Plenty Paper In
The Treasury Vault
War Debt Defaults Leave I nch- Sam'
Aa World's Worst Financial
Washington, June 18.?General
default on war debts has left Uncle
Sam holding the bag, with the dis
tinction of being the world's worst
investor financially.
In the vaults of the Treasury lbr
slacks of yellowing papers which
American taxpayers bought over the
past decades at a cost of more than
18 billion dollars, or 8128 for each
man, woman and child in the coun
try.
Cash obtained from taxes or bor
rowed from the public was used by
the government to purchase the 16
billion dollars worth of stocks,
bonds and notes. Most of the secu
rities are now In default in Interest
or principal, or a'e not paying regu
lar dividends.
Included in tne amount are $11,
000,000,000 in war debt obligations
for which the United States holds
neatly-engraved certificates from
foreign powers. Finland, with a debt
of $8,484,000, is the only one that
has kept its payments.
Wffl Be Better.
The government's next largest se
curity holdings are $500,000,00 cap
ital stock and $2,875,000 notes .of its
Reconstruction Finance Corpora
tion, from which it is expected tlie
ultimate return to the government
will be far better than from the war
debts.
Other securities held include
smaller amounts in capital stock of
the Federal Deposit Insurance Cor
poration, the Home Owners' Loan
Corporation, War Finance Corpora
tion, and the Panama Railroad Co.
A large assortment of miscellaneous
railroad, federal land bank and in
termediate credit bank securities!
also are held.
Although the securities owned by
the United States government cost
the taxpayers more than 16 billions,'
or altout half the present value of !
-every share of stock on the New!
York Stock Exchange, they are re
turning to the government this fis
cal year less than $100,000,00 in both
principal and interest, a paltry 1-2 j
of one per cent. The return next
year may be even smaller .unless
business improves greatly and'some
new war debt settlement is made.
Its Interest Burden.
Compared with this return on its
investments, the United States gov
ernment is now paying around $800,
000.000 interest annually on its pres-j
ent public debt of more than 26 j
billions, a large part of which was I
contracted in order that the gov
ernment could make its huge secur-1
ity "investments* -
If the government could realize
the entire cost of its "security hold-'
tags, the public debt could be re-i
duced to about 1C billions. A sub-j
stantial portion of the security "in
vestments" is admittedly lost, but I
the government still optimistically'
carries the holdings on its books at
face value.
During the war, at least, many|
thought the huge war loans to the.
Allies necessary and justifiable, even1
though this country might not get a'
cash return. Similarly, the advances
to the RFC and other emergency
agencies were made to battle the de
pression and the results should
eventually justify the cost, officials'
fee1'
A process for producing perma
nent documents by printing plati
num character on very thin sheets
of gold has been Invented by an
Englishman. I
Congress Ends Session
Marked by Adopt'n of
Far-Reachi'g Measures
(Continued from first page)
Huey P. Long, D. La. He Insisted
that the Senate vote onJJje confer
ence report on the Frazier-Lemke
bill which gives farmers six years
to redeem land they have lost
through foreclosure. He won his
point. The Senate adopted the re
I port and the bill was sent to an un
' certain fate at the White House.
I The administration's $1,000,000,
000 housing bill, providing for slum
; clearance, home modernization and
low-cost housing, shuttled between
i House and Senate until the confer
ence report was approved by. both
bodies.
Ready to Play.
Once thosg techncalities were out
of the way, sweetness and light de
scended on Congress. Senators who
had been snarling at each other
were shaking hands and talking
I about vacation plans. Huey Long
patrolled the Senate floor, slapping
' friends and foes on the back.
| Vice-President John N. Garner,
the most hard-boiled man 'who ever
presided over the Senate, made a
'graceful speech:
I "I've been a little hasty at times,
but I've undertaken to preset *e the
(.rights of Stnators. I wish you all
health and happiness until next
January."
| His speech was In response to a
resolution introduced by Sen. Wil
[ liam E. Borah, of Idaho, a Repub
lican who praised the Democratic
Vice-President for his "impartiality
| and distinguished ability."
President's Thanks.
| Wounds that the White House
has inflicted on Congress were heal
|ed by a letter from President Roo
| sevelt thanking legislators for '.the
fine spirit of cooperation that has
existed between the Congress and
the executive branch of the govern
ment."
The House, which idled through
the afternoon and evening waiting
for, the Senate to get out of its
jam, went into a vaudeville show
promptly after adjournment. The
Marine Band played, members sang
and Democrats and Republicans had
a love feast.
Packed galleries, no longer gavel
led into silence by presiding officers,
shouted approval of the closing
pleasantries and entertainment.
Senate Sergeant-at-arms Chesley
Jumey, in his frock coat and white
vest, mingled with Senators in the
chamber during a last recess. Gar
ner exchanged jokes with Long and
Senator Josiah W. Bailey, Demo
crat. North Carolina, before bang
ing down his gavel for the last time
until January.
The veteran Carter Glass, Demo
crat. Virginia, sat at his desk qnd
signed autograph books for eager
page boys.
Senator Gerald P. Nye. young
North Dakota progressive Republi
can, whose attacks on NRA have
been a feature of the session, said
"goodbye" to each of the pages.
Senator Clarence C. Dill, Demo
crat. Washington, whose railway la
bor bill was pushed through in the
closing minutes of the session, smil
ed happily and announced he was
"going to Yellows (one Park for a
week of fishing." He has not yet de
cided to run for reelection.
Just before adjournment. Demo
cratic Leader Robinson and Repub
lican Leader Charles L. McNary
NATURE
YOUR BEST FRIEND
She gives you your soil . . . Your
seed, and Chilean Natural Nitrate
What a friend old Mother Nature is to every man who
makes a crop. Your land?Nature created it. The seed you
plant?Nature creates it. Sun and rain?gifts from Nature, too.
And Chilean Natural Nitrate?this magic plant food is one
of Nature's miracles. Into Chilean she put the vital "impuri
ties", each one a plant food in itself. They are all essential to
your crop.
Chilean Natural Nitrate is the ideal side-dresser?proved
by over 100 years of use on Southern crops.
Two kinds of Chilean?both are genuine. Champion Brand
(granulated) and Old Style.
Protect yourself. The way to be sure you get what you want
is to say Champion Chilean or Old Style Chilean when you
order. Play safe.
NATURAL NITRATE
THE ONLY NITROGEN THAT COMES FROM
IHt GROUND: THE GENUINE ORIGINAL* SODA''
AMAZE A MINUTE
SCIENTIFACTS -a- BY ARNOLD
fe
Boilers and rifles.'
The best steam boilers
aPEvELOP 400 POUNDS PER
SQUARE INCH PRESSURE. A
military rifle, however,
develops a chamber pres
Sure of *5,ooo pounds
PER SQUARE INCH.
Selected white hens ceo
on CAYENNE PEPPER BECOME
LIVING BAROMETERS, THEIR FEATHERS '
EATHERS *
BEING PALE ROSE IN DRY WEATHER
AND BRILLIANT RED AT THE APPROACH
OF A STORM. I
Tree climbing goats -
The piebald goats of
Morocco climb trees to
OBTAIN THEIR FOOD.
iCByynglM. .. by TW ??!! t>?fclll, It.)
WHAT CONGRESS DID
Washington, June 18.?Highlights
of legislation passed by 73rd Con
gress, second session:
| Expenditures?Appropriated more
than $5,000,000,000 of which more
than half is for relief.
I Taxes?Plugged loopholes through
which many of the wealthy avoided
Income taxes; reduced levies on
small salaries. y
Tariffs?Gave the President pow
er to lower or raise duties 50 per
cent in concluding reciprocal trade
pacts with foreign nations.
MoneV?Passed gold act under
which the President revalued the
dollar at 59.06 per cent of its former
gold value; launched United Sta.e?
on policy of keeping 25 per cent of
monetary reserves in silver.
I stcck Market?Brought exchanges
under strict Federal control for first
time in history. _ . ^
Crime?Authorized Federal gov
ernment to go after gangsters and
racketeers; voted $25,000 reward for
caputre of "public enemies.
Air Mail?Approved cancellation
of old contract and directed Presi
dent to create a commission to out
line new aviation policy.
Agriculture?Passed Bankhead and
Kerr bills for compulsory control cl
cotton and tobacco production,
adopted Frazier-temke bill giving
were appointed to communicate with
the President. They reported in a
few minutes that Mr. Roosevelt had
no. further ? communications to lay
before Congress.
Senate Quits.
Robinson then moved sine die
adjournment. The packed galleries
applauded a moment later when
the gavel fell terminating the sen-,
ate session at 11:05 p. m. E. S. T.
I Senators said fareweU to their
colleagues and some moved toward
Robinsons' desk, where the leader
held informal court as crowds
streamed out of the galleries.
I Robinson Issued a statement to
i the press expressing his
tion for the cooperation of Congress
with the executive branch ^
! diting'legislation which he said had
resulted in a substantial lmprove
Iment in business conditions.
The House, meantime, had broken
[into song and it was 11:20 before
Speaker Rainey could restore order
and receive a report from Democrat
ic Deader Joseph W. Byrns and
Republican Leader Bertrand H_
Snell, who also had communicated
with the President.
The leaders then took some time
making complimentary speeches
about each other.
Snell said that if a Democrat had
to be Speaker of the House. "1 cast
my vote for Henry T. Rainey.
Rainey' reciprocated by praising
Snell's leadership of the trampled
minority. Then other
members came forward with vale
dictory speeches,
A last-minute action by the House
was concurrence in Senate amend
ments to a bill regulating traffic in
machine guns. The measure, one
of the administration anti-crime
bills, calls for licensing of all 'deal
ers and importers of such weapons.
A few minutes after this action,
the House adjourned at 11:45 p. m ,
and the 73rd congress wa?-over.
Unusual Sewdptt
Supplying $10,000,000 066 of pub
lic funds and providing the Igfgj
basis for the Roosevelt recovery
agenciek. it established a record as
one of the shffrtest, most effective
and expensive Congresses in history.
Summoned Into special session
Just five days after President Roo
sevelt's inauguration, the 73M Con
Ttle country was bogged in
I economic morass.' All banks
farmers six years to redeem fore
| closed property if creditors refuse
jto scale down mortgage debts;
brought sugar and cattle under AAA
control; placed unconditional guar
antee on farm credit bonds.
Navy?Authorized construction 101
(new warships over next six years to
, bring Navy to treaty strength,
j Home Aid?Passed administration'
! housing bill for nation-wide cam
paign of modernization and con
struction, with government partially
| guaranteeing private loans; placed
full guarantee on Home Owners Loan
j Corporation bonds,
j Banking?Extended Federal bank
deposit insurance for another year;
, amount of insured individual ac
counts raised from $2,500 to $5,000
, July 1.
Labor?Empowered the President
I to set up boards to enforce collec
i tive bargaining guarantees under
.Recovery Act.
| Industry?Authorized direct loans
| by Federal Reserve Banks and RFC
,to small businesses that are unable
to obtain bank credit.
Veterans?Over the President's
i veto, restored many reductions in
.compensation; defeated bonus.
Phillippine Islands?Voted them
I independence, effective after 10-12
year preparatory period.
closed. The Industrial pulse was a
mere flicker. Breadlines filled with
bewildered, rebellious citizens. An
gry farmers banded to prevent fore
closure sales.
In this atmosphere and with the
legislators opened their tumultous
session.
President Roosevelt promi s e d
"action." He gave assurance that
none would starve; warned Con
gress that he would not tolerate
partisan politics ar^d the United
States was launched on a new eco
nomlc policy. .
In quick succession came from th
White House emergency banking
legislation, establishment of the
NRA, the PWA? the AAA. the CCC.
the HOLC, and other alphabetical
soldiers fighting for economic re
habilitation. President Roosevelt's
rapid moves were matched by the
speed with which congress gave ap
proval. Prohibition was repealed,
and as champaigne corks popped,
the President, in one of his homely
fire-side talks, said simply;
"We are on our way."
Start Sermons
By J. B. Currin
DISAPPOINTMENTS
Saul appears to have been a
splendid young man. as well as a
fine looking one. when Samuel fol
lowing Divine Instructions anoint
ed his king. Of all the men of the
nation he was the one whom the
Lord directed the prophet to anoint.
We are Impressed with his mod
esty. When Samuel told him all
turned- their attention to him and
his father's house "Saul answered
and said. Am .not I a Benjamlte, of
the smallest of the tribes 'of Israel?
,and my family the least of all the
|TaifflTISTbr the TTTW TIT Benjamin"?
? j wherefore then speakest thou so to
me." Not only so, but when Sam
uel was ready to bring him out to
present him to the people as their
iking they looked for him and ha
ould not be found. He had hidden
(Kb hqp|fa<.. Mllrf.
over, when some despised and re
jected ' him as king he held his
1
peace.
He made a good beginning, but
sad to say, it did not long continue.
When Samuel delayed his coming,
in his haste,- Saul assumed the of
fice of priest in offering a sacrifice.
Therefore when Samuel arrived he
told Saul that his kingdom would
not continue, but that the Lord had
sought him a man after his own
heart.
Again when he had refused to
obey the Lord's instructions to ut
terly destroy the Amlekites and
their property, Samuel said to him,
"For rebellion is as the sin of
witchcraft, and stdbbornness is an
iniquity and ldolitry. Because thou
has rejected the word of the Lord,
he hath also rejected thee from
being king."
What a disappointment was Saul!
He disappointed his own hopes and
those of his friends. Samuel who
had anointed him was disappointed
and grieved for we read that after
delivering to the king the message
of doom "Samuel came no more
to see Saul until the day of his
death! nevertheless Samuel mourn
ed for Saul." Worst of all. he dis
appointed the Lord,_ who had given
him the opportunity. For we read.
And the Lord repented that he had
made Saul king over Israel."
He was a disappointment to him
self, to his friends, and to the
Lord, because he ceased to humble
himself before God and to obey his
instructions.
I Sam. chapters 9-15.
Summary Vocational
Agriculture at Bethel
Hill High School
The work of the Vocational Agri
cultural department at Bethel JHill
High School has reached a large
number of school boys and "adult
fanners in the school district dur
ing the past year as shown by the
following summary of work report
ed to the State Department of Vo
cational Agriculture by A. G. Bul
lard, local agricultural teacher. This
summary covers the work of the
department from July 1, 1933 to
June 18, 1934.
Thirty high school boys were
given instruction in the production
of crops nad livestock, farm man
agement, soil management, market
ing farm products, and other farm
problems. Forty-three night meet
ings were held for the adult farm1
ers in the Bethel Hill and Provi
dence communities. Forty one farm
ers were enrolled in these classes in
which many new farm problems
were taught and instruction given
Long - Used Laxative
To be bought and used as needed
for many, many years, speaks well
for the reliability of Thedford's
Black-Draught, purely vegetable
family laxative. Mr. C. E. Ratliff
writes from Hlnton, W. Va.: "My
wife and I have used Thedford's
Black-Draught thirty-five years for
constipation, ? tired feeling and
headache. I use it when I feel my
system needs cleansing. After all
these years, I haven't found any
thing better than Black-Draught.'*
Sold In 25-ccnt packages.
Thedford's BLACK-DRATJGHT
?'CHILDREN LIKE THE SYRUP"
in solving these
The following Is * summary of the I
supervised practice work carried on 1
by the all-day students during 1933- 1
34; Thirty six boys completed thirty <
eight projects as follows; thirty fivs <
acres of corn, eight acres of tobacco, i
three, breeding hogs, five fattening 1
hogs, two hundred and seventy five i
chickens, two acres of peas, o^e I
acre of Irish potatoes, one dairy cow ',
and five acres of wheat. The tm-.
proved practices taught in the class.'
room sue carried out on these
1 projects. These projects brought
i the students a total labor income
of $1317.98.
! Summary of-evening class stu
dents supervised practice work:
.Twenty eight farmers completed
| twenty nine projects divided as fol
lows: sixty one acres of tobacco,
eighteen acres of terraces, four
acres of soybeans, thirteen acres of
wheat, two acres of alfalfa, one
acre of lespedeza and two acres of
1 lawns. Eleven farmers used re
! commended fertilizers for tobacco,
'one seeded lespedeza for soil im
provment, four planted soybeans for j
soil improvement and hay, one
planted alfalfa for hay, three top
dressed wheat with soda, one to
bacco fertilizer demonstration was
| conducted, two lawns were seeded.
I three farmers built mangum ter
; races, two farmers used magnesium
lime to control sand drown in to
bacco. one farmer sprayed tobacco
plant-bed to control blue mold. One
hundred and sixty acres of land was
terraced. One hundred bushels of
wheat was treated at the school to
control smut. The labor income re
newed from these projects amounted
to $7858.47.
The total Jabor Income from all
day and evening class student's pro
jects was $9176.45.
I 8.400 miles were traveled In visit
ing projects and 4,000 miles were
traveled in doing other community
work.
Improved practices recommended
by the experiment station and taught
in the all-day and evening classes
are put into practice by the stu
dents on these projects. The labor
income per all-day pupil was $35.00
The value of the increased yield
due to improved practices per even
ing pupil was $54.24.
DEATH OF LITTLE
BASIL HUBBARD
The angels softly entered our
home on the Sabbath morn of June
10th, 1934, and carried our dear lit
? tie son to that great and beautiful
city of beyond. He was one year
and one month of age. He leaves to
moum his loss a broken-hearted
mother and father, Mr. and Mrs.
Melvin Hubbard and two sisters,
Bertha and Elizabeth; also a lot of
other relatives and friends.
Funeral services were conducted
at Oak Grove church and he was
laid to rest in the church cemetery.
Services were conducted by Rev. E.
B. Craven, pastor of this church.
Pall bearers were: W. E. Rudder,
Mack Long, Bryant Long and Lu
ther Clayton. Flower girls were:
Mary Clayton, Francis 'Cridlin, Eva I
Lou long. Ida Mae Davis, Bessie
Davis, Cora Mae Fitz, Esther Seam- j
ster and Edith Martin.
We took him to two hospitals to
tj to get him restored to health,
'or we wanted him to live with us.
But all doctors and nurses and par
;nts could do could not stay the
sold hands of death as he was bud
led here on earth to bloom out in
heaven, and we should not be dis
mayed as It wee God's will to take
tilm for one of His angels.
rhe June sun was rising
On our little boy so fair, _
With smiles so sweet and tender,
And his dark brown hair.
rhe sunshine of our home,
the pride of a mother's care;
But this dark world we roam,
Was not for our darling so fair.
Our home is sad and gloomy.
In the hush of death today;
The angels came from heaven
And carried our darling away.
The angels seemed to weep
As the rain began to fall,
On a little new-made mound,
And' the precious one of all.
We will try to bear our sorrow.
For we know our darling's at rest,
With his head gently piUowed
On a loving Saviour's breast.
?His heart-broken parents.
Biliousness
Sour Stomach
Gas and Headache
duo to
Constipation
E TUNE UP FOR SUMMER
5 SPEED
= Summer is really here at
E last. Now that It has come it
jj; is high time that you let us
E tune up that motor for warm
E weather driving. Get assur
E a nee from us as to the con
~ dition and needs of your
= motor and car.
| Roxboro Motor Co.
C. O. Crowell, Mgr.
E ?a_r" Roxboro, N. C.
I'LL GO CRAZY IF
ALL THIS KEEPS
I ID
k'
IT DOES MAKE
ME FEEL BETTER
NOW IS THE.
i TIME TO PAUSE
.AND REFRESH
\ YOURSELF.
Drink
Del ii ioiiv and Refreshing
THANKS TO /
COCA-COLA f'
I CARRV A\>
SMILE SACKlj
TO WORK7T
THE DRINK THAT
KEEPS TOU FEELING FIT
Order by the case (24 bottles) from
your dealer .... Keep it cotd and
ready to serve in your refrigerator.
COCA-COLA BOTTLING CO.
ROXBORO, N. C.
PHONE 122