SECTION TWO—!
U.S. Debt Ceiling, Its
History, Importance
Whether pr not Congress has lost
its traditional grip on the nation’s
purse strings in day-to-day affairs, as
has frequently been said, it still re
tains an “ace in the hole” as far as
prolonged Federal deficit spending is
concerned.
That is in its power to set a statu
tory ceiling on the public debt. Since
the Federal Government must borrow
if it is to spend more than it takes in,
as has been the case over so much of
recent history, it must eventually
come to Congress for permission to
continue when its legal borrowing au
thority is exhausted.
This situation has happened num
erous times since the public debt be
gan its skyrocketing course in World
War I. U. S. Treasury Department
records show that the limitation on
the public debt has been the subject of
legislation 18 Jmes in a generation,
starting with what now appears to
be the modest sum of $7 billions and
going as high as S3OO billions at one
time.
Spending Key to Debt
Another comparable situation has
been developing as the Government
continues to run behind due to a com
bination of big expenditures for nat
ional defense and lower-than-antici
pated revenues. The present public
debt limit is $275 billions, a level
which has been in effect for the last
seven years. The actual debt itself
is beginning to crowd this ceiling,
what with the latest $6 billion bor
rowing and the prospect of more la
ter. That is why the question of rais
ing the debt ceiling has come up.
However, the Administration has
been attacking the spending and de
ficit problems with determination. It
has already effected substantial econ
omies, working to bring the budget
within sight of a balance before the
current fiscal year is over. Thus it
is tackling the debt problem at its
source, which is spending.
Throughout the nation’s history
prior to World War I, there was nc
debt limitation as such. When the
Government had to borrow, Congress
voted specific authority setting
amounts and terms of issues. But
the public debt wasn’t the problem
then that it has become since. The
Government owed only about sll4 bil
lions just before we entered World
War 11, and the highest total prior to
then was $2% billions in 1866 as the
result of the War Between the States.
First Limitation $7 Billions
The initial debt limitation, totaling
$7 billions, was set in the First Liber
ty Bond Act of April 24, 1917, less
than three weeks after war was de
clared. This sum was divided between
the bonds and certificates, with limi
tations on each and this practice was
-continued for some two decades. The
first over-all debt limitation as we
have it today, without a specific ceil
ing on the amount of any type of is
sue, dates from 1939.
As the result of the deficit spend
ing of the Thirties, combined with the
outbreak of war in 1939, the public
debt ceiling was at $65 billions when
the United States entered World War
II in 1941. Four years later, in
of 1945, the ceiling had been raised
to S3OO billions. This limitation pre
vailed until June, 1946, when it was
cut $25 billions to the present level.
77 *’■'v S ure Ain’t
A colored boy was strolling through
a cemetery (in the daytime, of course)
reading the inscriptions on the tomb
stones. He came to one which read:
“Not dead, but sleeping.” Scratch
ing his head, he remarked, “He sure
ain’t foolin’ nobody but hisself.”
One Long Suit
She—You are positively the worst
dancer I ever saw.
He—Well, it’s something to know
that J excel in that respect at least.
4% How to plan tor you tdeptow
w ' ieß t° H p*® t ODr
or re-modtUog
HH pUn to "telephone condi tfon” y our home.
iJf H j For instance, telephone conduit*... they! .
> fe |M 'M •» inexpensive to iostall during coo*
I M/1M scruction—will conceal telephone wires
'W within walls that cany that* to bandy;
outlets. Your architect and build.’
\log contractor will help you to your l«to»V
phone conditioning.
Page Four
Motor Vehicles Killed
Four Per Hour In 1952
The casualty list for i 952—96,000
kyied and 9,600,000 injured!
That isn’t the Korean war toll. It’s
the nation’s accident totals for last
year announced by the National Safe
ty Council.
“Accident Facts," the Council’s sta
tistical yearbook, which is just off the
press, shows that one person was in
jured accidentally every three seconds
during 1952. Deaths from accidents
occurred at the rate of one every five
minutes.
During the year, motor vehicle ac
cidents killed at the rate of four per
sons per hour and injured at a rate
of 150 per hour.
State’s Standard
Os Living Helped
By Use of Credit
: 98 Out of Every 100 Tar ;
[ Heels Are Excellent
Credit Risks 1
■ .. ]
North Carolina’s 1,025,100 families
—with an average annual income of
$4,200 —own 920.200 ’automobiles and
trucks, more than 678,400 refrigera- j
; tors, all own radios, 479,900 television
sets and over 826,200 vacuum clean- ]
: ers, according to a special study just
completed.
North Carolina’s high standard of
: living, like that of every other state, ‘
has been made possible to a large ex
tent by the sound use of consumer in
stalment credit, the study indicated.
Taking automobiles as an example,
the study shows that 98 out of 100
Tar Heels are excellent credit risks,
making their payments on time and j
completing obligations on their con- £
tracts promptly. ‘
The study was conducted by C.I.T
Financial Corporation, the nation’s
largest independent financing institu- ,
tion. C.l.T.’s principal subsidiaries in j
the fields of automotive and industrial
financing have several offices and rep- r
resentatives serving North Carolina.
“This study showing the mass own
ership of expensive durable goods,”
I GREAT I
OAK I
I U p*f. 71% M> DMrri SfMft I
} Aust|ptfttcKols|
JDQfcAXiD TtNTON N C *jl*p i(J RSDAY AUGUST I^ss
sh» hundred years ago, a young matt—just 21 ymrs old—anxi
ously paced his hone beneath the towering walls of an ancient pity.
Straining his voice to be heard above the din of battle, he urged on
the twirling brilUanUy-arrayed
he cried with fervor. A day earlier 1
he had ridden his horse into the
waters of-the Bosporus to inspire
his badly damaged little ships to
attack again and Again.
The young man was Mehmet n,
sultan at the Ottoman Turin. The
world remembers him as the
conqueror of Constantinople (now
Istanbul). His own people re
member him as the man who
opened the door of Turkish his
tory to its “golden era.”
In history, Mehmet stands with
Alexander ’ the Great, Napoleon
and George Washington as a man
who began an era. Like Alex
ander, who gave Greek culture to
the barbarian world, and Wash
ington, who lit the flame of na
tional independence, and Napo
leon, who carried die lesson of
the French Revolution wherever
he went, Mehmet introduced into
the inflamed atmosphere of the
Middle Ages an idea new to the
world—religious tolerance. The
day Mehmet conquered Istanbul,
he visited the Greek patriarch and
promised him protection.. From
that time until the present day,
Istanbul has been the seat of the
said Arthur O. Dietz, president of
C.I.T. Financial Corporation, “empha
sizes the fact that mass financing is
the fundamental support of the Ameri
can system of mass production and
mass distribution.
“If markets were restricted only to
customers who could pay cash for
goods, the economies of mass pro
duction would largely disappear.
Prices for automobiles, refrigerators,
ranges and the like, would be out of
reach for most American families.”
Dietz also pointed out that thous
ands of North Carolina men and wo
men are employed in industries de-
pendent upon instalment buying, in
cluding the manufacturing, distribu
tion and selling fields.
The study pointed out that in 1962,
American families used about $50,000,-
000,000 of consumer credit in buying
the $216,000,000,000 worth of goods
and services used. Thus, consumer
credit represented nearly 25 per cent
of estimated consumer expenditurefi of
all types, the financial institution said,
and provided a vital underpinning to
the economy.
TAR HEEL WHEAT FARMERS
TO VOTE ON QUOTAS AUG. 14
North Carolina wheat growers will,
take part August 14 in .a national ref
erendum to determine whether quotas'
will be used in marketing the 1954
wheat crop. I
Wheat quotas, which operate
This demonstration
t showed me the way
L ' *
\ *‘“flieaejriflifliiw.rii-i'- t X'M‘X i }BW
iOWS’.vA'X- ' )j§g3gsj^y.vnl
You're “silting pretty”
behind the wheel
Take this Bel Air model. First
thing you’ll notice is the qual
ity of the interior. Rich-looking
appointments. Roomy seats
with foam rubber cushions.
Turn the key to start the en
gine-and you’re ready to go.
You ton see dll around
Yoa look out and down
through a wide, curved, one-
‘
B. B. H. MOTOR COMPANY
L g i i q kunMtimk Edenton, N. 0>
I BPU ** . ; " ■ ■ ■ ■ ' ■
k I ■
Mehmet IL who made Istanbul
a Turkish city in 1453.
Greek Orthodox Church. Both
Christian and Jew have always
been free to worship as they
please.
On this 500th anniversary (1453
—1953) of that momentous day in
history, the people of Istanbul are
commemorating the story of
Mehnhet the conqueror and
the bringer of light
: through acreage allotments, were pro
■ claimed by Secretary of Agriculture
i Ezra Taft Benson on July-'l, as direct
• ed by law. Quotas will not become
! effective unless at least two-thirds of
the growers voting in the referendum
approve their use.
Out of a national acreage allotment
. of 62 million acres for the 1954 wheat
crop, North Carolina's allotment is
319,257 acres, or about three—fourths
■ as many acres as was grown the past
1 year.
Can anyone name the longest day
, of the year this year?
CONVENIENT SHOPPING
AT
EDWARDS OPEN AH) MARKET
FRESH FRUITS AND
VEGETABLES DAILY
OPEN SIX DAYS IN WEEK FROM 7 A. M, TO 1# P. M.
SUNDAY HOURS: 7TOItA. M. AND 11A0 TO 7P. M.
EDWARDS OPEN AIR MARKET
| East Church Street Extended Near Edenton Peanut Company
piece windshield. The pano
ramic rear window and big
side windows provide a clear
view in all directions.
Biggest brakes for
smoother, easier stops
An easy nudge on the pedal
brings smooth, positive response
—right nowl Chevrolet’s im
proved brakes are the largest
in the low-price field.
tt*s heavier for •'
batter readability
You're in for a pleasant sur- -
prise at the smooth, steady,
big-car ride of this new Chev
rolet. One reason is that, tnodel
for model, Chevrolet will weigh
up to 200 pounds more than
the other tow-priced can.
* itiScafi&drS&V' %LirOxj!.. ' . V.h
Maebetle Winslow of Hobbsville, was
USBBushnelL *
The letter of commendation is as
follows:
“The commanding officer of the
USS Bushnell (AS-16) taken pleasure
in commending Robert Ray Winslow,
Electronics Technician First Class,
ts. S. Navy, for'meritorious conduct
in the line of his duties as petty offi
cer in charge of the electronics re
pair shop. Your cheerful performance
of difficult tasks, excellent leadership
and spirit was an inspiration and ex
ample to all men in your department.
Your outstanding performance of duty
contributed to the high record of
achievement by the repair force of t
this ship.”
The Frau’s Footwork
“Somehow I get more kick out of
bridge when I play opposite my wife.”
“So do I,” said the other man ais he
rubbed his shins.
KIDNEYS .
MUSTREMOVE
EXCESS WASTE
When kidney function alow* down, many
folk* complain of nagging backache, loes of
pep and energy, headaches and dizziness.
Don’t suffer longer with theee discomforts
if reduced kidney function is getting you.
down—due to such common causes as stress
and strain, over-exertion or exposure to
cold. Minor bladder irritations due to cold,
dampness or wrong diet may cause getting
up nights or frequent passages.
Don’t neglect your kidneys if these condi
tions bother you. Try Doan’s Pills —a mild
diuretic. Used successfully by millions for
over 60 yean. While often otherwise caused,
it’s amazing how many times Doan'a give
happy relief from these discomforts—help
the 15 miles of kidney tubes and filters
flush out waste. Get Doan's Pills todayl
I Doans Pills
You get greater getaway
with the new Powerglide*
A tot finer performance on a
lot less gas. That’s what you
get with the new Powerglide
automatic transmission. There’s
no more advanced automatic
transmission at any price.
Let us demonstrate
all the advantages
of buying a Chevrolet now!
■Oil PEOPLE BUY CHEVROLET! THAN AMY OTHER CAM
- - -■» -
. ... •• . -••• • - - . .. c. t
[ “Is that yo«r duck out front? M th*
j a. ftflked
I wvLW'* OBlkvU*
auck* It's a stork with his legs
I l
. ,
OMMMILIk
MILLIONS of fern of water
... held in perfect check bye
comparatively slender ribbon
of steel and concrete. The
smallest crack or brack end
.. . but no one doubts the |
dependability of the modern
dam.
S
No one doubts the depend- f
ability of our oraenization.
Our complete facilities and
experience enable us to fit
tingly conduct any ceremony.
IwimFp 1
■ ' -.Vvw ,|S
■ P.HOIIf23I*!EWOm|B
■ fkt HOMS Os TUf *’.»! ■wi:• -9 ■
g MUTVftt t i (9'lA’:oN g ig
'm
You get more power
on less gas
That’s because Chevrolet’s two
great valve-in-head engines'are
high-compression engines. In
Power glide* models, you get
the most powerful engine in
Chevrolet’s field the pew
115-h.p. “Blue-Flame.” Gear
shift models offer the advanced
108-h.p “Thrift-King” engine.
And it’s the
lowest-priced line
A demonstration will show you
that Chevrolet offers just about
everything you could want. Yet "
it’s the lowest-priced line in the
low-price field.
•Combination -of Powerglide auto
matic transmission and lIS-hji.
"Blue-Flame" engine optional on
“TworTen” and Bel Air models at
extra cost,
*V-* 3 &
. :■ !U' r . 1 " • 'V - • -.. ' ‘