PAGE FOUR
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I The National Otitlook
I s A New Political Isstfe Develops
F* By Ralph Robkt *
*'w,
Deal Democrats have de
sided to make a party political
!iSue over the Administration’s
ISouest for a higher public debt
veiling, and for removal of the
present limit on the interest
te'WSBI tt»e treasury may of-1
• oh obligations of more than
fe years maturity. Conserva
e Democrats may not go
mg With this decision of the
beraF’wing of the party, but
i issue promises to be one of
i great controversies of the i
ssent Congress. i
j rhe Administration has asked i
; thrfee things: an increase of i
billion in debt ceiling; the 1
ht to increase the interest OYI I
rings bonds, and removal of >
1 i present 4tVt per cent interest
litation on all Treasury ob
ations maturing in mere than
e years. c
freasury Heeds Some Elbow *
Room j
■Back of the request for the j
■{her debt ceiling is the hard
ft that at the end of this fiscal
star. June 30, the will be
Bne $2 billion above ''the pres
'ft ceiling. This can be taken
ft-e of on a temporary basis,
■t not indefinitely, and the
■easury is of the opinion that
■ must have some elbow room.
■Actually, there is a large sea-
ftal variation in Treasury re
st pts.- They always are rela
ftely - low in the first six
ftnths of a fiscal year, and
ftch higher in the second six
ftnths Even with a balanced
■dget tor the fiscal year end- 1
ft June 30, 1960, which is a
Visibility, there will be a sub
ftntial deficit between now
fti next December. This can
■ met, as it has been in the
Ist, by providing for a tem-
Srary bulge in the debt ceil
:ft. or by making the legal debt'
■lit .apply only at the end of
ft fiscal year.
Wt is assumed that the increase
q£ the debt ceiling will be 1
passed by Congress. It has to be
if the nation is not going to get
into a Seriolisly embarrassed fi
nancial position, and it is un
thinkable that anyone would de
liberately bring that about.
The argument for increasing
the interest on savings bonds is
simple. At present 3Vt percent,
which ,is what these bonds now
pay, is below many other in-
T|estments of virtually equal
safety and greater liquidity. This
is one of the reasons for the
fairly consistent redemption of
savings bonds above new sales.
In other words, these obligations
„ no longer are a source of new
funds to the Treasury but on
the contrary have become a drvin
on the cash balance of the Gov
ernment. It is proposed to
raise the interest rate to 3H
percent for all such bonds sold
after June 1 of this year, and to
adjust the yield to the same j
figure on those already out
standing. >
ELLIOTT
Cleaners
j
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also
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It is also assumed that these
changes will be authorized with
out much difficulty.
The reasons for requesting
elimination of the present 4V4
interest limitation on obligations
!of more thaii five years matur
ity are two facts: first, many
of the issues now outstanding
yield more than 4V4 percent,
which means that the Treasury
today cannot sell a long term
bond; second, if Treasury bor- ■
rowing has to be limited to
short term issues it has great
inflationary potentials, because
such issues are taken largely by
the banks and paid for by book
keeping entries, which means an
increase in the money supply.
Make The Issues More
Attractive
The great argument being
developed against the elimina
tion of this interest rate re
striction is that it would involve ,
higher rates' across the board.
In hearings before the House
Ways and Means Coihmittee,
■ ■ - -uvvvmrjwij
Three-Point Teet Os A Goad
Breakfast— (l> It gives you ma
terials for body building and re-1
pair and to help keep you
healthy; (2) It provktes fuel for
body energy; and (3) It tastes
good.
A doughnuts-and-coffee break
fast fails the test right on Point
One. It leaves far too much for'
other meals to make up.
A fruit-juice-and-coffee break-'
fast goes a little way toward
Point One, but not far eftough.
It’s short on Point Two also.. Be
tween supper and breakfast
there’s a 10-or 12-hour stretch. 1
Breakfast should supply its share
of energy food.
For many people, particularly 1
Children, it's sound planning to
have one-fburfh to one-third of
the day’s food at breakfast; but
there’s no hard and fast rule. A I
desk worker who eats a substan-
tial lunch early may get along
very well on a light breakfast.
It’s the food you eat in the en
tire day. totaled up, that tells j
whether you’re well fed.
Breakfast Variety—Here are a ■
few ways to get varietv—and
maybe surprises into break
fasts.
Vary cooked fruit flavor.
Sprinkle applesauce with china-j
mon or other spice, or with rais-1
ins or chooped dried fruit. Add:
orange or lemon slices to prunes,,
figs, or dried peaches.
Scramble eggs with tomatoes.
To serve 6: Best. together 6
I eggs and a cupful of cooked or
canned tomatoes. Season, and
cook in a little fat over low heat,
stirring constantly, until firm as
THE CHOW AH HERALD, fDEHTOH, WORTH CAROLINA. THURSDAY. JUNE U, i»5».
t both Secretary of the Treasury
Anderson, speaking for the Ad
i ministration, and William Mar
!tin, Jr., speaking as Chairman
of the Federal Reserve Board of
Governors, denied that this
would be the result Both in
! sisted that the general level of
interest raites would not advance
and that the cost of carrying
! .the public debt might actually
decline. Their argument was
: that such freeing of the hands
of the Treasury would enable
issues to be better tailored to
the market, would make pos
sible better timing of the offer
ings, and would tend to allay
the fears of inflation, thus cre
ating more willingness on the
part of investors to buy obli
gations which carry a fixed rate
of interest.
It is too early to be dogmatic
on how this particular contro
versy will end. The expectation
is that the House will pass a
bill fairly quickly, probably giv
ing the Administration what it
has asked. The Senate, then,
will be the real battle ground. ,
I What will happen there is any- 1
one’s guess. My ‘ guess is that
after a hard fight the Adminis-1
tration will win on all three of
its requests.
you like It.
Broil or fry tomatoes—red or i
green—and serve with bacon. i
Care For Home Baked Bread—
A few extra minutes spent in the 1
proper care of the bread after it|
is baked gives you a further
guarantee that it will have the
proper shape, crust and crumb.
For immediate use: As soon as
you take the bread out of the
oven, remove it from the baking
pan to cool. To cool bread cor
rectly, air must circulate around
it. A cake rack, which is slightly
raised, ‘makes an ideal cooling
rack, or you can place bread
across the edges of a bread pan.
When bread is thoroughly cooled,
wrap it tightly in waxed paper,
metal foil, or clean clear plastic
and store in a covered bread box.
Long term storage: All breads
I keep well in a freezer. This is an i
added boon today’s busy home
maker. She can bake her favor
ite breads well in advance of any
special occasion—whether it be a
I morning coffee hour in .honor of a
| new neighbor, a party for the
children; or a dinner party for
friends. After the bread is com
pletely cool, wrap H carefully in
freezer paper, metal foil, or oth
er material suitable for wrapping
foods for freezing. Then seal the
edges of the wrapper with freezer
i tape, label, and store in the freez
er (not in the freezing compart
ment of the refrigerator).
When you use frozen bread
Remove bread from the freezer
and let it stand, wrapped, at room
temperature for two or thref
hours before using. If vou wrap
ped it in metal foil, loosen th»
wrapper slightly and place the
i —■ m inxirmrot
Champion
Dourbon
ischenl£i|
itjp *32?
8 Yean Old
e, f B \
LONG TIME BETWEEN - Artny’s fabulous Petd Dawkins,
graduating cadet captain, talka to 99-year-old Gen. Clay
Hod gas (Ret.), oldest living ahftnftus of West Point, during
graduation week ceremonies at the Academy.‘ .
bread in a moderate oven (350 1
degrees) for 20 to 30 minutes, de
pending on the size of the loaf.
Nonfat Dry Milk There are |
two types of packaged nonfat dry
milk on the market. One is' re
ferred to as “nonfat dry milk”;
the other is the more recently
developed “instant nonfat dry
■ » ’— 1 " - ’ 1— ■ 11 11 ■■
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; out mime PRE-SEASON
LAY-A-WAY COAT
—■' •
FABULOUS 1959 -60 STYLES FEATURED IN TBS E FECIAL PRE-SEASON COAT EVENT. THROUGH A
SPECIAL ARRANGEMENT WITH ONE OF TitE NATION'S HADING FABRIC MILLS. THESE COATS
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AAm THESE WONDERFUL COATS RIGHT AWAY ...WE WILL "LAY -A- WAY" THE COAT OF YOtJR
iVB CHOICE FOR A SMALL DOWN PAYMENT WITH MONTHS TO PAYI
IsE ONLY ‘5.00 DOWN RESERVES
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pictured... ft 1 f 8 f jMHKM Hm -ffcßß tinm .. . m MOST WANTED FABRIC IN
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ciuich JkM ncum... belkttlers takes great pride
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j iTtUI m TUB COLOR YOU MOST DESIRE.
For Junion, j / All tkren
Misses and Wonsea. If ft »trS< ■ -
Each coal la tbo f / t i bar# l 1
new luxurious tieona If / ( han4
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T 'f f V _ oollnd, W 5 :. J lA Hj
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I YJ i I I H
_ LrfnrrMßio ERINIR \\ SALE •• o I
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m a . W • dL UI TOTft COAT AVAT DURUOQ OUR GICANTir J
rv/*\ w\ w jk | lAfAMi wuanhc pu* i
r# I liy f Mm f nf V > * • |J
A JLmdAA A JLmdMmm
11 milk.’’. They differ in that nevt
processing techniques have been
applied to make the new Instant
■ prodilct easily soluble, even in.
■ ice water. Both products are the
result , of removing only the fat •
and water from fresh milk. The
result: is a product ’ containing all |
of the protein, minerals and I
vitamins of the milk from wlllehj
it was made. I
Properly packaged nonfat dr?
milk may be kept In a cool, 4rf
place without refrigerator for at
least six months. If prolonged
temperatures above 00 degrees!
are encountered, some flavor;
changes will occur. Also, the e*-1
posure of an opened package to
high humidity conditions may
cause caking of the product along
With flavor change. Under nor
mal conditions this product has
very excellent keeping quality,
i Reliquified nonfat dry milk
i should be given the same car^
I as pasteurized lgtilk, i.e., it Should
j be kept ill the coldest part of the
refrigerator and kept covered
•On# enough should, be misled at
ofts tfitie to serve for two or thrieg
d «ys- ‘ >■ -i .4;
> Tfie' product keeps well- in tjte
dry form and freezing of the
quified product is not practical-
Eggs Rich In Vitamins, And
Pitltta Vitamin A for nonifol.
growth and health; vitafoirs. R
and' D for healthy bones and,
teeth and a wealth of valuable
proteins and minerals make eggs
I one of the most complete foods
.in nature. Eggs should Ke. ifced
j for a safe nutritious diet and with.!
j the present abundant supply *th,ey
[are one of the most economical: j
I ' '■ r.7- ' r.~" ~
' , CONVENTION MASCOT |
| ktisa PAnla E*Oteell accompanied
-hfer grandfather, J. L. Ch@StriU!tt,
to GPeenSboro Fftdey of last
week. Miss Pwtren will take part
as ihaseot of tit* American Legion
and Auxiliary convention. Her
■ em - -
•: ' •
_£clKnlei| ‘ ■'
Golden J|
AC^
• rfMm |
Sm««Y ORTIUHS CO. DlsmiH DIY UR. FI ON 100% GRAIN MUTUAL SHUTS. 90 HOOft
- — iJZ. —f T rhrm -
wins, j . *-*>
* is president of thk North
Carolina Leglcffi AuXlfiaty. VS T ;
ftloks provide the record d!
man’s progress and the poult of
departure for steps info foe fu
ture. . i i•• •" iJHj