The Clinton chronicle. (Clinton, S.C.) 1901-current, February 26, 1948, Image 12
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THE CLINTON CHRONICLE
Thursday, February 26, 1948
Economist Discusses
Its Relation
To Hiqh Prices
currency, this paper money was
spent, and hence, greatly inflated
the amount of currency outstanding
of Russia, however, does not
increase the amount of food,' cloth-
.. a v\ i *<■ |ing and shelter available to the Rus- , J „
MnnPV Itc PPmfinn people- which are the things in ^ ie swapping oi gold dollars for
I lUIICf, llj IVCIUIIUII which they are really interested. lP a R er mone y th ^ n increased the
II' I v\ 1 " i, j * -r « amount in circulation;- why wouldn t
High Prices , Tn T n could aK ? m :'n>« «'•««« ■>» ««■* if wash-
lliyil riltw phsh the same thing m a gradualj ington js ^ wrious in redlto „g;
.Rv ii,,..i w ,, , _ " ginernmen e • t he amount at money in circulation,
(B> Roger IV. Bab«ml increasing bank reserves raismg m-, w o£ter „ , heir w dol .
Babson Park, Fla.. Feb 21-S,nce terest rates, and itorbiddmg mstal-, ^ ba( . k ^ ^ ^ ^ ^ pa ,
my relent column stating that h-ab ments sales but tor political or oth-| dollars . which lh would , urn
prices are largely a matter of “sup- er reasons the administration shies The u g treasu has - g0 ' ld
ply and demand." I have’received away fijom sound recommendations.; . , ' .
many letters of protest. These let- Readers will-remenjiber that dur- j ^ ave just finished reading a
ters claim that the “amount of nion- nvg-the early part of the Roosevelt, new ^ ^ Ansley j Coa]e en _
ey in circulation” is the main cause, administration, when we he d more. ‘-Vulnerability to Atomic
There is about three times as goW than any other. President Roose-, epared under lhe diVec .
much money in circulation today as veil made us urn in all of our go d ^ Qf the Social Reserch
there was 10 years ago. This doubt- coins_ At 'that tune gold was worth n is blished by the
l«s is a factor in the situation, but $ >0.6, per ^>unce compared with $35 i Pnnceton University p ress and
it makes no difference how muen per oupce for gold today^ Mr. Roos-, ^ ^ by everyone This
of circulation li people do not buy evelt did this on the advice o* the,^ )plain]v shows ^ if World
money is in circulation or the rate, same economists who are now. razz- In shmjld came> ]t wouId de .
® 0 °^ s - i m ® Q /v me ° r saytng , a lT } a 101 ? stroy some of our large cities. Aifter
Ten men may be sitting around a 1S 90 per cpnt a que9twn of Sppy j reading this book, I made up my
table where each one owes the other, 3 ™ demand. i mind tQ put some good bank note3
a hundred dollars, <ir a total of SI,- President Roosevelt fhen robbed; a fp depiosit \'ault and, in fact,
>0. By presenting one of These men the American people <>. billipns o, j^ide away some silver dollars or.
i $100 bill he can pass it to the next dollars -which they had honestly,
■nan. and the next man to the next earned. It was as bad as what Rus-, every reader would follow the
nan. and so on; then this $100 can skfUi, dumg U>day. The gold which . above program this would result in
pay up the entire debt of $1,000. the citizens of the I nited States then reducing the amount of mohev in
But this does' not affect prices one held was not used for circulation. It | circulation which the economists 1
jenny. was in the bureau drawers of ou r ; §ay i s necessary- and, at the “same 1
\\ hat Russia has recently done in wives and cnildrcn, it was carried time give each of us some ready
educing the amount of money in in our own pockets ' “ -- J
for luck and;
money in case World War III -closes
irculation was done at the sugges- emergency; and much of it was in our i ar ge city banks! Certainly, the
ion af- her economists who, through safe deposit boxes throughout the government cannot object to us
idvance notice, had their savings country. When, however, President;§tb r ] ng U p good bank notes and sil-
n land, Commodities, and other real' Roosevelt forced us to tufn in all of; ver vvhen claiming that the amount
hings w.hich were not deflated. This this gold and exchange it for paper circulation is responsible for high
1 prices.
The Cak$
of a Thousand
I I ^ • ■* a
ClauSSehS
POUND CAKE
f/ze&//iryMZGzoc£&
PROFESSIONAL
WRESTLING
CLINTON ARMORY
o ___
Friday, February 27th
8:15 P.M.
SPONSORED BY CLINTON POLICE DEPT.
Jim Benedetti
vs.
7: 5v
V V X
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COME ^ ENJOY GOOD WREST
LING BY PROFESSIONALS
• VI ' r J.
Senate Adopts
Three Amendments
On Roll Call Votes
Joie Lopez
SPECIAL ADDED
ATTRACTION
Dotty O’Shea
vs.
Midge Marsh
George Schnable
Fred Ward
General Admission 75c, Ringside SI.20
Tax Included
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Tickets 09 Sole at Bishop-Walker Pharmacy
^ - and Louie's Restaurant
Columbia, Feb. 24—(Special to
! The . CHronicle) —While considering ■
' the general appropriations bill last
! week the senate held four roll call
votes on controversial amendmeilts
I proposed to the bill, three of which'
! amendments in question.
The amendment to change the pei-;
cottage of state income tax allocat
ed’-to the counties from seven-and-.
a- half per cent to ten per cent was
adopted~by a.25 to 14 vote. Senator
O. L. Long voted against the amend
ment.
An amendment -was-- adopted --pro—
viding “that hereafter all school
teachers.in 1 South Carolina shall be
given five days sick leave with pay
for each regular school term, and in
all instances where substitute teach-!
ere act for the five days provided,
such substitute teachers shall be paid
by the staite from the general school
fund.” The amendment was adopted
by a 23 to 12 vote, with Senator !
Langdon Long voting in favor of the
amendment.
The senate refused by a 26 to 13;
vote to kill an amendment appro-1
priating approximately $900,000 more
to the State Department of Public i
Welfare than the amount specified in
the Senate finance committee ver-1
i sion of the appropriations bill. Sen- 1
jjator O. L. Long,_ one of th^ authors 1
of the amendment, voted in its fa
vor.
Tne proposed amendment which
was rejected by a roll call vote was
the amendment suggesting that half;
the amount allocated to the counties
I from the state income tax be dis- j
tributed ori a population basis, and;
the other half on the basis of- the ra-
I tio that the state income taxes col
lected in each county bears to the
; total collected. Senattrr'Lorrg-woted
in favor of the amendment, which
was killed by a 24 to 17 vote.
4
Additional County
Roads Added To
State Highway System
! —♦—
Columibia, Fab. 24.— (Special to
The Chronicle).—The state highway
| commission at its monthly meeting
| held in Columbia last week awarded
| a contract for a road project in Lau-
i t ens county, approved the addition
;<xf a belt line road in Laurens county
j to the state highway system, as well
| as two Laurens county additions tc
j construotion program “C,” the larm-
to-market program. ,
j The project in the county for which
a contract was granted consists of the
j grading and bituminous surfacing of
J 3.78 miles on road 22 (route 308)
from U. S. route 221 near Ora to
! route 30. The project was awarded
to the Palmetto Construction Co.,
Inc., Columbia, whose bid of $35,140
was the lowest of the ten bids en
tered.
A belt line road in the county from
road No. 17 (route 252) just east of
its junction with route 39 northwest
erly to route 39, a length of approxi
mately .4 mile, was added to the state
highway system.
The two county additions to the
faAm-to-market. program which were
approved by the commission were:
1.1 miles on road No. 63 from U. S.
route 25 to Saluda river, at an esti
mated cost of $14,000, and .4 mile
on road No. 74 from route 252 nortn-
westerly to route 39, at an estimated
cost of $2,000.
CITY SHOE SHOP
Pitts Street
Expert Shoe Repairing
Clinton and Goldville
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Great News
. 1 * 1 ;
far every motorist who breathes!
Come in —see the real thing
in automatic all-season
heating and ventilation 1
H ere’s an amazing new system
that combines fresh air . . .
automatic warmth ... and sheer magic/
In winter—it keeps car air auto
matically at the desired temperature
. . . with a gentle blanket of warmth
instead of the old-style blast of heat.
It circulates warmth fore and aft, side
9 to side. Does away with window-
fogging problems. Gives you a com
plete change of air once a minute/ /
On rainy days—it picks dry,.fresh
• air right out of the mist . . . keeps
interiors crisp and windows clear.
During heat waves—it circulates a
quiet flow of fresh air throughout the
car . . . even when windows are closed
and the car is standing still!
See it and you’ll agree—it’s the suc
cessor to all the car heating and venti
lating systems you’ve ever known!
So drop in soon at your nearest
Packard showroom. See how the new
Packard Eights let you "tune in” the
best of every season!
ASK THE MAN WHO OWNS ONE
Piedmont “ a 1 Company
South J road Street, Clinton, S. C.
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