Page Two
THE NEW BERN MIRROR. NEW BERN, N. C.
Friday, August 24, 1973
Nearly six years ago, in this
column, I tinted out that
Britain’s troubles over the
devaluation of the pound
sterling brought a somber
warning to Americans who
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were content to say that
financial worries apply to other
nations, but not to us. At that
time, I stated that the pound’s
difficulties “have pinpointed
our own flscal troubles”, and I
recalled the prophesy of
England’s poet, Rudyard
Kipling, in his literary
masterpiece entitled “Gods of
the Cc^ybook Headings”. In
that poem, Kipling warned that
men would suffer if they forsook
the gods of wisdom to pay
themselve merely for existing
in lieu of toiling in the world
mEurket.
I went on to urge that we
consider the magnitude of the
British tragedy and the road
which we are traveling in
America. I cited the fact that
En^and was the cradle of
American liberty and
democracy, the author of the
free enterprise system, that it
f ave us a language, a system of
aws, and the spiritual ideals on
which to build a great nation.
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THRESHOLD OF SPACE RESEARCH... Skylab II onboard
film release: This photo has an exceUent view of the Skylab space
station, with clouds in the background. It was taken from the
Command Module during the final "fly around” inspection.
During the proud days of
England, I recalled, her ships
were laden with commerce
which plied the Seven Seas and
the sun never set upon the
British flag. Then came the day
when “smooth-tongued
wizards” sought votes and
promised to care for British
citizens from the cradle to the
grave. The England that had
won two world wars lost
initiative Emd floundered. The
spirit which inspired her people
as the greatest traders for
generations was eroded by the
dulling effects of statism. ’The
crisis came when Britian’s
economy could not pay its way
in the world market and her
credit ran out.
The message is clear. For
years, our government has
dwelt upon “new economics
theories” which have extolled
the virtues of deficit financing.
Ironically, many of these
theories were borrowed from
the same English economists
who adivsed the British
Government.
The harvest is now coming in.
The rapid increase in the cost of
living is becoming a nightmare,
the like of which we have not
experienced in decades. In
terest rates for borrowers are
reaching all time highs.
Shortages of basic foods and
materials are becoming
commonplace. ’The consumer
and his pocket-book are in a
constant turmoil. It is no less
easy for most producers and
industries.
Much of the problem arises
from the fact that for much too
long our Government has
sought to spread its patrimony
in too many directions at home
and abroad. During the last five
fiscal years, 1969-73, the
Federal funds deficits have
totalled more than $105 billion
which our Government had to
borrow.
The Gods of the copybook
Headings said it well long ago:
“We were promised abun
dance for all, by robbing
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selected Peter to pay for
collective Paul; but, though we
had plenty of mony, there was
nothing our money could buy,
and the Gods of the Copybook
Headings said: "If you don’t
work you die.”
At the turn of the century, we
had to recognize the practical
limitations of our world. We
came to recognize that our once
“limitless” frontier was in fact
‘limited”. Today we are finding
that quick and easy solutions
do not change the law of supply
and demand, and that there is
no substitute for sound
economic policies and a
devotion to fiscal respcmsibility.
All of which reminds us that
the Gods of the Copybook
Headings is as Kipling put it
“outlast (ing) them all”.
The generous who is Edways
just, and the justjwho is always
generous, may, unannounceid,
approch the throne of heaven.—
Lavater.
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