Wv -V .. ▼ v - i.
PAGE FOUR
Tb£ National Outlook
Th« Disappearing Federal Surplus
£ -k . ■ ftAtvu Kubx*
v. •
Fbr months it has been evi
dght .that the original estimate
ot the Federal Budget surplus
so? the fiscal year ending next
Jifftt',9o was too high. The only
has been the amount
w|iich it would be reduced.
VjSq, nsw have the official revised
original estimate was a
aurpiqs of $4.2 billion. The re
vised forecast is sl.l billion,
which is SIOO million less than
wp had in the fiscal year which
ended last June 30.
A part of the decline is a re
suit of higher expenditures than
were planned last January. But
thls is a relatively small part—
s6<* million. The significant I
factor it a really large drop in
anticipated revenues. These are
pow forecast as $2.5 billion less
than the January figure, and of
ttiijii amount $2 billion is from
a decline of corporate income
taxes.
When the budget was being
prepared at the end of 1959 it
was assumed that corporate pro
fits before taxes would be ssl
billion. This estimate has now
been reduced to $47 billion, and
sihpe corporations on the aver
age pay half of their profits in
t.aftes, this means a lowering of
corporate taxes from $23.5 to
$21.5 billion.
What accounts for such an |
error in estimating corporate in
cam* taxes? Was the Treasury
ju|rt silly, or merely too opti
mistic?
Using the advantage of hind
sight one can a case that
the" Treasury was silly. Re
covery '.had been continuing
fiitqa April 1968,- and could,
not go on indefinitely. Further,
shp longest steel strike in his
tory was certain to hurt profits
substantially, -gnd probably fori
a considerably period. Finally, J
fvery effort was being made l
to,-hold prices steady—by the
SENATOR Bk A
SAM ERVIN ■LA
• SAYS * gßPsk
Washington I happen to be
lieve this declaration of the Con
stitution of North Carolina: “All
persons have a natural and in
alienable right to worship Al
mighty God according to the
dictates of their own consci
ences.” For this reason, I re
grbt the undut emphasis being
plated Upon the religious issue.
• tie Censure—We ought to be
ildw to censure any man be-
CauSe of his religious affiliation.
Not one man out of ten thous
and acquires his faith by inves
tigating and weighing the evi
dddees of its authenticity. Birth
anil environment ordinarily de
termine our religious affiliations.
We accept without question the
beliefs of those among whom
wq Sr* born and reared. If one
is born of Catholic parents in
a Catholic home-, he is virtual
ly ’certain to be of that faith.
If one opens his eyes to the
light of day in a Protestant
hoine, he is virtually certain to
be-’-a Protestant.
Heme Observations—ls we are
toupee squarely the religious is-
m n --
B j ||||
scagram’s|l
Seagrams
VO 1 I
' IMPORTED CANADIAN I B
-»* KLECTCD WHIV-rf* *
I leg Asto , LCNOIO Kmm
-or Trc umw» oov*"”- 1
* [Egg THIS WHISKY 15 SKYEAKS UID
(SE3KL*, te** • - jl§~ J..,. kItMOCOANO ootneo * Y f 0
5 -f -■ pd SEPM * SEAGRAM £ SONS. L"^ tmA
tnsMN-MsmuMeMN«r. ily.c.«.«mw.c«mo:uwh-sky-»bifkb..su years
X - - • ■ . '.II.
Administration, by the Federal
Reserve and banking authorities,
and by purchasers who were
simply tired of paying more and
more.
But that is all hindsight. At
the time the budget was pre
pared there was a sound basis
for assuming a continued rise
in pretax earnings. This was
the same set of facts that led
to the almost unanimous fore
cast that 1960 would be, by all
odds, the greatest year in our
history.
Well, it has been our great
est year by most measures. We
have had the largest employ
ment, the largest personal in
come, the highest wages, the
greatest volume of dividends,
and so forth, including the high
est gross national product in the
entire life of the nation.
We also hare had, on the
average, complete stability of
other than farm prices, that is,
industry has not been able to
increase prices to cover the con
stantly increasing costs of pro
duction, a major portion of
which has come from higher and
higher wages. And competition
has been extremely severe, both 1
domestic and foreign.
Even though the total volume
of* trade has held up, therefore,
I it has been carried on at a low
' er rate of profit, and many con- j
serns have had to go into the j
red. I
None of this is said as an
alibi for the Treasury and Budg
et Bureau. An error was made
in tlpe January forecast, and it
was a large error. All we are
saying is that the Administration j
merely made its calculations
' upon what was generally con
sidered at the time as probable.
I And it still remains true that to
| tal federal revenues will be
1 larger than in any previous fis
cal year.
•sue and its implications, we will
do well to recall some observa
tions made by the late Chief
Justice Stacy, one of North Car
| olina’s wisest sons of all time,
!in the opinion which he wrote
for the Supreme Court of North
Carolina in State v. Beal (199
N. C. 278).
Chief Justice Stacy said in
that opinion:
‘‘For some reason, too deep
to fathom, men contend more
furiously over the road to heav
en, which they cannot see. than
over visible walks on earth; and
“It would be almost unbeliev
able, if history did not record
the tragic fact, that men have
gone to war and cut each oth
er’s throats because they could
not agree as to what was to be
come of them after their throats
(Were cut.”
The ability to keep a cool
head in an emergency, maintain
poise in the midst of excitement
and to refuse to be stampeded
are true marks of leadership.
—R. Shannon.
TME CHOWAN HERALD, EDENTON, NORTH CAROLINA, THURSDAY, OCTOBER 20. I*oo,.
t - i-, - ’ StMi ft iPfwff ~i
Is^-' ' Pigj
~ C Pwmi\ -• *r : i V*** '
NUTTY SITUATION—It must be that animal magnetism has
brought these three strange bedfellows together in Detroit,
Mich. Kocko the cat adopted the 10-week-old squirrels after
they were found abandoned.
I Health For Ail
MEDICAL BRIEFS ’
Baby Knows How High Is Up
—A baby as young as 7 months
can tell when the floor is a
dangerously long way off,,: ac
cording to two- Cornell Univer
sity experimenters. They found
that not even mother could coax
baby from a table onto an ad
jacent sheet of thick glass cover
ing a drop to the ground. Con
clusion: When baby tumbles
off the furniture it’s a slip of
the muscles, not the mind. H<
knows the danger.
No Place For The Country
Cousin—The big city is the wick
ed place the farmer alway:
thought it was. A study of the
drinking habits of some 1,20(
lowans showed that the boy:
drink a lot more after- they
move from the farm to the city
Only about half of lowa’s rural
dwellers drink, two-thirds of the
city slickers.
Muscle Rustle—A doctor and
an electronics engineer, eXperi
menting with a new amplifie:
and frequency scanner, picket’
up high frequency signals frorr
muscles in the form of rust
ling noises. Muscles sometime
crunched, but mostly they jus'
rustled. Possible application: di
scased muscle gives off different
signals from healthy muscle, st
maybe the gadget can be used
in diagnosis.
Still Can't Buy Happiness—
You‘ll never get happy takinj
“happy pills”. In fact, quite th
reverse, according to Dr. Fran!
Berger, discoverer of Miltown
first of the tranquilizers. Some ;
one looking for a lift won’t find
it in Miltown or any simila
drug, says Dr. Berger, and may
even feel worse. Tranquilizinf
drugs are useful, but let the
doctor decide when and how!
Not How Much But How Of
ten—Putting away three square
meals a day may be rougher
on the system than day-lonp
nibbling of the same amount of
food. So says researcher Dr
Clarence Cohn of Chicago’r
Medical Research Institute. Ani
mal experiments suggest that
taking on a heavy load of food
three times a day may trigger
diabetes, heoatitis, and heart and
blood vessel ailments.
Unbridled Wit
Rufus—The horse I was riding
wanted to go one way and I
wanted to go another.
Gnofus—Who won?
Rufus—He tossed me for it.
GOLD STAR COAT SAuT]
* liti>
Boy’s Quilt Lined Now’s The Time To Save On
“GOLD STAR” T
DniiDrn « “GOLD STAR”
BOMBER- U \ m'Z r
jackets BOY’S SUITS M
The versatile quilt lined . .... \ ' -
88l It s incredible! The values that are in these suits!
Our buyers were really lucky to find such terrific k
rich looking gabardine! Colors values!
in sizes 6to 20 years! Made of wool fabrics |’"
Values to $5.99 each! colors for the young men of
- m i__ h| the * louse! A variety from mi
jj “Gold Star * > anc >' hopsacking!
jj| J JACKETS ! Usually $17.99 to $19.99!
I The popular tab collar style that W • |
S■' everyone has been wanting! ; V J/ jft. B Slwk BP*
l -;./ \ Made of fashionable S if T j **& A
. .... , , ■ m 4 \Wk COATS 1
Boy’s “Gold Star” Q ||| ||
CARCOATS mJu
Style not as shcwai! This handsome coat is jjß ' ■ - '|i gW\ H A tan poplin onter sheJl I
made of fancy all wool plaids and features llfeti' lined with rich Orion 1
the popular Orion pile linings! V\i I. ) pUe! to IS yean! ;lgj
Knit collar trim with the shawl appearance! Don’t miss this valne! By)
>10.85 W: V ts»l
| County News {
By MRS. ROLAND EVANS* J
Chowan Association met at
Ballard’s Bridge Baptist Church j
on Tuesday and Berea Church :
on Wednesday.
YWA of Rocky Hock Baptist j
Church met on Monday night at'
the home of Mrs. Thurman Ash-1
ley at 7:30 o’clock.
Mr. and Mrs. Leon Byrum, Mr. J
and Mrs. Roland Evans and Al- 1
vin. Evans and Beulah Evans vis-1
ited Mrs. Hubert Lowe, who is a .
patient in Norfolk General Hos-1
pital, Sunday.
Mr. and Mrs. Merrill Hooner. 1
Jr., of Elizabeth City visited
Mrs. Perry Sunday evening.
Mr. and Mrs. Cecil Nixon and |
Mrs. Kermit Nixon visited Mr.
Nixon’s sister, who is a patient
in Norfolk General Hospital, on
f t
I Sunday. ’
i; Mrs. Nellie Gardner entered
I Norfolk General Hospital on
j Tuesday.
,! Mr. and Mrs. Carroll Evans
and children spent* the week-end
with Mr. and Mrs. Edgar Ray
1 White in Norfolk. j
j Mr. and Mrs. Sanford Bass
j visited relatives in Norfolk Gen
jeral Hospital on Sunday after
j noon.
Mrs. Waliace Goodwin, Jr., is
lon a tour of the United Nations
j this week.
Mrs. Lillie Saunders visited
; relatives in Norfolk last week. I
Mr. and Mrs. Thurell Bunch
|of Windsor visited friends in
i Edenton Sunday afternoon. I
Mrs. Ralph Dail is on the sick
list.
i Mrs. Sara Harrell, who has
been sick, is gradually improve
ing.
Mrs. Eylvia Harris’ brother is
I a patient in , Norfolk General ]
Hospital. ~ ■ r | J,
Leon Evans, who is state win- ]
ner in 4-H forestry, will make
a trip to the National 4-H Con- 1
gress in Chicago.
A special meeting >f the Cen
jter Hill-Gross Roads Fire De
partment was called for Monday
night, October 17, at Chowan
High School. I
Peanut Production ,
In N. C. Estimated 1
320,400,000 Pounds
| Based on condition and prob
able yield reports from growers
as of October 1, peanut produc
* tion is forecast at 3?0,400,000.
pounds, up 8,900,000 or 2.9 per
cent from September 1, accord- ‘
ing to the North Carolina Crop,
Reporting Service. Growers ex
pect to harvest 178,000 acres :
with an aperage yield of 1,800
f aepe. The cunST 1
| forecaAj jf'6o. pouniii below
1 1958
acre out compares favorably t
with tljejf 1949-58 average yifij&t.
and pijpduction of 1,450 pounds
per aaff.£nd 283,444,000
respectively. . AW m
Growecs, have made excellent -
progress, in digging and agouti
60 the crop was
ported harvested prior to Optot-„,
ber 8. vu iHovyever, only a small
percentage .of the crop has beSR,.
to date.
....... ~ . *■