>—SECTION TWO
PAGE TWO
Tlie National Outlook
Federal Reserve Changes Policy
By Ralph Robky
K One of the early pronounce
ments of President Kennedy was
Hiat short term interest rates
Bvould be held steady but that
term rates should be re-
At the time this was
Bfcidely regarded as impractical,
Hut the Federal Reserve System
Has now changed its policy to
Mieet this aim of the President, j
K During the Second World War
Hnd for several years thereafter
|ke price of government bonds
■■as pegged by the Federal Re-
Herve. This was done by the
■ Reserve banks standing ready to
■|)uy any amount of such obliga
■iions offered to them. The ar-
K’ument used to support this poli-
B;y was that it saved the govern-
Bfnent money on the carrying;
■ charges of the borrowing and
B debt. And there is no doubt 1
Ij§hat it did hold down the carry
■ sng charges, hut what was sav
in this category was offset
nany times by what the public
post through inflation.
: Finally, in 1951 the famous
; Treasury accord was agreed to
• and under this the Federal Re
pserve System was permitted to
|fetop pegging government bonds.
‘ At the tune the present ehair
|Jman of the Federal Reserve
f board of governors, William
1 Martin, Jr., was in the Treasury
| 'Department and he has been
Hgenerally credited with working
B out the accord. Since then the
" policy has been to buy long
term To .usury obligations only
:to prevent a disorderly market.
' Omccw the Reserve System
! he- li; ated itself, with only one
[ or two exceptions, to short term
■Treasury paper. This has come
f h to be known as the “bills usual
i;ly" policy.
There is one more important
I historical fact that needs men-j
fit ion before explaining the
I change just made by the Re
al serve authorities.
In the spring of 1960 our com-
Bmercuil banking system was
running with deficient reserves
of about ssuo million. This was
i covered by rediscounts at the
Reserve banks. The result was
retativi ly nigh interest rates,
i both on long and short term.
Without announcement or expla
nation th Federal Reserve grad
pual'y began to buy short term
Treasury paper in the market.
The efft cl of such purchases is
to give the member commercial
banks more reserves. Another
effect is ti reduce the yield on
such short term paper.
This policy was continued un
* til the commercial hanks hadi
tire i serves -of over -400 mil-!
lion (n • . \ • requirements also
w< "c changed) and the rate on
Treasury bills was reduced by
I ' one half. One result ofi
this was that this brought out;
.short t m rates so much be
io'.v these in some of the lead- 1
ing foreign money centers that
laige sums were transferred;
abron I and ve suffered a heavy
gold loss. At that point the Re
serve authorities stopped pump
ing additional reserves into the ;
commeieial banks, and began i
merely to hold the free reserves 1
at around >5 .) million. And it
is now gen rally recognized that
short term rates can not be
driven still lower without again;
• y y_ E t §l4 j|B
Quality
Chick State
L* ENERGY ♦ VITAMINS
• PROTEINS • MINERALS !.«jj™|j| §
VU* AntibieticH
"jig NWXHEAmM WLLMG CO.
lilt 4 ( EDEMTON
starting a gold outflow.
Now the change of policy that
has just been made is for the I
Federal Reserve System to start |
buying government obligations
with a maturity of more than
i five years. This was such an
1 unusual step that a special news
release was issued announcing
j the new program, and hereto
fore the Reserve System would
never explain a change of poli
cy. The most that it would do
was to give in retrospect what
it had been attempting.
The purpose of the change of;
policy is to reduce long term
interest rates. And no one
doubts that if enough long term
bonds are bought it will have
l this result.
The dangers of the new policy;
are enormous. So long as the
Reserve banks dealt in short
term paper there was no danger
of a significant loss, because the
price of such paper does not
vary much. Long term obliga
tions, on the other hand, are en
-1 tirely different. Their price can
and does swing over a wide
range, and if the Federal Re
serve finds it desirable, or ne
cessary, to sell any appreciable
amount of such bonds it will
take a loss which could be ex
tremely large.
The hope, of course, is that
; large amounts of the long term
bonds will not be purchased by
the Reserve System. If that
! proves true there will still be
j plenty to worry about, but no
occasion to panic.
Edenton Bell
Battery 1861-1865
Continued from Page 1. Section 1
Following the fall of Roanoke
• Island, Capt. William Badham
recruited a battery of artillery
during the winter of 61-62. They
went to Raleigh with 60 men,
l soon joined by Lieut. Nelson
1 McCleese of Tyrrell County with
! twenty-two men, and by Lieut.
Gaskins with about twenty man.
; After drilling in Raleigh for
. about two months, the battery
. was ordered to Camp Lee near
■ | Richmond for further instruc
| tion. As gun- metal was scarce,
, General Beauregard sent out an
[ appeal for church bells and any
;j other bells that- could be given.
Capt. Badham sent Lieut. John
M. Jones to Edenton to secure
its church bells and all others
j that might be obtained. He
readily secured all the bells ex
jeept the Baptist (several mem
; hers objecting) including the
town and Court House and
Academy bells, the bells from
the two shipyards of Col. T. L.
I Skinner and Col. R. T. Paine.
These bells were hauled by
wagon to Suffolk and shipped
jto the Tregadar Iron Works in
Richmond, where they were cast
into four cannon. They were
named respectively “The St.
Paul,” “The Fannie Roulac” foi
j a devout and patriotic member
jof the Methodist Church, the
I "Columbia” and the “Edenton.”
From these guns the Battery be
came known as the Edenton Bell
Battery. The name stuck.
By this time the complement
;of the artillery corps of General
Lee’s army was complete, and
the Edenton Battery was ordered
to be transferred to serve as in
fantrymen, the guns to go into
the general pool. This order
produced great indignation and
disappointment to the members
of the Battery, and Capt. Bad
ham at once dispatched Lieut.
J. M. Jones to President Davis, j
with the following note: “Sir, :
the guns of my company were
made from the bells of my town
and have tolled to their last rest
ing place a great many of the
parents and relatives of my com
mand, and sooner than part with
these guns, they had rather be
taken out and shot. But if al
lowed to keep these guns they
will stand by them till they die.
This spirited and patriotic
letter was handed to Col. Dorcas,
then Chief of Ordinance, who
conveyed it at once to President
Davis. Lieut. Jones had not long
to wait and the reply came at
once that the company would be
furnished as soon as possible
with both artillery horses and
harness. The Battery was then
assigned to Moore’s Third N. C.
Battalion. Horses were difficult
to procure and in the meantime
McClellan had assumed the of
fensive around Richmond and
the battery was ordered to Re
doubt No. 7. Later when horses
were secured the Battery was
sent to Winchester, Va., to re
port to Gen. Pendleton. Later
they were transferred to Gen.
McLaws, but the order was re
scinded and an order came for
the Battery to go to Wilmington.
The guns went by train and
Lieut. Jones drove the horses
through the country. On arriv
ing at Goldsboro, the enemy
was threatening and the guns
, were shipped back from Wil
mington. The Battery was in
action at Kinston, under Gen. R.
F. Hoke, and then brought back
to Goldsboro • for the defense of
that city.
After about a week the Bat
tery was ordered to Wilmington,
where they guarded the railroad
bridge at North East. Later they
were sent to Bald Head Island,
and did guard duty on the coast
until the fall of Fort Fisher.
They then fell back to Fort An
derson and then to Towne Creek,
where they were attacked in
force by the Federals. Capt. Bad
ham sent Sergeant Hunter, with
one gun, the “St. Paul,” to ward
off a attack. The support
ing soldiers from South Carolina
broke and ran. Hunter with only
nis squad held his ground. The
enemy arrived at the very muzzle
of the cannon. Their officer
shouted, "If you fire that gun I
will kill you.” “Kill and be
damned.” said Hunter, and or
dered his gunner to fire. They
were captured and would have
been shot but for the officer, who
said, “These men are too brave to
be shot.” About fifteen of the
men were captured and sent to
Cape Lookout, among them Mr.
A. T. Bush. The remainder of
mumw
30
V
. .: : jHH|fi
JOE THORUD SAYS:
hmo 1
to keep your
HOME IN ~ I
|: THE FAMILY [
and jour
FAMILY IN
;| THEIR HOME |
l siSfssi
PW»^j^44l!
Just tee your Nationwide man
and ask for a Mortgage Can
tellation plan. Here's really
low cost assurance that your
mortgage will be fully paid
eatomatically if you’re not
here to do it. Check Nation
wide the company with smr
ideal ter a new ere,
JOE THORUD
KM Bank at Edentou Bids-
P. O. Box 504
. PHONE 2429
THE CHOWAN HERALD, EDENTON, NORTH CAROLINA, THURSDAY, MARCH 9, IMI.
the Battery fell back to Wilming
ton. They saw service-again at
Gox’s Bridge and finally sur
rendered to Gen. Sherman near
Greensboro. There is some doubt
as to what finally became of
these cannon. The story is that
they were secretly dumped into
the Eno River, but as they were
j never located, their final destiny
I is a mystery.
The Edenton Bell Battery saw
service in the following places:
Winchester, the Seven Day 3
Battle around Richmond, Culpep
er Court House, at Redoubt No.
7, Goldsboro, Kinston, Whitehall
Bridge, Bald Head Island, Smith
field (Southport). Fort Anderson,
Town Creek, Wilmington and
Eentonville.
j County tews ]
| By MRS. ROLAND EVANsJ
Week of Prayer for Home Mis
sions is being observed this
week at Rocky Hock Baptist
Church. The Audrey Gordon
Circle and Betty Ann Harrell
Circle presented the program for
Monday night, with Mrs. T. W.
Allred in charge.
The Extension Member this
week at Rocky Hock is Henry
T. Lane.
The Rocky Hock Intermediate
and Junior RA’s met at the!
Community Center on Monday
night at 7:30 o’clock.
YWA’s of Rocky Hock met
Monday night at 7:30 o’clock
with Mrs. Lois As'hley.
March 4-11 is National 4-H
Club Week.
Lewis Evans was winner in
the 1961 4-H peanut contest.
Fat Stock Show and Sale will
be held March 29 at the Ameri
can Legion grounds.
Revival services are being
held this week at the Edenton
Baptist Church. •
The PTA meeting of Chowan
High School was held Monday
night.. March 6, in the school
auditorium. The theme for the
month of March is “A Healthy
Child Is A Happy Child.” A
film, “The Angry Boy” was
shown. A panel discussion fol
lowed in which Dr. Johnson,
local health doctor, the Rev. T.
W. Allred, pastor of Rocky Hock
Baptist Church, Paul Stanton,
physical education director, and
Mrs. Jane Joyner, a patron, took
Custom Made Furniture
and
Furniture Refinished
RHOADES SHOE REPAIR
429 S. Broad St., Edenton
Vegetable Growers
KEYSTONE SEEDS
'|
BE SURE OF FINEST QUALITY BY BUYING
YOUR SEED IN SEALED KEYSTONE
BAGS AND 1-LB. CANS
Approved And Tested Variety
BUSH SNAP BEANS GARDEN PEAS
_ Early Alaska
Bountiful, Contender Thomas Laxton, W.R.
Black Valentine Stringless Laxton Progress
Wando
BUSH LIMA BEANS PEPPER
... ti j California Wonder
Alloreen Henderson Keystone Resistant Giant
Fordhook No. 242 Cayenne (Hot)
ChiH (Hot)
CANTALOUPES TOMATO
Hales Best Jumbo, Edisto garly g**! ll Hybrid
Early Valiant
Homestead No. 24
SWEET CORN LarqcUßutger
_ ~ _ , Mar globe
Gold Rush Ponderosa
Aristiqold
CUTT" WATERMELONS
Sweetangold Charleston Grey Congo
S to wells Evergreen Blackstoae (WJL) '
Keystone Evergreen Im. Hawks bury
The Largest And Most Complete Line
Os Seeds In This Area!
HYBRID FIELD CORN—SOY BEANS—COTTON SEED
CABBAGE AND LETTUCE PLANTS
ONION SETS SEED POTATOES
!■ ■■in. .n
“QUALITY SEEDS OF KNOWN ORIGIN”
-—— Distributed By-—— *
V TI PI? .i :
■ fm lAm A ■At m■l \A ■ k. >1 /B'l S-SdfcS SS
part.
The Rocky Hock Baseball Club
Wilt present their Oriole Min
strel, “Cottontown Carnival,” at
Chowan High ' School on Friday
night.
A membership meeting of
Chowan Farm Bureau will be
held Tuesday night, March 14,
at 7 o’clock at Center Hill Com
munity Building.
A meeting of sweet potato
growers will be held in Chowan
Community Building this (Thurs
day) afternoon at 2 o’clock.
Stanford Perry,, formerly of
Chowan County, employed at J.
C. Penny Co., Suffolk, Va., is
attending a men’s spring wear
ing apparel meeting and show in
Atlanta, Ga., this week.
Mr. and Mrs. Calvin Keeter
land family visited Mrs. Keeter
on Sunday. She returned from
Chowan Hospital last week.
Chowan Club meets Monday,
March 13, at 2:30 P. M., in the
Chowan Community Building.
The Audrey Gordon Circle will
meet Monday- night with Mrs.
Kenneth Worrell.
The County Music Chairman
and Music Leaders from each
Home Demonstration Club are
having a music workshop in
Gates County today, March 9, at
the VFW Building on Highway
158 between Sunbury and Gates
ville.
Mr. and Mrs. Stillman Leary,
Mr. and Mrs. W. H. Saunders,
Mr. and Mrs. Jack Evans and
family, Douglas Bunch, Mr. and
Mrs. Roland Evans visited Ed
ward Evans Sunday evening.
Students home for the week
end at Rocky Hock were Ruth
Leary, Emily Leary, David All
red, Betty Bunch ahd Kathryn
Tynch.
Stanford Perry of Suffolk, Va.,
and Miss May Vaughan Nixon
of Gates County visited Mr. and
Mrs. Evans on Sunday.
Mrs. Martha Harrell celebrat
ed her birthday on Sunday. '
Mrs. Mary Elizabeth Dale of
Edenton will hold a Stanley
Party Friday night.
Lester Forehand has returned
home from the hospital.
For The Children
| “What’s the enormous pack
age, Henry?” asked the house
wife.
I “That’s the economy size bag
of peanuts,” said the man, “a
■ hundred pounds
OUTDOOR TIPS
from the Ancient Age Sportsman's Idea Exchange
FISHING ( |
Many anglers enjoy ice fish-}
ing, but few are thrilled by (
chapping holes in ice. Here’s a!
way to save your energy for the
fish. Make a cone out Os gal
vanized metal or copper. After
the hole has been opened in the
ice and you’re through fishing
for the day, place the cone in
the hole and fill with paper or
oily rags. The next time out set
the rags on fire. Presto—a nice
round hole with no chopping.
If you’re a fisherman who be
lieves they bite better after dark,
this tip is for you. Wrap some
flourescent tape around the tip
of your rod. Any kind of dim
light will make it glow. You’ll
be amazed how it will improve.
your nocturnal easting.
HUNTING
When you have a deer in
sight, but are are unable to de
termine its sex or the size of
its rack, blow a sharp blast on
a silent dog whistle. Up will
come the deer’s head and you’ll
know for sure just what you’re
shooting at.
Experienced horseback hunt
ers will stand behind this tip.
They keep watching the ears
and eyes of their mounts. Hors
es have a keen sense of hear- j
ing and are often aware of game
in the area before a man.
SHOOTING
If you still haven’t changed to
filter-tip smoking, this gimmick
may do it. To reduce the gun
$1,247 PAID TO WINNERS
IN POST POSITION GAME
In the first game the win
ners took home $1,247.00. And
there’s more coming. Every
week is a new game in the ex
citing POST POSITION feature
of the Baltimore American. You
may win. See rules and in
structions and your entry blank
in the
BALTIMORE AMERICAN
on sale at your local newsdealer
Kentucky
sK • v
Sib - : t-'.-.-fe/jIdH
boprbok ol
SUSfti
o!b u 1,.
’ 6Ut£u£ll!udiiti&dacco*dmfF W
gj;
OtSTHXED * BOTTLED BY i M
ANCIENT AOE DISTILLING CO.
' ' ntmrtm.mmcKi ~ ppm
blast in your ears, remove the
filter from a cigarette. Unroll
it so that it flares out some.
Then insert it in your ear. Re
peat: be sure to remove the cig
arette—or friends may think you
are nuts.
When it’s time to oil up your
arsenal and you discover that
some of the gun screws won’t
budge, heat them with a solder
ing iron. It says here, it works
every time.
BOATING
Wet-weather sailors should be
interested in this one. You can
keep your flashlight dry during
the roughest trip if you keep it
tightly sealed in a clear plastic
bag. The light comes through,
£oVP*
fal, 000
March Is The Time
. . • to fertilize your camellias!
Azaleas after blooming. Get
your Wood’s Azalea and Ca
mellia Sp ecial Plant Food
now.
Home Feed & Fertilizer Company
Phone 2313 -j- Edenton
but the water doesn’t 1 j ,
SPORTtNG IDOGS
A tough job for any sports
man is removing porcupine quills
from the mouth of a favorite
hunting dog. This kip will help
both the hurtter and the animal.
Rub some baby teething lotion
in the dog’s mouth. This -will
kill much of the pain—on bath
sides.
(Try for a SSO prize. Sand
your tip to A. A. Contest, Sports
Afield, 959 Bth Ave., New Yoric
19, N. Y.)
We, by our sufferings, learn
to prize our bliss. —Dryden.
E C. Harrell, ir.
Radio&TV 1
Service
c
Valhalla, N. C.
PHONE K. L. NIXON—3O33 1