Newspapers / The Chowan Herald (Edenton, … / March 10, 1960, edition 1 / Page 6
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SECTION ONE PAGE SIX Dual Debt Push And Extent Os Rise Gouds Economic Outlook Under the influence o t hot and cold war and a recoid pe riod of prosperity, the American economy has built up a total of debt, individual as well as na tional, whose size and rapidity of growth are beg nn ng to cause some concern over our future stability and progress. The gross debt of the economy, public and private combined, has already crossed the $9<W billion level, figuring out to well over $5,000 for every person i.ij the population, according to the U. S. Department of Commeice. Under a borrowing push which l is coming from Government as well as from the private sectors of the economy, the debt total is rapidly heading for the trillion dollar level. The Factor of Ir.flat'on The Commerce Department's figures show the gross debt at the end of 1958 at $901.8 billions, broken down as follows: public debt (Federal, State and local combined) $367.8 billions, or 40.8 per cent of the total; corpoiatej $294.2 billions, or 32.6 per cent: and individual and noncorporate.: $239.7 billions or 26.6 per cent of all debt. The impact of the inflation which the nation has expe: f need in the last two decades is as discernible in these figures as it is in the everyday family budg et. The fact is that the lending power of the dollar has declined along with its buying power over this period. As a result, it takes many more dollars than before to do a typical credit or invest ment job today, whether as a loan to help an individual buy a home or an automobile, or to help meet the capital and in vestment needs of business and industry or the borrowing de mands of Government. Background of Debt Creation The records show that expan sion of Government debt is an inevitable accompaniment of war. It is also natural and nor mal for private debt to grow during peacetime to help pro mote economic growth and to meet the needs of a rising pop ulation for new production fa cilities, homes, etc. For exam ple, from the end of World War II in 1945 to the end of last year, the total of gross private domestic investment expendi tures by business and individuals This Is Natioi^l4T^eek We are proud of you ... and ihe fine work you are doing in C!i«>wan County. A 4-H Booster JUST OUT! JUST GREAT! SEARS SPRING SALE SKK IT HERE e SttfiS CATALOG SALES JJRPItt plus consumer outlays on dur- j able goods added up to over a trillion dollars. The overall! growth in debt to finance these outlays came to S3BO billions for the period, amount.ng to little more than a third of the ex penditure total. But it is only in recent years that debt creation on a major scale has gone on simultaneously on both the public and pr.vate fronts. In the past one usually dominated while the other was quiescent. The impact of such a development on the capital 1 market and the country's re | sources of savings has been i amply demonstrated in the re ! cent severe money “pinch", ris ing interest rates, and the Fed eral Government's debt financ-. ing difficulties. And it under lies much of tire concern rover the future stability of the debar. Key Bole of Government The major disturbing element, and the heart of the problem, has been the Federal Govern j ment's expenditure and deficit I financing record of recent years, j Budgets have been unbalanced | even in periods of record pros perity, topped off by the sl2'a billion budget deficit in the past fiscal year. As a result, the gross Federal debt, including that owed by Federal agencies plus borrowings not subject to the statutory debt limitation, stood at $310.6 billions at the end of 1958, up $44 billions since the beginning of the Fifties. And despite valiant economy ef i forts by the Administration, i there is no convincing proof as I yet that the upward trend in expenditures has been halted. ■ Until this happens, continued in flationary pressures and record . tax burdens are inevitable, I It is in this area that a dccis ; ivo break has occurred with one j of the country’s oldest traditions.! In the past war-incurred Govern-1 ment debts were always reduced in peacetime by budget surplus-j j es. In the most recent case. as-. ter World War I, the Federal! , debt was cut by more than a ! third before the onset of the de pression of the Thirties brought a reversal. ! The most spcctacu'ar growth in debt in the period since the • end of World War IT has been Jin the classifcation of individual ' and noncorporate deist, dominat THE CHOWAN HERALD. EDEMTON. WORTH CAROLINA, THtfttlOCT, MARCH Ifr M6O. If V" p> ■ i I y » l j? V 3 > r fx-.x: ■pi ii ■ m. ik*. ml M ——■———a yam w '■s jHH NAME'S THE SAME— just so traveler’s won’t get confused over w here they are, resident* i Os Cuba. Mo, erected this sign along Rt. 66. ed by home mortgages and con sumer borrowing on installment and other loans. The total here rose from $54.6 billions at the end of 1945 to $239.7 oillions at the close of last year, up 339 per cent and a rate of growth three and one-half times that of total debt in the period. GUM POND CLUB MEETS The Gum Pond Home Demon stration Club met for its reg ular monthly meeting Wednes day night with Mrs. Alph onset Spivey. The meeting began with Mrs. Marvin Smith read ing the 125th Psalm, followed by the Club Collect repeated in unison. There were nine mem bers present and all were glad to have Mrs. Gilbert Harrell as a visitor. Du. tag the business session, plans were discussed for the cancer drive. The club also discussed selling stationery for I the club's benefit. The station ery has a picture of the Rocky Hock Church and educational I building. If anyone is missed: who would like to have a box, j the Gum Pond Club women j will have the stationery for only SI.OO a box. Mrs. Herman Nixon. Commun ity Sei vice Leader, gave a re port on cancer, urging everyone Jto have their check-up. Mrs. ? Charlie Peek:, health leader, | 1 gave remarks about cancer from the talk that Mrs. Bert G. Ty son of Greenville, N. C, gave at the Council meeting. She passed out pamphlets about cancer. Mrs. Earl Smi h, crafts leader, gave a reoort on Crafts man Work. A crafts camp will be held at Manteo August 16-18. In the absence of the home agent. Mrs. Ellie Bunch, clothing j leader, gave a very interesting • ! demonstration on "Personal Ap- I pearance." The demonstration j j was given in a most gracious j w»y. Questions weie asked and ! comments made by all. Every one seemed to be more aware of the mistakes they make in their appearance. I The meeting was adjourned wiih the hostess serving coffee, pie and ice cream. LIBRARIAN RETIRING , Harriett B. Leary announces! j that she is planning to retire as »librarian of Shepard-Pruden Me morial Library, effective June 30. 1960 IShe has been associated with ( the librarv since 1947, "when 'county library service was start ed. For the past five years she has served as full-time librarian. ENGRAVED OR PRINTEdI tjw. -f mmmand. We will be *:’*d to make sag- V -f pfstiuns, show you samples and qiKUe VB ■"• k. r prir-* ... all w itfeout the slightest ofe- T ir , ligaLau on year p»it. JL I Wedding Invitations Announcements ted form he eteuretd. Our familiarity with the established lastiuu applyiuc t» THE CHOWAN HERALD How One Or More Os My Experiences Has Contributed To My Plans For The Future By KAY LGWE * i My 4-H Club experience hasi contributed ro my plans for the; future by making me more] aware of the responsibilities and| leadership required to maintain' a well-rounded home and com-j munity life. In the youth ofj today lies the future of tomor-i row. Through 4-H. youth tsj developed and trained to fee de-i pendabie and responsible. , I My work in the 4-H Club hasj made me aware of my respon sibilities as a leader of future 1 homes, communities, and nations.| Through my 4-H experience to-! day, I am preparing for a home' life by learning such vital; things as home management, im-l ffl/MIFG] ' BB]@EIUB WONDERFUL PRICE! » Kelly Safe Trac VEttTTEN GUARANTEE ... | ? AKC MM efTAR* X lowest prices ever! I qr9s p<a tax art nlruMli tire SIMILAR LOW PRICES ON OTHER SIZiSI rat woeev-wg miving. tool rae ms sign of quality tfBS?) yrißiy pt»tm>A»u toe 4$ m« SMALL TRUCK OWNERS'SPECIAL! KILLY H.D. ARMOR TRAC Ceceetdabi® Fm ja nam fjH *'■ Puuose KlVfl truck tire B||7 J I|M|} % f . I # 6.00 IS * J i f plus tax and retrtadabla tiro scott & mss KCJum co. VTcst Eden Street Edenton, N. C PHONES: EDENTON 2688 ELIZABETH CITY 7813 proved home economics practices and home beautification. It has prepared me to be a leader as well as a follower, and to learn how to take responsibility when it becomes necessary. My 4-H Club experiences are helping me to become better .prepared for the rote as a leader in my home, community and my coun try. Such vital projects as food preparation, clothing, home man agement. home beautification and preservation of foods, will hetp me to be a ‘better home maker. On the other hand, my ex perience in public speaking will prepare me for the small or ,fill in my community, country, large role I may be able to ful and world. It is my responsibility, as a young person, to do my best and strive always, by the high ideals set forth in 4-H Club, to become a be,ter citizen. Ameri ca is a land of opportunity and fortune. Here, if one uses his talents and abilities, he will be come a success. I realize that if I apply myself and my tal ents to do my best, I will be an asset to my club, my com munity and my country. My experiences in 4-H Cluh will better prepare me to be more efficient.. As long as I remember and abide by the 4-H Club motto,. “To Make The Best Better”, and the 4-H Club Pledge, “I. pledge my head to clearer thinking, my heart to greater loyalty,J my .hands to larger service, and my health to better- living, for my club, my community, and my country,” I cannot fail, but, only succeed in ambition and goals. Because L have been a 4-H Club member for many years, 1 shall not forget the meaning of the motto, and the pledge, and shall strive constantly to abide by them. If I allow God ij£r§fi3Bßl m JM ik \ jjjl : ‘ ESPfCIALLV SELECTED FROM OUB ■ CHOICEST STOCKS AND SOTTIEO jjHKI The CALVERT distilling co. |H||l IALTimOOI. MO. LOU'SVIU*. * V * Calvert RESERVE t,.„- ; 4 4,' v , ' •< '. •'l r ’ * < -• ’ '.'-X • ’ K’S.r j ‘ AMPPIP&N R! FNnf n # gfi DDnOf • ARC RRAIN irtHTPAI CPIRITC SiiiLivivMii dlli|ulu vvnivi\r ou riwiyt va/i ntui oriniio § " x ; .... - I I I . I 1?™- - H hi ■n ip ■ ' B| » I ■[ BU Above is pictured Judy Haste and Betty Jean Smith conduct ing a 4-H dairy food* demonstration. to be my “Guide” and abide always by our motto and pledge, I am confident I shall succeed in all phases of my future. STUDYING PROJECTS Committees of the Chamber. of Commerce are studying - vari ous projects to set up a pro-- gram of work .sor 1 1960. Includ ed are merchants, agriculture, education, advertising and pro motion, recreation, tourist, in dustrial development and high ways and transportation. * Chairmen have scheduled or have held meetings .to carry out activities already adopted, -and to review suggested projects.
The Chowan Herald (Edenton, N.C.)
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March 10, 1960, edition 1
6
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