Newspapers / The Chowan Herald (Edenton, … / July 16, 1959, edition 1 / Page 15
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The National Outlook Creeping Inflation By Ralph Robey ■f Everyone who follows bugi ■ ness news knows we' have a KFeoeral. Reserve System under ■She direction of a Board of Gov ■Psroors located in Washington, ■ and twelve regional reserve ■ banks each with its own Board ■of Directors. The largest of ■ these regional banks is in New ■ York and it, just as jail die ■others, has a research staff 'gnd ■ issues a monthly review. Jnfthe ■ June issue of the review ttfere I is a long article on creeping in itiation, which is worthy of at- I tention, I First, the usual arguments for I a 2 or 3 per cent annual ..rise in I: the price level are presented— I that if is necessary if the nation I is to realize its full I tential and prevent massive' dn- I employment; that it would en- I courage investment by business; that through increased income no one would lose appreciably; and, that for., those who hold lrmds or other fixed interest ob ligations full protection could be afforded by introducing the ± principle of price level escala tion. All of' this-is old hat and has been heard so many .times it’s amazing it. still carries weight. / ' Real Effects of "Little" , Inflation Second, the article analyses what the real effects of even a small annual increase in prices would be on various segments of the economy. This is the significant part of the discus sion. Some of the high spots; “If a- slow but steady late oi general inflation were $4 be tol erated as a form of surrender to the inevitability of pftpe in creases in the ‘admnfaiistered’ price and ‘organized lglor’ in dustries, the end result!* would Ae the transfer of purchasing power to the workers and man agemer t in these industries at t)j« expense of those whose sav ings aip being depreciated, or who afe unable to increase in come |n pace with price in creases! “Anyone lending money would want to stipulate either a very high rale of interest or repay ment in ‘escalator dollars’ or ■ some Combination of both.” In other words, creeping inflation would jmean higher, not lower, rates df., interest, and even if it did incfease investment for a year oi. so, the “mix of /this in ■ vestment boom would, for ex ample,! probably include* more and rriqre speculative buying of i land, Aid discriminate against jand the other kinds of investments that are essential to provide the structure . . . re quired-for long-term growth.” w As the international rami- it is said: “deliberate adoption of steady inflation would-certainly impair the abil ity ofTthis country’s producers to/ compete, both in our jpwn markets] and abroad, with those other countries who Wttv<& leaded in their way to combat inflation, and who are strongly committed to maintaining price stability.” Escalation is not i(n.;*Aiswer to creeping inflation. ./Jf In Fin land, fqr example, whespe an ex tensive. network of escalators was introduced a tpfy years ago . . . the has al ready run its the Fin nish public was disillusioned, and the apparatus is being gradn- Nv i I" ' I ally dismantled.” Further, “the sapping of moral vitality, the stultifying influ ence of rigidifying governmen tal controls, and the collapse that ensues frbm runaway in flation—are indeed grave pros pects that cannot be ignored whenever a modern economy ac quiesces in a pattern of infla tion.” Change and Progress Means Competition Finally, “if competition along old paths may seem for a time to slacken, it will spring up again, so long as public policy giges its determined support, from the influence of new firms, new products or new pro cesses displacing the old, or from the impact of new sellers or buyers abroad.” All of these points, of course, are true. There is no possible benefit from creeping inflation, and it would distort our whole economic progress. We can have growth with falling prices, ris- 1 ing prices or stable prices. But; stable prices are by far the best 1 because either rising or falling price levels create injustices as between various groups within our population, and there is no way to offset these harmful es- J sects, and there is no way that an individual can protect him self with ceitainty against wide price changes. SUNDAY SCHOOL LESSON i Continued from Page 2 —Section 2 cumbersome procedure they had to follow to be admitted to this country. Then, and only then, will you get an inkling of what it means to these people to be welcomed into this great country of ours, and made to feel like members of the community in which they have chosen to set-, tie. We can give much of our-j selves and, in giving, receive; much in return. We can learn’ new things about our fellow men, perhaps run into a better philosophy of life than the one we hpld dear to our hearts as our own way. Often those who have been in travail have learn ed to appreciate the simple, fundamental things that' are good in life—things which we, in our plenty, have come to take for granted and barely ap preciate, accepting them as a matter of course. We can, in extending a help ing hand to the stranger in our midst, help ourselves; not oni) y : ';3^^^aaMll3y«r' :: -y f- ' "■«/; t Up a steep mud-choked wash—Positraction pays off! NO MOUNTAIN CAT, MISTER... That’s a Chevy with Positraction! That 3134 Fleetside has the sure footed ways of a big western bob cat. Roams through high brush i country that would buck the life out pf moat trucks. Crosses • streams without benefit of a - bridge. Climbs talus grades where’pinon won’t even grow. But that’s all routine for this Chevy, equipped with Positraction* rear aale. It’s hard at it every day for the Utah Fish and Game com mission: Figure about 60,000 miles of. mountaineering before this CheVy is traded. And yet the No job’s too tough for a Chevrolet truck! r•, - * ' .; I. ' £ <*„••• ' • ' v -V / See your local authorized Chevrolet dealer! , % - - 1100 N. Broad Street Edenton, N. C. - ■ Tltt CHOWAII MCTALP, EPBWTOW. NORTH CAROLINA, ttUmgPAT JtTLY I8,l»8t, ~ CRAVE WARNING —This lawn in Augsburg, West Germany, gives a grim picture of traffic accidents. Each cross represents a local traffic death during the past is Augs-. burg’s way of observing Traffic Safety Day in Western Europe. 7 . J can we broaden our outlook through these strangers, we can form many lasting and genuine friendships. Naomi, in her despair, was comforted and helped by her daughter-in-law Ruth. Her life, she thought, was . empty, but j Ruth “found favor in the eyes iof Boaz” and bore him- a son who was a great comfort to Na omi in her old age. Naomi’s life had found a purpose. The ability to love a little baby transformed what was to her a bitter and barren existance. ' Love of fellow human beings and a caring for them is answer ing God’s purpose in the finest way known. Around us today are many opportunities for u: to express love and care for our fellowmen. As Christians it be hooves us not to neglect an op portunity of expressing that love. The hand extended in frendship to those strangers in our midst may be of little con sequence to us, firmly entrench ed in our families and familiar surroundings. To those who so journ among us it can be e wonderful new reason for re joicing in being alive. (These comments are based on outlines of the Internationa’ Sunday School Lessons, copy righted by the International Council of Religious Education and used by permission). RECORD SPRING PIG CROP North Carolina’s 1959 spring pig crop was the largest of rec ord. Pigs saved from spring farrowings (December 1, 1958, tc June 1, 1959) amounted to 1,605,- 000, which was 3293)00’Ur 26 peri cent above the previous record! spring crop of 1,276,000 produced I in 1958. Sows farrowing this" spring totaled 226,000, which! was 22 per cent above the 185,-j 000 farrowing in 1958. district drives it would bat his badge the tie rods won’t even need replacing! Out in that wild, climbing Utah country, Chevy’s suspension and frame and brakes, its Positrac tion rear axle and Thriftmaster 6 power are proving themselves under rougher conditions than most test engineers could dream up. They’re proving that Chev rolet’s advanced engineering add design ideas pay off—in spades— when the going gets especially mean and dirty. «* ** —— l—, —I I^u—Li-u-Lr_ru-u KNOW YOUR SOCIAL SECURITY P. E. Bettendorf, representative of the Social Security Ad t ministration, is in Edenton every Thursday at the North Caro. ‘ lina Employment Security Commission in Citizens Bank Building. Question; I am receiving so cial security benefits and expect to change my mailing address soon. If I leave a change of ad dress with the post office, will that be all I need to do to get ] my checks at my new address? Answer: No. You should also file a change of address with the Social Security Administra tion. This may be. done by either calling at your local so cial security office or by mail ing a notice to the social se curity payment center from which your checks are received. I - * Ip - H■ p ~T. p I f HTA v■ a ■■■ ■ I Yv. A. Xv fflSaSfflWffi*-^' Through a mountain stream—deep in Avintaquin Canyon, t Positraction, of course, is a, s .big plus on this job, providing ' " t *‘' : ‘ the sure grip needed to dig b through mud, snow, loose sand, 3 whatever comes along. Could be that a Positraction-equipped Ys r ton pickup is the answer for your s area of operation. Or maybe a a 4-wheel drive Chevy. We’ve got a trucks that specialize in getting - in and out of any kind of coun i try. Talk to your dealer about - _ your needs. He’ll show you what i tough trucks are made of. *Op,tional at extra cost I Question: Lqst month I hired a part-time cook to help with the family meals. I am paying i her $25.00 a week. When do 1 I pay the. social security tax? Answer; Social security taxes are paid at the end of each cal endar • quarter. The next tax report is due by October 31. 1959, for cash wages paid in July, August, and September. 1959. Question: Does social secur ity apply to women who do housework on a farm for some- lone else? Answer: Yes, but the rules for making the payments are somewhat different. As we mentioned before, a. woman who does, housework for someone i else in town has to be paid at | least $50.00 in cash in a calen- . dar quarter. A woman doing similar work on a farm operat ed for profit, however, has to work on at least 20 different days a year or be paid $l5O in cash during the year. Thus, the amounts paid to this worker during a quarter have no sig nificance, but rather the amounts paid to her during the year, or the number of days worked during the year. Sometimes, the houseworker on a farm lives -there on a semi-permanent Baris and receives room and board -in addition to cash wages. The value of the room and board does not count for social secur ity purposes. • Question: I have been paying social security tax since 1937. How do I know that I am .get ting credit for these contribu tions? Answer: You may obtain- a card from your sooial security olfice to request a statement of amounts recorded in your 'old age and survivors insurance, ac count. You should check yon- I record at least evei yTh p - (a t ' as it is easier .to con. ,t if G&W seven mm STAR Jiff s2so t SEWN STAR BLENDED WHISKEY, 90 PROOF, 37V5% STRAIGHT WHISKEY 6 YEARS OR MORE OLD. 62 Y t % GRAIN NEUTRAL SPIRITS. GOODERMAM & WGRIS LIU., PEORIA. ILL | SEE THE NEW G-E RANGE WITH I REMOVABLE OVEN DOOR I GENERAL ELECTRIC LUXURY FEATURES nOW • Big-Capacity 23-tn. Masler Dven • Extra Hl-Spaad G-E Calrod Unit I • NEW Easy-Sat Oven Timer .. . and • Focused Heat Broiler with Fully fOOQ AC ■ Separate Minute rimer Enclosed Calrod Broil Unit |ZZv).WU I • Fingertip Pushbutton Controls • "No-Drip" Raised-Edge Cooktop „- f i I • G-E Written Warranty on all ranges •1 Vi Cu. Ft. Storage Drawer Wlll * ■ — ——_l trade ■ Quinn Furniture Co. I EDENTON, NORTH CAROLINA I there is an error or your em ployer failed to report or re ported incorrectly. Question: This same man asked: In the event of my j death, how can I be assured . , that my wife and minor child- , ren will receive survivors’ bene fits. Answer: -One of the first I things you must do is to make a periodic check to make cer tain that wages or self-employ-1 ment income are properly cred-1 ited to your social security ac-| count so that you may have an | insured status. You must in-| form wife that in the event of your death she should contact the nearest social security of fice. They will assist her in filing, an application for sur vivors’ benefits. She should ANTIQUES [ New shipment of Dres- I den, Meissen and other j China and glass. Suitable jor Gifts i Mrs. M. D. Watson I l 507 N. Brood Sirees EDENTON, N. C. j PAGE SEVEN —ESSTtOH Tt73 present proof of age for the children and your marriage cer tificate. The doctrine that all men are, in any sense, or have been, at any time, free and equal, is an utterly baseless fiction. —T. H. Huxley. Taylor Theatre EDENTON, N. a I I Thursday, July 16— LAST SHOWING Gregory Peck in "PORK CHOP HILL” Friday and Saturday, July 17-18 Michael Landon and Jo Morrow in "THE LEGEND OF TOM DOOLEY" —also— -60 Minutes of "3 STOOGES FUNARAMA" Sunday, Monday and Tuesday, July 19-20-21 Bing Crosby. Debbie Reynolds and Robert Wagner in "SAY ONE FOR ME" Cinemascope - Color and Stereophonic Sound o- Wednesday and Thursday, July 22-23 YOr CAN’T RKSIST IT! Hypno-Vista in "HORRORS OF THE BLACK MUSEUM" CinemaSeope and Color TirwAY~i7 Drive-In Theatre Edenton-Herlford Road NOW OPEN FRIDAY SATURDAY AND SI'NDAY Friday and Saturday, July 17-18 Sal Mineo in W ALT DISNEY’S "TONKA" Technicolor Sunday, July 19— Frank Sinatra in "SOME CAME RUNNING" CinemaSeope aNd Color
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
July 16, 1959, edition 1
15
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