The Clinton chronicle. (Clinton, S.C.) 1901-current, November 07, 1963, Image 2
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.
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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.
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URKNB, & C