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I THE CLINTON CHRONICLL rr- Clinton, S. C n Thursday, November 7, 1963 A Tax Cut With A Spending CeUing Former President Eisenhower has made an important workable contribution to the discussion concerning a possible cut in fed eral taxes. He is not opposed to tax reduction. But he adds a condition—that it be accompan ied with a firm pledge to hold federal spending to a ceiling. Specifically, he urges an executive assurance “. 1 . that, until a budgetary surplus has bee nachieved, fu ture annual expenditures will not be per mitted to rise above the already inflated level for this fiscal year of approximately $98 billion.” , There is certainly nothing extreme in this position. The ceiling figure he pro poses should satisfy even the most liberal spender, and many authorities recommend a much lower sum. But, whatever figure might finally be arrived at, the assurance Mr. Eisenhower suggests would go a long way toward eliminating the well-grounded fear that a tax cut would be followed by still greater spending—and that the doom to more inflation would be opened. It would, moreover, provide needed evidence of a sense of real fiscal responsibility at the highest levels of government Our Intellectual Poverty The editor of the Grove City, Ohio, Rec ord expresses long overdue criticism of our educational system which is failing woe fully in one of Ha most vital functions. He says: “It is an ironk wrinkle in the Ameri can pattern that in the midst of unpara- leDed material wealth, there is intellectual poverty. Survey upon survey, study after study have dramatically demonstrated our youth are woefully ignorant of the most fundamental concepts of the functioning of a successful free enterprise economy. “Students by the hundreds of thousands are being graduated into the competition of the market place without even a bask un- erstanding of the vital incentive role of profit; the promise of automation and job expansion; of the responsibilities of both labor and management. “A nation that has produced the finest free education system the world has known is endangering its strength by neglecting the vital traditional role of free people— passing along their wisdom to their pro- geny. “We have mounted the heights of global leadership through our commercial and in dustrial genius. Yet, thorough economic education is a subject almost unknown to our schools. It is long past time we com pleted the curriculum.” There’s No 4-H In Russia Agricultural production has long been one of the sorest spots in the Soviet econo my. Despite all manner of plans and pro grams, food shortages are the rule rather than the exception under communism. One solution could b4 to “turn a bunch of American 4-H members loose on Russia’s farms.” That novel thought comes from a speech an executive made at a banquet honoring a group of 4-H leaders. He went on to say, “This would play hob with the bureaucratic confusion and lack of incentive in the com- nunist system of state controlled agrkul- tinre, but it would get more beef, milk, vegetables and eggs on Russian tables . . . Actually, the last thing in the world the communists would want to import would be the 4-H pattern of individual growth and development, individual incentives, and in dividual achievement” The 4-H movement represents, in prin ciple, the antithesis of the totalitarian phil osophy. It is purley voluntary. It stands for individual choice, and the right of the individual to own property and to live his life as a free being who is entitled to the reward his services to society earn. There’s no room for that in a dictatorship. notes on an envelope or a scrap of paper. Many also believe that newspapers ignored the speech. These beliefs are explored and exploded in a magazine article, “A Few Appropriate Remarks at Gettysburg,” by Tom Mahoney in an American Legion Magazine artick condensed in the November Reader’s Di gest. Neither belief is correct. . AH who have trouble finding the right words can take comfort in knowing that President Lincoln worked at intervals for more than two weeks on the 10 immortal sentences that he spoke 100 years ago this November 19. He wrote half of them in Washington, completed the draft the night before in Gettysburg and finished another the next day just before going to the bat tlefield. He changed “this we may in all propriety do” to the more forceful ‘it is altogether fitting and proper that we should do this.” He made changes even as he spoke, forget ting “poor” in “our poor power” and adding “under God” for a total of 270 words. Of these 190 are one syllable. He spoke less than five minutes.— __ Babson Discusses Our Dollars Stories Behind Words . . \ by : Williana S. Pen field Throw Down The Gauntlet Knights of the Middle ages wore leather gloves cov ered with metal. The purpose of these gloves, which were called gauntlets, was to protect the hands and wrists from being cut in conduit. At first the armor covered the whole hand, but it was modified so that it covered only the back of the hand—permitting a better grasp of a weapon with the palm. A knight’s way of challenging another to fight was to throw a gauntlet on the ground.' The practice was the basis for the figurative expression “to throw down the gauntlet”—meaning to issue a challenge. “To pick up the gauntlet” means to accept a challenge. Mr. and Mrs. Cluade MUsl of Gastonia, N. C., spent the past week-end with Mrs. C. B. Mills. Friends of Mrs. Arlene Eisen- zimmer and children have re turned to Ft. Benning, Ga., after visiting her mother, Mrs. C. C. Williams. _ . vv Mr. and Mrs. W. 1. Smith spent Sunday at Cailison with her parents, Mr. and Mrs. Curtis Parkman. A lovely birthday birthday dinner was given in honor of Mrs. Parkman. Mrs. Grace Watts and Bobby Watts of Mountville attended the Choral Program at the Baptist Church Sunday evening. 1 Friends of Mrs. S. M. Leaman will be interested to know she is a patient at Self Memorial Hospital where she is undergo ing treatment. —r— Week-end guests of -Mr. „ and Mrs. Marvin Lynch were Spec. 4 Danny Gonzales aqjl Pfc. Toni Lan eof Ft. Bragg. NI C." Crass lift N«ws MRS. HAROLD AUSTIN. Correspondent Lincoln’s “Few Appropriate Remarks” Most of us grow up believing that Presi dent Lincoln made his great speech at Gettysburg with little or no preparation; that on the train he jotted down a few Babson Park, Mass., November 7.—During travels I have watched for young men who have original ideas and I found one in Scott City, Mis souri. His name is Edison E. Shram, who wrote for me most of the following, based on Gresham’s Law. Mr. Shram ia Secretary of the Magic Circle Educational Foundation. WHAT IS GRESHAM’S LAW One of the oldest and most generally accepted monetary theories is known as Greshams Law. This is the principle that “bad money tends to drive out good money. This means people tend to hoard the “good money”—that is, the money they have confidence in—and tend to pass on the bad money. The term “bad” money refers to money which is less valuable than the so-called “good” mon ey- “CLIPPING THE COIN” The remarkable validity of this law is demonstrated in the extremely interesting example of what happened to England’s money in the period from 1663 to 1700. Prior to that English coins were of the hammered va riety, without milled edges. This made it easy for the edges of these coins to be often ground off. Thus, In time, most of the coins became less valuable. Around 1663 new full-wieght coins were mint ed, with milled or inscribed edges. These coins began disappearing in hoards. By 1690 this had reached a critical point. Then a group, including Sir Isaac Newton (who was then warden of the mint) convinced the government that it should call in the defaced coins. They were then melted down, and neminted at full weight with milled edges and outline inscriptions. Then the “good” money came out of hiding! THE AMERICAN EXPERIENCE Here in the United States, we too experienced the painful workings of Gresham’s Law during the Revolutionary War period, in 1717, 1918, and from 1837 to 1842. At the time of the discovery of gold in California the workings of Gresham’s Law was also evident when the increase of gold was so rapid that its value declined to the point where silver was driven out of circulation and hoarded. Then came the experience with the Civil War greenbacks in March of 1862. These products of the printing press were not backed by either gold or silver resources. Hence, people took to board ing gold and silver coins. OTHER CRISES In 1890, the Silver Purchase Act caused gold to flow out of this country. This precipitated a rush to hoard money, culminating in a crisis in the New York money market in 1892 when the cashing of checks to obtain gold for export reach ed serious proportions. Due to this reduction of gold in the federal treasury, the nation’s gold re serve fell too low and we had a depression which lasted for about five ymtt. Another example was the great crash of the 1929-33 period, when people distrusted bank de posits and began hoarding cash, and later shift ed to hoarding gold. This so depleted the gold reserve of our banking system that the ensuing bank crisis resulted in the moratorium when nearly every bank in the United States closed for about two weeks. GRESHAM’S LAW A THREAT AGAIN TODAY? Greshams’ Law has been neither repealed nor nullified. In view of our much-publicized loss of gold, the growing shortage of coins, and the im pending replacement of the Silver Certificates (the remaining currency bearing a full reserve of the metal), there is again the real danger of •bad” money driving out the “good” money. If we do suffer any adverse effects from Gresham’s Law this time, the trouble is likely to stem from over-extension of credit. This huge structure of debt which we have built is becoming harder and harder to handle. Unless managed properly, it could cause untold hardship to the economy. The use of credit is an “easy street,” but it must be traveled within the speed limits if a tragic crack-up is to be avoided. The Young People’s Choir of the Cross Hill Baptist Church presented a most enjoyable mu sical program at the church Sun day evening, November 3rd. The choir demonstrated in the performance Sunday evening its wonderful accomplishment un der the talented and patient lead ership of its director, Miss Elaine Smith and pianist, Miss Frances Cunningham. Members of the Junior and Primary Classes of the Liberty Springs Presbyterian Church were entertained at a Halloween paryt Friday afternoon at the church by the teachers, Mrs. W. G. Gray and Mrs. W. A. Simp son. Games and refreshments were enjoyed. Mr. and Mrs. J. P. Caldwell of Greenville and Mrs. Harold Frick and children, Phyllis and Steve of Clinton were guests of Mr. and Mrs. C. R. Cunningham Sunday. Mr. and Mrs. J. B. Hill were visitors in Greenville Sunday with their son-in-law and daugh ter, Mr. and Mrs. Bill Barrow, going especially to see the new granddaughter who was born Monday, October 28. Little Dud ley Barrow who is 3 years old spent last week with his grand parents. Mr. and Mrs. Z. L. Madden of Spartanburg spent the past week end with the former’s Mrs. H. L. McSwain. sister J. R. Martin and children ot Charleston were week-end guests of Mr. and Mrs. R. B. Segars. The Rev. and Mrs. Roy Coker will attend the 175th anniversary celebration of the organization of the Synod of the Carolinas at Center Presbyterian Church, Mt. Mourae, N. C., on Tuesday. IF YOU DON’T READ THE CHRONICLE YOU DON’T GET THE NEWS PHONE 88M8U C*?i666 ~3T37- YOUR PR0GRAM ENTERTAINMENT FOR THE WHOLE. FAMILY - Today-FrL-Sat. ^^^^*^***j * * * iM yi Nov. 7-8-9 mils! 3:00, 5:00, 7:00, 9:00 — Sat. Start 1:00 MON.-' . 11-12 mmw P-0 BJ6 HfTSl] muraMWffliMTO — Pins — “THUNDER ISLAND” 3:10, 5:30, 8:00 ftr WEDNESDAY, NOY 13 — With — Sophia Loren MaxiraiOan Schell 3:00, 5:00, 7:00, 9:00 Question Can Pontiacs possibly keep on getting better and better and better? Answer CLINTON, 8. C., THURSDAY, NOVEMBER 7, IM (Stir (EUntmt (Etyrmtirlr July 4, 1889 - WILLIAM WILSON HARRIS - 18, ISM r _ JL1SHED EVERY THURSDAY BY THE CHRONICS PUBLISHING COMPANY tz (Payable in Advance) Out-of-County One Year $4.00, Six Months HJO One Year $0.00 aid at Clinton, S. C. The Ctiranlclai aB ftinMfc general interest dlisn they in not Hi hi'f tn tw & AMERICAN Cantina Frost Aasaeiation. National Editorial iA .j } Toth, Chicago, Detroit, TV— \ More than 70,000 people bought new Pbn and Tempests during October. +4A HU SEE WHY AT YOUR AUTHORIZED PONTIAC DEALER 4mm.i .1 229 R. •#. 'll URKNB, & C