The Clinton chronicle. (Clinton, S.C.) 1901-current, May 10, 1956, Image 4
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THE CLINTON CHRONICLE
Thursday, May 10,1956 ^
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at)r Clinton C^rnntrlr
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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. •
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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.
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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.
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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