MacVeagh Says Present Financial System Is Bad
Secretary of the Treasury MacVeagh criticizes the current financial system as faulty and in need of reform, urging corrective measures to stabilize markets and protect public funds.
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Newspaper
Osceola Record
Location
Osceola, Nebraska, United States of America
Date
Dec 12, 1912
Page
6
Secretary of the Treasury MacVeagh criticizes the current financial system as faulty and in need of reform, urging corrective measures to stabilize markets and protect public funds.
Washington. Treasury Secretary Franklin MacVeagh urges radical reform of the banking and currency system in his annual report. He warns Congress that under the current scheme the federal government bears sole responsibility for panics and related disasters affecting every home in the nation. He outlines ideas for general provisions of an adequate relief measure.
The federal council of the churches of Christ in America representing thirty two denominations meets in Chicago for its first convention to review federation work on a nationwide scale. Delegates representing more than 17 000 000 church members prepare a formal adoption of a new social creed to guide all federation churches as a major conference act.
Washington reports preparations for a new style of American currency. Secretary MacVeagh plans to order printing by February 15, directing Ralph of the Bureau of Engraving and Printing. The change will take eighteen months, completing late in President Wilson's term.
Carmi A. Thompson, new treasurer, received a receipt from Lee McClung for 1 5192859085725 dollars representing money and securities in personal custody of the treasurer on November 21 the date of McClung s retirement at the treasury Wednesday in a historic transaction.
The senate in Washington convenes as a court of impeachment for Judge Robert W. Archbold of the commerce court on thirteen charges of high crimes and misdemeanors. Counsel for Archbold admits the acts but denies impropriety.
Washington report notes Senator Penrose introduced a bill to extend the one cent postage to all cities, ending the current drop letter rate in towns without carrier delivery. The measure mirrors the existing urban rate.
University of Pennsylvania museum notes that high living costs and steep transportation rates troubled Egypt 1800 years ago as they do today in the United States. The comparison highlights enduring economic pressures across eras and regions.
Harold Willis Powell known as Montana Harry, long reputed last surviving Custer scout from Little Big Horn, died in a Worcester hotel at 64. Powell bore several government gold medals for bravery, including one for Pine Ridge awarded January 1, 1891, on his chest.
The court of cassation rejects all fifteen grounds for annulling the Vi terbo murder verdict. The trial court sentence against Camorra members remains confirmed for the killing of Genero Cuoccalo and his wife.
Jacksonville observer reports aeronaut Richard Frayne fell two thousand feet and died instantly during the display. Three thousand spectators witnessed the fatal accident at the city site.
Delegates at the American automobile association annual meeting in Chicago discuss plans to obtain federal aid for national highway improvements.
Japanese War Minister Yukio Lieutenant General Uyeh era formally tendered resignation to the emperor after cabinet members refused to approve his demand for increasing the army by two divisions.
At Washington the opening session features Taft and other notables. The Senate conducts its ninth plenary impeachment proceeding with Robert W. Archbald facing trial. The Supreme Court rules Union Pacific and Southern Pacific stock acquisitions violated the Sherman act and plans a dissolution. Edison case reversed. Taft brother Charles P Taft reports campaign contributions totaling 904 828 with 900 363 spent. War Department plans aid for veterans attending Gettysburg encampment next July.
Report lists eight insane patients at Toledo State hospital pronounced smallpox by the city health department. Other items include Johnson wedding revelry in Chicago, a Baldwin Michigan murder trial, a fatal motorcycle crash near Piqua, Tex postmaster dismissal for political activity, a dynamite conspiracy trial in Indianapolis, a Fort Worth murder verdict riot, a derailment with fatalities near Dresden Ohio, a Kansas all female jury verdict, a River Meander abandon ship tale, and the Espey cotton firm failure in Georgia with 250000 liabilities.
The Beach suit claimed 20 million damages against the government for breach of contract related to Wanamaker’s 1892 pneumatic tube mail proposals. The Supreme Court ruled against Beach. Other items report judge Woodrow on marriage laws, a derailment near Schenectady with no injuries, suicides and deaths at fairs, Burns testimonies in an Indianapolis conspiracy trial, and hunting season fatalities.
Reports from Berlin state that Turkish and Bulgarian delegates signed an armistice protocol while Greece abstained. The triple alliance of Germany Austria Italy was renewed for three years. Fighting continues among Germany Austria Roumania and Servia after a brief lull, with renewed Turkish Russian clash at the Chatalja lines. The Porte says Baghtche talks proceed satisfactorily and an armistice may be signed soon.
The American Road Builders Association held its third biennial convention in Cincinnati. The Federated Democratic Clubs opened its Washington, D C gathering. Actress Ethel Loraine Belmont reported her husband Raymond Belmont is missing after leaving with his brother. Governor William S Taylor, practicing law in Indianapolis, wed Nora Meyers in Jamestown Kentucky.
A cyclone in Madagascar leaves more than one hundred dead and causes about 2 million dollars in damage. Numerous villages with hundreds of houses are leveled. In Japan, Marquis Saionji plans to resign as premier to the emperor due to difficulties in finding Uyehara's successor as minister of war.
Governor and council report Maine’s official presidential vote. Wilson receives 61 113 votes, Roosevelt 48 493, Taft 2645, Debs 2 541, Chain 945. Wilson says he would be sworn in March 4, ceremonies set for the last Thursday in April.
Omaha county judge Bryce Crawford officiated Nebraska’s first court house wedding uniting Joseph Thomas Jue and Laura Gew. Witnesses included Mr and Mrs Chin Fong and numerous courthouse assistants, making it the largest ceremony in years.
Hastings court grants continuance by order and injunction after a tense clash between insurgent and lodge officers attorneys. Insurgents sought to block new rates pending Illinois supreme court decision. lodge side offered a stipulation not to apply rates until ruling. A verbal clash followed, and the court issued a temporary restraining order.
Lincoln-Frank Harrison of this place leaves December 15 for a six week trip to Guatemala and Honduras to visit Quirigua Antigua and Hon duras with three or four companions. The state superintendent has sent letters to 259 high schools and colleges about botanical and natural history collections from Mr Thertiner for museums and laboratories, and many schools are requesting these.
Gold prospecting near Stella at Casner Barnes farm eight miles north of town reports gold bearing quartz. Assayers deem the find valuable if quantities exist, marking first favorable assay and potential paying ore in southeastern Nebraska.
Matron McPherson alerted deputy sheriffs after hearing a saw grate against a jail window. Ten prisoners on the third floor were thwarted from escaping as they had fashioned saws from springs removed from shoes brought to the jail by friends on Thanksgiving Day.
Northeast Nebraska has harvested the corn crop across nineteen counties. Officials estimate 1,331,600 acres with a yield of about 39,648,000 bushels at thirty bushels per acre, possibly a little more.
Mr and Mrs James S Wilkins celebrated their golden wedding anniversary with a large dinner and family gathering surrounded by twenty five children and grandchildren.
A blaze destroyed the Baumgartner livery stable in Petersburg killing twenty-one horses. Property damage neared $4,000, with no insurance. The fire’s origin remains unknown.
The infant child of Mr. and Mrs. Sydney Rutledge was found dead in bed Saturday morning. Authorities have not determined whether smothering or an unknown cause led to the death.
The annual Nebraska sheriffs convention will gather in Fremont on December 17 and 18. Local organizer Sheriff W. Condit promises notable speakers and a big banquet as he expects at least seventy five sheriffs to attend.
Beatrice-Jess B. Fulton, actor, died in Phoenix Arizona on Tuesday, according to relatives in the city. Fulton had been in Arizona for some time seeking to regain his health.
Walter McNamara of Nebraska City reports thirteen head of cattle lost in two weeks to an unnamed illness that causes lameness and rapid death. Several veterinarians examined the herd but could not identify the disease.
T W Capps of Lincoln reported being held up and relieved of eighty dollars on the streets of the city Saturday afternoon. The incident occurred near a local crossroads as he walked home from a brief errand.
A proposed measure would create a state livestock sanitation board. Adjutant General Phelps notes the Second regiment band has been mustered out at Bloomfield and another unit is expected to recruit soon. The canvassing board certified the five constitutional amendments to Governor Aldrich who will proclaim them part of Nebraska’s Constitution. Many legislators lack certificates of election and are advised to first consult their county clerks. State Treasurer George reports November receipts of 143 428.88 for the general fund, with 73.87 remaining. Nancy Wells, a 22 year old Winnebago prisoner, occupies the white woman’s ward in the Nebraska state prison with a private suite of rooms.
Prof. Carl C Engberg, chairman of the delinquency committee, says fifty five fewer students were delinquent at the mid semester than last year. He notes that only five of 4000 students were suspended for lack of study.
State Fire Commissioner Randall issues a bulletin urging care at Christmas celebrations warning that Santa Claus decorations and similar ornament materials are highly flammable and could trigger a conflagration at entertainments.
The Nebraska commission report to the legislature will recodify statutes and ignore any provision for an off year election in 1913. The question of holding an election will rest with the legislature first and the courts finally.
Director A E Sheldon requests concise data from secretaries of all state organizations for publication in the legislative blue book. State Superintendent Delzell issues a 1913 educational directory with school statistics names of superintendents principals and school board officers plus teacher counts salaries census and more.
On January 1 the state banking board will levy a semi annual assessment of one fourth of one percent on deposits for the Nebraska bank guaranty fund. The measure will raise about $200000 for the fund, bringing the total set aside under state law to $760090 to insure depositors against loss from bank failures.
The Farmers' Bank of Hickman submitted articles of incorporation for state approval. In a 1907 triggered appeal, the supreme court affirmed Ashland Light Mill and Water Power Co. right to keep a dam on Wahoo creek for a power plant supplying Ashland with light and power. The court did not declare the dam a nuisance and remanded the case to Saunders County District Court.
The state treasurer notes large daily remittances of 1512 taxes from county treasurers with receipts surpassing disbursements and a general fund deficit reduced to about 150000 dollars, expected to be erased by year’s start. The pardons board seeks 6000 dollars for salaries and 1000 dollars for supplies and travel. Newark gains a passenger and freight depot after railway commission action. State Veterinarian A Bostrom travels to Chicago for a stock sanitary meeting with veterinarians from over thirty states anticipated.
Official returns show Nebraska's state vote tallies with figures 160118 and 124000 and smaller counts 9959 and 3062 reflecting the statewide results. Exact context and ballot measures are not provided in the fragment.
Fragmented text lists names and places with scattered December dates across towns such as Amherst Gibbon Humphrey Schuyler Albion Ashland and Weeping Water. It mentions contests and scheduling signs but lacks coherent narrative or outcomes.
The state agriculture department and University of Nebraska announce farmer and girls contests and short courses. About fifty sessions will be held over three weeks in December with eighty-six farm and home economics demonstrations and twenty days of extension work. Practical farmers and leading home economists will lead sessions across the state.
The Woodmen assembly of Nebraska plans an injunction suit in Hastings to block enforcement of a high rate schedule adopted by national lodge officers. Lincoln meeting of insurgent Woodmen law and executive committees approved the action to protect members if the Illinois supreme court decision falls through. Also noted are postal regulation notices about holiday mail delivery and expedited service.
The Kansas State Normal students and faculty are being inoculated against typhoid fever. The state health board provides the material free of charge and Emporia physicians charge a flat $3 for the three injections required.
John Schrank arrives at the northern hospital for the insane in Oshkosh Wisconsin and is subjected to the regular routine as recorded in the inmate log.
A severe storm crossed the island chain causing heavy property damage. Tacloban suffered destruction and debris filled the harbor area. Two men were killed with debris reported elsewhere, while crews search for further casualties.
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