Newspapers / The Fieldcrest Mill Whistle … / Feb. 5, 1951, edition 1 / Page 2
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'mill WHISTLE Copyright, 1931, Marshall Field & Company Issued Every Two Weeks By and For the Employees of Fieldcrest Mills, Divi sion of Marshall Field & Company, Inc., Spray, North Carolina OTIS MARLOWE Editor No. 14 Monday, Feb. 5, 1951 Vol. IX What Do We Have On Our Side? The United States is now committed to building a great military force. Other nations, with larger popula tions, and another form of government, can build still bigger forces. But no nation in the world can sus tain its defenders with industrial re sources equal to America’s. This is not simply because America has mines, and forests, and ccal depos its, and oil, and steel, and power. Other nations have these, too. Our special strength comes from the use we make of what lies at hand. In the American environment, men have had greater encouragement to build. And because of this special environ ment, the entire country has benefited by the skill, the imagination and the drive of industrial management. These are the qualities which made it possible for a single state to produce more steel than all of Russia during World War II. Today industry can pro duce a great deal more than it did then. America is far from secure. But in building our national strength—now, and in the future—we can count as a unique and proven asset the ability of our industrial management. That’s worth protecting, too. —Courtesy N. W. Ayer & Son, Inc. • ★ Gladys Holland Named New Office Reporter Gladys Holland, of the Accounting Dept., has been appointed a reporter for the Fieldcrest MILL WHISTLE and will work with Charlotte McBride in writ ing news for the General Office. Ena- ployees there are requested to turn in news items or pictures to either of the two reporters. Born in Rockingham county, Mrs. Holland is the daughter of the late Mr. and Mrs. J. W. Dunn. She is the wife of Furman Holland, a route salesman for American Bakeries, Winston-Salem. They own their home on the King’s Mill road. A former employee of the Bleachery and of the Payroll Dept., Mrs. Holland has worked in the Accounting Depart ment for about a year. She is a member of the Junior Carolina Council and is active in women’s activities at the First Presbyterian Church, Leaksville. Volume of Bank Credit Money In The United States TEN YEAR RECORD The creation of bank credit money on behalf of government is a tax, because, the government, by spending it, takes from the people goods and services that it could not otherwise secure. For example, the government took from the people in 1940 about 30 per cent of the privately produced goods and services through the process of spending the $19,210,000,000 that it received through taxes, the $908,000,000 borrowed from the people and the $2,542,- 000,000 that it received through the creation of bank credit money. This bank credit money amounted to about three-and-a-half per cent of the national income, and was used to buy about three-and-a- half per cent of the goods and services. Had this money not been created, the national income would have been three-and-a-half per cent less in dollars, but exactly the same in goods and services, and the government would have had enough money to take only twenty-six-and-a-half per cent of the goods and services from the people instead of the 30 per cent that it did take. This principle shows up most clearly when government expenses are extremely high, as in time of war. This is the eighth in a series of 10 articles dealing with money and its uses in our economic sytem. The articles are based on the book ‘.‘Money," written by Fred G. Clark and Richard Stanton Riman- oczy and published by D. Van Nostiand Company. The American Economic Foundation l29o Madison Avenue, New York City! has granted permission to publish the series. FIELDCREST MILL WHISTLE
The Fieldcrest Mill Whistle (Spray, N.C.)
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Feb. 5, 1951, edition 1
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