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* 7 W r H ■ \ \ Thursday, April 16, 1953 THE CLINTON CHRONICLE Are -we being taxed excessively? You hear that. On all sides one hears something like this: What’s the use to work hard? Why “go all-out”, when the result may be on ly a heavier tax? There must be something wrong, and certainly we must be able to correct this con dition. Men work because they expect the fruits of their labor. We know that we must have schools and hos pitals, street paving and policing, an army and a navy, but even those who receive special benefits from public funds complain of the heavy Paere Fiv# preciate this: if a railroad has a big wreck it will make heavy ex penditures to overcome it; if a tele phone, telegraph or electric power company or a gas pipe line has a storm damage it must have heavy reserves. So the men who own the company never receive all the earnings. When they feell their stock they must get back a part of it in the price received. Now the company I was talking about earned in profits $67,362,000, but paid in federal taxes on in come $35,037,000, or 52 per cent of all the profit. The total taxes paid to Federal, State and local units amounts to $66,607,000. That is al most 10 per cent of all the sales. The taxes would equal $4.80 a share; the stockholders received on ly $1.00 a share. This company employes. 64,000 men and women. In that company’s statement I read some interesting items: there are about 22 million homes in the There are about 26 million phono- perity we’ve had is largely a paper affair; the only person who really prospers permanently by war hys teria is the person who receives high wages and high prices ,but who does not buy anything. What ever you buy will reflect the very condition that pays you easy mon ey. The housewife who sells eggs for a very high price is also paying a very high price for chicken feeds.! great principle of vital importance, Isn t that true? or for the defense of the Nation. Any sort of prosperity based on No country can afford to lose its. the lives of young men is a de- young men in battle except for a lorous phantasy. tHX6S. It seems to me that we should i P ra P hs * State ?A/« n in * never have thrown money away in i cr ^f. 0 * i 8 - 000 * 000 since 1946. Europe and Asia. Men all over! Within ten years this great com- the world thrive on difficulties and 1 ? 31 ^ has P ai< * ,ts stockholders ^ a grow strong by overcoming diffi-1‘ n f , 3 “ s . t a share ’ but wlth * culties total of $1Q2,229,00, sometimes pay- ' . _ , , ■ in that same ten years the com- When the Germans crushed the p an y has retained or held back out French in 1871, who rebuilt France? When Napoleon overran Europe, who poured out money to rehabilitate Prussia, Italy, Austria of the profits $153*229,000 and that has been used for expansion. What I have cited is typical of American business. When a com- and the others? Who, indeed, gave pany needs $153,229,000 within ten billions to France to save herself years it may not be able to borrow after Napoleon? But I have a fin- j t ma y not always find the er illustration at our doors: who money market favorable. Then spent money lavishly to rebuild Virginia, after four years of de struction, her fields and homes cut up by shells, her productiviey vir tually destroyed, her men in the army? Who restored South Caro lina after Sherman’s march to the sea? Neither Virginia nor South Carolina was petted or pampered; they were despoiled. If some great nation had been ready and willing to revive us we •could easily have spent several bil lions a year. ~ Perhaps, like the world today, we might still be call ing for help. Our people had to make bricks without straw, as the Egyptians compelled tlW Hebrews to do. But the manhoodnn the Na tion developed from the stern ne cessities of adversity. A Government need not feed us; we can work for our-food. What we ask is a free, unfettered oppor tunity to work; and what the Na tion needs is an opportunity to de velop itself so thaf the” constructive' imagination and the spirit of ad venture in enterprise may have should police us so that every one’s rights and initiative should be pro tected, but not allowed to oppress others. Even that needs modifica tion because if a man by a new process may undersell his compe titors by a large margin they will complain, though the progress of the world may hinge on using all the new processes and devices that may enable more people to enjoy the good things, the comforts, con veniences and pleasures of life. I want to tell of a great corpora tion and what its annual statement shows. It is not a South Carolina company. ’ Last year — 1952—the company sold goods to the amount of $693,- 941,000 and made a net profit, af ter all taxes had been paid, of $32,- 325,000. Well, that seems good, doesn’t it?—more than $32,325,00 net profit. But that was only $2.10 a share. The shares are selling for about $30.00. $2.10 on $30.00 seems fairly good but the stockholders were paid just $1.00 a share. $1.00 on $30.00 and all the risk. Well, what happened to the difference? The difference was retained in the businss. Each stockholder was en titled to $2.10 but received $1.00 and the total kept back was $15,- 314,000. Here is a point woth re membering: the big companies nev er pay out all their earnings; they hold back a half, sometimes two- thirds, of the net earnings in order to have money for expansion and for emergencies. In order to ap- again, it would have to pay interest on the loans and have a maturity— a definite time of repayment. That, my friends, is the prinicpal diffi culty in borrowing money: you must pay it back and at the time specified. If that were not true all the banks would be swamped witn borriwers for a few months. After that there would be no more money and no more banks. And the banker himself would be “on relief,’ ’or working with the WPA. If the banker ever seems unsympathetic it is because he is trying to protect the little nest egg of the Widow X and the savings of that handsome young couple now saving to buy a little home and send their boy to school. • • * When we talk of peace the prices i down; when we talk of war the prices go down. Our people make big plans on the coywhWng-of the day, whether of war or peace, and become alarmed lest any change will unsettle things. And so it does. But the abiding factor in the productive and buying power of our people, in time of peace. All this fluctuating of the day i^ the usual stir and unsettling, bm let us have peace. The so-called pros- FINAL SETTLEMENT Take notice that on the 14th day of May, 1953, I will render a final acount of my acts and doings as Committee of the estate of Law rence W. Davis, in the office of the Judge of Probate of Laurens County, at 10 o’clock a. m., and on the saime day will apply for a final discharge from my trust as Com mittee. Any person indebted to said e# tate is notified and required to make payment on or before that date; and all persons having claims against said estate will present them on or before said date, duly proven, or be forever barred. MRS. LEONARD S. LOCKETT, Comm. For Lawrence W. Davis, Greenville, S. C. April 13, 1953. 4t-8-cw SI BSCRIBE TO THE CHRONICLE “The Paper Everybody Reads” Competent Chiropractic Health Care THE R. C. BOLEN CHIROPRACTIC CLINIC Edward Arms Apartment Bldg. Greenwood, S. C. Phone 9-6210 3%—DIVIDEND—3% We invite savings accounts from the people of Clinton and vicinity. Yeu will like our friendly and efficient ser vice, and you will receive your dividend promptly each January 1st and July 1st. Any amount — from $1 up — opens an account. Each account is 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 the United States Government Laurens Federal Savings & Loan Association Telephone 22271 LAURENS’ LARGEST SAVINGS INSTITUTION 104 West Main Street Laurens, S. C. on ^Telephone Construction in South Carolina These are busy days for South Carolina telephone folks—from the drawing boards to the installer’s truck. Reason: the biggest telephone construction program in South Carolina history is under way. It’s a program that will mean new buildings, additions to existing buildings, new central office equipment, new cables, new rural lines . . . and more and better telephone service for more and more people throughout the state. This is a big job but the result will be an important lift to the economic and social progress of the state . . , and will mean more valuable, telephone service for all. J. M. McAlister South Carolina Manager SOUTHIRN BILL ' TILtPHONt AND TELEGRAPH COMPANY •. and for your safety The striking new Bel Air Sport Coupe, one of 16 beautiful models in 3 great new series. \ Chevrolet’s improved Velvet-Pressure Jumbo-Drum Brakes give maximum stopping power with maximum ease of application /i /j CHEVROLET 1 shield and all windows of sedans and coupes, extra-easy Power Steering* and Entirety NEIV fArot/yA and fArwyA. Chevrolet owners have long been con- vinced that they have the sajest as well —, v,„ tl ouu as the largest brakes on any low-priced many other important safety factors, and ^ 15 even more ^ rue ^ 1953. you’ll understand why owners rate the This year you will find much smoother, new Chevrolet tops. more responsive brake action ... up to 23% less pedal pressure ... and a softer, more velvety feel of operation. Realize, too, that here is the only low- priced car with sturdy Fisher Unisteel Construction, Safety Plate Glass in wind- MORE PEOPLE BUY CHEVROLETS THAN ANY OTHER CAR! Come in; see and drive jthis thrillingly advanced car, and we believe you’ll place your order now! •Optional at extra cost. Power Steering available on all models. Con tinuation of standard equipment and trim illus trated is dependent on availability of matenaL GILES CHEVROLET CO. Inc Phone 26 West Main Street Clinton, S. C. \ l