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Latrobe Bulletin (PUBLISHED DAILY EXCEPT SUNDAY) THE LATROBE PRINTING & PUBLISHING CO., PUBLISHERS Entered in the Post Office at Latrobe, Penna., as Second Class Mail Matter. President & Managing Editor Thos. M. Whiteman Secretary & Treasurer Harry J. Whiteman Business Office, Bulletin Bldg., Ligonier & Walnut Sts. Bell Telephones 722 and 723 10c per week Single copy, by carrier 50c per month Single, copy, by carrier MAIL SUBSCRIPTIONS: $6.00 Single copy, one year, in advance .50 Single enpy, one month, in advance THERE was an approach to something akin to Berserker rage among numerous individuals, yesterday afternoon, when word came of another atrocious hoax in connection with the Lindbergh tragedy. As individuals thought of the additional trouble and anxiety which had been occasioned by the man from Norfolk,-as they reviewed in their minds the futile hopes which had been aroused,-they found vent for their feelings in endeavoring to conjure up fit punishment for the perpetrator of the despicable hoax. They thought of hanging from the yard arm, of walking the plank,-they went back in memory to pirates' days when ears and noses and fingers were sliced off,-in their first reactions men had difficulty in endeavoring to think up a form of punishment to fit the crime. Second thought, of course, served to banish zest for summary punishment,-its futility came to be realized,-yet it is none the less true that in the first realization of the frightful deception of which this man had been guilty, there were many of us who for an instant at least found ourselves groping for vent for feelings, through mental zest for some form of summary vengeance. How many there must have been among us who exclaimed that the man ought to be thrown overboard,-or that something still more decisive should be done with him. Probably we were not long in getting a grip upon our feelings,-in realizing that it wouldn't serve any purpose,-but for a moment or two, there undoubtedly must have been many of us who felt as remorseless as the cruelest pirate who ever sailed the seas. The cruelty practiced by this individual, the monstrous persistency with which he played upon a frantic father's hopes,-all with the idea of mercenary gain-the thing is incredible, except upon the assumption that the man,-as he himself contends,was not himself. For the sake of all that we like to credit to civilization, let's hope that he was not himself.
BY way of extenuation. In the face of another monstrous hoax. of which the whole nation was made the victim, one experiences something of shame at the thought that even the Law was taken in-that the Government itself was victimized,-that all of us, day after day, week after week, continued to be the butts of cruel and ruthless schemers who preyed on a people's sympathy and concern. A huge bundle of currency tossed over a hedge; weeks of searching for a vessel that-never was,-as one looks back over the experiences of the past two months and more, one is prone to ask why the forces of the Law proved so impotent, how men skilled in the detection of crime could have been so completely taken in? The answer, of course, is found in the fact that everything was submerged in one great objective,— the recovery, alive, of a stolen babe. A nation, the Law, Government itself. centered everything upon that one great aim. No questions were asked, nothing was done that might interfere in any way, with the least chance that the one great objective might be achieved. The forces of the Law held back, the Government even refrained from offering a reward.-everybody with a plan was heard,-the underworld was called into service. A nation grasped at every straw,there was but one desire. Those skilled in the tracking of criminals, those versed in ways and means of detection.-the may have entertained doubts, but they kept them to themselves,-the forces of the Law put themselves under leash,-every move was made subject to a particular goal,-the recovery of a stolen child. The irony of it all of course, lies in the fact that all the time the child was dead. It is idle to contemplate what might have been, -it at least may be said, however. that the Government, the Law, the Nation, did as was thought best, in cause which appealed to all. It is quite possible that a nation could not have been hoaxed in so wanton a manner had not the forces of the Law submerged their customary procéedure for the sake of chance
AROUND and around the stump. Congress once again is figuring on a public works program,-one member demands that a Federal building be erected in every town whose postoffice receipts reach $8,000 per annum; another speaks of new highways; others suggest giant public projects which would cost hundreds of millions,-the argument being that programs of the kind would afford relief for the unemployment situation and would stimulate business recovery in general. Yet, on the other side, there is the contention that a great public works program would operate to prevent-a balancing of the budget;-that it would entail huge expenditures, and that the attendant relief for unemployment would be negligible, in the face of 10,000,000 needing work. So they go, round and round the stump,-one seeing this way, one another,-and no one seems quite sure of the results that would follow. The country started out to balance the budget, that was the great objective, the aim which through all the controversy has been relied upon as the great essential for the restoration of confidence. Congress cannot depart from this aim,-and at the same time achieve it, Congress cannot appropriate billions for public works and billions for direct relief,-and at the same time strike a balance for the budget. If a balanced budget seemed, at the beginning, to be the country's first and greatest need, logic would demand that that objective be maintained. If confidence awaits a balanced budget, then a balanced budget should be achieved. It at least would seem logical that the effects of balanced budget should be sought, to determine what the effects may be. If a balanced budget leads to the results which are hoped as to it, then recovery will come as a natural consequence, with the development of a new degree of confidence. If the results anticipated from a balanced budget should fail to follow, then there would remain time within which to have recourse to other alternatives,a public construction program, or whatnot. Congress started out to balance the budget.-logic would seem to demand that that objective be attained, if for no other reason than to discover what the effects of a balanced budget would be. Congress is going around and around in circles, instead of striding straight toward the goal,-a balanced budget.
ONE may read a press report sent out from Washington which states that "Federal Reserve and Treasury authorities are hopeful that millions of dollars tied up by bank suspensions will be released to depositors during the next few weeks by the re-opening of banks," with the additional information being provided to the effect that "the banking situation already has improved to the extent that last month 12 institutions were able to re-open, while only six were closed."
As was pointed out yesterday, in connection with the re-opening of a large bank in Youngstown, Ohio, every closed institution may represent a particular state of circumstances.
Thus, it could be stated with some degree of assurance that as to numerous banks which closed their doors during the wave of hysteria which swept over the country last year, there were many of them which were absolutely solvent. 'Fear alone brought about their closing, and now that the fear has passed, they find it possible to resume business, as of old,-additionally fortified by the larger degree of backing made available by the Government.
It is to these institutions, now re-opening their doors. that the Federal Reserve and Treasury authorities refer, as they find cause for rejoicing. The banks are re-opening for business as usual, with their communities released from fear. and with the Government making provision for material assistance to be available in the event of any emergency. It probably would have be admitted that the local misfortune was brought about not through fear, but for other causes, involving the solvency of the institution itself. Moreover, it would have to be admitted that the plan devised in an effort to effect its re-opening, entails restrictions necessary, under the circumstances, to enable the institution to work its way out of the difficulties which brought about the closing of its doors.
But, none the less, if the depositors, lacking but about 200, are ready and willing to abide by these restrictions, it is difficult to see why the Federal Reserve and the Treasury should not be willing to point to Latrobe as another community which stands ready to replace a closed bank with an open one. It is difficult to see why the Federal Reserve and the Treasury should not be pleased with the situation in Latrobe,-and ready to assist in every way possible. It is true that the local plan would not mean instant release of millions in cash,-that it would not restore all its resources to circulation in the sense that a bank re-opening and beginning exactly where it left off. without restrictions, would mean. But as a matter of fact, the resources already are in circulation, in large measure,-they are in the form of investments and loans which mean that they are out in use.-loans which may be paid in full. if the borrowers are given time. It is true that the money of the depositors is tied up, it is in use, somewhere. The money which the receiver has collected,-that is in use somewhere, in the sense that it is on deposit in a bank. The money which the Reconstruction Finance Corporation might lend to the receiver,-it is in use somewhere. It would have to be sent here from some other place. Circulation is an intricate affair.-too intricate for
Yet it does seem to us that morale and confidence are the biggest items confronting this nation right now, and it does seem to us that if a community, well nigh unanimously, wants to see a plan go thru, it would mean a real boon to morale and to confidence. to aid in putting it through. It must be apparent that a great many want the People's Bank re-opened. Ninety-five per cent. of the bank's depositors have signified their willingness to accept every restriction embraced in the plan, so that the bank may be re-opened. Why should they not have their desire,-a desire that in and of itself carries the proof of the very kind of confidence which the Government seeks to foster?
Where could there be a finer example of confidence in the future, than is being afforded right now by this community? And confidence might count a lot more, in the long run, than would the release of a half million or even a million dollars secured through liquidation, and through loan from the Government.
