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'I Thonday, Aufurt 2, 1M2 Spmding Can Be Cut Congress has ample opportunity in the budget requests still to be acted on to re duce federal spending enough to pay for a tax cut which is being urged in growing volume to pep up the economy. This was brought out in an appraisal of the progress of Congressional actions on money bills by the Council of State Chambers of Commerce. The report said: “If the Congress feels that taxes must be reduced soon but only if spending is also reduced, there is ample opportunity to do both by cutting the budget requests it has yet to consider.” Some of “the most likely areas for re duction” cited by the Council report include foreign aid, Rural Electrification funds, public works and new spending proposals. The Council report labeled as “the myth of the 1930’s” the idea that expanded gov ernment spending is the road to economic growth. It suggested it is “high time that Congress disassociate itself from the policy based on the myth.” Good News About Motor Accidents From a high of 11.6 deaths oft the high way per 100 million automotive miles in 1945, the rate was slashed to 5.3 in 1960 and in 1961 was reduced even more, with a record low of 5.1 posted in the first 11 months. A reduction of this size is an outstand ing accomplishment any time, but it is even more impressive in view of the skyrocket ing automobile population. While the highway death rate was being cut more than 55 per cent, motor vehicle registrations were increasing almost 160 • per cent. In the decade and a half since World War II, the number of cars, trucks, and buses on America’s streets and high ways soared from a little over 31 million to more than 74 million. At the same time, the number of licensed drivers has risen to more than 90 million. Yet the death rate was more than cut in half! Mile for mile, highway travel is now three times safer than it was 26 years ago and twice as safe as it was 16 years ago and the new system of interstate highways now under construction is expected to make driving still safer. America’s automotive safety record can be improved even more— without horror and hysteria—by the con scientious application of the principles of safe driving. Evil Fiction Administration spokesmen have decried the importance of a balanced annual budget. According to them, it is only necessary to balance the budget over a cycle of years (how long a cycle, no one knows) and that federal spending and pump-priming will re sult in sufficient tax revenues to achieve that goal. Senator Byrd of Virginia, chairman of the Senate Finance Committee, and a top authority and student of government finan cing. finds no rhyme or reason in this view. In his words, “This is evil fiction. It never has worked. It is not working now, and I can prove it. A prudent government would balance its budget by stopping nonessential expenditures. 'Hris is not being done. The hard fact is that continuing deficits ulti mately aid in bankruptcy.” All manner of examples of nonessential spending could be cited. One—and a very big one—lies in projects and proposals which would put the government deeper and deeper into the business of producing and distributing electric power. The direct cost runs into the billions and the economic sin is compounded by the loss of taxes that results when tax-free government projects take over from taxpaying private enterprise. The irony is that there.is no needed power project—no matter how big and costly, no matter whether the power is to be generated by coal, oil, falling water, or the atom— that private enterprise is unwilling able to construct. Florence. Ala., Herald: “The old say ing: The government is the servant of the people’ ought to be changed because the government, like servants, is getting too expensive for most folks.” You, The Loaer There is one important aspect of exces sively high taxation of incomes which has been given much less attention than it mer its. In a recent symposium on tax reform, Dan Throop Smith, Professor of Finance in the Harvard Graduate School of Business Administration, touched on it in these words: “Excessive tax rates distort busi ness decisions and personal decisions on in vestments. They distract attention from productive work which creates more income to efforts to minimize tax burdens. At a 90 per cent tax rate, it is as important to an individual, though certainly not to so ciety, to save a dollar of taxes as it is to earn ten dollars of income.” This individual, in sum, is more concern ed with trying to improve his tax position than in trying to develop enterprises which would produce more jobs, more and better goods and services—and, ultimately, more sources of taxation for. government at all the levels. And the whole nation, and ev eryone in it, is the big loser. Babson Discusses The Stock Market and College Enrollments , Babson Park, Mass., August 2—Because of the multi-billion-dollar losses in stock values since late May, many have asked me how the stock market will affect college enrollments. Will pa rents be able to meet college expenses, or will students be withdrawn and enrollment slump? MOST PARENTS CAN MAKE PAYMENTS No one knows how many parents have suffer ed serious losses in the market. But I suspect some parent-investors may find it difficult to put their hands on large amounts of ready cash this fall. We know that many parents have been in vesting in stocks because fixed-income securities a Just haven’t seemed to keep pace with rising educational costs. College authorities tell me that parents who have sizeable in vestments tend to give their children relatively rich college budgets. These often include late-model cars, generous sums for personal services and amuse ment items. Heavy cutbacks could be made in budgets of this w * kind without sacrificing educa tion! Most college financial officers believe also that with the great variety of college loan pro grams no worthy student will be forced out of college for lack of funds. PARENTS WITH NO STOCKS I am considerably more concerned about an other group of parents—those in the $5,000-115,000 income bracket. College financial officers tell me that the financial statements submitted by these parents when their children apply for loans or scholarships indicate a generally serious financial situation. Very few own stocks—have perhaps a few shares of Mutual Funds. Most carry heavy mortgages and are paying for late-model cars out of current earnings. An appalling number either have no savings account, or at best but a few hundred dollars. It am glad to say that many carry some life insurance. They do what they can toward the education of son or daughter. However, if any great number in this group were to be thrown out of work or if the many working mothers in these families should lose employment, college enroll ments might be affected. THE THIRTIES AND THE SIXTIES College enrollments in 1927-28 totaled 1,053,965. In ’28-’29 (the panic year) enrollments did not drop, but increased by 24,000. And in ’JO-’Sl an other 27,000 were added, for a total of some 1,127,- 000. Not until 1932-33 was the crash reflected in enrollments, and that was hut a 5% drop. There fore I believe most parents will have no trouble financing WORTHY children. The 1960’s cannot be compared with the 1930’s. Our credit structure, under the watchful eye of the Federal Reserve, is on a vastly sounder basis. Banks have been insured against the kinds of runs that took place in the 1930’s. Most home mort gages are guaranteed. Many new industries— such as electronics, chemicals, and the prepared ness effort—have made our economy considerably more dynamic. By law (Federal Employment Act of 1946) the government is obliged to try to offset depressive economic factors. THE PROBLEM: THE SMALL PRIVATELY ENDOWED COLLEGE College enrollments have tripled since 1929-30, to over 3,500,000 in 1980. Dr. Ronald Thompson, an authority on college population projections, estimates that this fall’s enrollments will reach 4,234,709. By 1986, his studies predict, 5,206,499 will be enroUed; and by 1975, 8,480,676. The ques tion is not one of the effect of the current market gyrations on 1962-63 enrollments, but rather of how to find the faculties and facilities to meet the Small privately endowed “liberal arts” colleges will be harder and harder pressed to compete . . . or even to maintain what they already have .There There must be considerably more financial sup port of the small privately endowed “liberal arts” college. or un- fantastic increase in demand. The real developing problem Is this: Public colleges and universities supported by taxes are already increasing their facilities at a rapid rate. CLINTON, S. C., THURSDAY, AUGUST 2, 1992 dljr (£ l in tun (dtprmtirU Established 1999 July 4, 1889 — WILLIAM WILSON HARRIS — June IS, 1955 PUBLISHED EVERY THURSDAY BY THE CHRONICLE PUBLISHING COMPANY Subscription Rate (Payable in Advance) One Year $3.00, Six u pp ; Out-of-County One Year $1.00 ! % Second Class Postage Paid at Clinton, S. C. The Chronicle seeks the cooperation of its subscribers and readers — the puMieher will at all timee appreciate wise suggekions and kindly advice. The Chronicle 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. Member: South Carolina Press Association, National Editorial Asaodatkm National Advertising Representative AMERICAN PRESS ASSOCIATION New York, Chicago, Detroit, Philadelphia TUB CLINTON CHRONICLE -News Of Bonds Cross Roads MRS. N. A. SMOUHE, Mrs. B. W. Cooper and Mrs. Ola Wages attended a bridal shower on Saturday evening for Mrs. LoueByn Cooper, at the* home of Mrs. Presley Chaney in Clinton. ‘ Mrs. Jim Price was honored Sunday at her home with a sur prise birthday dinner given by her children. Mrs. Price was out riding with Mrs. B. W. Cooper Sunday morning and when she returned home she found her yard filled with cars, and a boun tiful picnic lunch waiting. Friends of Mrs. Mildred Cause will be interested to learn that she has bought a home in Joanna and moved there. Mrs. Cause has been making her home with Mr. and Mrs. James Evans since the death of her husband. Mr. and Mrs. Raymond Hender son and two daughters of Ver non, Texas were guests of Mrs. Texie Johnson on Monday. Mr. Henderson is the son of Mrs. Janie Henderson and the late Robert Henderson. He is here visiting his brothers and sisters, Mrs. Raymond Dean, Mrs. Texie Johnson, Carl and Dial Hender son. They left here Wednesday for a few days in Washington and from there will return to Texas. Claudia Johnson has been spending several days with her mother, Mrs. Texie Johnson. Friends of James Nabors will be interested to know that he goes to Anderson Hospital today, where he will be a patient for a few days. Mrs. N. A. Shouse attended the T.V. workshop at Columbia Col lege this week. Others from the Clinton High faculty at the work shop were: Mrs. Alex Crawfford, Miss Eloise Miller and Mrs. Winiford Poole. Alvin Hueble has been home for several days. He will return home from service next week and he and Mrs. Hueble will then be in their home in Greenville. Mrs. B. W. Cooper, Mrs. James Evans and Mrs. David Pitts of Shady Grove Home Demonstra tion Club attended the Southern district meeting of home demon station members of Laurens county on Tuesday at Rocky Springs Presbyterian Church. Mrs. Texie Johnson, Claudia Johnson and Carl Henderson were guests on Sunday at the home of Mr. and Mrs. Raymond Dean in Whitmire. Mrs. Ola Wages visited Mr. and Mrs. Jim Tucker of Ninety-Six on Sunday. Hurricane News Of The Week MRS. CECIL 8COGIN, Carrol Ann Young spent a few days at Greenwood lake with Mr. and Mrs. Chick Pitts, Jr. and their daughter Barbara last week. Mr. and Mrs. Jake Holland and daughter of Charlotte sepnt Sunday with Mrs. Holland’s mother, Mrs. Ora Nabors and other relatives, coming especial ly for their son, Rush Holland who was visiting here. S-Sgt. Gene Haupfear of Wash ington, D. C. and Mr. J. B. Law rence of Knoxville, Tenn. visited over the weekend. Mr. and Mrs. W. A. Scogin aiut Mr. and Mrs. James Haupfear son, Richard, of Greenville, visit ed Mr. Scogin’s parents, Mr. and Mrs. W. T. Scogin Sunday. Mr. and Mrs. Cecil Scogin and boys and Mr. and Mrs. Beattie Spearman spent the weekend at Lake Greenwood. Mr. and Mrs. Chop Watts visit ed Mr. and Mrs. J. M. Kinards and family of Ehrhardt, S. C. going especially to get their daughter, Brenda, who has been visiting there several weeks. Mr. and Mrs. Rex Young daughter Mildred of Cocoa, Fla., spent a few days with Mrs. Mace Young and other relatives lasti week. Mrs. Mace Young spent the weekend with her jj rg Sam Wallace, Mr. Wallace and children of Laurens. Her grand son Tommy Wallace and Jimmie and Calvin Young are spending the week with her this week. The Sunbeam Band met at the home of lift; 4, *. Caldwell Monday, July 10, for their regu lar monthly meeting. The W.M.U. Circle No. 2 of the Hurricane Baptist Church will meet at the home of Mrs. W. E. Wckert Thursday, Aftptat 1 at 7:10 p.m. Miss Essie DID of 1 wishes to express her g all the visits, gifts and . bestowed upon her ky th bers of Hurricane ~ and H her illness has Gotta B«e? Can DoasI KFIRD'S m grijg c. Views 111 Nabonis Circle Knoxville, Tennessee To the Editor: Your section of the country will always have an especially warm {dace in our hearts. About 7:10 pjn., July 27, my husband and I and four grandchildren had Just passed the Enorse turnoff on In terstate Hi-way„ going South, when our car radiator started steaming. We left the highway at Cross Anchor turnoff. As we stop ped at the first house on the right to ask for water, a Mr. and Mrs Lawson stopped behind us and got out to see if we needed help The occupants of the house were most kind. He (Mr. John Gideon) carried gallons of water to the radiator and Mrs. Gideon offer ed to put us up for the night. The Lawsons led us to the Amoco station at Cross Anchor where a mechanic told us we had to have a new water pump. Mr. Walt Byars, using a 2-way radio on his car, telephoned Clin ton and asked a friend of his to get the new pump. Then Mr. Byars (who had never seen us before) loaded us and our belong ings in his car and drove us to his home where Mrs. Byars telephon ed to get us in a motel in Clinton. Mr. Byars and his daughter Ging er then took us to pick up the pump, saw the children and me safely installed in a motel and drove my husband all the way resolved, that this R not ars’ tatning ftitr Clinton to gat It and Cross Anchor for my to have it Installed, we probably would have spent Saturday try ing to find the part and having it put on. As it was, by 8:00 a. m Saturday, we were on oar way to Pawley's Island. We had a good night’s rest to Mr. and Mrs. Byars a motel and taking us to it. All this took time, trouble and gas oline. We are deeply grateful -MRS. JAMES W. McNUTT NOTICE or STOCKHOLDERS MEETING or or FRA- FURNITURE COMPANY TO THE STOCKHOLDERS OP P RATHE R-SIMPSON FURNI TURE COMPANY AND ALL IN TERESTED PARTIES: NOTICE IS HEREBY GIVEN that pursuant to a resolution duly adopted by the board of directors of PRATHE R-SIMPSON FURNI TURE COMPANY, there will he a meeting of the stockholders of said corporation,at the offices of Cecil E. White, Attorney at Law, Clinton, South Carolina, at eleven o’clock A.M. on Monday, the 13th day of August, 1962, to consider and vote upon the following reso- Today-FrL, & Sat Aug. 2-3-4 It’* Even Better Than “Parent Trap” Ja-Ja/ UMMmay IMMUM * iVTIHnH *M**nnm*e*aafc.ta-««UMia aa 'iM a * 25c and 60e Feature: 3:20, 5:45, 8:i0 Saturday: 1:00, 3:20, 5:50, 8:20 Cartoon MONDAY-TUESDAY AUGUST 6-7 We Are Holding These Days For “BON VOYAGE” (We believe crowd* will demand it) * ( WOAmKi thereto. By Order of the Directors. J. P Prather, President, J. M. Hatton, Jr., and tate will likewise. FURMAN FRADY and YATES FRADY, Executors, Joanna, S. C. July 19, OmCK SUPPLIES CHRONICLE POT. 00. BANK their savings Bank savings dollars are protected by a unique combination of safety factors. You’re invited to deposit your funds-for-the-future with us! M.S. Bailey&Sos, Bankers MEMBER FDIC For Correct Time Day or Night Dial 833-1709 lYrran ABSOLUTELY FREE ITS SIMPLE ... Just dip the Blank* from The Chronide, fill in your name and address plainly. BRING your entries to The Chronide office, Gary St, Clinton. Clip and fill in aD blanks you see in your Chronide. ITS OUR GIFT to you, an expression of our appreciation to our many friends who have hdped THE CHRONICLE grow and prosper. ITS AT MYRTLE BEACH... on South Carolina’s grand strand ... The prize indudes deluxe accommodations for two, for three days and nights. PLUS, two meals per day. A BONUS of $40.00 cash goes to the winner if he is a subscriber to The Chronicle. DRAWING AUGUST 18 CiBHiiclerub. CoJH