The Clinton chronicle. (Clinton, S.C.) 1901-current, March 13, 1952, Image 11
Thursday, March 13, 1952
THE CLINTON CHRONICLE
Page Three
WALL STREET IS NOW SCARED
OF INFLATION, BABSON SAYS
Labor Union and Price
Support Blamed for
~ Present Situation.
By ROGER BABSON
Batson Park,' Fla., March 10. —
The 1952 dollar is worth pnly 38
cents when comlpared with the 1913
dollar of 100 cents. World War I
inflation brought the 1913 dollar
down to 50 cents
in 1 92 0, Post-
World War I de
flation took it back
to 59 cents, while
the depression of
the ’30s raised the
value to 79 cents
in 1933. Today’s
dollar is w o* t h
only 53 cents com
pared with the
B«(cr W. BabMM 1939 dollar. What
caused these changes Is beginning
to bother Wall Street
The present downard cycle of the
dollar started in 1933 when Presi
dent Roosevelt depreciated the dol
lar by lowering its gold content, in
order to drive prices up in the de
pression. The gold reserve act of
1934 -cheapened the dollar by 41
per cent. At that time the dollar
was worth approximately 75 cents
when compared with the 100 cent
dollar of 1913. World War II accel
erated inflation through high wag
es, strong demand for goods and
services, and the shortage of such
goods and services. Furthermore,
the post-World War II era, charac
terized by it$ shortages of goods
and buying scares, continued the
spiral.
Two major contributing factors
undermining the post-war dollar
are labor unions and price support.
Through continued pressure, labor
leaders have been making wage
demands in excess of an increase
in the work output per man-hour.
Planning Terracing
Systems for Farms
SUBSCRIBE TO THE CHRONICLE
“The Paper Everybody Reads”
Goodyear Tires
' and Tubes
BATTERIES AND
ACCESSORIES
• McMillan
Service Station
Sinclair Product*
Na.1
Price supports have been such that
in 1950, when we were in the midst
of a boom, only six oigfcof IT sup
port crops were sellin^above par
ity. These supports are underlin
ing the dollar because they strike
at food prices. Wall Street is real
izing that this kind of prosperity is
one of “make-believe.”
Wall Street Getting Scared
A little inflation may seem like a
good idea to some of our economic
planners. It is more of an opiate
than good economic sense. Cheap
money at first deceives people into
thinking they are better off than
they really are. The more of it they
use, the harder it is to stop; and
once you try% to stop, the after
effects are disastrous. Recognition
of, this is a primary cause of the
recent break in stock prices. Al
though Wall Street k wanted infla
tion two years ago, it now is fright
ened of it.
The various kinds of security
that have been hardest hit are old-
age pension plans (both private and
government), schools and colleges,
hospitals, churches and the like. In
vestors at last have come to believe
that inflation creates more trage
dies than deflation. This is evi
denced by the increased demands
made each year by the vSrious
community funds.
Cheap Dollar* and Totalitarianism
Communists resort to the cheap
money-inflation philosophy. They
find it effective dope. The great
Englishman Lord Maynard Keynes,
wrote shortly after World Par I,
“Lenin said that the best way to
destroy the capitalistic system Is to
debauch the Currency. By a contin
uing process of inflation, govern
ments can confiscate, secretly and
unobserved, an important part of
the wealth of their citizens,.
“This attack against savings
strikes not only at security but at
confidence in the equity of all ex
isting corporations. Those to whom
the system brings windfalls ... be
come^ profiteers who are the object
of hatred by the masses whom the
inflationism has impoverished. As
the inflation proceeds, the real val
ue of the currency fluctuates wildly
from month to month . . and . . all
permanent relations between debt
ors and creditors become utterly
disordered so that legitimate busi
ness degenerates into a scandal and
l lottery - - - ” — —
Fake Prosperity
Present dollar business profits,
plus fictitious inventory gains, plus
inadequate depreciation charges,
plus the huge dollar salaries and
consequent illusion of prosperity
have already drugged too many in
vestors into thinking they are real
ly prosperous. Wall Street is be
ginning to shudder when It thinks
of the ultimate outcome!
“First thirigs first” should be a
motto of planning terracing sys
tems for farms, J. B. O’Dell, Con
servationist with the Soil Conser
vation Service, said recently.
Mr. O’Dell emphasized the need
for establishing vegetation on the
run-off routes for water drained
off the land. “Establishing the
cover, with fescue, sericea or some
other suitable plants before the
terraces are constructed will not
take much land '^nd will give the
Six-Inch Sermon
Most prayers - are petitions for
God’s help. Christian faith teaches
that no prayer goes unanswered.
However, that does nbt mean that
God can be commanded to do just
what the petitioner a&cs. In prayer
we present God with a difficulty.
But we may not presume to dic
tate how He will solve the diffi
culty. \
When the wine ran short at the
marriage feast at Cana, the Moth
er of Christ turned to Him, saying:
“They have no wine.” Her state
ment was an implicit prayer for
His assistance. Mary did not know !
how her Son would solve the prob- \
lem. Nor did she presume to make
any suggestions. She merely made
known a need. Her obvious conii-.,
dence that Christ would respond to
the need made her prayer a sub
lime act of faith that the Savior
could not ignore.
Mrtst Christians have a great deal
to learn about prayer. Often in
times of some urgent need, we ex
pect God to intervene at once. We
tend to become impatient when
nothing seems . to happen. Worsa
still, we may let our disappoint
ment and discouragement turn into
spiritual weariness, not to say de
spair. ■ .
Prayef must not become a- tug-
of-war with God. We cannot dic
tate to God how or when He shall
answer us. We cannot~be sure that*
the thing we ask for is as „ good
and right as we thing it is. We can
never have God’s knowledge of
what would result from heeding
some particular mundane or tem
poral plea.
plants a chance tb root down be
fore water is turned onto them.”
Some technical assistance will be
needed by farmers in locating the
outlets, Mr. O’Dell said. Farmers
can get this service from the Lau
rens Soil Conservation District by
contacting SCS technicians at the
Post Office building or one of the
district supervisors. Supervisors
are: Ryan F. Lawson, J. P. Tins
ley, W. P. Dickson, Sam B. Flem
ing and J. D. Wasson.
“Natural draws where water
ways are to be established next
fall iri fescue should not be plant
ed to row crops this summer since
the land preparation would be de
layed beyond the best time for
seeding fescue. Draws where se
ricea is to be planted may be seed
ed to sericea this spring, and the
fileds terraced this fall.”
Conservation payments through
the local Production Marketing
Administration office are provided
for the establishment of vegetated
waterways prior to terrace con
struction and also for terrace con
struction. Information about these
payments can be obtained at the
PMA office m Laurens.
There’s nothing
like giving folks
what they want
FELT RUNDOWN, WEAK,
NERVOUS, SICK, TIRED;
LIKE A MEW GIRL NOW
Among the thousands praising
ScaM’s Indian River Medicine,
many are young folks. Scalfs In
dian River Medicine is truly a fam
ily medicine.
Miss Winnie Jo McDonald, high
school girl of Glen Allen, Ala.,
writes and hpr father joins her in
stating: “For over a year, I suffered
from poor appetite and indigestion.
As a result I lost weight, strength
and energy and felt rundown, ner
vous, sick and tired. I tried several
treatments but with no results.
'Soalfs Indian River Medicine has
done wonders for me. I eat heartily
now and have, no more fear of
after-meal stomach distress. I sleep
well and fell so much stronger and
better that I’m praising Scalf’s In
dian River Medicine to all.”
Soalfs Indian River Medicine is
the tonic of today. Try it. Here’s a
rockbound guarantee of satisfaction
Miss Wonni* Jo McDonald
or your money back on the first
I bottle.
Savings Accounts
3%—DIVIDEND—3%
We invite savings accounts from the people of Clinton
and vicinity. Yon will like our friendly and efficient ser
vice, and yon will receive your dividend promptly each
January let and July 1st. Any amount — from $1 up —
opens an account.
Bach account ia insured up to $10,000 by the Federal
Savings and Loan Insurance Corporation. Two people may
have up to $30,000 fully insured.
Accounts by mail promptly acknowledged.
*
Chartered and Supervised by Hie
United States Government
»
Laurens Federal Savings
& Loan Association
* ■ c
Telephone 22271
LAURENS’ LARGEST SAVINGS INSTITUTION
104 West Main Street Laurens, S. C.
DR. L. B. MARION
NATUROPATH
Res. Phone 939
500 South Broad St.
Forward
• Science is constantly
moving forward, devel-
Oping new mirade drugs
and improved techniques
to aid chronic sufferers.
•
Better have a talk with
your Doctor. Find out
what’s new for you. And
be certain to bring us
that next prescription!
McGEE’S
DRUG STORE
Phone No. 1
And now—The Refreshment Show,
starring the delicious taste
of ice-cold Coca-Cola! (APPLAUSE)
•OTUW WMtM AVTNOtITY Of TNI COCA-COLA COMPANY BY
GREENWOOD COCA-COLA BOTTLING CO.. Greenwood, S. C.
m C»km m k • nshfi-i 1 uwt. O >*«. TNI COCA-COLA COUP AMY
VALUE IB TOP
ALL VALUES 1
m Iff HJ 'IHM'I
HEW EmHNET CAWHETH !
HEW HYDAA-IHATIC SMf Ml
HEW BU H YUBA HUB STEEBIHB !
A
Compare it faelare far feature, fact for fact, with any ear near its cUes!
OMsmobile alone has ths "Rocket” Engine! 160 Mashing horsepower—
new Quadri-Jat Carburetor—new higbJift valves! Look over the Body
by Fisher, the styling and trim by OMsmobile—a perfect blending of
roomy comfort and smartly tailored style! The "drive” is OMsmobile
Hydra-Matic Soper Drive*—quicker, smoother than ever this year
with new “Super” Range. The steering is new GM Hydraulic*—tops
for safety, for handling ease! Compare OMsmobile’s dashing new Super
"8ft” with any car. YouTl discover you can’t match it... for VALUE!
'UUET*
I M IILE
Sir TOUR NKARIST OLDSMOBILI DIALIR
TIMMERMAN MOTOR COMPANY
«
Phone 119, or visit 109 Gary Street