SECTION ONE-
FEDERAL ECONOMIES IS ENCOURAGING
BUT HARDEST JOB STILL LIES AHEAD
In the first full year in which it j
had control of the Government purse-1
strings, a more economy-minded Ad
ministration than the nation has had
in years came closer to putting the
Federal establishment on a pay-as
you-basis than appears on the surface.
True, the official figures show that
the Government ran $3 billions “in the
red’’ for the 1954 fiscal year which
closed last June 30, a substantial sum
even by today’s standards. However,
an analysis of these figures shows
that a shift of only eight days’ spend
ing from the expenditure to the rev
enue side of the ledger would have
brought the desired goal of putting
the hooks in balance. Federal ex
penditures for the 1954 fiscal year
ran at an average daily rate of §lB5
millions.
Big Test Ahead
On a comparable basis, none of the
deficits going back many years were
this close to a balance, I'. S. Treas
ury records show.
However, the hardest part now lies
ahead. The latest official estimates an
ticipate a reversal of last year’s trend
with a billion dollar greater deficit in
the current (1955) fiscal year than in
the 1954 period. This means that the
Battle Os the Budget has taken a turn
which will put the economy advocates
to a new test. With conditions at
home and abroad what they are. and
the dollar’s buying power down so
much in a decade, the quicker the na
tion’s financial house is put in order,
the stronger it will be to meet the!
challenge of the times.
The record of the 1954 fiscal year
provides encouragement in this respect
as showing what can be done if the
effort is made. The Administration'
cut the total of Federal spending by,
some .?6 , » billions from the previous;
year, and the budget deficit by an al-;
most equal amount. This accomplish
ment was the more noteworthy in,
view of the numerous hurdles that had'
to be met, such as the tense internat
ional situation and its inevitable im-,
pact on national security costs, and,
the insistent efforts made by various!
pressure groups to boost spending and!
slash taxes as a recession “antidote.”;
Receipts Under Expectations
Had revenues lived up to expecta
tions, this cut in Federal spending
would have been enough to have,
brought the budget into balance. How-!
ever, receipts proved to be $3 billions;
short of earlier anticipations, due pri- j
marily to lower-than-expected rev-j
enues from individual and corporation !
taxes, and higher refunds.
While determinedly pursuing its
economy objectives, the Administra-I
tion has likewise taken decisive steps 1
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Page Eight
!to increase individual and business
purchasing power, and thereby to
| stimulate business by encouraging in
centive. It has done this on two
fronts—by legislation aimed at pro-j
moting more business and individual,
investment, and by selected tax re- (
ductions.
There have been four major tax ac
tions this year—a cut in personal in
come taxes, elimination of the cor
porate excess profits tax, reduction in
certain excises, and the recently en
acted omnibus tax reform bill. To
gether they will reduce the nation’s
tax bill by around $7Vi billions a year.
A Two-Sided Problem
The full impact of these tax reduc
tions will be felt in the current year,
and it is this effect on the revenue
side of the Federal accounts that
threatens to bring a bigger deficit than
that of the 1954 fiscal year. Compli- 1
eating the situation is the fact that
some §3 billions additional in corpora
tion and excise taxes are slated to ex -1
pire next Spring. Although their ef
fect will not be felt until the 1956 fis
cal year, they necessitate a hard look
at the whole question of revenues and
expenditures and bow they are to be
brought into balance.
A review of the record shows that
the Federal Government has run a de
ficit in 21 of the 24 fiscal years from
1931 to date. These deficits have j
ranged from a low of a half billion
dollars in 1931 to a high of $57.4 bil- ,
lions in 1913 as a result of the war. j
• As a proportion of total budget ex
jpenditures, however, the deficit for,
the 1954 fiscal year was the smallest ,
of all. It represented only 4.4 per
cent of total budget expenditures,!
'whereas the 1931 deficit, though much
‘smaller in dollar amount, was the 1
I equivalent of nearly 14 per cent of
! total budget expenditures for that
year. All through World War 11, and
in some years in the Thirties, the de
j ficit was the equivalent of more than
half the annual budget expenditures.
4-H CLUB MEETS
The Chowan High JA-Tiool eighth and
ninth grades held their first 4-H Club
| meeting in the school auditorium
'Tuesday of last week. New officers
Were elected and projects chosen for
the current year.
j The next meeting will be held in
! October,
—
We must keep the poison of intol
' erance out of our minds and hearts,
jWe must put on guard our best and
kindliest judgments and our generous
land considerate feelings.
1 —Rev. Minot Simons.
THE CHOWAN HERALD EDENTON, N, C., THURSDAY. SEPTEMBER 16, 1954.
Homeowners Advised
To Prepare Now For
Next Summer’s Heat
i
Forewarned is forearmed, so the]
saying goes. And homeowners can |
1 get ready this fall to beat next sum-'
1 mer’s heat before it begins. I
Now is the time to take down can- [
1 vas awnings and store them away for!
( the winter, the National Cotton Coun-j
• jcil advises. Smart homeowners, whr.
I want to save time and trouble later]
on, will see that their awnings are
] put away in tip top shape.
If awnings have weathered several
seasons, the frames may need re-cov-1
ering with bright new canvas. There!
is no need to wait until next spring I
to have this job done, the Council I
points out.
Homeowners can order canvas now
from a wide selection of patterns and j
colors and have their awnings fabri-1
rated this fall. Then they can sit,
back and relax, confident that they i
can beat Old Sol to the draw when |
summer returns. I
Proper Storage and Care i
With proper storage and care, can
vas Will last about five years and can]
' b<> replaced on old frames for half the
original installation cost. This means
homeowners; can enjoy a colorful
change at regular intervals and at no
greater expense than maintaining so
called permanent awnings, according
to the Council.
Awnings in good condition should!
receive careful attention before stor
age to insure a well-dressed comfort
able home for the next sunny soa
, son. Dirt helps mildew form, so'
I cleaning the canvas will give it a long-'
[or life. A hose, or soft broom and
clear water, may be used to wash the
, fabric on the frame.
Coat of Paint
For another year’s use, awnings
: may be given a coat of paint to re
i sto7*o the color and make the canvas
Income Property
FOR SALE
Large tourist house in front
and two duplex apartments in
cluded in sale.
FINE INCOME
Priced Reasonable
Call or Sec
Ernest Gentile
1025 N. Broad Street
PHOXE 731-W
■more mildew resistant. Awning deal- 1
1 ers use a special preparation which
'protects the natural oils of the cloth
. and leaves it soft and flexible. For;
' best results, use the same color and
I apply paint while canvas is on the
‘! frame. It’s a good idea to have metal
1 framing painted once a year to pre
-1 vent rust from damaging the cloth.
I Awnings should be stored in a cool,
j dry spot. Rafters or saw horses are
| good resting places for rolled-up can
vas, since they both allow air eircula- (
tion.
| With awnings removed from win
dows and doorways, the sun’s rays will
help brighten and warm rooms dur
ing cold weather. To help save fuel,
: the Council points out, admitting solar
I heat in the winter is as important as
j keeping it out in the summer
| Census F’eld Office
Will Pc Tn Wilson
Establishment of a field office for
I the 1954 Census of Agriculture is an
j nounced by Randolph Williams, who :
I has been appointed supervisor for this
'area. The Census field office will be ■
! located at Room 304, Post Office
! Building. Wilson, N. C.
I Mr Williams states that nr-limi
nnrv work on *be 1954 (’bastes of An-.
riculture, to be taken this fall, will
begin immediately. This includes or- 1
| ganization of the field office, inter
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viewing applicants for jobs, selecting
and training of office clerks, field I
1 crew leaders and enumerators,
j The territory assigned to this office f
for the 1954 Census of Agriculture in
cludes the following counties: War
ren, Halifax, Northampton, Bertie,
Edgecombe, Wilson, Greene, Lenoir,
Hertford, Gates, Perquimans, Chowan,]
Pasquotank, Camden, Currituck, Tyr
rell, Washington, Dare, Hyde, Martin, [
Pitt and Beaufort.
Approximately 16 crew leaders and j
249 enumerators will be employed to
take the farm census in this area.
PINE SEEDLINGS PLANTED
BY RAY PRIVOTT THRIVING
Ray Privott, son of Mr. and Mrs.
Carlton Privott of Rocky Hock com
munity, set out 500 loblolly pine seed
lings three years ago and they are
growing rapidly. Most of the seed
lings are now between five and six
feet tall and some of them are even
taller. The seedlings were set out in
a field of wasteland which borders the
Chowan River, and in addition to
growing timber, these trees are serv
ing as a windbreak for another field
which joins this one,
Ray and his dad are well pleased
with the growth that these trees have
made. No doubt other 4-H Club mem
bers will set out pine seedlings this
fall. ;
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