Tlie National Outlook
President Eisenhower On Taxes
By Ralph Robey
ilwrom the viewpoint of bbU
ijns the most important state
ipfat in the State-of-the-Unw>4
iMßsage by President Eisen
liprer probably was that on re
tSment of the public debt.
Sack of this was a projected
Mjpplus of S2OO million for the
(Srent fiscal year ending next
<rase 30 and an estimate of $4.2
IjEttion surplus for the following
fSal year.
Mfhe projection for this year is
revision by the Admin
iSfation. In the m.d-year re
ytipt? by the Budget Bureau it
predicted that there would
BK* a surplus of SIOO million,
a few weeks later, Budget
Bateau Director Stans, said that
the chances were we would have
this year. The differ
ence was continuation of the
sljigel strike and the influence of
.tips upon both corporate profits
tSid individual income. This
current revision, however, can
tftji; accounted for by other than
Jpplement of the steel strike.
gOy a few days ago the Fed
eral Reserve System adopted a
npw formula for the retention
Os its earnings, and this result
ed in an increased payment to
t&e U. S. Treasury of $266 mil
fitfrn —or by more than the es»
timated surplus.
'-The indicated surplus for fis
cal 1961 is of quite a different
character. Expenditures are es
timated at $79.8 billion, as com
pared with an anticipated $Bl
billion. Revenues are forecast
at SB4 billion, which is appre
ciably higher than had been ex-
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RALEIGH ■ NSW YORK CITY
SALE THURSDAY, JAN. 21* 9:00 A. M.
We Slashed Prices For Immediate Clearance of Entire Stock of Fall and
Winter COATS, DRESSERS, SUITS, SKIRTS, SWEATERS and BLOUSES
Special Group of Ladies’ and Children’s Fall and Winter Shoes
ONE TABLE LADIES’SHOES REDUCED To SI.OO
SPACE DOES NOT PERMIT QUOTING PRICES-BUT WE GUARANTEE YOU SAVING Os BELOW
i/ 2 Price, 1/3 Off, 1/4 Off, 20% Off And 10% Off Some Reduced More Than Others ... But Everything Reduced. I
*
MEN’S AND BOYS’ WINTER SUITS, CAR COATS, JACKETS, SLACKS, SPORT SHIRTS, SWEATERS, ETC.
It’s Terrific, It’s the Greatest. It’s What You Have Been Waiting For. It’s Our Annual January Clearance Sale Thai
64 Always Pleases” ... This Year More Than Ever Because We Are Terrifically Overstocked On Fall and Winter Mer
ehandise. You Cannot Afford to Miss This Outstanding Sales Event to Realize Unheard of Savings.
CUTHRELL’S DEPT. STORE
South Broad Street Open Until 9 O’clock Saturday Night Edenton, North Carolina
, * H j - r giiifcj?-- - c V--? ....
• -- - • - - - -■ • -
pected. This is a good sized
surplus, but the President had
this to say about It:
i "Personally, I do not feel that
any amount can be properly
called a surplus as long as the
nation is in debt. I prefer to
think of such an item as a re
duction on our children’s in
herited mortgage. And once we
have established such payments
as normal practice we can pro
fitably make improvements in
our tax structure and thereby
truly reduce the heavy burdens
of taxation.”
At first glance this appears
to be a conservative and ap
pealing point of view. But
analysis of its implications rais
es some fundamental issues. If
,we can not have tax relief with
income exceeding expenditures
by $4.2 billion, how much sur
plus must we have before be
ginning a program of tax rate
reform?
Everyone is interested in get
ting a reduction of the public
debt,' but must that be given
absolute priority over tax rate
reform
Since the historical record
shows that within a short pe
riod a reduction of taxes brings
more revenue to the govern
ment, might we not be better
off if we started on tax reform
immediately?
Finally, in as much as we
have a shortage of venture capi
tal, and that is holding back the
growth of the nation, would i
not be wise to aid the accumu
lation of such capital by tax
THE CHOWAN HERALD, EDENTON, NORTH CAROLINA. THTTHSPAt JANUARY 21. 1360.
rate reform? '
In my judgment a surplus of
$4.2 billion is more than enough
to justify a tax-rate-reform pro
gram this year. Further, there
already is a program Jaefore the
House Ways and Means Com-1
mittee that is particularly suit
ed for the present situation. ■
This is the five year program j
of the Herlong-Baker bill. This|
reduces taxes across the board
by using the revenue which
comes from economic growth for
this purpose rather than in- >
creased government spending.!
It is a genuine tax-rate-reform
measure, and involves no shift
ing of taxes from one group to
another.
ImDortant Farmer
Meeting At Warren
Grove January 25th
On Monday afternoon, Janu
ary 25, at 2 o’clock at the edu
cational building of Warren
t Grove Church, a farm and home
i planning and management meet-
I ing will be held. At this meet
ing. Fred A. Mangum. Ex'ension
farm management spec'a'ist, will
discuss and demonstrate the
steps and procedures involved
in planning the farm and home
business.
With the high production
costs and the relatively low
prices received for farm pro
duce, it has become imperative
| that all farm enterprises be
planned together. By increas-
I ing the yield on just one crop
or livestock enterprise may not
greatly increase the total farm
income. But, by figuring cut
what crops to produce, how
much of each crop to produce,
what livestock and how much
should be grown with your
cropping program can increase
income tremendously. Two of
the big questions have been
“what can I plant in acres not
planted in allotted crops?” and
“how many acres of corn, soy
beans, watermelons or other
crops should I plant in these
acres?” These kinds of ques
tions will be answered at this
meeting.
Farmers are urged to bring
their wives to th ; s meeting, be
cause in addition to increasing
the farm income, decreasing the
cost of living by producing and
conserving more home grown'
foods will also be discussed. I
Letters have been sent to
those who have expressed an 1
interest and assistance in this
I information. However, every
one is invited. v
I
i Farmers Invited Join
New ‘Two-Bale Club’
Continued from Page 1. Section 1
\ acre. He only thinned the thick- I
1 est places, leaving from four to i
six plants per foot of row.
Bunch planted about nine
’ pounds of delinted seed per
acre. He also thinned only the
thickest places, leaving about
four or five stalks per foot of
row. Both men planted Coker
100A. >
I At planting time, Ober applied
| 350 pounds of 10-20-20. When
• the plants were about six to
• I eight inches tall, he side-dressed
u with 40 pounds of actual nitro
: l gen, giving them a total of 75
- pounds of actual nitrogen per
- acre.
i Bunch applied 600 pounds of
1 5-10-10 at planting. As soon as
; his cotton was up, he sidc-dress
-1 ed with 24 pounds of actual nit
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rogen. And later, when his
(plants were eight to 10 inches
high, he side-dressed again with
200 pounds of 14-0-14, giving
him a total of 82 pounds of ac
tual nitrogen per acre.
Perhaps the most striking
thing about their high yield wasj
the fact that neither man treat
ed for boll weevils. They kept
their field check, but never
found enough infestation to jus
tify treatment.
“I know there are other farm
| ers who produced two ba'es of
| cotton on an acie in 1959,” Dr.
Collins said. “And we would
I like to have them in the two-
J bale club.”
j “Farmers who think they are
eligible should take their gin
receipts and the ASC record of
j their acreage to the local coun-
Ity agricultural agent. The agent
i will then forward the informa
| tion to State College,”
i Dr. Clollins added “that suit
j able recognition will be given
j to farmers qualifying.”
I
Lunch Room Menu j
Menus at the Edenton Ele
j mentary School lunch room for
>the week January 25-29 will be
as follows:
Monday—Luncheon meat, car
rot and cabbage salad, green
beans, cheese slices, sandwich
bread, chocolate pudding, milk.
Tuesday— Hamburgers and
gravy, school baked rolls, black
eye peas, steamed rice, apple
FORDS
£•s. ■ TUIH6'. J
TWINS
V FALCON? 0 ) _ fl /*T«F»«r'V 2J&)
yPALCON, , A /
- ON
PEANUTS,
TOO I
(, P
1 faikiamsool/
V y C l “tv Peanuts Characters © 1990
p ——A- United Feature Syndicate tnr-
How’d you like your savings? New size or big FAIR LAN K 500, It’s far more lord, costs up to
economy size? $ 142 less than last year. *
Want new-size savings? The Falcon’s first At no extra; cost you get many luxury-car
saving is its low price, up to $124 less than other features like rear seat arm rests, two sun visors,
6-passenger compact cars,* but that’s not all. extra ash tray, and color-keyed steering wheel.
You get up to 30 miles per gallon on regular gas. There’s real buili-l'or-people comfort inside. L p
Save up to 15% on insurance, save on tires, to four inches more shoulder room, plenty more
parts —everything. leg room, hat room.
Yes, all this in a car that carries six big people Right now, we l ord Dealers are holding visit
and all their luggage. ing hours for our Economy Twins. Como in and
For savings in the big economy size try our see how much our Economy Twins can save you!
*Bosed on a comparison of manufacturers’ suggested retail delivered prices
WE FORD DEALERS INVITE YOU TO TWIN-TEST OUR ECONOMY TWINS f.d.a.f.
SEE YOUR LOCAL EOR1) DEALER
See "FORD STARTIME" in living color Tuesdavs on NBC-TV
sauce, butter, milk.
Wednesday Beef vegetable
soup, crackers, peanut butter
sandwiches, block cake, milk.
Thursday Macaroni and
cheese, buttered corn, turnip
greens, corn bread, rice pudding,
!—SECTION
PAGE FIVE
butter, milk.
Friday—Chicken pan pie, cat
died yams, buttered peas, scho<
baked rolls, peach, pie, buttei
milk.
TRY A HERALD CLASSfFIEC