3 n | Paper Money | I # H by Charles T. Byrd Jr. II . A previous article explainedjhe principles of the evolution ot money. It was definitively?"discovered Jhat money is a commodity that is accepted in exchange by an individual Who intends to trade it for something else. The two commodities that have dominated the money market for ccntQrtes^re gold and? silver. The natural incentive for an ambitious individual is to look for ways to make life easier for oth#?r tki? ^ k" ? 9 aa uuuc ujf knowing that profit will accrue for what is made available. Since measuring the dominant money commodity, gold dust, is a enterprising capitalist. But the evolution does not stop here/ Another individual proposes that the gold be; stored in his warehouse and a receipt But the evolution does not stop here. Another individual^ proposes that the gold be stored in his warehouse and a receipt issued indicating ownership. This means that gold can be stored in a safe place' and can be picked up when needed.* As the integrity of the warehouse becomes widespread, the receipts Avelop another attribute. Instead of handling the physical gold for every transaction the receipt can. be exchanged thereby passing title to the gojd. Receipts add to the ease of exchange because it's easier to transfer paper than the gold itself. j It must be remembered, however, that the gold is the money. and not the paper receipts. Paper could not be used as-money because the relative ease of its production makes it inexpensive by nature. It would require tons of paper to equal the value of a few ounces of gold. The paper takes on value only as it can be exchanged for gold. If the warehouse refused to make the gold available, the receipts would be worthless. The paper receipts are whaTTs called money substitutes. A money substitute must have three essential characteristics to retail its value (1) general acceptance in the market, (2) the real money must be readily accessible, and (3) the real money must be kept out of circulation. It is the use of the ''warehouse storage" that enabled the development of credit. The vital ingredient of real credit is that one person gives up i ? ' i* C - - - tne use ot nis money in order to allow someone else to use it. A fee, called interest, is paid for temporarily using the money. These simplified principles exist amid the complexities of the present economy. The economic problems that we now face are direct consequences of the distortion of these principles in the modern economic structure. _ WSSU Receives Grants Winston-Salem State Uni- curricula will be adapted to versity has received a $20,000 create a training program planning grant from, the based on the assessed training Department of Housing and needs of managers and Urban Development (HUD) trainees. The plan is to for the development of a include, but not limited to, the housing management training' development of full and program. part-time programs and supDr. William J. Rice. portive training with majot Chairman of the Social Science and minor degree credits in Department, is the coordina- related program areas, tor of the planning phase. He The advisory task force is to submit a detailed assisting Dr. Rice is made up proposal and methodology for of WSSU faculty, representathe design and implementa- tives from Winston-Salem tion of a college curricula in Housing Authority and other housing management by housing professionals in the November 29. Piedmont area, representaDr. Rice, utilizing faculty tives from low and mediunr input and working with an income housing projects anc advisory task force, is to private sectors, and HUD develop a comprehensive plan which shows bow existing See WSSU - Page 7 | Order Your Personalized Xmas Cards. Wedding I | Invitations, Social Forms, and Business Cards J Super Styling. Finest Quality & Lowest Prices in | This Area. Call, Write, or Come By The Winston- | Salem Chronicle Publishing Co., Located At 2208 | N. Patterson Ave. Phone: 722-8624 (mailing | Address: P.O. Box 3154) 1 B WINSTON-SALEM CHBONK Universi by Doug Camming When Mrs. Emma Jane Muse was in high school, she was a model student all A's and a teacher's favorite. She was sure she would go on to attend Shaw University inRaleigh. But somehow things got in "'tiiwwj * ::' t T^sgdMrs. Muse was too shy to ask her cousins with whom she was living to send her to college. A year later she was back with her father in Philadelphia, Pa.* but he didn't have the means to pay tuition. Marriage and a long procession of jobs kept her away from college for about 35 years. This spring, Mrs. Muse, who works for the N.C. ?Personnel Office, will receive a Bachelor of Arts degree from Shaw University. The long delayed degree comes through Shaw's innova ? * v W II1 T VI 311J - ' - f T IIHUU I Walk". ? Mrs. Muse has not gone back to the classroom to get her college education. Rather she has designed her own program of study that draws on the accumulated training and job experiences she has had outside of college. After Mrs. Muse submits her thesis later this month on "Personnel Administration: Theory, Function and Practices", (based on a case study of the department in which she works) she will have completed her college requirements. This will maker her eligible for a promotion, she said. Shaw's University Without Walls (UWW) has'blossomed to an enrollment of 500 students since its beginning three years ago, making it the largest program of its type in the U.S., according to Dean of UWW Dr. Abdul Elkordy. Dr. Elkordy recently declared a moratorium on enrollment, putting close to 300 applicants on a waiting list. Most of the UWW students are like Mrs. Muse; they never got around to attending college, but feel that their life experiences should qualify them for a degree. UWW is based on a concept of independent study that began in England several years ago. "The basic assumption is that practical life experience is at least as important as the theoretical experience that you get in the classroom*\ Dr. Elkordy said in a recent interview. But getting a Shaw University degree through UWW requires mote than simply cashing in on years of life experience. To be admitted to the program, an applicant must have at least the basic skills equivalent to one year of college classes in English, math and the social and urban sciences. The I IE ty Without i^i ' -'^2 Mrs. Em "applicant must also show social and educational maturity. Mrs. Muse's background, apparently, displays such maturity. ''I've had a push toward self-improvement all along," she said. Reading, secretarial school, charm school, iob trainino u/ith * - - "O " Frigidaire and finally special studies at N.C. State prove Mrs. Muse's self-motivation. "Our students must meet the same requirements as a regular Shaw student, but we find alternative ways to do it", Dr. Elkordy said. APARTMENT Spanish black vinyl, sc fahlDC O lomn?? c JI ??a mw?VO) it miiipO) 9 UlHCl chest and bed, mattress an ' 1st, quality for $548.00, cas crediCT NATIONAL I WAREH Corner off Pattorso (THERE, I "Power to the Rams of WSSU" y 9 .Lfll | I Jean Suits, Jean Caps, I Jeans in various styles s I Three piece knit suits I suits, Circh Back Suits. I Shirts in7 unique styles a I The New Wedge heel M I is here and its only $24. |412NJRADE?. I OCTOBER 31, 1974 Walls Bfcfcy?^ )>|| ^Jt^SEsK iSS^E* - ' * ma Jane Muse The UWW student is given an adviser, someone with a uiasi^i 9 UCJJ1CC in mc student's field who supervises the program, or "contract" of study. This contract may include some classroom work, but for the most part students are on their own. In some cities such as Atlanta and Miami, large numbers of UWW students are organized into clusters, Dr. Elkordy said. The students who range in age 20 to 70, must take at least two semesters of study, he See University - Page 5 FURNITURE ?fa and chair, 3 Spanish te, double dresser mirror, d box springs, all new and ih or terms with qualified. URNITURE IOUSE n & Indiana Ava. AL miNG I ind colors I 2 piece knit 1 nd patterns [arshmallow shoe "ON Tilt MAI 1 99 I

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