Historical Newspapers of South Carolina

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Mrs. Brenda Tucker proudly pinned hei Kevin is a member of Troop 138 which is ! Steve, is Troop 138 Scoutmaster. Free Enterpri Our free enterprise system is constantly being attacked from without and within by those who say our system is a failure and point to many countries throughout the world which have become major economic powers since World War II. In the last few years there have been monv rxf ko ? j ui hue V.UUUU1C9 in n csiern EiUrope to turn toward a more socialistic form of government. We have seen our country compared to communist Russia, and we are frequently portrayed a poor second. Recently some rather interesting statistics showed that since World War II, our economic system resulted in the average American's disposable income jumping 170%, even after allowing for inflation. If we tried to "catch up" with the economy of the Soviet Union, we would have to: Recent Service Anni\ 5 YEARS William R. Prince No. 1 Patri< Gladys V. Landers No. 1 Georj Michael L. Williams No. 1 Jame Fred V. Spillers No. 2 Claud Ernestine Simpson No. 2 Mictu Patricia D. Ray No. 2 Ann I Reuben D. Stroud No. 2 Jame Cassius B. Dixon Maint. Ervin Roger Higgins Lydia 10 YEARS Leonard Pitts No. 2 Kath< Barbara A. Vance No. 2 Virgil Loraine McGowan No. 2 Corin Josephine Taylor Lydia Norri Jennie M. Richard Bailey 15 YEARS Ralph E. Sherrif No. 2 gV Virginia Gossett No. 2 Gertrude H. George No. 2 John F. Alexander No. 2 25 YEARS Albert D. Lancaster Staff S.S. Williams No. 1 Doris Hughey Lydia Liouise oiacKweu ino. 1 Nesby Rowe No. 2 Hubert Rollins No. 2 30 YEARS) James P. Woodard No. 1 Roose Gholdie Simmons No. 1 CharW William E. Heaton No. 2 Mary Maggie L. Burden No. 2 Glidy 35 YEARS Ben Woodard Jr. No. 1 Jeannette Woodward No. 2 % r son Kevin's Eagle Scout badge on him. sponsored by Clinton Mills. His father, ise Cut all paychecks in this country bj 50%. Tear down almost three-fourths o: the houses constructed and send 6,000,00( people back to the farm. Destroy 60% of the steel-making capacity in the U.S.A. Rip out 14 of every 15 miles ol highway. Rip out two thirds of the railroad tracks. Junk 85% of our automobiles. Tear out nine out of every ten telephones. Our system may be far from perfect, but because it has worked so well for s< long, its opponents hate it and envy it anc are doing their best to destroy it. Have faith that the American people will not be misled into believing that the grass is greener on the other side! rersaries ? :ia D. Owens Lydia je L. Moore Bailey s Edmonds Lydia le Ward No. 1 ifel Vance No. 1 C. Moore No. 2 s K. Simpson No. 2 i Swittenburg Lydia irine Chalmers Bailey IW. Livingston Jr. No. 1 e Gilliam Lydia s Merchant Bailey 20 YEARS ilyn King No. 1 nny C. Holder Lydia istine Campbell Lydia velt Jones Outside ;s Barlow Lydia C. Martin No. 2 Holmes No. 2 Too Much M< It Can Cause Ah...money! Who wouldn't like to have more of it? But believe it or not, money can cause problems in a nation's economy as well as cure them. You probably can't imagine having too much money, but when an economy has too much money the result is inflation. And inflation is a serious social problem because it distorts the wav our economy works and harms a good many people. An economy needs money, because without it we would have to trade with each other to get the things we wanted. However, a nation needs to strike a critical balance between not enough money and too much money. If there's not enough money in the economy, demand for goods and services falls, unemployment rises, and a recession or depression can develop. If there is too much money, the result is higher prices. And that's what inflation is: rising prices. f Let's look at one aspect of inflation: government spending. And let's start by f learning what our nations uses as money, j and how new money is created. Money in our society consists partly , of two things we are familiar with bills ' (or currency) and coins. But there's also I something else we can spend just as easily and it's also considered to be money. That QAITiPtHinor olco ic Aiir /^onncifc in nKonlrinflp accounts. Most people don't realize it, but our government doesn't print enough currency to carry on all the business in the United States at any particular time, j Most of our money exists in the form j of checking accounts. In fact, about 80 percent of the nation's money supply consists of checking accounts. That makes sense, because many of us pay most of our bills by check. We also are paid by check. In our experience it's less common to use currency for such transactions. What about "new money?" How is that created? New money can be created in two ways. One way is for government to print more currency. The government can and does print currency, but most of it is to replace worn-out currency. A much more important way of creating "new money" is through the common act of borrowing. Each time you or anyone else borrows money from a bank new money is created. Here's a simple example. Your neighbor deposits a $100 bill in his checking account. He still has the $100 to spend, because he can write a check. But at the same time, the bank can lend you the $100 your neighbor deposited, and now you also have $100 to spend. Add it up. We started off with a $100 bill, and wound up with $200 available for spending. Although the process is a bit more complicated than that, that's essen tially the way new money can be created. Now that we've hit the importance of checking accounts, and understand that the supply of money can grow every time someone gets a bank loan, let's examine the problem of inflation more closely. A major cause of inflation is an increase in the money supply. The money supply increases when borrowing increases. You, the consumers in our economy, make up one group of borrowers. Business also borrows money to build plants and buy machinery and raw materials. Local and state governments, and the federal government, also borrow money. For a number of years, the federal government has been spending more each year than it collects in taxes. It gets this >ney? } Inflation extra money by borrowing. When the government borrows money from banks, and it does, the money supply grows just the same as when an individual or business borrows. This year the government plans to spend at least $60 billion more than it collects in taxes. It will get that money by borrowing. But too much money, economists agree, caused by too much borrowing, creates inflation. So while excess government spending might stimulate the economy, it also helps drive prices up. * \ \ &> * -? flil!!II!!ij| ffiTi i i i i i ff; Writing Your Congressman? How do you go about writing a letter to your Congressman? The question is asked by a lot of people who would write but don't, because they're not sure how they should construct their letter. Realizing this, The Clothmaker is publishing these pointers on how to write members of Congress: Make It Easy To Read. Type, print, or write plainly. (You'll never get your point across if your representative can't read your writing.) Fancy or printed stationery isn't necessary. Identify Yourself. Be sure to include your full name and address. Introduce yourself if personal data has any bearing on your message. (For example, if you write about textile imports, it would be helpful to mention that you work for a textile company.) Keep It Short. Don't be long-wind ed. One page is usually enough. Your representative may receive hundreds or thousands of pieces of mail each day. Get To The Point. Summarize your position or problem in the first paragraph. When writing about a specific bill, describe it by number or popular name. Timing Is Important. Write before the bill becomes law. It's best to communicate your position on a particular bill while it's still in committee, giving your representative ample time for study. State The Reasons. Say why you are writing. Include the reasons why you are for or against. Give examples to illustrate your point of view. Be Cordial. Remember you're trying to influence your elected official's thinking, so create a good impression. Don't use threats. Ask For a Reply. As a constituent, you're entitled to know how your con pressman stands on any issue. Ask for his or her position. And if your representative's vote on an issue pleases you, write a follow-up thank-you letter. (Congressmen appreciate a pat on the back, too.) "Sincerely yours" is good taste as a complimentary closing to your letter. Remember to sign your full name before sealing the envelope.