The Clinton chronicle. (Clinton, S.C.) 1901-current, August 06, 1959, Image 6
THE CLINTON CHRONICLE
.*.•» • 1
Thursday. August 6, 1959
Strom J lurmond
H'HAT IS THE NATIONAL DEBT?
One of the most encouraging de-
velopments during this year is the
increased public interest in the Fed
eral Government’s fiscal affairs. Al
ready the public s intense interest
has resulted in a brake on deficit
expenditures by Congress. Much of
the attehtion which has been direct
ed at federal expenditures resulted
from the all-time high 13 billion dol
lar deficit for the fiscal year 1959.
Unfortunately, however, the national
deb: continues to increase.
I>espite the increased interest in
the country’s fiscal condition, many
people apparently do not understand
just what is the national debt. A con
stituent recently suggested that it
“just be cancelled." Unfortunately,
no such easy solution to our p’ublic
indebtedness exists.
The national debt is now ap
proximately $2So billion. As of
March. 1959. the latest date for
which accurate figutvs are available
—this debt was represented by
$382 2 billion of securities, and the
balance is represented by bills for
operation of the government which
have not yet been paid. It is inter
esting to see who loaned the Federal
Government $282 2 billion dollars
The breakdown is as follows: com
mercial banks. $62 9 billion: federal
reserve banks, $25.5 billion: indi
viduals. $64.5 billion: insurance
companies, $12 0 billion: mutual
savings banks. $7 4 billion: corpora
tions, $21 billion: state and local
governments, $17 9 billion: U. S.
Government investment accounts.
$53 7 billion; and miscellaneous in
vestors. $17.2 billion. In the final
analysis, the national debt is owed
to the American people.
EVERYONE AFFECTED
Even if you do not personally own
any savings bonds as an individual,
the Federal Government still prob
ably has borrowed some of your,
money. A portion of your savings i
o ■
account, your bank deposits, the
taxes you paid to your town, county,
or, thitState of South Carolina, your
insurance premium, and the price
you paid for a share of stock, have
in all probability been loaned to the
federal government. The $53.7 billion
owed to U. S. Government invest
ment accounts” includes the major
portion of the contributions paid in
by various participants in Govern
ment retirement programs. The
savings and security of the Amer
ican public are on loan to the Fed
eral Government. Inability to pay
by the government would result in
disaster to almost every American
family.
Unlike most private institutions I
where money is invested, the Gov
ernment does not produce income to
pay its debts. The only source of in
come for the Government is the
taxpayer. Borrowing bj the Govern
ment is, therefore, just an indirect
method of levying more taxes. It is
sound business only so long as it is
used to prevent fluctuations in the
tax level ot meet expenses which
fluctuate; it is now at a dangerous
extreme. If direct taxation instead
of borrowing had been used during
fiscal 9159 to pay the 13 billion dol
lar deficit only, it would have re
quired the confiscation of. all per
sonal incomes above $4,000.
The greatest danger of a higher
debt lies in the possibility that the
dollar will continue to deflate in
value. History is replete with ex
amples of liquidation of national
debts by cheapening the currency
to make it easy. This is just a slight
ly less quick, but equally disastrous
method of wiping out the savings of
a society.
The national debt must be paid,
and paid in hard dollars. Any other
course would wipe out all retire
ment funds, savings accounts, bank
deposits, insurance policies, and in
deed, all financial values. There is
but one way to meet the obligations
of the Federal Government. Ex
penditures must be cdt well below
the level of income derived from
the present level of taxes, and the
balance used systematically to pay
off the Government’s unconscionable
debt. Such a course will be unpop
ular with those who want always
more and bigger welfare programs.
It can only be accomplished if the
public fully realizes the danger and
keeps the pressure on the Congress
to cut expenses.
Economy has played a major part
in my evaluation of legislation be
fore the Congress. I have opposed,
| and will continue to oppose, new and
OFFICE SUPPLIES
CHRONICLE PUB. CO.
PHONE 74
unessentiajl spending, for any other
course would sacrifice the security
of almost every person in South
Carolina and the United States.
lUZIANNE
RED LABEL
Beautiful
NOW UNDER NEW MANAGEMENT
43 Pc. MELMAC “Prolon , ‘
DINNERWARE
Guaranteed against
SALE PRICE | cracking, breaking
: or chipping
Open stock
value '48"
Fadeless
moldedm
patterns
HERE S WHAT YOU GET:
S-tO~ DINNfl PlATtl
S-SttAD mnd BUTTS* *L*m
t-curt
S-VM>wt*S
s ciatAi towis
CHAM ana VUG At UT
JSTOP AT THI SIGN 0$
^THE SMILING TIRE!
mileage
^^^^■rnson’s
HOME & AUTO STORE
B.F.Goodrich i
j
W. MAIN ST.
• <>ne lad Mnail T»%« On Special
• I-ante gntninc Pnaia. AM-Metal Fra
Ke« Ill.tS. Special
• HewefcaM Teal AaMTlaftent
• I u»n Sweeper. Kec- IAI.M. Special
• I I'hmc Ka4» and Reels Redared
19.9a
MIC
$19.95
MD UP OH A
mines!
-at-
Clinton
Cleaners
3 SUITS OR DRESSES
\ Cleaned For Price Of 2
$1.50 Plus Tax
Number Not Limited
Bring your winter clothes to be
cleaned at this special price.
Also Leave For Storage
All Work Guaranteed ,
CLINTON CLEANERS
Phone 948
BUY SUMMER COAL
Get Your Summer Coal Now
at S16.00 Per Ton
PRICE GOES UP SEPT. 1
C-W-S GUANO CO.
PITTS COAL CO
FOR
ALCOHOLICS
AND
EXCESSIVE
DRINKERS
H 0PE HAVENU
HOSPITAL
•:r
Canister
$1.06
Which Is Onlv 53c lb.
For the exclusive treatment of alcoholism and
problem drinking — in a quiet, restful atmosphere
using the latest acceotable medical 4 treaimer,:.
Doctors on 24-hour caM. Nurses on duty at c!l
times. Fireproof and private.
For further information write or ca!!:
Julia Bennett, Superintendent
HOPE HAVEN HOSPITAL.
TRAVELERS REST. SOUTH CAROLINA
Clinton Mills Store
PHONE 1580
Lydia Mills Store
PHONE 345
MAXWELL BROTHERS
STORE-WIDE
AUGUST CLEARANCE SALE
We have recently returned fromithe furniture market and have to make room for new merchandise coming in. All the items listed are new and are good true values. Maxwell
Brothers base the reputation for quality merchandise—so keep this Al) as a shopping guide.
PICTURES 40% Off
Lamps Up t» 40% Off
All Porch and Lawn Furniture
25% Off
t Mte«mpmrar« Smfaw. Kaaim rubber, ktrfc pleat.
K»»m- beige and -•ft green
2—Large Wing-Harts fbatm.
Foam Rubber lietre and R**«e
$2f«lti
AN Mtrrar*
Snivel Kwkrr F
Mint green
robber, ktri pleated.
2-Plere French Provincial Sait*.
Toant rater Fan* robber
J—Marble Top End Table*
Solid mahogant frame
l-arge Ming Hack i hasr.
Fine *ea foam green eo««r
3-Piere Sectional Sofa by Rowe.
100% nylon cover. Foam rubber cushion*. Rowe, beige
10-Piece Living Room Suite*, (iood quality construction,
(olors: Charcoal, green, red and brown ....
Simmons Hide-A-Bed. Toast cover
Solid Walnut Drop l>eaf Cocktail Table
One 83 Inch Modern Sofa. <
Foam rubber. Sunset beige — 229.95
TOP VALUE
In
Living Room Pieces
i^.ur Sale Price
$249.95
79.95
20% Off
59.95
299.95
49.95
69.95
259.95
169.95
189.95
49.95
199.95
BEDROOM BARGAINS
79M
UtH
MlM
M.M
tUM
2M.S5
Zli.M
68.50
I —
Setid Maple Fart. A
» %
Uneo feather
5-Flare large Sabd dab
9 Bremer by Hr*.*4
Chair*.
3-Placa Cabala I Charry Halt#
Triple
3-Piece Modem Suite* Blend* and
Double d
T lam Upright Cedar Cheat*.
Silver gray and gray finish**
Spainhour Happy
Valley Solid Rock
Maple
Bedroom Group
30% Off
S-Pr. Salle Triple dreroer. Urge
Reg *ki» fti»*;
R^win 4
Sale Price
$199.95
99.95
49.95
249.95
299.95
119.95
39.95
in* t;
***i
m.u
37*.*S
I lf.*i
60.93
DINING ROOM AND
DINETTE VALUES
DOLLAR DAY
SPECIAL
SOLID OAK
STOOL
Natural Finish
$1.00
H-Pc. Colonial Cberry Dining Room
Suite. Ijirge china. 6 chain* and
round extension table—
Regular <349.95 SALE $279.95
7- Pc. Dinettes. Colors: Red, yellow,
rharcoal.
Free! 32-Pc. Set Dishes
Regular $119.95 SALE $89.95
9-Pc. Dinettes. Colors: Red and
yellow.
Free! 32-Pc. Set Dishes
Regular $149.95 SALE $119.95
8- Pc. Genuine Walnut Dining Room
Suite—
Regular $269.50 SALE $229.50
EASY CREDIT
TERMS ARRANGED
HUNDREDS OF OTHER VALUES THROUGHOUT THE STORE
Take Your Time and Shop In
Air-Conditioned Comfort
SORRY, NO
TRADE4NS
cli.nton, a c Nurm ■hub st