PAGE TWO
THE
CHATHAM RECORD
O. J. PETERSON
Editor and Publisher
SUBSCRIPTION PRICE:
Dne Year $1.50
Months 75
THURSDAY, OCTOBER 3, 1929
VERY GENEROUS
A few months ago, in a
series of economic articles, the
Record made the statement
that any investment of Amer
ican funds in Europe is a virtu
al gift so long as our exports
to Europe overbalance our im
ports from that continent. We
hoped that some one would
either challenge the assertion,
or if convinced of its truth
would help impress its impor
tance upon the consciousness
of the American people. But
if anybody able to form an
opinion about the matter read
it, he hasn't chirped, one way
or the other. If it is true, the
fact is of the greatest impor
tance to our people. If it isn’t
true, we should like to be con
vinced of the fallacy of the
statement. If it is true, it is
apparent that the fact may ac
count largely for the poverty
of great masses of our popu
lation.
Now we have found a vir
tual admission of our state
ment in an article by Will
Payne in the Saturday Evening
Post. However, Mr. Payne is
simple enough to suggest that
the money we send to Europe
for the purchase of securities
balances or cancels the obliga
tions. That is, Europe can not
aow pay in goods, the only ul
timate payment, but does pay
with securities, or promises to
pay later. And this while each
year the sum of the invest
ments and of accrude war
debt payments are increasing
by billions.
It is apparent to any one, it
seems that a debt can not be
paid by increasing the obliga
tion; also that payment in
goods is impossible so long as
the balance of trade in goods
is in our favor. Yet, accord
ing to Mr. Payne’s figures, the
balance of trade in our favor
during the last nine years has
been $9,500,000,000; while
Americans have bought $14,-
000,000,000 worth of securi
ties. This makes a total addi
tion to Europe’s obligations to
Americans of twenty-three and
i half billion dollars, and this
plus the war debts.
Now any dollar of these in
vestments may be used to pur
chase American goods for con
sumption in Europe. On the
other hand, it seems impossi
ble for any European dollar
that might reach America to
be spent for the purchase of
European goods, which are al
ready overpaid for by exports
to Europe.
Mr. Payne further states
that there will probably be ten
billions available each year for
nvestment in Europe. But if
:hat is true, it is only true be
cause the investors will have
gouged it out of the masses in
America. It is apparently logi
cal to assert that the only legi
timate fund for investment
ibroad is the equivalent of the
ixcess of goods made in Amer
can goods less the value of
mported goods. Any fund
ibove the values of the sur
plus goods less the exports,
limply represents extortion of
lurchasing power from the
American consumers. But
here is no use to further ex
oand this proposition. If the
•eader has -gumption enough
o comprehend it, he has
jnough hint here to enable him
o demonstrate the proposi
tion. But here is one simple
llustration. If a farmer con
umes or spends all he makes
or other goods for home con
sumption except one bale of
otton, it is apparent that all
can possibly have to invest
;s the bale of cotton. Applied,
'fc is thus: If America uses up
h* buys from abroad all the
roods it makes except that rep
esented by the balance of ex
ports over imports, it is equally
lear that all she can have to
invest is that excess, or its
calue.
Now, if ten billions of
American money should go to
Europe each year, it would
ot be of vital concern if it
were collected impartially
from all the people in propor
tion to their cash possessions
in the course of a year, since
it would have only the effect,
if not spent for American
goods, of decreasing the circu
lating medium in America to
that extent, and thus increas
ing the value of e a ch remain
ing dollar, or that would be
true if money had not become
an artifical commodity, made
on demand in any quantity de
sired. But, clearly, the levies
laid for the acquisition of the
ten billions are not even, and
besides, as said above, any dol
lar of it may be used to pur
chase American goods. The
fact that the levy is uneven
and that the circulating med
ium is not affected in quantity
as in times when all transfers
of values, except of actual
goods, were in silver or gold,
and thereby the value of re
maining funds is not enhanced
by the greater scarcity of dol
lars, and that the exported
funds become a mortgage upon
so many American goods as
the European borrowers may
care to buy, means that every
American who is gouged out
of a dollar of the funds thus
used is that much less able to
buy goods for consumption,
and that every dollar’s worth
of goods bought with such
moneys for European con
sumption deprives American
consumers of those goods, pro
vided that there are Americans
who do not have enough, a
proposition which is too ap
parent.
If it is true that we can not
collect from Europe and are
investing ten billions a year
there, it is apparent why pov
erty should so largely prevail
among the masses of this coun
try. Ten billions amount to
eighty dollars for every one
of America’s 125,000,000 peo
ple, or S4OO for every family
of five. Thus America is being
robbed to that extent, or the
financiers are creating money
by legerdemain, which latter is
probably largely true.
But the fact that such a
thing is possible is furthei
proof of the throttle-hold that
the few have over the re
sources, actual and artificial, of
this country. But apart from
the actual acquisition of Amer
ican goods through such a
course, Europe itself receives
no special benefit from the rob
bery, that is, if it could dis
cover a circulating medium
that would suffice for the in
terchange of goods and for
payment of labor without the
importation of a circulating
medium from America.
€>
The editor should have given
more time to the digestion of
Will Payne’s figures on foreign
investments, etc., before writ
ing the article on this page,
and also more care to its writ
ing, but something had to go to
the printer. W T e speak in one
place of the absolute control
of the few over the resource?
of the country, “both actual
and artificial.” As we think
of it, those words are not just
the ones we should have used.
“Real and fictitious” would
probably have been better.
Anyway, the idea is that the
manipulators have discovered
a means of creating assets by
hocus-pocus. We defy anybody
to discover a just means of
freeing annually more funds
for foreign investment, for a
long term of years, than that
represented by the balance of
trade in favor of America,
plus the payments on foreign
debts, at least till new gold
mines are discovered. And if
a mountain of gold should be
discovered, its investment
abroad or at home would be
about as just as the purchase
of Indians’ goods with a sup
ply of wampum shells from a
newly discovered heap.
<€>
Governor Gardner is re
ported as urging higher wages,
shorter hours, and the discon
tinuation of mill villages as the
remedy for the cotton mill
troubles. But suppose the mills
really can not afford to pay
higher wages? A peep at the
books or the income reports
of the mills should decide what
the mills can do in that re
spect. If they should be pay
ing the higher-ups salaries like
those of some industries and
big dividends to stockholders,
then public opinion brought to
bear would probably force
higher wages. On the other
hand, if* the income of the
TOK CHATHAM RECORD. PITTSBORO, N. C.
mills are not adequate for the
payment of higher wages,
there is .no remedy except in
reforming the whole economic
scheme of things.- The blood
suckers that deprive the masses
of economic strength are re
sponsible for the inability of
the average man to buy. The
favored enterprises, actual or
virtual monopolies, can not
draw billions of excess profits
from the consumers of the
i country without affecting the
purchasing power of the mass
es, and so long as people will
do without goods rather than
pay a price for them that will
i justify higher wages for the
i employees of the manufactur
. ers, the highly competitive in
dustries like cotton mills, as
; the farmers must take what
[ they can get and pay only what
, they are able. Imagine Gov
■ ernor Gardner’s proposing that
farm laborers be paid more
. for shorter hours under pres
[ ent conditions! No business
L can pay more than its income
i justifies.. If the mills are jus
' tified in paying higher wages,
- let the public know it, and the
; next strike you will see where
i the sympathy goes.
, ♦
Editor Saunders of the Eliz
| abeth City Independent says
L that J. W. Bailey is too brainy
to be elected governor or sen
t ator, that people like to vote
for men who are not so far
, above them in intellect. Thanks,
Brother Saunders. We now
know why Grist got such a
whopping majority last year.
wBBSntBKBSSBBBSMOSOBSSSBSSB* ’
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* *
Brickhaven News *
* *
***************
Miss Ruth Kennedy, a student of
Meredith College, spent the week
end here with her mother, Mrs. A.
C. Kennedy.
Mr. C. P. Cox of Greensboro spent
awhile here last week with friends.
Miss Jack Wheeler was the attrac
tive week end guest here of Miss
Frances Thompson.
Among those who motored to Ral
eigh to hear the noted evangelist,
Mrs. Demorest, last week were Mr.
and Mrs. N. F. Overby, Mrs. Claire
Harrington, Mrs. R. H. Overby and
Miss Mary Lee Utley.
Messrs. J. C. Caulk and William
Barnes of the Cherokee Brick Co.,
spent the week-end with relatives in
Carthage.
We are glad indeed to know that
Mrs. H. A. Harrington, who has not
been very well for the past few
weeks is getting on beautifully now
and is much improved.
Mrs. J. H. Lawrence and children
have been on the sick list the past
week. We hope they will soon be
out again.
Several hundred people were pres
ent for the all-day services at Buck
horne church yesterday. The pro
gram was splendid c and was was
thoroughly enjoyed by htose present.
Mr. W. A. Griffin of Yanceyville
was among the week-end visitors
here.
It seems that the hit-and-run
drivers have invaded even our little
village. Mr. N. T. Overby lost a
beautiful bird dog yesterday. It was
found dead—run over by a car—
when the family returned from
church.
The Brickhaven school work seems
to be going on splendidly. Much in
terest is being shown by some of
the patrons and the pupils are ex
libiting a fine working spirit. The
zeachers are interested and seem to
be working hard. Many favorable
comments nave been heard concern
ing the work of the primary teach
er, Miss Cleo Cotten..
Sunday was such a beautiful day,
warm and sunny, with the tang oi
autumn in the air, that one felt gla
just to be alive and be a part of so
much gladness and beauty. Yet man,
who was created in the image of
God, the Giver of the matchless
wonder of the changing seasons, had
to be the one to mar the gladness
of the day. Some so far forget
themselves as to desecrate the
dignity of manhood and our officers
had to take them to the Pittsboro
jail. How can any one love money
better than he loves men! How can
any one calling himself a man handle
and sell the vile stuff called whiskey?
Getting rich off the misfortunes and
weaknesses of his fellow men. We
wonder if the thought of ragged,
hungry, little children, broken-heart
ed wives and mothers, wrecked
homes, and lives of strong men
broken and ruined by the use of
strong drink ever comes to disturb
them in their mad rush for money!
May the day soon dawn when each
one of us asks ourselves the ques
tion, “Am I my brother’s keeper?”
and may we answer by being ideal
citizens in the best sense of the
word. All of us know that the
golden rule is the motto of every true
citizen. Too, it would be a good
thing to think now and then of our
State motto, “Esse Quam Videri”
(to be rather than to seem).
• v
SALE UNDER DEED OF TRUST
Under and by virtue of the power
and authority conferred upon me in
a certain deed of trust dated May
31, 1927, and executed by Dexter
Goodwin and wife, Addie Goodwin,
and recorded in the office of the
Register of Deeds for Chatham
County in Book “GR”, pages 363
and 364, default having been made
m the'payment of principal and in
terest secured thereby, and request
m $
Watch your tvor\ M
done thoroughly in
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j _
li 55EBg5BgHBE]
// ILy» 118
Orrveawaysurecfa r
***?****> up -.
THURSDAY, OCTOBER 3, 1929
I having been made upon the trustee
to foreclose by the owner of the
bond, I will, on
Monday, October 21, 1929,
at the hour of 12 o’clock M.,
at the court house door in Chatham
County, Pittsboro, N. C., offer for
sale and sell to the highest bidder
for cash all those two certain tracts
or parcels of land lying and situated
in Chatham County, N. C., and more
particularly described by metes and
bounds and separate tracts as fob
follows, to wit:
FIRST TRACT: Beginning at a
stake and pointers (formerly Lydia
Upchurch’s corner) in Gaston Good
win’s line, running South 3 degrees
W. 205 poles to a stake and point
ers on the North bank of Beaver
Creek, thence down the various
courses of the same to a stake on
the North bank of said creek at the
rack log, E. W. Goodwin’s eorner;
thence N. 1 degree East 202 poles
to a stake in Alfred Lawrence’s line,
E. W. Goodwin’s corner; thence S.
87 degrees 130% poles to a stake
and the beginning, containing 163
acres and 124 poles, more or less.
SECOND TRACT: Beginning at
Joseph,Goodwin’s corner, running
West to E. W. Goodwin’s corner,
thence in a northerly direction with
E. W. Goodwin’s line to W. H. Good
win’s line; thence in an Easterly di
rection with said W. H. Goodwin’s
line to O. L. Ellis’ line; thence in a
Southerly direction with O. L. Ellis
and Gaston Goodwin’s line to the
first station, containing 40 acres
more or less. This tract being the
same conveyed to Dexter Goodwin
by W. H. Goodwin, by deed recorded
in office of Register of Deeds for
Chatham County.
This the 14th day of September.
1929
J. L. CROWDER, Trustee
Apex, N. C.
T. Lacy Williams, Atty.
Raleigh, N. C.
James Benson of Chicago was ar
rested for pulling the ears of several
women shoppers on State street.