THE MICHIGAN DAT
A IUTET MUST
S YS E. REICH ER T
God Times Must Recognize Old
Las of Demand and Supply,
He Also Declares-
li SUGGESTS REMEDIES
Dr. S'ltzer Points Out Defects
ia Finance Corporation,
Recognition of the age-old eco-
nomic laws of supply and demand
mnst& follow every era in progress
and advancement; and every per-
lod of credit extension must be fol-
lowed by an adjustment in which
an allwance is made for inflation
of cash or suspension of cash pay-
nt according to Rudolph E.
Reichert, state banking commis-
sioner, who addressed members of
the section on economics of the
lVfhigani Academy of Science, Arts,
a+ diLetters yesterday afternoon.
Bank History Discussed.-
Mr. Reichert's paper, dealing
ohiefy with bank history from the
p tiod B C. to the present, was
pet aced with reflections on bank
closings. On the latter problem he
ond andWomen such as you. It
on mesolution will depend largely
19.h rd to make adjustments when
the Whole system has been thrown
ot of order by too rapid expansion
o credit dollars."
$ecause of the inadequate supply
of gold; due partly to hoarding,
e ,suspension of credit liquid-
acj xl or the inlation of the med-
u ofr eange is necessary, Mr.
Reihert brought out.
Asks Cireuiation Increase.
"No one is advocating suspen-
sio", he stated, -"only possibly a
partial temporary freezing of cred-
its for orderly liquidation. So there
sems to be only one way open to
meet the situation, and that is by
neasing circulation to a point
stWh ere near where demands
wil be satisfied; and by increasing
cWication, the medium of ex-
ch'nge- w l, be made less valuable
ar deproperty value would necessar-
iW com mincreased."
Ihe outright guarantee of mem-
bank dpsits thrgugh the fed-
et reserve iyntem would be more
d~iiet, eqtiitable, swift, and certain
as.- emergency- measure than the
m re which have passed
throug Congress, Dr. Lawrence H.
Seltz, of the College of the City
of Deroit, told members of the eco-
"Although a very considerable
I'provement in sentiment has
far been effected by the Re-
c fiution Finance Corporation
az 4hy the Glass-Steagal bill, both
bqth _f these ,;measures, as well as
tdg earlier National Credit corpor-
a., possess two important weak-
nItses," Dr. Seltzer said.
Lists Two Faults.
'In the first place, none of these
expedients provides that unlimited
a~Buance of funds, which, in- a fi-
nancial emergency, is alone ade-
qtate tx fully restore confidence.
I the second place, a bank that
re eives aid under any of these
S1eleaves its remaining de-
rs in a weaker position than
'N4der any of the schemes, a
br owing bank must pledge its
clhicest assets as security for the
loan. This kind of emergency aid
discriminates against a bank's loy-
al customers by reducing the pro-
portion of liquid or choice assets
behind their deposits."
The United States produces more
than half of the world's cotton-
seed and more than four times as
much as any other country.
Charles Fautley, 104-year-old St.
Louis resident, is cutting his thifd
sp of teeth.
CHICAGO'S rMAGIC CITY' RISING ON LAKEFRONT
More than a year before the
city" to house the exhibits is rising
"electrical group," located on North
distinguishable, left to right: Soldi
lanned Economy Will Modify
t Existing Institutions,
Economic planning might mater-
ially modify the institutions of
money, price, and property, said
Prof. Morris A. Copeland of the
Economics department, in a paper
read yesterday before the-Econom-
ics Division of the Michigan Aca-
demy of Science, Arts, and Letters.
The opinions advanced by Pro-
fessor Copeland suggested more
radical revisions of the economic
system than those expressed by
rof. I. L. Sharfman when the lat-
ter addressed the Economics club
} "There is no prospect," Professor
Copeland added, "that we shall
shortly achieve a planned economy
im any comprehensive sense, if
indeed we ever do. If we do, it will
be by a process of piecemeal modi-
gication of existing institutions.
"Economic planning," said Pro-
fessor Copeland, "means vastly
more than that a number of groups
qf busines leaders, each group con-
derned -about its own common hi-
tierests, shall get together to 'ra-
t ionalize' their industries. It means
very much less than a general
4bolition of such current institu-
toions as private property, money
and prices, competition and free-
dom of contract, in favor of a
diction of economic activity by a
central general management.
"A planned economy would neces-
sarily rely heavily on the bulk of
existing arrangements as a fulcrum.
However, we cannot plan our eco-
nomy without altering in some
degree the character of these insti-
"The institutions of money, price,
and property could not be abolish-
ed without abolishing our special-
(Continued on Page 6)
Collect. 7 Spiders
Colecting spiders is more than a
hobby with A. M. Chickering, ar-
achnologist in the zoology depart-
ment at Albion college, who spoke
yesterday before the zoology section
of the Michigan Academy.
For the past four years Mr.
Chickering has built up a collection
of 175 specimens of arachnida re-
presentative of the members of this
family to be found in Michigan,
while during last summer he dis-
covered a total of 71 different
species at the Douglas lake Univer-
sity zoology station alone.
According to Mr. Chickering the
term arachnida applies not only to
spiders, but to the tarantulas and
scorpions as well.
CANTON, China, March 18-(A)
! -A popular movement for a Chi-
nese-Russian union insuring China
ww!of success in its peace negotiations
with Japan or in a renewal of its
fighting was launched by politi-
cians here today.
Southern Chinese troops known
$ .n " a "the Ironsides," who formerly
revolted against Gen. Chiang Kai
Shek, until recently president of
China, are marching toward Shang-
hai to join the 19th route army in
the field facing the Japanese.
Emissaries of prominent politi-
Associated PressPhoto clans have come to Canton seeking
scheduled opening of the 1933 Century of Progress exposition, a "magic support of the Cantonese against
on Chicago's lakefront. The buildings shown in this view constitute the Gen.Chiang Kai Shek, now the
erly island, a manmade island. On the mainland in the background are accuse of favoring a settlement
er Field stadium, the Field museum and Shedd aquarium. favorable to Japan.
Their mission appeared to ob-
t!Il7 servers to be facing failure as
'' LILS] Ufsouthern officials strongly oppose
sof Angell1a split in the nation's ranks while
ubg n - r s . l the Shanghai and Manchurian
cu Iture1Seri11 problems remain to be settled with
in ~uiptre eries flj t~ U i~Japan.
HI IV UA more definite prospect for a
Using as his subjects four prom- Sino-Japanese peace parley arose
inent University figures, Carleton Prominent Dentist of Ann Arbor on the horizon today at the same
Angell, University Museums artist, Succumbs After Illness time that three Japanesestrans-
is making a series of statuettes, of Three Days. p rdown the Whangpo carrying the
busts, and bas-reliefs which, on Fd first contingent of troops back to
completion, will be presented to the Funeral services will be held at 3 Japan.
University. o'clock tomorrow afternoon at St. Japanese peace negotiations re-
A statuette of Dr. William H Andrews' Episcopal Church for Dr. ceived instructions from Tokio say-
- c Albert Croswell Wilson, '01D., prom- ing the government decided to
Hobbs standing beside his collie ssnforego "certain conditions" which
dog "Sandy" is now being cast by inent Ann Arbor dentist and Army thus far have held up the peace
Angell. The likeness of the noted officer, who died at his home early parleys and was anxious to see the
geologist and his inseparable com- yesterday morning after a three- conferences proceed.
panion, when completed, will be day illness. What these conditions were was
presented to the Natural Science Dr. Wilson, who practiced den- not revealed, but Yosuke Matsuoka,
building, although no definite place tistry actively in Ann Arbor for representative of the Japanese gov-
h b ernment here, said he expected a
has been set for it. more than 30 years, was a veteran formal conference to be held Su-
In addition to this, Angell has of the Spanish-American war, the fdayor onday.
been working for some time on a day --na
likeness of Dean Alice Lloyd. Mexican border campaigns of 19131 -
A third work, a bas-relief of Dr. and 1914, and the World war. He State Pays Huge Sum
Charles Cooley, late professor of held the rank of major at the close Caring for Defet es
sociology and author of the texts of the World war, as a battalion
used in that course last semester, commander, serving with various The state of Michigan is spend-
will be presented to the sociology ing more than $7,330,000 a year in
department upon its completion. divisions. supporting and caring for more
Work has not yet been completed Following his graduation from han 15OW mental defectives, H. R.
on a marble bust of Dr. Alexander the dental school here in 1901, Dr. Hunt, of Michigan State College,
Grant Ruthven, which Angell has Wilson began practice immediate- told memers of the zoology section
been touching up for a year. It will ly and remained in active prac- yesterdayof the Michigan Academy
be presented to the University when n rm e iavpc eeA the MnhigntAcdem
finished. tice up to the time of his death. of enc', Arts, eters.
______________He discissed briefly feeble-mind-
-(He was born Oct. 19, 1873, at Mer-,y
cer, Me., and received his elemnen- ensisnt n plpya
Eaton Will Addressd examples of mental defects com-
tary education in schools in that mon in Rchigan. All of these, e
Goethe Celebration state. Later he attended the Nor- said, arehereditary, but can be
mal school at Farmington, Me. He
The University's part in paying was a member of Golden Rule caused ty various diseases, acci-
tribute to Johann Wolfgang von lodge, No. 159, F. & A. M,, of this dents an, circumstances.
Goethe, famous German poet, the city and the Scottish Rite of De- forDnanei these is knownhe said
centenary of whose death occurs troit, and was a life member of the that it soul bese the aim of bio-aid
this year, will be played Tuesday Michigan Union.ogists, pahologists, geneticists, psy-
night in Hill auditorium, where He was also a member of the chologisth neurologists and scien-
President Ruthven and other not- Washtenaw District Dental associa- tists of 'elated sciences to find
ables will preside at commemor- tion, the Michigan Dental society, cures, or at least aids, for curing
ative exercises, and the American Dental asocia- mental d fects
Prof. John W. Eaton, of the Ger- tion and of the church from which
man department, will deliver the his funeral services will be held. A woocburning automobile bus
principal address. Fritz Hailer, the He is survived by the widow, for- in operatn in Germany -is claimed
German vice-consul at Detroit, will merly Theresa Hummel, of Hough- by the irentor to effect an 85 per
also be present. ton, and a son, Ralph, of Ann Ar- cent savig in fuel cost.
A dinner, held at 6:30 o'clock at I bor. Another son, Charles, was ---- ___
the Michigan League, will precede killed in an airplane crash in De-
the commemoration exercises in cember at Selfridge Field, and Dr. S A L E
the auditorium. Both dinner and Wilson will be buried beside this SPRING SUITS
program are open to the public. son in Forest Hill cemetery. All hades $2OO
Persons interested in attending the Rev. Henry Lewis, rector of St. Al dsE.
dinner are asked to make arrange- Andrew's, will officiate at the ser- ORDIR NOW FOR EASTER
ments with the German depart- vice. Friends may call until Sun- C. DOUKAS
ment. day noon at the Muehlig chapel. 119 Soth University
WILLS MIRTHDAY PARTY!
~-bunt hi~m badly
-nearly broke him 3
.z .. #
LAST TIMES TODAY
's a rambling Romeo who
esn't have to cheat-because
never makes a bargain. ,
-- SUNDAY -
"POLLY OF THE
- Marion Davies
I Clark Gable
on the stage
Otto Grays Cowboys
ad a starry'eyed baby nearly.
weans him from his roll
with Jetta Goudal - Joel McCrea
unnD u "ru Armr'rnu C
_ T.: >...