CAPITAL defined
People speak of capitalism as if
it were some sort of an organized
plan imposed upon people unable to
help themselves. Capitalism i s
merely a name for the system which
has grown naturally out of man
kind's ability to produce a surplus
of wealth beyond immediate needs.
Capital is nothing but wealth not
required for productive use at the
moment. Every man who has a
dollar in a savings bank and does
not need it is as much a capitalist
as a millionaire is.
Capital is destroyed only when
it is consumed by individuals. It is
not lost when it is invested in per
manent things, like buildings and
railroads. The individuals who in
vested may lose, but the building
remains. The outcry against capi
talism is not really aimed at the
system, which is the only system
under which real wealth ever accu
mulates, but against individuals who
divert too high a proportion of
their temporary share of the world's
capital to non-social uses.
SOCIALISM .... State owned
Stripped of all of its sophomoric
entanglements, the essence of So
cialism is not the abolition of capi
tal, but the ownership of all capital
by the State. The tendency in that
direction has been growing stronger
for more than a hundred years. Pri
vate capital used to build and oper
ate highways and bridges, charging
toll for every traveler or vehicle
that used them. Long ago those
enterprises became investments of
public capital.
Agriculture, fishing, mining and
manufacturing are still in the hands
of private capital. The complete
Socialist program would make all
of those functions of the State.
REGULATION . . . . U. S. Aim
What we seem to be heading for
in America is a compromise be
tween uncontrolled private Capi-
Tailoring Dress Making
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Mrs. C. W. Laffoon
West Main St. Phone 101-R
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Phone 68 Elkin, N. C.
talism and complete Socialism. The
compromise is the continuance of
private Capital under State regula-
We have had that in the case
of railroads for fifty years. It seems
to be close at hand in the matter
of telegraph, telephone and radio
communications.
At the same time, there is an in
creasing tendency to apply State
capital to long term enterprises
which do not promise a direct re
turn in dividends, but which are pre
sumably justified by their social
value. This includes such things as
parks, many classes of highway*,
public buildings, and similar enter
prises. Private Capital is not inter
ested in these non-productive ven
tures.
TAXATION ... It is distributed
Since capital is merely the sur
plus product of labor above what
labor received, the question whether
that surplus belongs to the em
ployer or to the laborer which pro
duced it is a vexed question that, in
its turn, is the subject of continuous
compromises, out of each of which
labor gets a proportionately larger
share.
Since public capital is exactly like
private capital—that is, the surplus
of wealth above what is consumed
in the course of its production—it
follows that the larger the share
of capital accruing to labor, the
larger the share of taxation must be
borne by labor. There is no such
thing as taxing capital out of exist
ence. Individual capitalists may be
taxed into poverty, but that is mere
ly the conversion of private capital
into public capital.
The only way capital is destroyed
is by wasting it. Private individuals
waste it by spending it on unproduc
tive luxuries, great estates, yachts, in
other ways that serve no legitimate
need but are merely ostentation.
Government wastes it by giving it
away in return for little or no pro
ductive labor, and by letting political
grafters steal it as it passes through
their hands.
HISTORY 1645 ruling:
The first effort to regulate the use
of private capital in this country is
set down in the Proceedings of the
General Court of Plymouth Colony
for the year 1645. John Stockbridge
of Scituate, who was my earliest
American ancestor, was brought be
fore the court and charged with be
ing a monopolist, in that he owned
all the water-powers In the colony
and had put only one of them to
use, with his grist mill. He was or
dered to either build mills on the
unused waterpowers or sell them to
someone who would. He built a
sawmill on one site, and sold the oth
er to his son in law.
It has always seemed to me that
THE ELKIN TRIBUNE, ELEJN, NORTH CAROLINA
, , ,
[ U. S. Open Golf Champ -
I -J
PHILADELPHIA ... Olin Dutra
(above), giaa* Cehfornian, eruhed
through to the U. a. National Qolf
Championship la the 38th annul
playing of the ehwrir 111 and play
ing under great phyweal efraia
Dutra caste tram behind in the final
day to bom oo* Go* B*rasan by
one ■troka.
a sound principle was established
there. Private capital might justly
be required to go to work for some
social purpose, such as building a
sawmill. In a perfect social system
it would not be permissable for its
owner to withhold more of its bene
fits than sufficient to maintain him
self and his family in reasonable
comfort.
Such a rule would be absurd,
however, even wicked, in a political
system riddled with inefficiency and
honeycombed with graft. Private
capital and its owners, at the worst,
are far more honest and far more
careful of the uses they put their
capital to than any government I
know of.
Bethel News
Ronda, Route 2, June 25. —The
fine showers of rain we have had
through this section recently, makes
all crops look fine. While the west
ern states seem to be suffering from
the dry weather we have been won
derfully blessed.
Charles Vannoy returned to his
home at Winston-Salem last Sunday
after spending two weeks here with
his aunt and uncle, Mr. and Mrs. J.
T. Triplett.
Mr. and Mrs. C. W. Gilliam, Sr.,
and Mr. and Mrs. C. W. Gilliam, Jr.,
spent last Sunday at Wilkesboro
visiting Mr. and Mrs. W. A. Stroud.
Mr. and Mrs. Thos. Myers, of
High Point, spent last Sunday with
the latter's parents, Mr. and Mrs.
R. G. Myers, near here, and attend
ed the Sunday school convention at
Swan Creek.
Miss Royce Stroud visited her
friend, Miss Mary Kate Sale, near
Brier Creek, for a while Sunday af
ternoon.
Miss Ethel Harris has returned to
her home here from Hugh Chatham
hospital at she under
went an operation for appendicitis.
Mrs. W. H. Jones, Messrs Millard
Pardue and Eugene Jones attended
the Sunday school convention at
Swan Creek last Sunday.
Miss Lucile Mauldin had as her
guest last Saturday and Sunday Miss
Huzie Myers.
Several families in and around this
vicinity have been missing chickens
from their flocks so last Saturday
night an officer from Elkin, assisted
by some local men had a hot chase
after their chicken house had been
visited by the thief or thieves, which
resulted in the capture of Alex Jarvis
who was locked up in the Elkin jail.
Mrs. D. J. Melton spent a few days
last week at her old home at Zephyr
with relatives.
J. B. Armstrong, of Winston-Sal
em, was here last Friday looking af
ter business at his farm.
The revival meeting here at the
Baptist church, which has always
been held the second Sunday in Au
gust has temporarily been changed.
It will begin the fifth Sunday even
ing in July. The pastor will be as
sisted by Rev. Mr. Adams, pastor of
the Baptist church of Jonesville.
Jonesville News
Mr. and Mrs. Tom Pittman had as
their guests Sunday Mrs. Curtis
Hussy and little Miss Betty Lou
Robeson, of Winston-Salem, Mr. and
Mrs. Lee Spann and little Miss Nelda
Shore.
Miss Grace Blackburn, of Elkin,
was the week-end guest of Misses
Lucille and Hazel Vestal.
Mr. and Mrs. Bill Martin spent
Sunday the guests of Mr. Martin's
father, Mr. John Martin, of Hamp
tonville. They were accompanied
home by little Miss Helen Martin,
who will spend a few days with them.
Mr. and Mrs. Lee Spann had as
their guests for the past few days
Mrs. Spann's sisters, Mrs. Curtis
Hussy and little Miss Betty Lou
Robeson, of Winston-Salem.
PURCHASING POWER INCREASED
Washington, June 22.—A 25 per
cent increase in the purchasing pow
er of farm income duirng the first
nine months in which AAA benefit
payments were distributed was re
ported today by the farm adminis
tration.
Baptist Church Notes
The Bible school meets Sunday
morning at 9:45 o'clock. There have
been several changes In the organi
zation of the Sunday school for the
coming year's work which begin*
next Sunday. Miss Lee May Lowery
will have charge of the Cradle Roll
Class and all mothers are urged to
bring their three-year-old children
for this class.
At the eleven o'clock hoar the
right hand of church fellowship will
be extended to all those who have
united with the church during the
last three months. The Lord's Sup
per will be observed at this hour.
At the evening hour there will be
a special service for the young peo
ple. At this time the officers and
leaders of all unions will attend in
a group and a special installation
service will follow at the close of the
hour. Several short talks will take
the place of the regular sermon. Mr.
J. P. Moseley will speak on "What
Our Young People Mean to Our
Sunday School". E. C. James will
talk on "What Our Young People
Mean to Our Church." These will
be followed by a talk by Mrs. C. N.
Myers on "What Our Young People
Mean to Missions."
The public is cordially invited to
[j attend all the services of the church.
y Public worship helps to make one
e healthy in mind, soul and body. "Of
ft course the narrow way is inconven
a ient for the person who wants to
s walk the crooked."
- - East Elkin News
e
. There were 149 present at East
' Elkin Baptist church Sunday morn
. ing. Everybody is invited to attend.
Mr. and Mrs. Tom Swaim, of
Traphill, were the Sunday guests of
'* their daughter, Mrs. Qwyn Bauguss.
Mr. and Mrs. Raymond Hemric, of
j Mt. Airy, spent Sunday with their
grandmother, Mrs. Louzane Adams.
Misses Anna Lou and Lorene Col-
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BRIDGE STREET ELKIN, N. C.
lins, of Cool Springs, spent Sunday
with Misses Edna and Hazel Bill
ings.
Mr. and Mrs. Burrus Hemric and
family spent Sunday with Rev. Rich
ard Pardue and family at Swan
Creek.
Rev. and Mrs. Mack Burcham, of
Virginia, spent the Week-end with
Mrs. Ada Burcham.
Eyea Examined Office:
Henri Fitted £3kin National Bank Bldg.
DRS. GREEN and DEANS
OPTOMETRISTS
Office open daily for optical repairs and adjust ments of all kind*.
Examinations on Tuesdays and Fridays 1 to 5, 7 to 8:80 P. M.
[ WHAT GASOLINE HAS SINCLAIR ]
■99 MILLION FOOTPOUNDS H-C
IP®!! * mm»
P® v- s ;i -Jr - £
Agent Sinclair Refining Company (Inc.)
H. P. GRAHAM
Thursday. Jun« 28, 1934
To Preach At Little
Richmond Church
Rusk, June 25.—Rev. E. Q. Jordon,
of Elkln, will preach at the Rich
mond Baptist church at Little Rich
mond, Sunday, July 8,1934, at eleven
o'clock. Everybody is cordially in
vited.