The Clinton chronicle. (Clinton, S.C.) 1901-current, September 10, 1964, Image 2
THE CLINTON CHRONICLE
Cttaton, S. C., Thanday, 8M—1ft, 1H4
for
In This Sky
the years the federal government
a sure-fire method to win ap-
expenditures of taxpayers’ funds
projects. It issues a glowing
of the number of jobs that will
Unfortunately, no one ever
to bother to find out if the prom-
tly fulfilled.
construction of a memorial in Jef-
Mo., to commemorate the Loukri-
Purchase is a strong case in point. It
i first proposed by President Franklin
D. Roosevelt in 1998. He assured the Con
gress that it would provide work for at
least 8,000 persona. It got a favorable re
sponse, naturally, since the nation was de-
pranrion-ridden. First estimates placed
the cost at around $25 million—a fantastic
sum in those days—and three years later
a grant of |22J million was made to the
Public Works Administration.
However, a long series of legal compli
cations arose over acquisition of the land.
These and disputes over the selection of a
design caused such long delays that actual
oonetmction of the 680-foot high, stainless
steel memorial was not started until 1961.
It is eipgBted to be completed late this
year and the final coot win hit 632 million.
Now comes the peyoff—or the lack
thereof. Instead of creating 5,000 jobs the
project hot given work to only 100 men.
It would be well If Congress kept this
ceee history in mind in considering re
quests for funds for anti-poverty projects.
Testifying before a Congressional Com
mittee, an official of the Social Security
Administration was asked exactly where
the fund stood. His answer was that if
social security were stopped today with no
more contributions and no additional obli
gations, it was in the red 6800 billion.
Many years ago I heard President Lowell
at Harvard say: ‘A civilization is seldom
murdered; it commits suicide.’”—Ernest G.
Swigert, Chairman of the Board, Hyster
Company, Portland, Oregon.
HIGH PROMISE—LOW RETURN
Canton, Pa., Independent - Sentinel:
“There are more than 80,000 persons killed
in automobile accidents in this country ev
ery year, according to reliable estimates.
The American public . . . have been and
still are, strangely unconcerned over this
death rate. They seem to take it for
granted that motor vehicles and dead pe
destrians go together, and even if, at times,
the occupants of the automobiles get kill
ed, the accident is usually tanned ’un
avoidable’.”
'this 'monument' labored—
— AND BROUGHT FORTH A MOUSE!"
No New Money Needed
Senate action on the fiscal ’66 foreign
aid appropriation, delayed by conaidertkm
of the Dirkeen rider to stall state action
on the Supreme Court’s reapportionment
order, (which could destroy the U. S. Sen
ate, itself), will come in a matter of days
or hours.
Brig. Gen. Bonner Fellers, national
chairman of the Citizens’ Foreign Aid Com
mittee (to aid the taxpayer) says, in an
earnest, last-minute appeal to Americana:
’Wire both jour ssnatore to cut foreign
aid in half. Wire them that, since 67.1
billion AID funds are unliquidated, no new
appropriation is ■eecaBary.**
General Fellers deplores the “economic
optimism” of the President who has said:
“We can, and do, take great pride in our
record-breaking prosperity on the home
front, and the restored prestige and
strength of our dollar abroad.” The Gen
eral also quotes the dissent of Barron’s
“Prosperity,” the financial weekly said on
August 3, “is living on borrowed money
and borrowed time.”
“During and since Worid War H,” the
General points out, “more than 690 billion
inflationary money has been poured into
our economy. The worth of the dollar has
dropped 46 cents. The federal debt, more
than 6309 billion, is about $100 billion more
than the total debt of all free worid coun
tries. Federal taxes have been cut but
profligate spending continues. In the last
38 years the budget has been in the red
27 times . . .
“Since foreign aid began in 1946 the
U. S. has enjoyed a favorable balance of
international payments only in 1967. Prin
cipally through foreign aid, and spending
by and for our overseas forces, 824.4 bfltton
net in short-term dollar credits, redeemable
in gold, are in foreign hands. Available to
redeem these billions the Treasury has only
6600 million in free gold. The Treasury
employs every known stratagem to arrest
foreign gold purchases. But the tempta
tion is great. The best bargain in the
world (for foreigners, that is) is an ounce
of gold for 35 paper dollars. A run on our
gold would wreck the free world economy.”
And just who, we might ask our Sena
tors, do they expect will bail as out?
Babmn Discusses
Money and Inflation
Babson Park, Mass.. Sept. replace
ment of our one dallar silver cartiflcato, the
last U. S. paper currency backed with a MU
dollar’s worth of metal, brings this nation's
money supply done to n positton of
bUity. About aU that new seems to
way is our dwindling supply of fractional
However, If we are forced to adopt a non
convertible currency. It will not be the first time.
During the Civil War, for example, wo Issued a
total of $450 million in irredeemable greenbacks.
The results of this action are interesting, and
perhaps not without significance for us today.
PAPEB CUBBENCY OF 1M TEAKS AGO
The first of the Civil War greenbacks rolled
off the presses in March of IMA and by early
summer a severe coin shortage had developed.
This was of course in accord with the tenets of
Greshams’ law, which states, in effect, that the
most valuable pieces of money will be dil vou oat
of circulation, once a disparity in value exists in
a monetary system. On August SI, IMS, the
government released its first issue ef fractional
paper currency, in 5c, 10c, 25c and 50c denomi
nations. These releases continued intermittently
for fourteen years, with the final issue coming in
1070.
Specie payments had been suspended In early
1802, and by January 1, MO, gold was command
ing a 00% premium over the Inradeaenabie green
backs. This process of depreciation continued
until 1004, when the gold premium was a whop
ping 200%. Even so, this 20c Civil War dollar
still was three cents more valuable than our
present dollar, Judged in terms of its 1912 coun
terpart. It was seventeen yean before the na
tion could resume specie payments. This was
done on January 1, 17M, and, remarkably
enough, in the final year of a great depression.
This would be much more difficult, if not impos
sible, today because of the enormous obligations
of the federal government.
SOUND MONEY SOLUTION ESSENTIAL
This experience with coin shortages suggests
that some of the proposed remedies for the
present scarcity may prove ineffective. Con
tinuation of the 1964 dating on future mintlngs
could well make earlier issues more scarce and
consequently more valuable, and Urns bring
Gresham’s law into action on pre-1964 coins. In
that event, the imposed maximum minting of
9.5 billion coins per year would simply drive the
30 to 50 billion coins now in circulation into the
bands of coUectors. This would set us back,
production-wise, from three to five years in our
efforts to cope with the problem.
In the past, some nations have resorted to
stringent laws in attempting to prevent hoarding
of coins. Historian Macaulay, discussing Eng
land’s great mutilation and hoarding problems of
the 1090’s, says, “At every session that was held
at Old Bailey terrible examples were made. On
one morning seven men were banged ... for dip
ping. But all was vain. Nay, the severity of the
punishment gave encouragement to the crime.”
England’s coin problems were solved, as all
such problems must be, by applying monetary
principles in accord with Gresham’s law: By
calling hi the old under-weight coins, by stepping
up mint output of new full-weight coins, end by
renouncing all plane for cheapening or inflating
the coinagle. (These were drastic measures, about
equivalent to our recoining the pre-1894 gold dol
lar and renouncing inflation-producing unbal
anced budgets!) “Within four days after the
meeting of Parliament,” records Macaulay,
“there was a perceptible improvement in trade.
The discount bank notes had diminahed by one-
third.” And ths missing coins? Almost immedi
ately they “began to come forth from a thousand
strong boxes and private
28 YEARS AND
632 MILLION LATER
IT HAS PRODUCER
ONLY
IOO JOBS
Stories
Behind
Words
WiUUm &
Ammonia is a colorless alkaline gas composed of
nitrogen and hydrogen.
The gas, which has a pungent odor, is easily soL
uble in water. In fact, the household liquid we call
ammonia is a solution of water and ammonia.
Ammonia is so called because it was first obtained
from camel’s dung near the temple of Jupiter Ammon,
an ancient Egyptian diety.
Meet commercial ammonia is now obtained as a by
product of coal gas.
ting little help out of Wash
ington.”
Such comments as these are
causing the Senator to take a
long, hard look at what Gold-
water has to offer.
TO LEAD, NOT TO FOLLOW
By supporting Goldwater,
Thurmond would become the
most important Southerner—
along with Senator John Tow
er of Texas—in die Republican
Party. ,
In this leadership capacity,
he could tell his fellow con
servatives in the South, as
Goldwater told Republican con
servatives in 1900:
"Wake up conservatives and
let's take over the Republican
Party in South Carolina and
oaher Southern states.”
Many Southern Democrats get
slightly sick at the thought of
joining the Republican Party or
voting Republican. Lack of Re
publican leadership has been a
major factor for this feeling;
yet, this very lack of leadership
among Southern Republicans
makes the GOP susceptible to a
friendly take-over by rank-and-
file Democrats who share the
basic beliefs of Barry Goldwater
and Strom Thurmond.
Thurmond has every oppor
tunity of becoming “Mr. Repub
lican” in South Carolina as Olin
Johnston has been “Mr. Demo
crat” in the state for most of the
past 32 years.
THE JOHNSTON GAMBLE
(Bin D. Johnston is gambling
all in the opposite direction from
nantnond. For him to have
dons otherwise would have been
Inconsistent with his long politi
cal record of always supporting
the Democratic ticket — no mat
ter what
In the case of Olin, however,
he's largely howevsr, he's large
ly been a follower and not a
leader. And his undying sup
port of the national party has
been considerably more helpful
to Mm personally than ta the
people who put him in office.
South Carolinians, by the very
nature of their pride and individ
ual spirit have largely insisted
broad participation in the social
istic type programs suported by
their senior senator.
Even so. Senator Johnston Is
the Democratic power in the
■tote toda ywith full support of
organised labor, Negro leaders,
and poUtical “hangers-on.”
Thurmond has nothing to gain
from this group.
A THURMOND TAKEOVER
On the other hand, a fighting
Strom Thurmond to reinforce a
fighting Barry Goldwater could
well end the Johnston reign in
South Carolina via a Thurmond-
led Republican Party takeover in
1906.
President Johnson and Sena
tor Johnston are doing their best
to frighten South Carolinians
against voting their convictions,
warning that repercuaakms will
take place if South Carolina is in
the wrong corner when all votes
are counted In November.
We wonder if sash
tactics, so successfully
Johnson in winning the
Congress, will prevail among
conscientious American.
4»
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Your
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Program
TODAY-FRI.-S AT.
SEPTEMBER 10-12
StfWMtltfsIir
: 8:19, 8, 7, 9 P. M.
COMING SOON—
“THE KILLERS”
“KISSRR FOR THE
MON.-TUES., SEPT. 14-16
nm i im tilt AMR AH
*****?! '*** u * n
MHJKH M
Shows: 8:19, 6*JA Mt
STARTS WED„ SEPT. 16
ft*
3:19, 5:30, 8:99
South Carolinian In
Washington
By BRENT BKEEDIN
THURMOND FACES
U. S. Senator Strom Thur-
is aheul to the
most important political decis
ion of Ms career—whether to
bolt the Democratic Party
openly in support of Republi
can Barry Goldwater or to “tit
this one out” as he has done
in recent presidential cam
paigns.
To support the Goldwater
cause, in which he believes,
would be in keeping with the
Thurmond tradition of 1940,
1904, and 1907 when he defied
political advice to the contrary
and respectively (1) bolted the
Democrats to run as a Dixie-
c r a t Presidential candidate
against Harry Truman, (2) de
fied the state Democratic po
litical machine to upeet Edgar
Brown as a write-in candidate
for the U. S. Senate, and (t)
refused to join other Southern
senators in quietly letting Lyn
don Johnson's first “civil
rights” Mil become law.
For the most part, Thurmond
hfipad hi* political
taking these
stands; yet, one can rei
well that such i
to itoiatf Mtn from his Demo
cratic colleagues, making Mm
a less effective Senator than
he might have been.
ADVICE TO CONTRARY
As was the case in 1945, 1904,
and 1967, the Senator is being
waned not to take an “all or
nothing” plunge Mis fall. Such
advisors say to Thurmond:
1. “You'll wind up a very
small minority in a minority
party.
2. “Lyndon will do every
thing in his power to defeat
you in 1906.
3. “It's not too late to be
come one of ths gang. Give
LBJ your lukewarm support at
least, and he’ll look after you
and South Carolina.
4. “Evan if you carry South
Carolina for Goldwater, you’ll
be doing the state a disservice,
for LBJ’s vindictiveness win
result in South Carolina get-
Ahna, Mich., Record: “The noodemo-
cratk nations of the worid can talk all they
want to about collect!vim, agrarian re
form and the like, there is no substitute for
individual initiative and motivation. We
need only to compare the farm production
figures ... of the nation with tboee of
Cuba, of Red China and of Russia, to
prove this fact”
TODAY'S
Since we went off gold la 1994, there has been
more opportunity far teflaMug Prices of esm-
modities, real estate, stc.
lationship to the vi
currency was rsadBy convertible into the
Today, however. Onagri os can change ths
of gold, influendag the whole price level. ThJo
is the danger we face.
Perhaps it would be
to ask both Mr.
they stand on this
CLINTON, 8. C., THURSDAY,
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Jaty 4, ISM - WILLIAM WI1BON HARRIS -
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