The Clinton chronicle. (Clinton, S.C.) 1901-current, May 04, 1967, Image 2
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THK CLINTON CHRONICLE
.. • •.■<_■ #*' - • s ' •
Clinton, S. C., Thursday, May 4, 1967
“Going My Way?”
Uruguay, once the Switzerland of
Latin America*’, has in 16 years gone
wild over the welfat* state, according to
an article in the April Issue of Nation's
Business magazine. It sent an editor to
Uruguay to look over the land which in
16 years has fallen from the ranks of
the moat affluent and economically sound
to the list of Western nations with the
most critical ills and found that it is
common for government workers to re
tire on nearly full pay when they are in
their mid-40’s. Welfare cheating is com
mon. Uruguayans are aware of what is
happening in their country and asked
the Nation’s Business editor, “Is this
the way the United States Is going, too ?’’
loss of $42 million, plus an additional $4
million in sales tax loss. The loss t«w'3
the State treasury was $2.8 million. -JjJ
In other words, everybody lost b<®£j*
the crooks.
Ultimatums
Not Acceptable
When the United States was faced
in August, 1963, with the threat of a
nationwide railroad strike, the U. S. De
partment of Commerce with help from
other government agencies conducted an
industry by industry survey to deter
mine how damaging such a shutdown
would be.
At that time, the following immedi
ate results were forseen: 700,C|30 rail
employees out of jobs; a slowdown in
shipment of national defense items; a
shutdown of coal mining operations, ham
pering steel production, public utilities
and export traffic; closing of some fac
tories due ^material shortages; a loss
of retail. trade, and food shortages and
cummuter train tie-ups. The survey
stated that, “Beyond the one week mark
the economic costs of the strike would
surge upward at a rapidly accelerating
rate as more and more industries ex
hausted their stocks of materials and
components and thereby became bottle
-necks for their customer industries . . .'*
It was estimated that after 30 days, the
annual rate of Gross National Product
would be down about 13 per cent, nearly
4 times as great as the biggest postwar
recession in 1957-58. The unrecoverable
loss would amount to $25 billion or more.
This was in 1963. Today, the cost
would be even higher.
%
Nobody
Believes Aesop
More than 2500 years ago Aesop
told a tale that many people, even today,
can’t get through their heads. It’s the
fable of the goose that laid golden eggs.
Hoping to get gold .faster, its owner
twisted the bird’s neck. End of goose.
End of gold reserve.
Bertram Powers, threatening still
another strike of New York City’s news
papers, seems not to believe Aesop. Nei
ther does Walter Reuther, who is pre
paring to shut down the nation’s auto
mobile industry in a year when car sales
are off, badly.
But New York City’s finance direc
tor, Roy M. Goodman, may be getting the
idea. The other day he was bewailing the
fact that the city had lost $17 million
in cigarette taxes in a single year be
cause of “butt-legging.” This started
when Mayor Lindsay doubled the city
tax, so that the smoker now pays a total
, of 16c a*1>ack in state and city taxes —
on top of an 8c federal tax. With an in
viting 16c margin to work with, petty
punks began smuggling cigarettes into
the city in truck-oad lots. Then the Ma
fia moved in. Not only did the Mafia
smuggle cigarettes, but it now appears
that they moved in to take over some
of the legitinjate wholesale tobacco dis
tributors. ,
Sales of cigarettes through regular
thannels fell off sharply in New York—
by a third. The city reported a total tax
Th*re will be friction in the UmtejC^t
States as long as politicians promiset^*
minorities more than they can deliver
- Z *
i
B«b»on’» Point «rf Vi«w On;
Our Dollar
• Babson Park, Mass., April 27—The other
day a vice-president of a hugh N. Y. bank
dropped a ‘‘bombshell” into international
banKlng circles. He suggested that if foreign
governments holding deposits here should
insist on turning them into gold, the U. S.
)ust might refuse to honor their requests.
That we would simply sit on our $t$'billion
hoard. The fixed price of $35 per ounce, at
which the U. S. agreed to redeem the dollar
for foreign holders ever since the end of
World War II, would be no more. In a word,
we would divorce our dollar from gold!
FUROR IN FINANCE
Some Immediately said that the banker’s
“trial balloon” had been handed to him for
release by none other than the Secretary of
the U. S. Treasury, It has long been known
that official Washington has been “all
steamed up” because foreign nations—whom
We rescued from the brink of, economic
disaster a few years ago — are continually
exchanging their dollar holdings for gold.
Such resentment has applied especially to
France. Others, however, held that the
startling statement was only the opening gun
in the battle to give greater liquidity to all
Free World currencies. This financial Ar
mageddon is slated for Rio de Janeiro in
September at the meeting of the Interna
tional Monetary Fund.
Whatever the intent, whoever the instiga
tor, the effect was electric. The price of gold
shot up in London. Long dormant and bump
ing bottom, gold shares in New York were
sparked to life. Economists great and small
were eagerly sought for press interviews.
The central bankers of Europe shuddered.
And we can guess that the “Gnomes of
Zurich’» laughed.
behind the smoke
It is said that you can count on the fingers
of one hand the men in this country who
really understand international money and
its ramifications. Even this may be an over
statement. However, the smoke now belch
ing from the banking and political capitals
of the Free World does have a source in some
serious financial fires. The two major ones
are: (1) The now accelerating plunge of the
U. S. into debt to the leading nations of
Europe; 12) the failure of gold supplies to
climb rapidly enough to accommodate a
global credit expansion sufficiently large to
finance ever higher levels of world trade.
On count number one we stand at least
partially guilty. For years, the U. S. has
spent, lent, invested—and just given away—
more to other nations they they have spent,
lent, etc., in this country. It has been our
dollars that our allies have been glad to .
amass. Why not? For Uncle Sam has said,
ever since Bretton Woods in 1944, that, he
would redeem them for foreigners any time
at $35 an ounce. And there’s th£ rub! When
we had over $20 billion in gold, the bottom
of the barrel looked far away. But now that
our gold stock is down to $13 billion and
foreigners hold nearly 30 billion of our dol
lars—they ask us ever more insistently:
“How Long?”
SOLUTION UES IN CO.OPERATION
Surely, we cannot go on forever flooding
the world with dollars. The law of supply and
demand would steadily force the dollar’s
value down. But the high outflow of dollars.
has enabled our allies to finance their ec6-
nomic expansion and to support a world
trade boom. It is only recently that doubts
about the dollar have threatened world
prosperity^,.
The real job for the U.S. is twofold (1)
Restore confidence by slowing down our
dollar hemorrhage; (2) work co-operatively
with the other nations at Rio in September
to establish a broader base than just the
dollar for greater international liquidity. Our
Allies must help us to achieve the first, and
we must sacrifice some prestige to attain the
second objective. * £
* DEVALUATION NO ANSWER
Admittedly it will be hard for us to “give
ground” at Rio. When the International
Monetary Fund was formed, we were king.
That is not so now. As creditor we could call
the tune. As debtor we must find a solution
fair to all. And we shall have to learn to
would limit our world commitments ... or
slip deeper toward bankruptcy. Surely we
must shun the suggestion of the N. Y. banker
with regard to dishonoring our commitments.
For the result would be devaluation and a
train of financial and economic events with
consequences that no man can foresee and
that few would care to contemplate.
CLINTON, 8. C., THURSDAY, MAY 4, 1967
Qty* (EUntun (Htjronirle
J«ly 4, 1889 - WILLIAM WILSON HARRIS — June 13, 1955
Established 1888
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Hasn't Worked Yet
Stories
Behind
By
William S. Penfield
On Tenterhooks
In the Middle Ages one of the final steps in
manufacturing woolen cloth was stretching it to
rerfiove wrinkles..
The cloth was soaked in water and put on a
“tenter,” the stretching device. The tenter was,
like a curtain-stretcher, a frame witt movable
sides. The sides were lined with, hooks to which
the cloth was fastened. These hooks were called
tenterhooks.
Anyone in great suspense was compared to
cloth being stretched, and was said to be “on
tenterhooks”—that is, under a great strain.
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I rent DiHord EMiott Wittes...
No. 7
lanes*
wrestling matches
^ entertainment for
the youngsters, the Irish word
for wrustle was scuffle, and
thougfc: the pddlrts were
pure Scotch, they W8d picked
up many Irish words and cus-
. . . 1 ^ toms. SkL M the IffiRlNr, so
“What was tl»8 origin of our Common Law oecame a stat- . scuffling was the
tbwtttaip "syitsmT” I asked ed item of the State Cpnstitu- sport, though
~ s three people t thought tion. ^ hoeing tournament grad-
ght hive the answer on the Could you name our nine ually replace d the scuffling,
townships? I confess I had to ^n^inuaH — con-
The Scuffletowp Special
%
townships? I confoss Inaaio ^ p^, con ti„ued con-
he wrttnded b, good Mtts t(mM (set, to the ptnsent.
tip of their tongues.
“I dort’ know” said our
learned and beloved State Culbertson, “re: ^- Mri. gtoddatd might to
Arehlvlst. Charles Lea, “but D1 *!*' s “ ulv **' write her memoirs, for lecal
I Imagine K was the eentt- Waterloo. Cross Hill, Hunter, Mb fa Edgefield as
tution (Radical) of ML" ■»**». Seuffletown. well at Scuffletown, she has
“I don’t know”, said my As for me and my house — and is the richest mine of lo-
law-professor^merltus bus- 1 ,e «l certain, you and your c ai lore 1 know,
band, “but I think you will hmw — Township .means ^ Scuffletown Post Of-
find it lost in the maze of Scuffletown. We had no cur- flce et tabli8hed with the de-
Chronicle
Advertisers
antiquity — in the English toslty about the name;it was jj^y ^ ^ ma n to the whole
Common Law.” curious to us. Outsiders, U p. Colln t f y ) gave way to Ora
“I have not had the oppor- though, wondered, and teased. ^ railroad from Au-
tunity to study the origin,” Dhl our men scuffle. ;If not, gusta t 0 Spartanburg was
wrote Miss Jennie V. Culbert- how came such a name. built. That is another story,
son, “but presume they were Mrs. Jaynes A. Stoddard, involving the romance of the
laid out at the same time that nee Effie Toland, who was rai j s | n Laurens,
the county was organized.” born accidentally in Alabama please send mail to 512 Con-
They', i.e., my consultants, but has all her own and her gargg Ave., Columbia, S. C.
were all correct if my pleas- husband’s roots in Scuffle- 29205. *
ant reseaich is accurate. Wal- town, has the answer. **
lace’s History II, 43ff & III, When those Scotch - Irish. . . .
336ff gives a fascinating ac- Presbyterians came, by sail,
count, too long even to be from County Antrim, they had
summarized here, of the le- no rooms tor means of enter-
gal and social beginnings of tainment but they were plea-
our townships. sure - loving Scots. They
> Following the English Com- therefore hit naturally upon
mon Law, Williamsburg Town- the picnic idea where anything
ship was named as the first from toot races to lovers’
organized settlement beyond
the fringe of neighborhoods
on the ocean front. This was
in 1730, when the famous
Witherspoons and others came
to locate near “The King’s
Tree.”
As other • nationalities sent
groups iu the up-country, and
as tiie Indian Line was grad
ually pushed back to what is
now the boundary between
Laurens and Greenville, Swiss,
German, Scotch-Irish, ten
townships were designated.
Wallace has a good map show-
ihg their location. Presently
one, Altamaha if my memory
serves rightly, was merged
into the new Colony of Geor
gia. Then, as the children’s
song runs, “Then there nine.”
It does not take much im
agination to reckon that the
number nine led our patriotic
founders of Laurens County
to use that number. Elec
tions, magisterial courts, post
offices, school adminisrations
found the township such a con
venient unit that somewhere
along the line up o 1868, what
had hitherto been unwritten
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