such rate of in
terest as the board may approve or determine, and the
r ederal Home Loan Bank shall have a lien upon and shall
hold the stock of such member as further collateral secur
ity tor all indebtedness o fthe member to the Federal
Home Loan Bank. At no time shall the aggregate out
standing advances made by any Federal Home Loan Bank
to any member exceed twelve times the amounts paid in
by such member for outstanding capital stock held by it
or made to a nonmember borrower exceed twelve times
the value of the security required to be deposited under
(28) section 6 (e).
_(d) The institution applying for an advance shall
enter mto a primary and unconditional obligation to pay
oft all advances, together with interest and any unpaid
costs and expenses yi connection therewith according to
the terms under which they were made, in such form as
shall meet the requirements of the bank and the approval
of the boar^. The bank shall reserve the right to require
at any time, when deemed necessary for its protection de
posits of additional collateral security or substitutions of
security by the borrowing institution, and each borrowing
mstituiton shall assign additional or substituted security
when and as so required. Subject to the approval of the
board, any Federal Home Loan Bank shall have power to
sell to any other Federal Home Loan Bank, with or with
out recourse, any advance made under the provisions of
this Act, or to allow to such bank a participation therein
and any other Federal Home Loan Qank shall have power
to purchase such advance or to accept a participation
therein, together with an appropriate assignment of se
curity therefor.
GENERAL POWERS AND DUTIES OF BANKS
Sec. 11. (a) Each Federal Home Loan Bank shall
have power, subject to the approval of the board, (1) to
borrow money, to give security therefor, and to pay in
terest thereon, and (2) to issue bonds and debentures hav
ing such maturities as may be determined by the board
secured by the transfer of eligible obligations of borrow
ng institutions on advances made by the bank to borrow
ng institutions and by the deposit of home mortgages.
((b) The board shall prescribe rules and regula
rs governing the assignment, deposit, custody, substi
tution, and release of the obligations of borrowing insti
;utions to the bank which are transferred and of the home
nortgages securing such bonds and debentures, the forms
md terms of such bonds and debentures, and the condi
:ions under which they may be issued and retired, includ
ng any option with respect to payment and retirement
hereof in advance of maturity, and such regulations shall
>rovide for the deposit in trust, under such terms and con
litions as it may deem advisable, of the home mortgages
securing such bonds and debentures. For the purposes of
his section the board is .authorized to appoint, and fix
he compensation and prescribe the duties of, a registrar
n each district, who shall not be connected with or inter
red in any Federal Home Loan Bank, any member, any
lonmember borrower, or any institution of a class eligible
o become a member or a nonmember borrower under
his Act, and to require of such registrar a bond, in such
imount and with such sureties as the board may fix, con
litioned on the faithful performance of the duties requir
;d of him.
(c) Such deposits in trust shall be so maintained
hat the aggregate unpaid principal of the home mort
gage loans secured by the home mortgages deposited as
;ecurity for (29) bonds or debentures shall, as nearly as
)ossible, be at all times not less than an amount equal to
.90 per centum of thetotal outstanding amount of such
ssue. Cash deposited under authority of subsection (d)
hall be security for an amount of bonds and debentures
qual to the amount of cash deposited. Direct obligations
>f the United SStates deposited under authority of sub
action (d) shall be security for an amount of bonds and
lebentures equal to the par value of such obligations.
(d) The board may at any time require any Feder
l1 Home Loan Bank to deposit additional home mortgages
•r to make substitutions of home mortgages to secure
iuch bonds and debentures, except that when in the opin
Oj^^h^joar^iom^nortgages^ryio^vailjbl^o^^^^^