The Clinton chronicle. (Clinton, S.C.) 1901-current, June 23, 1966, Image 7
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Cliiton, S. C., Thursday, June 23, 1966
THE CLINTON CHRONICLE
Stockholders
Should Wake Up
r lhe people are the stockholders in
the greatest corporation in the world,
the, U. S. government. Just as is in
a business corporation, they elect the
officers and directors of the “company.”
If the officers of our government cor
poration spend its money faster than
income and good business practice war
rant, it is up to the stockholders (vot
ers) to express their views at annual
meetings (elections).
If they don't do this, and if they
accept constantly greater dividends
(gifts) than the corporation's income
can stand, they are headed for trouble.
In the case of government, that means
assessments (increased taxes) for ev
ery stockholder (citizen)—or economy
■ to bring the operating costs of the cor
poration within its income.
, The stockholders in the U. S. gov
ernment have a choice—they can in
struct their hired officers and directors
to cut expenses to income, or they can
pay higher taxes.
The result of rising public debt,
waste and demands from voters for
handouts is inflation. The stockholder
voters are getting a taste of inflation.
But, they have seen nothing yet, un
less they curb their own demands and
those of their elected officers and di
rectors. They still have free elections
and the right to vote and express their
wishes.
to cure; to further encroach on the
rights of indivdiual states; to useless
ly increase the tax burden on both busi
nessman and employee appears as a
tragic misdirection of a basically sound
idea.”
THE AMERICAN fTAY
Prelude to Civil War
Insurance Versus Welfare
A bill now before congress proposes
to scrap our present unemployment com
pensation system, long adapted to re
gional needs by the states, replace it
with one dominated by another federal
bureau and turn a sound insurance pro
gram into social welfare.
In a carefully thought out discussion,
R. G. Follis, chairman of the board of
the Standard Oil Company in California,
shows the consequences that may be ex
pected if the present system is aban
doned in favor of outright welfare pay
ments.
The existing system is financed by a
tax on payrolls. Benefits have been
steadily enlarged, inequities have been
eliminated,'and the reserve fund has
continued to grow in spite of the fact
that the states have paid out $40 billion
to jobless claimants for periods up to
26 weeks. Under this insurance con
cept, the states have adopted an “expe
rience rating” plan for employers who
pay the bill. Those with stable, year-
round work forces pay less than those
with seasonal or unstable work forces.
The! plan has worked well.
Under the federal law now proposed,
the “experience” rating” feature would
be scrapped and the entire unemployment
system would be largely shifted into the
hand* of the federal bureaucracy. The
state agencies would be relegated to the
role of disbursement offices. In prac
tice, the claimant under the federal pro
posal would very likely receive more pay
for doing nothing than his employer
formerly paid him for working. Fed
eral i&yroll taxes would double. State
payroll taxes would nearly double.
As Mr. Follis points out, no one
should, object to extension of present
benefits in the states whenever unem
ployment reaches recession level. Nor
should there be any objection to ex
tending unemployment benefits to a
much wider tfange of beneficiaries.
“But,” as he concludes, “to arbitrarily
scrap our present fair and satisfactorily
working system to build the foundation
for another welfare bureaucracy in
Washington; to actually encourage un
employment, the very disease we seek
Babson’s Point of View
On The New Economics”
By ROGER W. BAUSON
Babson Park, Mass., June 23—Before
World War II, most economists and busi
nessmen accepted cycles as being as “nor
mal” as marriage and babies. The Bibli
cal fat years would be followed by the lean
years. The upward, or action, phase of the
business cycle would be followed by reac
tion. Babson’s made Newton s theory of
action and reaction famous . . . as applied to
economics . . . during the early decades of
this century.
OUTLAWING DEPRESSIONS
But after World War II, people began
asking: “Must we have the hardship and pain
of recessions?” Across the seas in England
a new economics prophet emerged . . . Lord
John Maynard Keynes. He greatly influ
enced the thinking of President Roosevelt
before the war, and later the attitudes of
Presidents Truman, Eisenhower, and Ken
nedy. In a word, Lord Keynes said that
business cycles were not necessary, that
they could be flattened out by the govern
ment’s applying stimulants to a lagging
economy and curbs to a booming one.
Generally, Keynsian economics held that,
when conditions were depressed, government
should spend more heavily to offset lack of
spending by consumers. Then, however,
and this is most important ... the English
financial wizard held that inflation should be
avoided by the administration’s collecting
more in revenues than it paid out. Appar
ently, he recognized that if more and more
were spent and more and more lent, pros
perity would degenerate into inflation and a
grand bust. So impressed were the politic
ians irv the U. S. that they passed the Full
Employment Act of 1946, making it the gov
ernment s business to see that depressions
would be outlawed.
ENTER THE INFLATIONISTS
During the terms of Presidents Truman
and Eisenhower, there was a strong disposi
tion to avoid over-stimulating the economy.
But, toward the end of President Eisenhow
er’s time in office, and especially during
President Kennedy’s short stay, a great im
patience with the nation’s rate of econom
ic growth spread through an important
group of young, “liberal” economists. They
emphasized that other Free World nations
were growing faster than the U. S. They
blamed this on our government’s habit of ap
plying the brakes too soon.
The “New Economists,” as they are now
called, promoted inflation as a way of life.
Claiming that a “little” price advance was
far better than the sufferings of unemploy
ment and meager profits, they preached per
petual prosperity. Growth musirtTever cease
. . . our economic climb must be more im
pressive than anyone else’s.
A ROSE BY ANY OTHER NAME?
Under the Administration of Pres dent
Johnson, the New Economists have had
things pretty much their own way. U. S.
growth has been admittedly phenomena^.
But in-the last year the price level for con
sumers rose almost 3%. Strangely enough,
the same public who accepted this 3% cut in
their purchasing power without a whimper
would have hollered to high heaven if the
President had suggested a 3% sales tax on
all production to pay for the Viet war.
Also, it should be noted that the New
Economists readily admit that some infla
tion is the price we must pay to avoid the
hardships of recessions. But no one of them
has stated flatly how much is enough and
how much is too much. And that is where
the big danger lies. To many of us old-
fashioned economists, it looks as if the new
theories are no more than the old boom-and-
bust credit sprees that were first made in
famous by the South Seas Bubble in Eng
land and by John Law in France over two
hundred years ago.
SIGNS OF FATIGUE
And while the controversy rages, we no
tice that it is taking more and more dollars
of inflation to make a lesser add tion to lh"
dollar price of our Gross National Product.
In the last five years government spend ng
rose by 74% and Federal Reserve credit
climbed 50%; yet GNP was able to move up
only 34%. If this trend continues, we may
find that the medicine of the New Econo
mists will “work” only when first applied.
Like so many other stimulants, the long-run
effects may turn out to be bad.
The Nullification Controversy in South
Carolina, 1816-1836 . i
low
' -y : . ..O’.. ■ •>**#•«*•*•
Stories
Behind
Words
By
William S. Penfield
Masochism
A normal person does not likq a physical
beating. It has been noticed for centuries,
though, that some persons take great pleasure in
having someone they love punish them physical
ly.
The abnormal psychological behavior was
not given a name until late in the 19th century.
Leopold von Sacher-Masoch was an Austrian
novelist who lived from 1836 to 1895. Von
Sacher-Masoch described this abnormal mental
condition in one of his works; therefore, it was
called “masochism.”
The word acquired the broadened meaning
of “enjoyment of any abuse or humiliation heap-
on oneself.”
McCauley Burial Held Here
South Carolina’s key role in
events leading up to the Civil
War is the subject of “Pre
lude to Civil War: The Nulli
fication Controversy in South
Carolina, 1816-1936,” by Wil
liam H. Freeling, just pub
lished by Harper & Row.
South Carolina planters of
1816 are described as aristo
cratic and prosperous, enjoy
ing their fine Madeira and
turtle soup, their elegant
balls and horse caces, yet
involved actively in affairs of
the nation.
In the next 20 years, this
contented world fell apart,
Mr. Freeling shows. Eco
nomic distress, fear of slave
rebellion, and the prospect of
emancipation of the $80-mil-
lion worth of slaves in the
state on whom the economy
depended, led the “proud gen-,
tlemen of South Carolina” to
extreme states’ rights doc
trines, he writes.
He discusses the many rea
sons why the state’s economy
was declining and says the
protective tariff administer
ed the final blow.
“Customs officers at the
port of Charleston annually
collected over $500,000 more
in duties than the federal
government spent in South
Carolina, thereby adding im
pressively to the flow of capi
tal to wealthier sections of
the country,” he writes.
Carolinians suffering eco
nomic loss for whatever rea
son. cencentrated their ener
gies on ending the protective
traiff as the one aspect of the
depression of the 1820’s which
they felt could be avoided,
he writes.
Sensitivity to the slave is
sue played a major part in
nullification, he says, revising
previously accepted theories
of historians.
By WILLIAM H. FREELING
It was commonplace for
Southern states to crusade
against high protective tar
iffs, he says, but South Caro
lina nullifiers were unique in
their willingness to take their
cause to the battlefields.
By 1832, they were seeking
to nullify federal law by re
fusing to obey it, and by 1836
they were trying to break up
the Union, Freehling says.
Heroes on both sides are
introduced. Among them are
John C. Calhon, who valued
the freedom to own slaves
more than the survival of the
Republic, but thought mistak
enly he could save both, and
President Andrew Jackson,
who threatened to hang him
and lead the army into South
Carolina.
Other colorful personalities
included are Denmark Vasey,
brilliant Charleston mulatto
who bought his freedom with
a lottery ticket, and nearly
brought off a large-scale
slave rebellion, and Martin
FINAL SETTLEMENT
Take notice that on the 19th
day of July, 1966, I will ren
der a final account of my acts
and doings as Guardian of the
estate of Shirley Lorene Bled
soe in the office of the Judge
of Probate of Laurens Coun
ty, at 10 o’clock a. m., and
on the same day will apply
for a final discharge from my
trust as Guardian.
Any person indebted to said
estate is notified and required
to make payment on or be
fore that date, and all per
sons having claims against
said estate will present them
on or before said date, duly
proven, or be forever barred.
MARY ELIZABETH
BLEDSOE,
Guradian
June 16, 1966 J23-4c-J14
Van Buren, the “Little Ma
gician” who plotted craftily
to replace Calhoun in Jack
son’s esteem.
The Society of American
Historians awarded the au
thor the Allan Nevins Prize
for the book. Before writing
it, Mr. Freehling traveled In
the South 16 months investi
gating the mass of material
collected in the half-century
since the last full-scale study
of nullification was written.
The author is an assistant
professor of history at the
University of Michigan. He
formerly taught a year at
Harvard. He is a magna cum
laude graduate of Harvard,
College, and was a Woodrow
Wilson Research Fellow at
the University of California
at Berkeley from 1961 to 1963.
CREDITORS’ NOTICE
All persons having claims
against the setate of J. E. Ev
ans, deceased, are hereby no
tified to file the same, duly
verified, with the undersign
ed, and those indebted *0 said
estate will please make pay
ment likewise.
Leona Evans,
Route 2,
Kinards, S. C.
June 8, 1966 J16-3C-J30
CREDITORS’ NOTICE
All persons having claims
against the estate of R. A.
Steer, deceased, are hereby
notified to file the same, duly
verified, with the undersign
ed, and those indebted to said
estate will please make pay
ment likewise.
RICHARD DUDLEY
STEER and
ROBERT LINDLEY
STEER,
Executors,
Box 396,
Greenwood, S. C.
June 3, 1966 J9-3c-J23
>9
Greenville — William How
ard McCauley^ 34, of Rt. 3,
4 Severn Lane, Taylors, a
wholesale routeman for Pet
Dairies, was dead on arrival
at Oconee Memorial Hospital
following an accident involv
ing his truck and another at
about 1:00 p.m., Wednesday,
June 15, on State Highway 183
near Walhalla.
He was born at Joanna, a
son of Mrs. Nellie Howard
McCauley'of Clinton, and the
late John Paul McCauley. He
was a former resdient of
Clinton.
Mr. McCauley was a 1951
graduate of Clinton High
School, and last week receiv
ed his 10-year safe - driving
award from Pet Dairies.
lie was a member of Lee
Road Baptist Church.
Mr. McCauley served *n
the Army Engineers Corps in
1952 and 1953.
Surviving are his wife,
Mrs. Dor,s McDonald Mc
Cauley, a daughter, Miss
Pamela Anne McCauley; a
son, William Howard Mc
Cauley; his maternal (grand
mother, Mrs. Lyda Garrett
Howard, and one brother,
was a former resident of
Clinton.
Funeral services were con
ducted Thursday at 4:00 p.
m. at the Lee Road Baptist
Church by Rev. Hugh Coop
er, Rev. J. H. Walker and
Rev. F. Stanley Hardee.
Burial was in Roscmont cem
etery, Clinton.
Let the grass grow, George
(but not under your feet).
i
Your Chevrolet dealer
is mowing prices right now!
CLINTON, S. C., THURSDAY, JUNE 23. 1966
(Clinton (Etjronirlr
Established 1900
July 4, 1889 — WILLIAM WILSON HARRIS — June 13, 1955
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