The Clinton chronicle. (Clinton, S.C.) 1901-current, April 25, 1963, Image 2
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THE CLINTON CHRONICLE
1
Clinton, S. C., Thurada;', April 25, 1968
We Aren’t That Rich
/ There is, beyond doubt, heavy support
for a federal tax cut, whatever the differ
ences over methods and details. It comes
from groups as diverse as the National
Association of Manufacturers and the AFL-
CIO. But, as Life magazine accurately
observes, . . they almost all agree that
the President’s program is wrong. What
unites most critics of that program is their
feeling that a tax cut must be earned by a
corresponding control of expenditures.”
Administration spokesmen have said
there is no possibility of an over-all reduc
tion in federal spending—that, indeed, it
may go up. But thoughful studies have
been made of the budget, and specific areas
for heavy cuts, which would not touch the
national security, and would not reduce or
eliminate any really essential federal duty
or obligation, are delineated.
To take one, the Chamber of Commerce
of the United States has a program for a *
$9.1 billion cut. Senator Proxmire thinks
that $2 billion in subsidies can be eliminat
ed. Th€ House Appropriations Commit
tee proposes a reduction of just under $98
million in funds for the Interior Depart
ment alone. And so it goes.
To quote Life again: ‘The control of
unnecessary expenditure is one of the most
serious problems facing modern denioc-
racy. Government has grown so huge and
complex that no individual congressman •
can grasp the full dimensions of any budg
et But Congress can have a knowledge
able impression of White House budget
making and the current impression is one
of carelessness.”
And carelessness of this unbelievably ,
expensive kind, is one thing the nation
simply cannot afford. We aren’t that rich.
the major tax bill is out of the wjty “ . . .
I certainlly think there should be a general
look at the excises to see if there is pot a
better way to rearrange them or if some
of them should be modified, changed, elim
inated, or have something done to them.”
This, as a spokesman for the American Re
tail Federation observes, is “hardly a com
fort !” It is vague, and it shoves the
problem into an indefinite future.
Expressions of consumer feeling, which
certainly must be on the side of repeal of
the wartime- excise taxes, would be ex
tremely helpful—there are a lot more con
sumers than there are makers and sellers
uf the goods involved. And a strong case
can be made that repeal of emergency tax
es, now that the particular emergency has
long passed, should be part and parcel
of any tax reform program.
THK AMERICAN WAT
• •n'lH.
Babson Discusses Florida
A Tax Is Not Insurance
“Insurance” is an attractive word. Al
most everyone has some—life, accident,
fire, theft, hospitalization, liability. It is
protection against adversity.
But the word can be used in a mislead
ing way. And that is true of the current
effort to apply the “insurance” tag to the
bill—which got nowhere in the last Con
gress, but is up again in this one—to fi
nance various measures of health care to
everyone drawing social security benefits.
The bill is called on page one, a “Hos
pital Insurance Act” But if anyone will
fight his way through to page 62 (which,
one can be surer extremely few will do) he
will find that the payments are described
as taxes rather than premiums. And page
62 is the truthful one. Social security pay
ments are taxes—and not premiums. So
cial security offers no contract as an in
surance policy does. The taxes collected
for medical care, for example, would not
be set aside for the future use of taxpay
ers, under an actuarial system, but would
be used on presort beneficiaries.
The courts have held that these taxes
are exactly that—taxes. And so has the
Internal Revenue Service, which has placed
liens on “delinquent taxpayer accounts”
within the Social Security System.
Let government medicine, socialized
medicine, be debated to the limit. But let’s
not accept misrepresentation—which is ex
actly what calling; a. tax an insurance plan
is.
No Easy Job
A primary goal of retailing is to obtain
repeal of the wartime excise tax on a wide
variety of goods sold at retail—leather
wares, cosmetics, and so on. These were
imposed as World War II emergency meas
ures. But they are still on the books, all
these years later.
The biggest winner of all, if the effort
is successful, will be the consumer. Prac
tically everyone in the country perodkally
and frequently buys products carrying these
excise taxes. But the job ahead is not an
easy one, due to several factors. One is
the muddled tax situation in general. An
other is the difficulty, because of the
in getting a measure such as this ii
in a tax bill. Another is the apparent
indifference in some influential circles to
the problem.
The Secretary of the Treasury, com
menting on the matter, has said that once
Babson Park, Mass., April 25—1 came to
Florida 40 years ago when convalescing from
tuberculosis (TB, not TV)! I never got mixed up
with the Florida boom as I then had neither
ambition and strength.
MOM OK BUST —
As this is the 40th anniversary of the begin
ning of the famous Flordia boom, I want the
younger generation to know that when that hap
pened. One illustration will give the picture.
The young man who typed for me showed me
a check for $10,000 which he had received as
a commission; he immediately bought a Rolls-
Royoe with the money.
Very few people actually saw any money, or
even the property they bought.
They were content to receive
to receive a “purchase and
sale agreement which they did
not bother to file at the court
house. They merely gave their
note for the sales agreement;
then they sold this at a profit
to someone rise, who. In turn,
sold it to another party. A
man could build $1,000 up to
MOW W. mmm gioo.QOO, swapping one piece of
paper for another. Finally the crash came, and
the last party lost everything.
FLORIDA MUNICIPAL BONDS
Farmers were not the only ones taken in
Many banks failed. And municipal bond prices
collapsed. Sarasota bonds fell from $100 to
$20; Orlando bonds fell to $40; the bonds of
the city of Sanford dropped from $100 to
$10. Beautiful homes costing $500,000 sold at
10c on the dollar. Most people called it a “pan.
ic” hut it was more like an epidemic of diph
theria or typhoid, except that it was mental.
Will it come again? I don’t know; but there are
no signs of it now.
! People are no longer speculating in pieces
of paper. Most speculators are buying Large
acreage dividing it into house lots. People are
buying one or two lots on speculation, but their
total loss would he not more than $5,000 even
if the development company went into bank
ruptcy. The difficulty is that these companies
sometimes fail to put in water systems or hard
roads or other improvements promised. There
is still considerable speculation in Florida
land, but it is legitixhate; the lots have been
bought and deeds recorded.
WHERE TO BUT?
I do not answer specific questions which
come to me, as I cannot, afford to get involved
in any lawsuits; but I am willing to say that
anyone who buys a small house and an adjoin
ing lot in a Florida city of 20,000 or less, in
which he plans to live, should make a good and
healthful investment. He, however, should first
drive down to Florinda and take a trip around
the state. The local hank of any city will give
the name of a reliable real estate agent.
It is a mistake to put all your money in any
one thing, whether it is a bank or the stock
market or an orange grove. Many orange
groves are good investments if they are in
frost-protected sections and old enough so that
a freeze will not hurt the trees, even if the
fruit is lost for a year. However, if I had all
my investment in orange groves, I should cer
tainly sell one-half and invest that money in
the stock of General Foods Co. or Coca-Cola,
(which owns Minute Maid). I also advise all
subscribers to this newspaper to read “The
Day Money Stopped,” by Caroline Bird (Look
Magazihe, for March 12th).
DIFFERENT SECTIONS OF
FLORIDA DISCUSSED
If buying land for speculation—by the acre
or by the foot—I would surely get ocean-front
property. For many years there will he plenty
of available land in Florida, hut ocean front will
be very scarce; the most expensive is on the
East Coast north of Miami.
' — >*-• •V*
The Everglades should be avoided on ac
count of mosquitos and other insects. The most
attractive area at present may he the West
Coast south of Sarasota—including Venice,
Punta Gorda, Fort Myers, and Naples. A por
tion that has appealed to friends of miwo is
Sanibel Island. A bridge to Sanibel is soon to
be opened and a second bridge to Pine island
is under construction. If prices have not in
creased too much in anticipation, ,seasho
property on one of these islands might be at
tractive.
at-
You Can't Do Business With Communism I
Stories
Behind
Words
William
by
S. Penfield
V - Curfew
During the Middle Ages, the English household fire
was built in a hole in the floor. There was a hole in
th roof for the smoke to escape.
With the roof usually made of thatch and the floors
covered with straw, the fire hazard was great—espec
ially if the fire were left burning when the family re
tired for the night. Therefore, a bell was rung shortly
after sundown as a signal for the people to extinguish
or cover ther fires.
The bell was called curfew bell, curfew being an
adaption of the French words “couvrir feu”—to cover
the fire.
From this custom came the modern curfew—a sig
nal or deadline (sometimes applying only to juveniles)
for people to retire from the streets.
while visiting his grandparents.
Mr. and Mrs. James Simmons
and children of Clinton were also
recent guests of the Sheppards.
Mrs. W. M. Lsaman returned
home Friday after several days
visit with relatives in Asheville,
N. C.
Visiting Mr. and Mrs. W. I.
Smith Sunday were Mr. and Mrs.
Fred Rush of Greenwood and Mr.
and Mrs. Curtis Parkman of Cal-
lison.
Miss Peggy Doares of Green
wood was the weekend guest of
Miss Elaine Smith.
Mrs. C. S. Pinson spen^a re
cent weekend with relatives at
Harleyville and Bennettsville.
Mrs. Raymond McKittrick and
little daughter of Norfolk, Va.,
visited Mr. and Mrs. G. W. Mc
Kittrick last week.
The Cross HiU-Mountville H.D.
Club held its regular monthlly
meeting with Mrs. J. E. Sharpe
and Mrs. W. A. Simpson at the
home of the former/
Eighteen members answed the
roll call.
Mrs. Herman Gabbert led a
most inspiring’devotional.
Mrs. Hugh Jones was program
leader for the afternoon and gave
an instructive program on
“Health”.
Plans were made for the Can
cer Drive in the two communi
ties.
Mrs. Judy Glover gave the
demonstration on “Fabrics and
How to Care for Them”.
The hostesses served enjoyable
refreshments.
Mountville News
MRS. MAUDE BRYSON
Dinner guests of Mr. and Mrs.
Lucius Burns Sunday were Mrs.
Eugene Pratt and her grandson,
Jackie Orr from Greenwood.
Mrs. Clarence Smith from Ath
ens, Ga., spent Sunday with Mrs.
Frances S. Hunt.
Mr. and Mrs. John M. Hudgens
and family from Laurens, spent
Sunday with Mrs. Hudgens’ sis
ter and Mrs. J. M. Thomason
and Mr. Thomason.
Mr. and Mrs. James Goodman
spent last weekend at Myrtle
Beach.
Mr. and Mrs. C. D. Padgett
and daughter Anne from Spar
tanburg recently visited Mr. and
Mrs. Walter Lynch.
Crass Hfl News
MRS. HAROLD AUSTIN,
William Martin Boyce, Perry
Simpson and George MackarifttM
with other members of the 12th
grade of Clinton High School are
on the annual trip to Washington
and other places of interest which
the seniors enjoy each year.
Mrs. Austin Leaman has re
turned to her home in Newberry
after spending several days with
Mr. and Mrs. J. T. Hollings
worth.
Mr. and Mrs. Freddie Setter
had as their guests during the
weekend Mr. and Mrs. Joe Mc-
Jlary of St. Stephens, Mr. and
Mrs. Billy Grigsby ano children
of Greenville, Mr. and Mrs. K.
Black of Chester, Mrs. Paul
Greece of Greenwood and Mrs.
Renie Setzer of Clinton.
Miss Marie Leaman of Wash
ington, D.C. is on an extended
visit to her mother, Mrs. Bigte
Leaman and sister. Miss Agnes
Mr. and Mrs. Charles Sheppard
and son Keith of Anderson were
guests of Mr. and Mrs. BUI Shep
hard recently. Their little son
Crith celebrated his 1st birthday
CLINTON, 8. C.
APRIL 25, IMS
$4* ttlUttmt (SknmitU
Jnly 4. IMi — WILLIAM WIIBON HARRIS —
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Today - Friday - Saturday
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Features: 3:10, 5:10, 7:10, 9:10
‘ Starts Saturday 1:00 P. M.
Mon.-Tues.
April 29-30
hihOer
AVALON
SCOTT |
BRADYi
NmiUMIIQMM.*S
BIKINI.
Starts Wed.
May 1
OPERATION COWBOY!
WALT D
MIRACIE of (he
St\uj(
Misses Lyena ’ Thomason and
Leona Milaus are in Washington
D.C. this week.
Col. and Mrs. W. H. Finley ac
companied by Mr. and Mrs. P.
W. Finley spent Sunday in Char
lotte, N. C., with Mr. and, Mrs.
George Finley.
Misses Lizzie and Lists Bryson
and Mr. - Henry Bryson from
Cross HUl spent Sunday after
noon with Mr. and Mrs. Hugh
Jones. ,
Mr. and Mrs. Hugh Bryson and
family, Mr. and Mrs. Tom Bry
son and family were with their
parents Mr. and Mrs. H. W. Bry
son Sunday. -
Mr. and Mrs. J.‘ H. Thomason
Sr., left last week for several
weeks stay in Florida.
NOTICE OP LOST
CERTIFICATE OF DEPOSIT
Notice if hereby given that
Time Certificate of Deposit Num
ber 11518 dated March 8, 1962,
in the
sued
Bankers
C. Watts has been Jost hr de
stroyed and (Kat ah Application
wW be; made to said batik on
May Si 1963, for the issuance of
a new certificate in the places of
the one described above.
G. C. WATTS,
Mountville, S. C. 4c-m»
lioio aaiea ivtarco o, imoo,
ie amount of $3,000*00, is-
by M. S. BSiley and Son,
;ers of Clinton, iS. C., to G.
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