Newspapers / The Chowan Herald (Edenton, … / Nov. 21, 1957, edition 1 / Page 15
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alfiffTmF • ~■ * i 1 • JHBTno j pjP| COMMINT mmm i$ I JAMB V. MHVtt j J"*^*?*—.».i. l | Washington The determined L effort by the Eisenhower Admini stratiorr io hold government spending to S7O billion during the next fiscal year definitely bright ens the prospect for tax reduction. Admittedly, there are a number \of “ifs” involved. But tax-cut advocates point out that a reduc tion would-still be possible even if the Administration does not completely ..reach its objective. A S7O billion spending program for next (the fiscal year be ginning; July 1) would be $2 billion the amount the Ad |ministratrdn expects to spend I during this tiscal year. However, tyie normal growth of the econ&rshould increase by at least each year the amount of revenue received by the government. So, assuming normal economic growth, taxes could be lowered and the government still would receive sufficient revenue to meet its needs. This is the basis of legislation now pending in Congress which was introduced by Representa tives Sadlak (R-Conn.) and Her long (D-Fla.). Their proposal would lower personal and corpor ation income taxes to a maximum of 42 per cent by a series of an nual reductions spread over five years. . The theory of the legislation is ••this: The increased tax revenue produced by the nation’s eeonom-' ic growth would be used for tax cuts and payment on the nation al debt instead of being collect ed and spent by the government. At the present time the govern ment’s fiscal situation seems to be about as follows: This year the government gfcf pects to spend $72 billion—and, have a $1.5 billion surplus. This surplus would be sufficient ;toK permit enactment of the Sadlak- Herlong bill effective January' 1, 1958. Then if spending s(iould be held next year even below $72 billion, ther£ would be sufficient revenue margin to permit the next cuts on January 1, 1959. if support fer'-.a- tax cut comes from? Rep, . Richard M. Simpson of Pennsylvania, a rank ing Republican member of the •House Ways’and Means Commit tee which starts hearings next Samovar .VODKA •*3»~ 950 pint jtoduc! of U. S. A. Boaka Kompanlya. SchOnley. Pa. and Frosno, Colil. • Made 4 from Grain • 100 proof. • I CALLS THAT COUNT- I “I’LL BE HOME LATE, MOTHER” 1 iflflH It doesn’t take much S I imagination to put yourself 1 I WB ' * n this scene. A dark night, 1 IISM K a''*£x'*»v I slippery streets, and your 1 |I * aEL-jC I teenage daughter already K fl Ik. Mb£, I a few minutes late. W J Then the telephone rings BKWvJb J* k .... and worry goes right out I '§ ' ' the window. You know the Reason for her tardiness. j|v IfwßMpSr ’At a time like this jg my &: ancl any time you need fast> IWP k-y'"- jot- dependable service .. . I you look to your telephone, alia rJM %Io wonder that it s (til nf [ ' aBI considered the biggest 1 J Wmf J C'bargain in the family budget. I JL yfH*. A e»r, set. & Tel. Co. E jB Blntedi Cilf . M.nlo. . H.rtOrd '-:?y ■ t-: . * ounmiry ■ MODEL CITY —Twins Tani, left, and Dran Seitz get "that towering feeling” when they touch the tip of New York’s Empire State Building. Actually, the building is a replica made of balsa wood and is part of a Manhattan collection built by Guy Miller and owned by him and A. George Golden. The midget Gotham is being exhibited ia Grand Central Sta tion by the Travelers Aid Society during its annual fund drive. January 7 on tax-reform propos als. Rep. Simpson thinks that a cut in taxes in 1958 is mandatory if the “economic needs of a grow ing nation are to be met.” ‘‘A tax cut next year,” he add ed, “will be an action responsi bility on the part of Congress. “In the years that I have ser ved as a member of the House Ways and Means Committee it has been demonstrated that a tax cut starts a flow of capital into spfeas where jobs are created and private enterprise flourishes. ;a“Under present tax levels there grave doubt that venture capi tal in the amount needed can be raised by the nation’s investors and business leaders.” The “grass roots” campaign' for government economy, which started after the Administration submitted to Congress its $71.8 billion spending budget last Janu ary (since raised to $72 billion) is regarded as responsible, in large measure for the degree of the Ad ministration’s determination to hold down spending next year. Reductions are planned in some of the current programs. For example, the Administra tion hopes to reduce spending for agriculture by lowering price supports. It also expects to slice foreign aid and public works out lays and to pare down many smaller budvet items. It hopes to hold defense spend ,ipg to its current S3B billion lev- VI. even if the expenditures for 'missiles are increased. Economy ijdvocates contend that whatever additional funds are found to be taken from other less urgent pro grams. Whether the economy advocates succeed will be determined, in large measure, by the amount of support received from the people back home. Farm Families Need Knowledge Os Wise Financial Investment Most people will agree that they’d like to get ahead financial ly. It’s not just the urban fami lies but the rural families, too. According to W. L. Turner, in charge of Extension Farm Man- TH% CHOWAN, HERALD, fi&ENioN. NORTH CAROLINA, THURStiAft, NOVEMBER 21, 1957. agement, and Mamie Whisnant, in charge of Extension Home Man -1 agement, farm families hope to 1 have a good farm, a good house, ■ educate their children, provide for emergencies, travel and have a ■ reasonable income for old age. “The financial progress of most farm families,”'" they say, “de ' pends largely upon theri ability to make good decisions in regard • to the use of income and credit ■ and their handling of cash re | serves and investments.” Farm families who have accum f ulated more funds than they need to invest in the farm business and who have adeqifete housing and living for their families are some times faced with the question of . investment of funds. The spe ( cialists emphasize the importance of “letting first things come | first.” They point out that ,the tirrj , ing of investments is very import ! Uot, became yonwJolkrCyaU buy. more at some times than they will ( at other times. It’s a good idea to develop an , investment plan to meet your par- GMC’Money-Makera o vailulU in models from % to 45 ton 8 M ° r o^ . "I^MT It’s here attdyou’re invited! Come take your First look at a smart performer Today we’re proudly displaying the 1958 GMC Money-Maker. And we think you’ll find it the handsomest hustler you ever handled. An eager 200 horsepower swings a top load like a cargo of feathers. Turning ease fOike power steering’s. A fact-ratio crtijisng axle gives you an overdrive’s road pace and gas savings. Foatn-rubber seats cradle you In a roomy cab. Btmle- h’- yard styling carries out the feel- * iftg of luxury. But this beautp is built like a - pocket battleship. You’ll Ofcb that GMQ—America’s Ablest Trucks Ms m ymtrmtmon%ea WiWt dealers A- '' iiitiiiitfif'i tftofcaifeiiirlAh.A ,- 60-SECOND MR j SERMONS |U | FRED DODGE HHHSRfI $ TEXT: “Habit is overcome by 1 habit’’. —Erasmus Two men were discussing the ' effects of habits on mankind. “Much depends upon the Ml*- < mation of early habits,” conclud ed one man. 1 “I know it,” agreed the other. 1 “When I was a bab'y my mother i hired a woman to wheel me about : and I’ve been pushed for money i ever Since.” j . - i Many of us blame our early formed habits for the troubles we : have today. That may be true, i however, it is no excuse for con- ' uing a harmful habit. You can < “teach an old dog new tricks.” : ticular needs, goals and objec tives. Turner indicates that “safe ty of principal, liquidity and mar ketability, rate of return, value as collateral, and taxability for each investment opportunity should be considered.” Above all, the specialists cau tion you against “putting all your eggs in one basket.” FARMER SUPPLEMENTING INCOME WITH VEGETABLES North Carolina farmers who j have been facing low incomes be-' cause of cuts in tobacco acreage t might profit from the experiences 1 of Mr. and Mrs. Lee Rogers of Varina, Route 1. Wake County Assistant Negro Farm Agent C. L. Boone says that . C °p eST^otmt oi. y' A FEW CENTS A DAY 1 ||| *223 Hj S&k? 1- • ' I in its massive spring hangers. In rear springs with the highest deflection rate of all light-duties. You can sit solidly on an unhooked end of its tail gate—and you can’t crinkle the hoof or door panels with a smack of your hand. You’ll get the same quality instru ment panel as on the big, SIO,OOO GMC heavy-duties. A radiator mounted on a bulkhead integral with the frame. A steering column bhaced like a mast. These arid more tell the inside story of GMC stamina. Come in and see for yourself. Why not do it today? » < fc i » ' •*'" •* -; v * To believe that we cannot learn “new tricks”; that we cannot form new and better habits, is to build a belief which prevents us from striving to better our selves. Personalities are made up of habits. And modern science has found that new habits can be formed at any time Os life. At any age, we can make decisive improvements in our personali ties. When habits are changed, a new personality emerges. we determine that we shall learn “new tricks”, what ever our ages, we learn them. “Habit is overcome by habit.” An old habit is a weak excuse for failure. Mr. and Mrs. Rogers resorted to producing fresh vegetables as a means of stimulating lagging to bacco income. Rogers had mar keted a few vegetables in past years when he had a surplus for home use, but this year he and Tustom made Leather Bags Belts and Holsters, etc. W. L. Hicks 908 N. Broad Street PHONE 2262 his wife decided to try growing j vegetables expressly for market. Mr. and Mrs. Rogers rented a ! produce table at the Raleigh City j Market where they sell their: vegetables each Saturday. When they have a surplus they sell on I the Farmers Market in Raleigh, ! Their weekly income from the sale of vegetables ranges from $lO to S4O and they also sell some eggs. This year they had an acre of sweet potatoes and about two acres of other vegetables. They plan to plant more vegetables , next year and also increase their poultry flock from 60 to 100 lay ing hens. Boone says that Rogers claims his weekly income from the sale of vegetables and eggs has help- SCIENTIFIC 1 Watch And jewelry Repairing All Work Guaranteed l-DAY SERVICE IF REQUESTED! Prices Reasonable B. H. Lewis Ricks Jewelers 1 427 S. Broad Street Straight Kentucky Bourbot MfIUH 8 § Sqm 9 . .-s«SP»ono«ww-- / - W' SXflMMfy wiMjfyeJn, ,/j StaM P^TBJMHW^UBOTIOTMroWMMN^^ |jC^||n^lg« Cfyiaicf&tCCftyuhStm H/übdey Cdutfiiddy dibtiMed acco'uUny oCd lt \ctddc cnt> OIStIUED 8 BOTTLED BY ANCIENT AGE OISTILLING CO. \. FRANKFORT. KENTUCKY •IMMI , , , STRAIGHT KENTUCKY BOURBON WHISKEY, 86 PROOF ' ANCIENT AGE DISTILLING CO., FRANKFORT, KY > ed him keep his debts much low er this year than usual. And he adds that by diversifying his crops he can spread the labor out and get by with less hired help. HEY! SANTA! You Can (|pi|p Be In : : ) Downtown ' NORFOLK byB:4OA-M --\ % A 'I railways Ims leaves Kdciiti n every day at 6:20 A M . and arrives at the ter minal in downtown Norfolk at S:4Q. A oil ran spend ihe flay leisurely Christmas shopping in the wide variety of stores in friendly Norfolk. Ret urn buses leave the downtown Norfolk terminal at 1 :40 and ,S:4.S P. M,, and arrive in Edentoii at CSO ami ,5:.0,0. Plan tor a delightiul, rare tree : hopping trip to friendly Norfolk NOW! ITS TIME TO shop in FRIENDLY fS NORFOLK Jl —SECTION TWO PAGE SEVEN I am more and more convinc -1 ed that our happiness or unhap l piness depends far more on the j way we meet the events of life, than on the nature of those | events themselves. —Humboldt.
The Chowan Herald (Edenton, N.C.)
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Nov. 21, 1957, edition 1
15
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