PAGE SIX
L—SECTION TWO.
Federal Credit Sets
Record Since 1945;
Raised Over 500%
Operations Are Rapid
ly Approaching S7O
Billion Mark
Federal credit and lending opera
tions, whose emergency origins
seem to have been lost with time
and with the general mushrooming
of Government economic activities
over recent years, are rapidly ap
proaching the S7O million mark in
totals outstanding and still head
ing higher.
Indicative of their importance
and economic impact, Federal cred-|
it programs have shown a rate off
growth more than five times 'that i
of the economy in the period since I
the end of World War 11.
Figures and T%elr Implications
Figures compiled by the U. S.
Bureau of the Budget estimate the
combined total of direct loans and
investments, guarantees and insur
ance for major U. S. Government
credit programs at a new high of
$159.4 billions at the end of the cur
rent fiscal year on June 30. This
represents a rise of more than $6
billions over the preceding year.
The Budget Bureau forecasts a
further increase of more than $7
billions in the 1958 fiscal year to
bring the total outstanding to just
under $77 billions at the end of.
June next year.
Combined direct loans and in
vestments outstanding were only
about $5 billions in 1945, and guar
antees and insurance were in the
neighborhood of $6 billions. Thusj
Federal credit activities have ex-!
panded hy over 500 per cent in the i
years since the end of World War
II as against a rise of little more
than 90 per cent in gross national j
product for the period.
Right now the country’s attention;
is centered on the Federal Govern-!
ment’s projected $72 billion spend-[
in gbudget for the 1958 fiscal year, i
the biggest on record except for[
wartime, in view of the break-!
through on the cost of living front!
over the past year and the increas
ing concern over inflationary symp
toms in the economy. Mere spend
ing figures alone, however, import
ant though they may he, are not the
entire measure of the impact of
Government activities on the econo
my. As the Budget Bureau points
out in a special analysis of Govern
ment lending operations: “In ad-,
dition to influences in specific areas!
Federal credit programs exert a 1
r SUNDAY SCHOOL ]
LESSON !
— — >
Finding no figs, and thus humanly!
disappointed, the tree having failed j
in the purpose for which it was
planted, Jesus declared that no
fntit-should gro»-on it from hence-,
1
* I
Following the cursing of the fig j
tree, Jesus went on to Jerusalem
and on entering the Temple, be
came righteously indignant at the
practices being carried on in the j
name of religion. Taking a whip l
in his hand, he drove the money
changers from the Temple, declar-;
ing, "Tt is written. My house shall
be called a house of prayer, but ye
make it a den of robbers.” Return
ing to Jerusalem the following
morning Tuesday— Jesu s went
again into the Temple and there be
gan to preach to eager crowds
which had assembled there. Here
and in many other places during
the final days of his life, Jesus an
nounced that he was the divine Son
of God, who came in fulfillment of
Old Testament prophecy.
He ~was rudely interrupted in his
discourse by the chief priest and
elders, who demanded to know hy
what authority he presumed to do
the things he did and teach the
truths he taught. Instead of an
• swering their question, Jesus pre
sented a counter-question, asking,
“The baptism of John (the Bap
tist). was it from heaven or of
men?” They dared not discount
John because of the people’s belief
in his integrity, and they feared
their wrathT and vet thev dared
not approve John, for he had testi
fied as to the divinity of Christ.
Cowardly, they withdrew from the
dangerous situation hy declaring
themselves unable to answer.
Then, by parabolic teaching. Je
sus turned in wrath upon these re
ligious leaders. In the first par
able—that of the two sons, Jesus,
by inference, declared that th
scribes and Pharisees, because of
their stubborn unbelief, had re
ceived the Messiah sent to them by
uw, Because or tneir rejection,
they ware farther from the King
.
powerful influence on the general
| level of economic activity.”
Impact on the Budget
These credit activities have an
appreciable impact on the Federal
! budget. Total budget expenditures
• under these programs, represented
' | by new loans less repayments, are
fi estimated at $1.4 billions for the
• I current fiscal year and somewhat
higher in the 1958 fiscal year.
1 Through guarantees and insur
ance of loans made by private lend
ers, Federal agencies have under-
I written more than 40 per cent of all
• [ outstanding home mortgage loans.
In addition to housing, other large
;! areas of Federal credit activities
I I include agriculture, defense produc
tion, and loans abroad.
Direct loans nad investments of
$21.5 billions comprise so,mewhat
less than a third of the $69.4 bil
lion total of Federal credit pro
grams expected to be outstanding
on June 30. Close, to half of these
loans and investments are to for
eign borrowers, led by the United
Kingdom which was $3.4 billions
on its 1947 loan and recently bor
rowed an additional SSOO millions
from the Export-Import Bank to
meet financial needs rising out of
the Suez crisis. Loans abroad made
by the Department of State under
. the International Cooperation Ad-
J ministration also are substantial
and are estimated at $2.3 billions
at the end of the current fiscal
year.
Big Loans To Agriculture
In the domestic field, total loans
; to agriculture were in first place
and were estimated at nearly $5
billions as of the end of the 1957
fiscal year. Somewhat over half
| this total was for the Rural Elec
; trifieation Administration and a
j large part of the balance for the
I Commodity Credit Corporation.
Federal guarantees and insur-
I ance in force are estimated at just
| under S4B billions as of June 30
I this year. Mortgage loans of the
| Veterans Administration and the
Federal Housing Administration ac
count for more than 90 per cent of
all outstanding guartnees and in
surance, and most of the remainder
• are long-term obligations of the
Public Housing Administration.
The Budget Bureau reports that as
i of June 30, 1956 the VA had guar
anteed 4.811,000 loans of all types,
• i of which 94 per cent were for
; | homes, 5 per cent for business, ami
1 one per cent for farms.
| in their knowledge—the publicans
i and the harlots—who had heard the
I teachings of John and of Christ and
had. through faith, accepted them.
| Then, Jesus told the story of the
householder, who planted a vine
| yard, turned it over to husbandmen
and departed into a far country*
When the householder ’ sertt ser
-1 vants to the husbandmen for an
i accounting, the wicked men neat
one, killed another and stoned a
. third. Sending other servants, the
i husbandmen did likewise to them.
I Finally, the lord of the vineyard
l sent his own son, thinking that
they would reverence him, but the
owner was mistaken. The husband
1 men rejected him also, took him
; out of the vineyard and put r,>/
to death. Although the JrWi.-e
leaders did not recognize me pic
ture Jesus was painting, jrsu- v
describing the action ol toe ■<:
themselves.
God, the owner and i iv. - f i.'\
This man can givs you
dependable
delivery of
Christian
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things, had entrusted to his chosen
people—the Jews—his purpose of
blessing all nations. He sent vari
lous prophets and most of them
were rejected. Later, he sent his
■ servant, John the 'Baptist, and he,
i too, was rejected. Now, God had
i sent his own beloved Son, and he,
I too, was about to be put to death.
The religious leaders thought
! that by getting rid of Jesus, they
would put an end to his popularity,
which was estranging many of the
people from their teaching. That
they were wrong was shown in the
events which followed immediately
after his crucifix ioh and have last
ed to this very day.
The gospel of Jesus Christ spread
throughout the then known world,
many thousands of the Jews were
won away from the synagogue, and,
most terrible of all for the religi
ous within forty years Je
rusalem was laid waste, the Tem
ple was desecrated; and the Jews,
as a people, from that time until
this, have been scattered over the
face of the earth—a nation without
a home. This fate they suffered
because they, as a race, rejected Je
sus Christ as the Son of God, their
long-promised Messiah. What
about you? Are you rejecting Jq*
sus Christ as your Saviour and
your Lord ? 1
(These comments are based on
the International Uniform Sunday
School Lesson Outlines, copyrighted
by the International Council of Re
ligious Education, U.S.A., and used I
by permission.)
Weeklv Devotion a
Column
By JAMES MaeKKNZIE
d
“Saint Patrick was a gentleman!”
So runs the old Irish song. He was
also a Christian.
To many it will come as a sur- 1
prise to learn that the patron saint
of the Emerald Isle was neither an
Irishman nor a Roman Catholic.
Tradition tells us he was born in
Alcluyd (Rock of Clyde), Scot
land, sometime between 373 and 397
(as usual, scholars differ). Al
cluyd was a Roman stronghold, la
ter called Dumbarton, where you
may still visit his reputed birth
place, Kilpatrick. His father, Cal
purnius, and his grandfather, Po
titus, were both ordained ministers
of the Gospel. In all probability he
was a missionary sent out by the
ancient Church of Scotland, an in
dependent body, as was the Church
% •
6 YEARS OLM
Gkmuore
JpIsTRAIGHT
BOURBON 8 6 PROOF
piwß sißifi
CleSore
' ■ fINTWCKV STRAIGHT •OUWON WR—WI
I 8 .
tttIMOW OiSTILLCRICS COMRAWY I
■ B KmiaaSf B
THE CHOWAN HERALD. EDENTON. NORTH CAROLIMA, ,4. WT. .
I WAIT A MINUTE, UPV.I}
Hanging clothes over ah open flame :
fj OR hear a heating plant is inviting g
I' trouble. Put your clothes une in ||
A SAFE PLACE / 13
Patrick founded in Ireland.
Patrick believed in the doctrine
of the Holy Trinity, in salvation by
faith alone through the merits of
Jesus Christ. The Church was to
him the entire Pody of believers,'
and was a spiritual rather than a
worldly body. He begins his Con
fession (autobiography) with the
words: “I Patrick, a sinner, the
qrudest and the least of the faith
ful . . . ” (How like the great
apostle Paul! How like John Cal
vin!) He confesses Jesus Christ
“ . . . made man, and having van
quished death, exists in the heav
ens. And He (God) gave Him pow
er over every name, of things in
heaven and things in earth, and
things under the earth; and every
tongue shall confess that Jesus
Christ is Lord and God . . . who has
made us believing and obedient
that we might be the sons of God
and co-heirs of Christ.”
One of his most quoted works is
his “Breastplate,” which contains
the prayer:
Christ with me, Christ before me,
.Christ behind me, Christ within md,
Christ beneath me, Christ above me,
Christ at my right hand, Christ at
my left,
Os the Lord is salvation;
Christ is salvation;
With us ever be
Thy salvation, O Lord!
Christ in the heart of every man
who thinks of me,
Christ in the mouth of every man
who speaks to me;
Christ in the eye that sees me,
Christ in every ear that hears me.
The great apostle of a Christ cen
tered faith is buried in the grave
yard of the Protestant Episcopal
Church of Downpatrick, where the
minister will still proudly show you
a simple gravestone inscribed “Pat
ric.”
Experience finds
Few of the' scenes that lively
hope designs. . —Crabbe
f*. ? 1
Hospital Patients]
,1— - . —— - —/*
Visiting Hours;: 2:00-4:30
P. M„ and 6:00-8:00 P. M.
Children UnAor 12 Years
of Age Not Permitted To
Visit Patients.
Patients admitted to the Chowan 1
Hospital during the week of March j
4-10 were: , '
" White
Mrs. Barbara Woodley, Creswell;*
John Grant, Hertford; Mrs. Ellen
Dunne, Now York; Mrs. Beulah
Parrish, Edenton; Willard Baker,
Hertford; Mrs. Cora Skittlethorpe,
Edenton; Mrs. Julia Small, Eden
ton; Mrs. Mildred Cromwell, Eden
ton; Mrs. Emma Hassell, Edenton;
Mrs. Nancy Lane, Tyner; Herbert
Baker, Hertford; Mrs. Alice Schul-j
thise,' Edenton; Mrs. Elizabeth
Thach, Hertford; Mrs. Anne Lane,
Edenton; Mrs. Margaret Mcßride,
Edenton; John Mclver, Edenton;
Miles Elliott, Edenton; Mrs. Sarah
Jordan, Tyner; Mrs. Sallie Lane,
Hertford! Mrs. Mollie Peal, Cres
well; Mrs. Kathleen Eyrum, Tyner;
Siiss Delores Long, Edenton; Mrs.
Mary Wood, Edenton.
Negro
George Winsjow, Belvidere; Mrs.
Mary Drew, Edenton; Mrs. Mildred
Hathaway, Edenton; Ed Winslow,
Hertford; Mrs. Louise Britt, Eden
ton; Mrs. Millie Holley, Edenton;
Mrs. Sarah • Winslow, Belvidere;
Mrs. Mildred Walker, Creswell;
Mrs. Sammie Hardy, Belvidere.
Patients discharged from the
hospital during the same week
were:
White
Mrs. Louise Soreusen, Hertford;
Miss Pamela Woodley, Creswell;
Master Bobbie Phelps, Creswell;
Mrs. Ellen Dunne, New York; Mrs.
{want to selll
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M *- * Y i 3&S ■
rs AT r\f V T-l n A T*Sl ir» r T T
1/ A | pU L trum
“vnnn ttsir n n nRAtER” 1
Barbara Woodley, Creswell; Calvin.
Mansfield, Hertford; Mrs. Sabral
Spruill, Roper; Herbert Baker,
Hertford; Mrs. Elizabeth Thach,
Hertford; John Potts, Edenton;}
Mrs. Nancy Lane, Tyner; Mrs. Cora ;
Skittlethorpe, Edenton; Mrs. Mar-'
garet Mcßride, Edenton; Mrs. Nan
cy Emma Hassell, Edenton; Mrs.
Frances Silver, Roper; Mrs. Anne,
Lane, Edenton; Mrs. Julia Small,
Edenton; Mrs. Mary Bunch, Tyner;
Mrs. Sallie Lane, Hertford; Willard
Baker, Hertford; Joe L. Harrell.
Edenton; Mrs. Mary Wood, Eden
ton; Mrs. Kathleen Byrum, Tyner;
Mrs. Beulah Parrish, Edenton.
Negro
Ben McPherson, Edenton; Mrs.
Margaret Fenner, Columbia; Mrs.
Emma Riddick, Edenton; Mrs. Mil
dred Burke, Edenton; Mrs. Mamie
Credle, Washington; Edward Wins
, low, Hertford; Mrs. Mildred Hatha
i way, Edenton; Mrs. Louise Britt,
Edenton; Mrs. Lena Perry, Win
fall; Mrs. Mildred Walker, Cres
well.
Births
Births during the same week
were: Mr. and Mrs. Ephriam
i Woodley of Creswell, a son; Mr.
and Mrs. Earl Britt of Edenton, a
daughter; Mr. and Mrs. Melton
Winslow of Belvidere, a son; Mr.
and Mrs. William Lane of Hertford,
a son; Mr. and Mrs. Eugene Byrum
of Tyner, a daughter; Mr. and Mrs.
James Peal of Creswell, a son.
Visiting ministers for the week
of March 11-17 are: White, the
I Rev. Lamar Sentell; Negro, the
Rev. Gordon.
1 \
| Then join hand and hand, brave
Americans all—
By uniting we stand, by dividing
we fall;
In so righteous a cause we may
hope to succeed.
! For Heaven approves every gener
-1 ous deed. —John Dickinson.
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