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ir.:: 7 / n 7- ^ J Page Four THE CLINTON CHRONICLE Thursday, May 10,1956 ^ 4- ‘ i » \ at)r Clinton C^rnntrlr EsUbltebed 1H« PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Subscription Rate I Payable in Advance) One Year *3.00, Six Months *2.00 Entered as Second Class Mail Matter at the Poat Office at Clinton, S. C. f under Act of Congresa March 3, 1879 .. < The Chronicle seeks the cooperation of Its aubecribers and readers—the publisher will at all times appreciate wise suggestions and kindly advice. The Chnonicle will publish letters of general interest when they are not of a defamatory nature Anonymous communications will not be noticed. This paper is not responsible for the views or opinions of its correspondents. i Member: South Carolina Press Association, National Editorial Association National Advertising Representative: AMERICAN PRESS ASSOCIATION New York, Chicago, Detroit. Philadelphia CLINTON, S. C., THURSDAY, MAY 10. 1956 Who profit* Most? For many years so-called “progressive" politicians have sought to gamer votes by advocating government ownership (socializa tion) of various lines of business on the theory that the people could thereby get things at cost by,'eliminating the "profit motive.” Let’s look at five 4954 financial state ments, such as are issued by thousands of taxpaying private companies. Then judge who “profits” most from the earnings of business, before the owners get a return which is then taxed as personal income. / 1. A hardware And household supply com pany: Dividends and interest to stockhold ers, $1,516,000; dividends to government (taxes), $1,4$8,000. 2. A corporation dealing in patents, elec tronics, etc.: Dividends to stockholders, $1,- 4<k),000; dividends to government (taxes), $3,300,000. 3. A mid western railroad:' Dividends toy stockholders, $10,278,000; dividends “to gov ernment (taxes), $10,409,000. 4. A moderate sized electric confpany: Dividends to stockholders, $4,000,000; divi dends to government (taxes), $7,700,000. 5. A large oil company: Dividends to stock holders, $49,000,000; dividends Vo govern ment (taxes), $139,700,000. On every business the government takes over, it loses the taxes because government* business is tax-exempt. But government’s need for taxes is not thereby reduced—in stead it is increased, and the lost taxes are loaded onto remaining taxpayers as one pen alty for socializing American enterprise. The political drive to socialize the electric industry, which pays over $1,300,000,000 an nually in taxes, is the best current illustra tion of tAx-boosting socialism. Get Your Red Hots Here! Another baseball season is underway. In ball parks all over the country the crowds are turning out for the most typically Artier- ican of sports. A culinary delicacy which is also typically American goes "with-baseball—asTPgoes with - other diversions. That’s, the hot dog. Last year the incredible tptal of 8,500,000,000 of these edible canines were consumed—which works out to a little more than one per per son each week. It’s very possible that the - number will be larger still this year. And the hot dog’s cousin, the hamburger, is also be ing eagerly devoured in steadily increasing quantities. ^ Our devotion to the hot dog is symbolic of the national taste. We are a country’ of meat eaters. Save for a few small countries, such as Australia and Denmark, we lead the world in per capita meat production. Beef is now the favorite of all meats, having passed pork in 1953, and this vear each of us, on the aver- age, will eat close to 80 pounds of it. . That indicates the tremendous challenge that the livestock and meat industry faces, v Estimates say that 20 years from now our population will be 215,000,000—almost 50,- 000,000 more than at present. If our present rate of meat consumption is to be maintained, production will have to be increased as much as 15 per cent over the nibxt 15 years and 2io per cent over the next 20. It’s a safe bet that this challenge will be successfully met, so long as we keep our free market and our competitive system. • 4- Pick One! Is socialized federal power a bargain? An answer is provided in this sentence from one of the Hoover Commission reports: “Inequities resulting from Federal Govern ment invasion of the field of electric power is illustrated in the case of the states of New York, New Jersey, and Pennsylvania, which have 20 per cent of the population and pay 29 per cent of the net cost without receiving any federal power.” , —— Fmm fhat it is obvious federal power is “cheap but for but one reason—because the taxpayers, of the entire country subsidize and pay a part of the electric bills of that fraction of the population which uses the federal power. There are two diametrically different ways in which this inequity could be ended. One would be'to create a national federal power monopoly—which,,is what many socialist- minded people really want. Then everybody would get federal power, and everybody would pay for federal power’s subsidies, tax- exemptions. and other artificial advantages. The Other solution is to get the government out of the power business, by^lling its hold ings on the best possible terms to regulated, ’hich ^solution do you pick? work.” Lambertville. N. J., Beacon: / “Under a fancy scheme today the worker, who does not want to work can say ‘the heck with it’ and sit down and enjoy his unemployment com pensation checks. Then too, all that talk about saving for the future is th^ bunk. We have social security that will take care of us when we are sixty-five . . . But, with«all this there comes the realization that the produc ers are becoming less and less and the ‘eat ers’ are growing in number. Where does this lead us? We think to the brink of full sta- tism . .. Crazy, you say?.Well, think about it. It may be later than you think.” Georgetown, 111., New’s: “Mass production, a backbone of our economy and our standard of living, is not new irt America. Awj^y back 1798, when each army rffae had to be in made laboriously by hand, each part to fit one gun and one gun only, Eli Whitney evolved an unheard-of method of speedily fbrging and stamping out ‘standard’ inter changeable parts and assembling them later . . . The idea caught on, and has been going strong ever since.” SENSING THE NEWS By THURMAN SENSING ExscuHt* Vic* Prasidanl Southern States Industrial Council ^jh****-w ** • CAN UNCLE SAM STOP DEPRESSIONS? teresting series of articles on the attitudes of folks in various age brackets toward debt, saving, spending, and other economic facts of life. ( The first of these articles deals with three young couples in their mid-thirties who exper ienced the depression of the 1939’s only as chil dren and who have known nothing'but prosper ous conditions and continually increasing incomes during their business lives. It is this age group which constitutes a large percentage^ our popu lation. What is the attitude of these three couples to ward debt? They are up to their necks in it—new homes, new cars, new Electric appliances of all sorts, club dues, etc., all on the monthly payment plan. None of them seem to have any margin left for savings. Do they worrk about a setback of any sort, about the possibility of hard times, about a de pression? No, they don’t seem to—perhaps be- 7 s New Swimming Pool Planned For Country Club; To Issue Stock taxpaying private enterprise. Meanwhile a partial solution could be obtained by making public-pdwer pay taxes and otherwise con duct its operations in the manner that is re quired of comparable private business. Whi< The Lakeside corporation and the Lakeside Country club have announced plans to build a mod ern, sanitary swimming pool. To finance ’ the project, the boards of directors of both the corporation and the club pro pose to issue 200 new shares of stock in the Lakeside corporation. A meeting of stockholders of the corporation will be held on May 24 to vote .on authorizing the is suance of the new stock. club members after the new 1 swimming pool is in operation. The club property is midway between Clinton and Laurens. Officers and directors of the Lakeside corporation are: C. F. Fleming, president; J. B. Hart, vice-president; Thomas A. Babb, secretary-treasurer; Br. B. O. Whitten, Tom Addison, R. C. Wil- Adair, Fred Oxley, Bail< liams and L. C. Barksdale. Officers and directors, of the Lakeside Country club are: John Addison, president; Claude C. Crocker, vice-president; James Wolfe, secretary; R. H. Roper, Jr., James C. Todd, Jr., Tom Baldwin, Ralph -Wilson, Jr., and Frank Martin. "'i ■ Coatesville, Pa., Record: "Under our fed eral-state concept of government, the Con stitution gives to the states not only author ity but the obligation to safeguard the right of every citizen to seek his best economic in terests. The states cannot safeguard this right except by guaranteeing the right to A meeting of the membership of the club will be held on Satur day to entertain a recommen dation of the board of directors to make certain changes in the club by-laws. The Lakeside corporation was organized in 1929 and its purpose is to own and protect the country club property for the use and en joyment of the members. The stockholders of the corporation,^ includes a wide group of citizens from the Clinton and LaureW areas. The stock is generally dis tributed one share to a family. The present lake at the club, which has been used for swim ming, will be converted into a boating and fishing lake for the Calvary Group, Enjoys Outing The David Livingston Chapter of Royal Ambassadors of Calvary Baptist church enjoyed a weiner roast and outing at Horseshoe Falls recently. About forty boys and the coun sellors, Miss Betty Sue Spillers, Marion Turner, “Bud” Tumblin, and Dorsey Turner, attended. A camp fire service was held. TAKE IT EASY ..... put a checkbook to work for you. Checks pay all your bills, quickly, easily ... save time and steps ... eliminate standing in line to make payments ... provide absolute proof of every thill paid and an accurate record of expenditure. What’s more, a CHECKING ACCOUNT keeps your monfey safe. OPEN A CHECKING ACCOUNT WITH US NOW Bank of Clinton Member Federal Deposit Insurance Corporation 2% Interest Paid On Savings Accounts Semi-Annually THE PERFECT GIFT FOR MOM ON HER DAY Nothing Else So Perfectly Expresses Love and Senti ment As Fragrant Fresh Blooms Large Selection Potted Plant*, Cut Flower*, Corsage* Memorial Wreath* PLACE YOUR ORDERS EARLY WE WIRE FLOWERS ANYWHIRE Eastside Greenhouse PHONE 520-J cause they have never experienced one. It is their answers when questioned as to their attitude toward a possible depression, however, that are most enlightening—in that they probably express the attitude of the majoriay of the present genera tion. " "No American government,” says one of the three men, “can afford to sit by and let another real depression come about.” “Any financial catastrophe big enough to over whelm me is going to shake this whole country so bad my debts will be the- least of my worries—and that just won’t happen,” says another one. The third one makes this comment, “I always tell myself, when I find myself getting another bank loan: ‘If that bank is big enough fool to lend if, I’m a big enough fool to borrow it.” If we may assume that the observations of these couples are typical of the attitude of many people these days—then they are worthy of some comment and serious thought The first observation undoubtedly expresses the attitude of a-large percentage of the American people—that the Government cannot afford to let us have another depression, whether it be under a Democratic administration or a Republican admin istration. In answer to this observation, we might point out that a good many of our previous Gov ernments have “afforded” depressions—without destruction of either political party—and the peo ple have gone on to an ever-increasing standard of living. In fact, it is only when the Government starts meddling with the natural laws of econom ics that depressions become really serious. We would have come out of the Great Depression of the 1930’s much sooner than we finally did had it not been for Government interference. -r— But the serious aspect of the attitude express ed in this first observation is that the Government is responsible for the prosperity of the people. Any such doctrine is contrary to the whole philosophy of government-under which our nation was found ed. Our forefathers knew that no government on the face of the earth can confer prosperity on its people. The government can establish certain rules and regulations to guide them but the people •are responsible for their own welfare. Otherwise you have a totalitarian government of some sort wherein the government takes full control and in dividual freedom is destroyed. Then you have neither prosperity nor freedom. * So if tree people who are responsible for their own wlefare borrow beyond their means, if they let each day take care of itself and give no thought tp the morrow, if they are big enough fools to bor row jUst because the bankers are big enough fools to lend—then they can only expect the immutable laws of econognics to catch up with them and fin ally bring them to their senses. We can all hope We shall never have another depression, but hu man nature being inclined, as it is, to violate these fundamental laws, .it is very likely that we shall. V