No Comment
1 Bt JAMES W. DOUTHAT
initial Tice rrollwt, OttMmri
“ar.TAX*ssr*
“110 COMMENT** U a nMt oi
faddrate ob th • national seen*
and does not necessarily sailed
MAM policy or position.
Washington. Economy advo
cates hoped that Budget Direc
tor Stans’ warning to Congress
against irresponsible spending
would check a session-end drive
for costly and budget-busting
election-year legislation.
Mr. Stans bluntly told Con
gress that the $4.2 billion sur
plus forecast for the next fiscal
year, beginning on July I,
“stands in acute jeopardy” as a
result of Congress’s “actions 1 and
inactions.” , ; >
“Spending legislation moving
through Congress, which would
authorize far in excess of the
recommenda
tions—plus failure to pass reve-
Slfte-producing pleasures advo
cated by the Administration—
would, Mr. Stans asserted, cost
the government at least $17.5
billion over the next five years.
Spending measures he speci
fied involved a pay increase for
government employees, the De
fense Department appropriation
bill and federal aid for housing,
education and public works con
struction.
In addition, he mentioned tax
deductions for the self-employed
for pension programs and cited
the failure of Congress to in
crease postal rates and aviation
and highway fuel taxes.
Actually, the effect on the
government’s revenue would be
much larger than the $17.5 bil
lion estimate if additional legis
lation advocated by the big
spenders were enacted.
Mr. Stans also rang the alarm
■ball with respect to what he
called the “Four Horsemen of
'"Economic Destruction." He list
ed them as: “Compulsive Spend
ing, which has helped multiply
the federal budget by twenty
five in just 30 years;
“Cancerous Taxation, that
erodes initiative;
“Government by Credit Card,
which piles up unending accu
mulations of debt;
“And the final destroyer, In
flation which, if allowed to ride
unchecked, would wipe out. the
values of savings, pensions find
insurance.”
“These enemies, if we don’t
control them,” he asserted, “can
destroy our national vigor much
easier than it would succumb to
Soviet attack.”
Federal Aid Wasteful
Senator Hugh Scott (R-Pa.)
recently explained why it is very
expensive for the federal gov
ernment to collect taxes from
the people and then channel
back to local communi
ties under grand-in-aid programs
—minus the federal administra
tive cost
In government spending, ■ hfe
said, a law of inverse proportion#'
applies— the farther tax money
goes from home, the less comes
back.
“For example,” he said, “if
you enlarge the sewer system
in your community, most people
know where'the sewer must •*b
to do most good, which contrac
tor can do the best job and
which price is a fair price.
“Now, let the state go into the
sewer business and the people
who spend your money rarely
come down to see it installed,
and neither you nor they are
sure that would be a fair price.
“Put Washington into the pic
ture and nobody knows where
your community is, nobody cares
what the sewer costs, arid an
other thousand people must be
Aired for a new department of
sewers.”
VFW MEETS TUESDAY
William H. Coffield, Jr., Post
No. 9280, Veterans of Foreign
Wars, will meet Tuesday night,
July 12, at 8 o’clock. Command
er John Bass urges a large at
tendance.
COUNCIL MEETS JULY 12
Town Council will hold its
monthly meeting Tuesday night,
July 12, at 8 o’clock in the Mu
nicipal Building.
FAMILY REUNION
Mr. and Mrs. P. L. Williams
of Route 2, bad as their guests
on July 4, Mr. and Mrs. J. R.
Brabble and two children of
Colebrook, N. H.; T-Sgt and Mrs.
A. M. Trapp and two children
Os Havelock; Mr. and Mrs. K.
■t Williams and two children of
iffinnoulfe; Mr. and Mrs. Guy P.
*Wilttpns and two hoys, Mr. and
Wiliams of
Number Os Savers At Record High,
Outstripping Population In Growth
The number of savers in the
United States has increased by
millions a year over the last
decade, outstripping the popula
tion in rate of growth and bring
ing the distribution in owner
ship of savings and family pro
tection programs to the highest
level on record.
The thrift pacemaker has been
life insurance. With 115 million
policyholders in legal reserve
companies, up close to a third
over 1950 and now representing
practically two out of every
three persons in; the entire pop
ulation, life inairyrico is far out
in front as the 'nation’s leading
median of indiyldHajXthrift aricj
personal and fapsy .grotpdttoh. .
Voluntary AcCojnpNshmeni,
Big numerical and proportion
al gains have ' likewise been
shown in the ownership of other
forms of saving. Particularly
noteworthy from -the long view
has been the rapid , growth in the
number of persons ' enrolled, un
der private pension and retire
ment programs, injured, and nan
insured combined. .Together
these plans now cover about half
of all civilian nohfarm workers
frarh wholesale-bargains I
I M %/ 6c. j plus free delivery- easy terms ) I
I 1 BUILDING SUPPLIES (1 2ND APPLIANCES , | oPEN 7 q t m. to 6 p<m. Friday 'til 9p.m.- -So IS; 30 j I
I 1711 PARK AVE. Phone k!*5 0 7378 I Rt. 58 &60 SUFFOLK- Phone 87261
We snapped up one of the V
first shipment, of new EfaEM* V %\
. 1960 BCA whirlpool air ™ Aa * X/w & y
;ali 81 i conditioners before the Guaranteed Zru " VXft. * S "vJ,
? aBfHjHHNHfI 10% excise tax went into $14.95 \J 'ZS I >W -
9MIEUI effect. Now we pass this value f amr* !»__.• \ f
ssssns&n i
NEW 1960 — * -
fllligaElßAAA Amazing value youre at no eoet! R\ i \ The Cabinet Os Many Uses!
myUWIKfUv f X Made of durable, attractive I■\\ \** 'll xx *i* •.v .. , , , .
■ / paumantcX Coming Pyroceram. See it today. |1 \ \ \ \\ 1 Here alias! is the cabinet buy your home d*.
% AIR CONDITIONER / i 111 .11 1 mands Perfect for ki chen utility yet practical for
\ / i.i|i _ m loAAI —~ *1 l.\\ '\\ ■ every household storage need. Range or sink
Completely condition, the eir... I nimig i,iyov I U /-r—U 1 height -a full 36" high and 18“ wide. Made of
•oob it; filters out dust, dirt and 1 I M # a ■><« «».■ . . . ■'ll I ■ rugged reinforced steel with 3 compartments
, yßjjt; wringsout the moisture; lIRAAyJ/ IsCOR 1001“ WITH KVA WMIIpOOI ■ V 1 \ ■ and built-in double towel rack. The sparkling
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SSXL V CIOO-83* 9,700-BTU-lhp >223" I ; .. _ _ j
I cSSUtSSSSSt!iS.SP I
THE CHOWAN HERALD, EDENTON, NORTH CJA6LIKA, THURSDAY, JULY T. 1160.
as against a proportion of about
a third a decade ago.
Basic in this mass thrift pic
ture is that the majority of
American families have more
than one form of savings. Mil
lions, too, have other large fi
nancial resources such as increas
ing equities in homes and owner
ship of corporate and other se
curities. Thus the record growth
in the number of savers and in
vestors, as well as in their ac
cumulated backlogs in recent
years, is a tribute to the in
grained thrift, habit of the Amer-i
ican, people and to' their efforts
to provide for themselves .and
■their'dependents p/n their own.
Here are some of the .high
lights of the people’s thrift rec
ord as sown by 'figures, com
piled from Government and pri
vate sources: ■
. Growth of Life Insuranse
. The number 'of. policyholders'
>in legal reserve life insorance
obmpanies increased by ‘27 - mil
lion in the Fifties, adding up to
115 million or <35 per cent of the
population at the end of 1959 as
compared with 88 million or 58
per -cent of the population in
1950. : The comparable figure in
1940 was 68 million policyhold
ers or 51 per cent of the popu
lation. Savings accumulated by
policy-holders, behind their life
insurance policies came to s9l.
billions at the end of 1959 as
compared with $53.6 billions at
the beginning of the Fifties and
with only $24.7 billions in 1940.
The number of time depositors
in mutual savings and commer
cial banks aggregated 83 % mil
lion, or 47 per cent of the entire
population, at the end of 1959
as compared with about 65 mil
lion or 43 per cent of the pqpl
lation in 1950. The figure
was just under 52 million or 39
per cent of the population. Com
bined savings in ’these institu
tions were $97.6 billions at the
end of last year versus $55.2 bil
lions in 1950 \nd $26.0 billions
in, 1940. ' 7
The- number of members or in
vestors in savings and loan as
sociations more than doubled in
the last decade, rising to 26.4
million at the end of 1959 from
10.3 million in: 1950. Savings in
these . associations climbed to
$54.5 billions at the close of last
year from sl4 biliolns in 1950.
Big gains also were scored by
credit ■ unions with membership
Fising from .'4.6 million in l!)5o
to 11.3 million at the end
1959, and assets of these insti-j
tuitions increasing from S9OO mil-'
farm Facts
1 Investment pet
farm worker in
the U.S. is more than
twice as great
as the investment
per worker in
lions to $4 >2 billions at the
same time.
Other Thrift Areas
Ownersh-p of U. S. Savings;
Bonds, the spectacular thrift per- j
former of the Forties, ran coun- J
ter to the trend in the last dee- 1
ade. Redemption value of Sav
ings Bonds owned by individ
uals came to $45.8 billion* at the
end of 1959 as against $49.6 bil
lions in 1950, with substantial
gains in the ownership of the
E and H bonds being more than
offset by liquidation of other 1
series. There are no recent fig-,
ures for the number of Savings
Bonds owners beyond the 40 mil-,
lion estimate some years ago. 1
Postal Savings continued its!
long-term downtrend in both
ownership and savings totals.
In the area of pension and re
tirement funds, the number of
workers covered under private
insured and noninsured plans:
combined was estimated, at 20
million in 1959 as against 9.8
million in 1950 and only 4.1 mil-1
lion in 1940. Reserves accumu
lated behind noninsured plans on
these dates were a/1 estimated
$26.8 billionse versus $6.1 bil
lions and $1.4 billions (figures
for insured plans are included in
life insurance reserves.)
The number of workers cover- 1
ed under Government-sponsored
retirement programs other than
OASDl—Railroad( Federal' Civil
ian, and State and Local Em
ployees—added up to an estimat
ed 7’s million at the end of
1959 as against 6 million in 1950
[ TOO LATE TO CLASSIFY
I 1 :
WANTED—A MAN BETWEEN
the ages of 21-50 for a Wat-t
kins business in Chowan Coun
ty. Would like to talk to you
about this wonderful oppor
tunity. You are under no ob
ligation. Write E. P. Brown,
P. O. Box 918, Goldsboro,,
N. C. ju1v7.14,21.28c.
■ and 3.3 million in 1940. Com
i bined reserves behind these plans
; were placed at over S3O billions
!in 1959 versus slp billions ini
I 1950 and $2.3 billions in 1940. |
TRY A HERALD CLASSIFIED 1
Tkil Speeds .
j Business J
Operatiens
- Well design forms to streamline and ||§
speed-up the routine ot your oilice or shop, 9M|
W Get our suggestions, without obligation,
on anything treat a shipping tag to a coor*
dinated system oi loans.
W The 'J
Herald JH
/'MI
PAGE FIVE
I—SECTION GisT,
The primal duties shine aloft,
like stars;
The charities that soothe, and
heal and bless
Are scattered at the feet of
Map, like flowers.
1 —Wadsworth.