PAGE TWO CHATHAM RECORD o. J. PETERSON Editor and Publisher SUBSCRIPTION PRICE: One Year ••■•••• $ l5O Six Months ■••• THURSDAY ANGUST 7,1930 Bible Thought and Prayer ■» » ■ I PROCLAMATION OF PEACE—;> Glory be to God in tbe highest, and ~ on earth peace, good will toward “ men. —Luke 2:14. “ ♦ PRAYER—Our loving Father, we ; I thank Thee for: “Peace, perfect j peace, our future ■ all unknown, , 2 Jesus, we know, and He Is on the ? throne.” 11 ® HEALTH AND MONEY In addition to his . many gifts of charity and other so cial service, John D. Rocke feller, Sr., one of the richest men in the world, has shown by reaching his 92st birthday anniversary that money doesn't necessarily make men die young. His sober life has served to dispel the thought that wealth either necessarily lowers one's moral standards or contributes to physical de cay. It is the use, not the possession of money. that counts for good or evil. The name Rockefeller has been a houseword for finance for more than a quarter of a cen tury. Notwithstanding some of the events of his life seemed to crush the financial power of others, there abides .in the public mind a conviction that there is considerably more good than bad about the man. Above all he seems not to have grown cynical or sour with age. His official birthday statement was graced and made even beautiful by these phrases: “I have naught but good will toward all. I am unspeakably greatful:" When these is a deeper depression in business it’s too bad for the business man if he does not put forth every effort to make a surer impres sion upon the buying public. ® We have received a letter from Editor Rowland Beasley of the Monroe Journal which will make good reading for next week. “WORTHY OF ALL ACCEPTATION" As a prophet is not without honor except in his own coun try and as there are people right in Pittsboro who have no idea how thinking men esti mate the Chatham Record and have been so “busy" that they have never discovered the>. editorial department in this paper, we below give an estimate of Attorney B. C. Beckwith of Raleigh, confirm ing that so often expressed by Dr. G. W. Paschal. As Dr. Paschal is a classmate of the editor, his enthusiasm has been attributed, in a measure, to partiality; but the editor of the Record would not know Mr. Beckwith if he should step into the sanctum. Let us say that such commenda tions help a man, as they con firm him in the opinion that his work is worth-while and give incentive for continued thought and effort. But we do wish that our home folk would wake up to the fact that the Chatham Record is more than a little neighbor hood news sheet. Mr. Beckwith writes: “Dr. G- W. Paschal’s opinion that the editoral page of the Chat ham Record is the strongest in the state is worthy of all acceptation. And my opinion is that the editorial in yester day’s issue of the Record, captioned “The Fictional Value . Ascribed to a College Education", is worth many times the subscription price of the paper. “After the manner of Rip- Vaji Winkle, Here’s to your health and your family’s. And may you live long and pros per. Renew my subscription and send the bill. I am a sub scriber so long as you edit the paper. Truly, B. C. Beckwith’’ “Raleigh, August 1, 1930."* THE TEST OF UNIVERSALITY The test of a physical law is the universality of its applica tion. The laws of gravity are true everywhere and if they are operating in every cubic foot but one in the universe that fact will not prevent their operating in that cubic foot.. Also, no physical law fails in one place because it is operating too generously in other places. The, same test applied to some generally accepted econ omic laws, or practices, read ily proves their invalidity. Take the principle of econ omy, saving, or stinting, that is now being popularly urged as a remedy for economic ills. It will work in individual cases in restoring or building the fortunes of its devotees, but applied generally it not only would not work to the end of either general or in dividual prosperity, but bn the contrary would impover ish the whole world. The ex ceptional individual, continu ally producing his share and using less than his share, can forge ahead. But so soon as his method should be uni versally applied his surplus production becomes dead on his hands. For most products of industry are perishable, and, as recently pointed out in these columns, the world lives from hand to mouth, and if "half the wheat, the corn, the automobiles, the clothing, or anything else except what is used in providing homes and further facilities for pro duction, transportation, and exchange, should be saved this year, it would inevitably mean one of two things— either production to that extent would be cut off next year or the so called saving would be utterly useless. For . if production should maintain itself and the saving continue, the surplus would have to rot, and the stinting would be worse than useless. The general misconception of the validity of the principle of stinting is due to the mis conception of money as wealth, as is the fact in respect to most of the economic falacies of the age. Just there we note that the American people are carrying a hundred billion of insurance, and an editorial writer says that means sav ings and protection. That is true but with respect only to the few who are carrying insurance; but let everybody carry insurance, providing that they can, and the invalid ity of the principle of insur ance would be easily demon strable. Only the loan of the insurance funds makes it possible for the premiums to meet the expense of the polic ies and final payment. Now, let everybody have paid in $5,000 in premiums, or have that much to his credit on his policy, and it is evident that everybody, on the aver age, must borrow $5,000 at a higher rate of interest than he is securing on his insur ance funds, or the insurance companies would become bankrupt. Thus it would be that the immense insurance machinery would be support ed by the insurers at an abso lute loss. Saving utterly de pends upon loans, and loans depend upon borrowing for production purposes or for current expenditures, and neither increase in production facilities nor borrowing for living expenses is consistent with a general program of saving or stinting. If every family in the States should pay SIOO a year in insurance premiums, the pur chasing power of the public would be so materially dimin ished as to disrupt practically every business in the country. Only the borrowing back of the money at a higher rate than received in order to con tinue purchases would pre ' vent that catastrophe, and that would be folly supreme. But who hold these polic ■ ies for a hundred billion . dollars? Hardly one family ■ in fifty who really need the i protection, except possibly to • the extent of a burial fund, ; for which the poor devils are paying most dearly. It is the policies from SIO,OOO up to a million that make up the bulk of the insurance total, THE CHATHAM RECORD, PITTSBORO, N. C. and the potentiality of those policies is utterly dependent upon the fact that insurance is not universal, just as is the effectiveness of stinting on the part of the miser due to the fact that all the people are . not misers. The misconception of money and securities as wealth has led to the conception that the world can lay up in store for the future in that form, which can be really done by the exceptional individual but not universally. Again, the world lives from hand to mouth, and the greatest urge to produc tion of plenty next year is the consumption of this year’s product. But a consumption that pushes production must be universal, and is altogeth er inconsistent with a gen eral saving program. Then, if individual saving or individual insurance, as now practiced, cannot become universal and, accordingly, the majority of the people must remain poor or get rich in the grab game of the com petitive system; if consump tion must be maintained at the maximum to assure pro duction at a maximum, and if that cannot be done unless provision is made for the rainy day or for the family upon the death of the bread-winner; what is the remedy? Certainly, a piling up of money or securities, by the individual who happens to be lucky enough to do so, which has an impoverishing effect upon the general public, is not the way out. In the first place, it cannot become universal and it means that provision is made through a lessening of the wealth that is to ,be depended upon for the pro tection sought in the hoarding of gold or the provision of insurance funds. On the con trary, the sensible method is to secure the protection by a means that assures an ever increasing annual supply of goods, which is simply through the encouragement of pro duction by means of maintain ing a maximum but legitimate consumption. For, mind you, wastefulness is not contem plated; yet a healthful share in recreations, means of cul ture, etc-, are to be included in the term consumption. As each year’s product can be made readily equal to the demands of a full consump tion, even if the deadening surpluses that now exist do not argue such a state already existing (which they by no means do), it should be clear that the true economic prin ciple is to provide from the general annual store for the unfortunate, or those indivi duals who have reached the stage when their miserly laid up hoardings on their insur ance policies, if they have either, is supposed to become effective. That time is at hand when the bread-winner be comes disabled, when fire, flood, wind, or hail destroys his source of living, when old age has destroyed his ability to earn what he needs, or when death takes him from a dependent family. In short, state allowances for disability, for providential handicaps, for old age, and widows and dependent children, should provide for those who could have provided for themselves only by impoverishing their own lives by miserliness and that at the loss to the general wealth-production, and can do so from the annual overflow of products. But the opposer of these pensions urge that such a means would lead to the pauperizing of the people, or to the production of a horde of parasites. Yet they are perfectly willing for judges to accept pensions, and if one, readily accepts it himself; they are willing for the old soldiers to have pensions, even when they don’t need them; they are willing for govern ment employes to receive old age pensions, and even presi dents widows’ have not been averse to sharing in such parasitism. But when it comes to the ordinary producer, who has provided for himself dur ing many years and taken care of his share of depen dents, to give him a pension in old age or to provide for f CAROLINIANS-Know Your State! Hr 1 COPYRICHT l<J}o BY BOYCE & RANKIN , m eim,iwiittii —nnriii 1 I '■ mnt imiwmmmmm n— mmm wwmmm——ri iwn it . ■»— tTrnr.im. BBC? w y 1 GOOD ROADS A HUNDRED years ago a trip across North Carolina was a month’s journey; today it is only a day’s drive. No state in the union has a more extensive or comprehensive plan of highway building. North Carolina has been known as the "Good Roads State” since the State Highway program was begun in 1921. Over 7,500 miles of hard-surfaced and highly improved State roads connect practically every county seat and principal city. The State is constantly improving its network of roads and is endeavoring to connect all important points with the main highways of the neighboring states. The State spent more on highways in 1926 than any other in the South; $125,- 000,000 in five years. State highways are built maintained.out of revenue from and gas taxes alone. any remaining dependents, is to make him or them a para site or parasites. But, in our mind, an econo mic system that will maintain a full consumption is the surest means of providing a sale for every man’s labor or product, and therefore the surest means that he shall be able to provide himself a home and some capital that may be turned to the support of dependents in cases of death or misfortunes. For since modern means make it exceedingly easy to produce plenty of food and clothing, a full production would in clude the building of homes and the making of comfort able household fittings. Only that would provide work for all, and only work for all would enable all to have their homes. The same test of universal ity of application would demonstrate the invalidity of other generally accepted economic principles. Yet a man like Raskob could argue that all may be rich, , when no one can be rich in the accepted sense without a ser vant, or many servants, or without monopolizing portions of the production of many! Try that scheme on all and see how it would work! <S> Chatham county feed deal ers should buy wheat to sell for chicken feed. The best price the writer can get a mixed feed of wheat and broken corn for is $2.50 a hundred, or two and a half cents a pound. Wheat 1 at that rate is $1.50 a bushel, and it is evident that the vcheat in the chicken feed is of poor quality, probably Screening. Our merchants can afford to pay Chatham county farmers a good price for wheat and sell it cheaper than they are selling the inferior grade in the chicken feed. Cooperation will help all parties. ® Not all knocks are boosts, some are genuine injuries. ® If every 50th man is a bootlegger, every 49th. is a federal prohibition agent look ing for him. Only about 24 of the remaining 48 care a hang whether he is caught or not. And then some people wonder what’s wrong with the country. ® With all of the marathons, walkathons, non-stop flights, etc., going on, the Hamlet News-Messenger believes it is justified in looking for more non-stop advertisers and sub scribers. - ■ - It takes a woman’s sewing circle to develop a lot of con versational halitosis. ® Many a man who is a good shot in this world hopes he will miss fire in the next. A man gets into trouble marrying two wives. Some get into trouble marrying one. TWO AND TWO STILL MAKE FOUR It is a pity that the world cannot become convinced that two and two make four, or that four cannot be divided into three and two. The old school of political economists were confident that the amassing of great wealth in the hands of the few had noth ing to do with the prevalence of poverty among the masses, and one of them, Malthus, wrought out his famed thesis of the poverty’s being due to the decreasing returns from application of labor and capi tal to land. But the Malthusian theory has been absolutely disproved in this day of the machine, of synthetic ferti lizers, improved varieties of plants, and the application of science to agriculture. !No longer is the danger in in ability to produce enough. Yet poverty still exists amid plenty, and the stone which was rejected by the earlier economists must now become the head of the corner, namely, that the unequal, or unfair, distribution of wealth is the cause of the prevalence of poverty. Yet the opinion seems still to prevail that the few can become extremely rich without impoverishing the many, that is, that three can be taken from four and still leave two. The truth is (and it must be recognized before poverty can be relieved) that every time one gets more than enough another must be sat isfied with less than enough. If there were just food enough produced for all, it is clear that anyone who consumed or wasted more than his share would deprive some one else of what he actually needed. But it is not so clear to the average mind that the man who gets more than his share converted into money likewise deprives -another of his adequate part of feed and other essentials. A man might produce a million bushels of wheat and sell it and appear to have done more than his part to feed humanity. But has he? ' The food, it is true, exists, but it takes money for the consumer to get it, and the consumer can get only by selling his own products. With the same amount of wheat produced and sold by a thou sand men, a thousand would have the wherewith to buy the essential products of the consumers of the millions of bushels of wheat, and in al most as large a degree as the seller of the million bushels, since the normal requirements of the millionaire is little greater than that of any of the thousand producers of the million bushels. Accordingly, it should be clear that if all the wheat in the country were produced by one man, much of it could not be bought and consumed, because of the in THURSDAY, AUGUST 7. iqqa ability of tens of thousands of consumers to sell their own products, which formerly were sold to the small producers of wheat, and thus a surplus in both wheat and the various products of the consumers of wheat would accrue, while many would have a scant bread supply. Accordingly, it should be clear that monopolization of wealth, of production, or of money necessarily limits con sumption, which in turn, in the long run, limits produc tion and necessarily produces poverty of the masses. Videli cet Ford. The point is this: Whoever gets more than he can spend discreetly for essentials neces sarily robs others of a portion of his essentials, and it makes no difference in what shape the accumulation is created, whether in lands, houses, food and raiment, or in the form of money or securities. It is simply a matter of taking more than two from four and neces sarily leaves less than two. That being true, the state, in all its departments and sub divisions, when it pays more than a living salary to its employees, is necessarily rob bing others of its citizens. The state employee who can lay up $5,000 a year is necessarily depriving the rest of the peo ple of what it takes to sup port five families in an or dinary degree of comfort, and is contributing to the forma tion of an unsalable surplus. Hence, if Governor Gardner wishes to encourage living at home or living well in any wise on the part of the general run of North Carolina people, he should see the importance of clipping salaries of all state employees to a mere adequacy for essentials, and essentials include a home — but not out of one year’s sal ary, since no one man could, within a year, do all the work from the tree and the clay, the iron, in the mine, to the turning of the key on a com pleted eight-room modern structure, say, and make food and clothing for himself and family at the same time, nor could the job be completed by the allotment of the time of one year for one man to the hundreds which ordinarily have taken part in the P re ' paration of the material and in the structure of a home. But North Carolina is stiH more liberal than in giving a salary more than adequate for the essentials. When n has paid a superior com judge a salary sufficient for a good living and for the ac quirement of a home for hi> family, in the course of a years, and also for provision for moderate comfort in 0 age, it releases him from ser\ ice at seventy, if he wishes, and still heaps upon n- 1 PLEASE TURN TO PAGE TKLL^

Page Text

This is the computer-generated OCR text representation of this newspaper page. It may be empty, if no text could be automatically recognized. This data is also available in Plain Text and XML formats.

Return to page view