The Clinton chronicle. (Clinton, S.C.) 1901-current, April 10, 1969, Image 8
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Yes' On City Hall
>i; Clinton needs a new city hall. Clin
ton can afford a new city hall. There
fore, we hope voters will cast their
ballots in favor of the proposed city
kail when they go to the polls Tues
day, April 15.
Voters will be asked whether they
favor issuance of up to $240,000 in
i.
5 u
EUGENE SLOAN
Clinton lost one of her most tal
ented native sons Easter morning in
£the death of Eugene Sloan.
Mr. Sloan, 47, was an author,
[ historian, reporter, photographer, and
• naturalist. He combined all of these
? skills into a book called “Scenic South
; Carolina. He was working on an-
qther book at the time of his death,
c Be died on Hunting Island Easter
f morning while returning from a hike.
He had gone to Hunting Island for the
£ weekend to obtain material for his
►: planned new book.
Work on his books was a labor of
love for Eugene Sloan. He made his
: living as a reporter for The State
f; Ifewspaper, with whom he had been as-
•; sociated in various capacities for over
j: 20 years.
People in small towns often are wa-
j: ry of “big city” reporters, but local peo-
: : pie trusted Eugene Sloan—although
ii possibly for the wrong reason. Many
Seemed to feel that in dealing with
a,
Eugene Sloan, they were certain to be
:• treated fairly because Mr. Sloan was a
ffellow Clintonian. What they prob-
»; ably didn’t know is that Mr. Sloan
•: treated everyone that way. He had a
! historian’s propensity for accuracy and
: fairness.
f. PASSING ERA
Seaboard Coastline Railroad has
•petitioned for permission to cut out
:its Richmond, Va., to Washington, D.
r C., passenger service.
The company recently cut off its
! Atlanta, Ga., to Birmingham, Ala.,
.passenger service.
’ If the Richtnond-Washington peti
tion is approved, it will mean that
passengers boarding the train in Clin-
WO ;gd toe Atlanta or Richmond
without changing trains. Previously
the passenger service stretched from
Birmingham to Washington.
* The railroad company has made
ho secret of the fact that it would like
to get out of the passenger business.
Jt hasn’t kept its passenger service
abreast of the times and the competi
tion from airlines, which are heavily
Subsidized, is too much. The rail
road’s profit potential apparently is
I n freight service these days.
All of which makes us feel a little
4>kier.
< We can recall when there were
Numerous passenger trains stop
ping in Clinton. And we can recall
When the first diesel “streamline”
came through town. It was on a Sun-
iiay and it was an event of such im-
portance that church services at the
[First Baptist Church were curtailed
fco members of the congregation could
[go see the “streamliner” and take a
jquick trip through the train.
‘4
general obligation bonds to finance
the balance of construction costs on
the proposed new city hall.
The city already has about $260,-
000 in its building fund. This money
has been accumulated in recent years
as the city’s share of revenue from
the Clinton-Newberry N a t u r a 1 Gas
Authority. City Councilmen plan to
allocate part of the Gas Authority
revenue over the next few years to re
tire the city hall bonds, if Tuesday’s
vote is favorable.
Councilmen also say that retire
ment of the bonds will not take all
of the Gas Authority revenue and that
there will be at least $30,000 to $40,-
000 available each year for other need
ed projects. This is in addition to
other city revenue, such as property
taxes, business license fees and the
city’s share of state and federal taxes
which are used to cover costs of gen
eral municipal operations.
Councilmen say no tax increase
will be necessary to finance construc
tion of the city hall.
We believe city voters are being of
fered an unusual bargain in this ref
erendum. The city can have its city
hall without a tax increase because
of the foresight of city administra
tions which set up and fed the city hall
building fund. The city could pay off
the proposed bond issue in a matter of
two or three years if it so desired.
However, if a good interest rate can
be obtained, it may be that it will be in
the city’s best interests to spread the
bond payments over five years or
more.
As we have said previously, the
proposed city hall is well-planned. It
should take care of this growing city’s
fire, police and city clerk’s office needs
for many years to come. It was de
signed with room for growth but there
are no unnecessary “frills” in the
plans. The proposed building is both
attractive and planned for efficiency
and economy.
The city hall is an investment in
the future of Clinton and this pro
posal is a bargain citizens of Clinton
can’t afford to turn down.
On the Right Path
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NAM’s Taxation Committee
believes the first priority in
tax reform is a commitment
to future rate reduction. And
we believe that a determined
effort to get federal spending
under control will make feas
ible a long-run program of
scheduled tax rate reductions.
Compared with that, reshuf
fling of tax burdens between
various classes of taxpayers
would be a pale accomplish
ment.
Robert C. Warren
President
Cascade Corporation
+ + » + + + **«**.»*
To follow the crowd is to
waste your time. No man ever
really succeeded without step
ping away from the routine
and attempting something dif
ferent.—George C. Keyes,
The Oklahoma County News.
•**»»+****X***4
It’s almost like basketball
has turned into a participant
sport instead of spectator
sport. Everybody wants in the
act —Wayne W. Kittley, The
Karens (Tex.) Tribune.
»*»»»**«««**++
'MANPOWER-BO YPOWER'
The Laurens CountyBoy Scout Dis
trict currently is involved in a “Man-
power-Boypower” program which is
designed to bring Scouting to more
young men in this county.
The objective is to establish more
Scout units—Cub Scouts, Boy Scouts,
Explorers — so that some form of
scouting will be available to all young
men in all sections of this county.
More Scout units mean that more
adult scout leaders will be needed.
That’s where the “Manpower” phase
of the campaign comes in.
If the “Manpower” is available,
the result will be more “Boypower” in
Laurens County.
If you are an adult interested in
becoming a scout leader, contact local
Scout Executive Aubrey McCroskey,
Jr., in Clinton. If you are interested
in sponsoring a scout unit in an area
which is now without a unit, contact
McCroskey. It could be that your
church or civic organization could ren
der an important service to the youth
of your area through scouting.
tell you what's unfair about guys making
$200,(XX ) a year without paying income tax—
Tm nrd onp nf them!
2-B—THE CHRONICLE, Clinton, S. C., April 10, 1969
SENATOR STROM
THURMOND
REPORTS TO THE
PEOPLE
EQUAL OPPORTUNITY
The recent hearings of the
Senate Subcommittee on Admin
istrative Practice and Procedure
have demonstrated that the pre
vious Administration did not fol
low the Congressional mandate
on equal opportunity. Instead of
equal opportunity, it adopted a
demand for preferential treat
ment.
LEGISLATIVE HISTORY
Despite the clear legislative
history of the 1964 Civil Rights
Act, the Johnson Administration
issued an Executive Order on
contracts and employment that
went beyond the law. In 1964,
Congress, in laying down em
ployment policy, directed that
the legislation could not be in
terpreted to require any em
ployer to grant preferential
treatment because of an imbal
ance of race, creed, color, reli
gion, sex, or national origin with
respect to the available work
force in any community, State
or area.
This clause of the 1964 Civil
Rights Act was in accord with
the Equal Protection clause of
the 14th Amendment to the U. S.
a program without categorizing
employees by race, and then giv
ing preferential treatment to
the race or races which are in
imbalance as compared to the
total work force in the area.
In short. Congress has said
that an employer shall neither
discriminate nor be required to
give preferential treatment un
der the terms of the Civil Rights
Act of 1964. But the Department
of Labor has said that the same
employer must discriminate and
grant preferential treatment if
he wants to obtain Federal con
tracts. This program is contrary
to Congressional policy, and
flatly unconstitutional under the
most recent Supreme Court deci
sions.
As a result of the difficulties
in enforcing such an unreason
able program, and the conse
quent Federal harrassment, the
program bogged down. The re
cent contract awards to five
textile firms cut through the
red tape and dubious regulations
by getting agreements at the
highest management levels.
ANYBODY WHO QUALIFIES
He Believed
In America
BY THURMAN SENSING
Executive Vice President
Southern States Industrial
Council
For millions of Americans the
passing of DwightD. Eisenhower,
34th President of the United
States and commander of the
allied armies in Europe, provided
a solemn occasion for recalling
the vital qualities of leadership
in this Republic.
Gen. Eisenhower was a product
of the American experience and
embodied patriotic virtues which
are essential to this country if
it is to endure. At a time when
there is disorder in the land and
not inconsiderable disloyalty to
its values, as evidenced among
the militants of the New Left,
it is timely to bear in mind what
is basic to greatness and to the
survival of the American system.
Nowadays, militants angrily
denounce “The System,* and call
for its overthrow or radical al
teration. The militants have their
camp followers in politics who
try to sell the idea that the United
States is riddled with imperfec
tions and in need of radical re
construction. Some office-hold
ers, sad to say, believe that it
is smart to adopt the New Left’s
slogans about this being a land
of hunger and hardship.
Dwight Eisenhower was a pro
duct of the American System,
and his success in life demon
strates how effective and worth
while that system is. He was
born into a family of modest
means. His father was a worker
in a creamery in Abilene. Today,
“liberals" no doubt would de
scribe his family as “deprived*
or ‘disadvantaged.* But the Ei
senhower family didn’t see itself
that way. Members of the family
worked hard; they had faith in A-
merica. Not only the future Pre
sident but his brothers did well
in careers, achieving substantial
success. The story of the Eisen
hower family is the story of
countless other American fami
lies of modest means who be
lieved in the virtues of work,
thrift, and loyalty to God and
country.
The man who later in life was
to command the largest force of
free men ever committed to battle
was a man brought up to believe
in self-reliance. He didn’t have
the comforts and pleasures of
other young men from more af
fluent circumstances, but he
didn’t complain. He relied on his
own abilities and energies. He
didn’t expect an CEO or any other
agency to provide him with in
stant prosperity.
For the young Elsenhower,
service to country was a won-
to believe that it’s better to be
“Red than dead. * Finally, courage
in defense of one’s country is
dismissed by radicals as a shop
worn concept. They speak of the
virtue of anarchy.
In the eight years that Dwight
D. Eisenhower was President, he
displayed none of the arrogance
of power characteristic of some
of his predecessors and succes
sors. Though his administration
disappointed some conservatives
who hoped for a thorough house
cleaning of entrenched radical
elements in the federal govern
ment, President Eisenhower was
not afraid to show his belief
in free enterprise. He brought
businessmen into the Cabinet. As
a result, America’s affluence
gained greatly in the 1950s. Home
ownership grew enormously dur
ing the Eisenhower years. A-
merican society was strengthen
ed and stabilized.
Like other outstanding men,
Gen. Eisenhower made mistakes
in his appointments and his poli
cies, but he acknowledged mis
takes. He was extremely re
luctant to give moral approval to
court-ordered experiments with
public education. It has been
written that he felt he erred
greatly in using troops at Little
Rock in 1956.
In the main, however, Gen. Ei
senhower was in the central cur
rent of American thinking. He
understood the strength of the A-
merican “system,* and upheld
it as a model of opportunity and
enlightenment. He had no use
for the strident doctrines of so
cial revolution. He rejected the
demagoguery and truth-twisting
that is involved in describing A-
merica as a land of hunger and
poverty. His conficence in the
United States and its essential
goodness and greatness should be
remembered for years to come.
♦
llM* 4 ^
Constitution, as interpreted in
recent years by the U. S. Su
preme Court. While not every
one will agree the Supreme
Court’s interpretation of the
14th Amendment, the fact re
mains that Congress was simply
following the controlling inter
pretation. Equal opportunity is
the very opposite of preferential
treatment.
The hearings of the Senate
Subcommittee have confirmed
that Executive Order 11246, is
sued in 1965, as amended, re
quires an employer to grant
preferential treatment in em
ployment and promotional poli
cies, presumably to make up for
alleged past discrimination. Un
der the regulations issued pur
suant to that Executive Order,
the employer is required to de
velop a so-called “written af
firmative action program’’ with
regard to his present and po
tential employees.
PREFERENTIAL
TREATMENT
Under this
De-
"I assure you, madam, if
such creatures as you de
scribe really existed we’d be
the first to know- about it.”
program, the
partment of Labor requires em
ployers to analyze minority
group representation in all job
categories, in hiring, recruit
ment, and testing, and in up
grading, transfer, and promo
tion. The employer must then
set up so-called goals in his em
ployment practices. Manifestly,
it is impossible to develop such
It ought to be sufficient that
an employer takes anybody of
any race who applies for a job
if he is qualified to do that job.
Equal opportunity means that
race shall not be a factor in hir
ing and promotion. Anything
more goes beyond the law.
The situation for minority em
ployment in South Carolina has
improved considerably in the
past few years, despite the fact
that the punitive regulations of
the Department of Labor had
not taken practical effect. In
1958, only 5,500 Negro males
and 200 Negro women were em
ployed in South Carolina textile
mills. In 1968. 17,500 Negro
males and 6,200 Negro women
were employed, for a total Ne
gro employment of 16.9 percent.
In many South Carolina plants,
as many as 40 percent of the
new employees hired in the past
year were Negroes.
These statistics show that the
proper way to increase minority
employment is by the expansion
of the economy, and the provi
sion" Trtdii^iar JcM for
those of all races who cannot
find employment in the agricul
tural sector. When mills are beg
ging for workers, they do not
need Federal harrassment to
hire those who are willing and
qualified to work.
(not prepared or printed at government expense)
Convertible Securities
BY BABSON’S REPORTS, INC.
WELLESLEY HILLS, MASS.-
An increasing number of conver
tible securities have been issued
by corporations in recent years.
To a great extent, this has re
flected the fast pace of merger
activity and the tight money sit
uation. Thus, many companies
have used convertibles in making
acquisitions and consummating
mergers, while others have
issued convertible securities as a
means of raising capital at a cost
below prevailing money rates.
CONVERTIBLES HAVE DUAL
CHARACTERETICS
Convertible securities possess
some of the characteristics of
both a senior security and a com
mon stock. Generally, they offer
a certain degree of safety, a de
pendable yield and, through the
conversion feature, an oppor
tunity for capital appreciation.
Although convertible bonds and
convertible preferred stocks re
present two different types of
senior securities with different
features, they are usually viewed
as a homogeneous group. This is
because their differences tend to
be overshadowed by their com
mon characteristic of converti
bility.
CONVERTIBLE DO NOT OFFER
“SOMETHING FOR NOTHING’'
At first glance, it might appear
that all convertibles are ideal
investments which offer “some-
could be making a costly mistake.
From a yield standpoint, a con
vertible holder may also be at a
disadvantage. This is because the
convertible feature does not auto
matically guarantee apprecia
tion. If none occurs in the com
mon stock, then the investor has
given up the higher return he
might have had from a non-con
vertible fixed-income security.
A MATTER OF SELECTIVITY
Perhaps the best opportunities
in convertibles arise when they
are viewed as an alternative to
the purchase of a common stock.
In this respect, the investor must
look first at the common. If the
common stock of a company of
fers a worthwhile opportunity for
capital appreciation and/or
growth, then the company’s con
vertible issue (assuming one is
available) could be even more at
tractive.
When considering which issue
to purchase (the common or the
convertible), the investor should
look at the price of the conver
tible in relation to its conver
sion value, and at the yield. If
the market price of the conver
tible security is too far above
its conversion value, it will have
lost any possible advantage. Also,
the yield on the convertible issue
should be at least equal to, and
preferably greater than, that a-
vailable on the common.
Generally speaking, a conver
tible should be purchased as an
alternative to a company’s
common stock. . .when the con
vertible is selling at or near its
conversion value
Presidential Popularity Poll
derful opportunity, not something thing for nothing* through their
to be avoided by taking refuge convertibility feature. Such, how-
in graduate school. Throughout ever, is not usually the case,
his life, he adhered to West Generally, the investor must
Point’s injunction to follow the make some concessions in ter ms
path of duty, honor and courage, of quality and/or yield (in com-
These concepts are a million light par is on to other fixed-income se-
years away from what the New
Left intelligentsia teaches today.
Instead of stressing duty, the
“liberal* intellectuals urge young
men to avoid national service.
Honor is scorned by the Left
intelligentsia as an outmoded
concept Instead, they urge the
young to seek peace at any price,
curities) as the price for the
convertibility feature.
If one's investment objectives
are safety and stability, then the
investor will usually do better in
non-convertible bonds or pre
ferreds. The investor who sacri
fices quality for convertibility