Newspapers / The Warren Record (Warrenton, … / May 28, 1970, edition 1 / Page 2
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ffite Barren Krrnrii Published Every Thursday By The Record Printing Company P. O. BOX 70 - WARRENTON. N. C. 27589 BIGNALL JONES. Editor ? DUKE JONES, Business Manager Member North Carolina Press Association ENTERED AS SECOND-CLASS MATTER AT THE POST OFFICE IN WARRENTON, NORTH CAROLINA, UNDER THE LAWS OF CONGRESS "Second Class Postage Paid At Warrenton, N. C." QTTDCr"DTt>rPTH"\J D a tpq . ONE YEAR, $3.00; SIX MONTHS, $1.30 oux?^mri iuin i\j\ i . OUT OF state: one year. m.oo; six months. 12.a High Interest Rate No Panacea Carolina Power and Light Com pany is planning to request the first general rate increase in the com pany's history. It will ask the North Carolina Utilities Commission and the South Carolina Public Service Commission to approve a general rate increase of approximately 10.5 percent on service to retail custom ers. In background information, the power company makes a good case, with general inflation, rise in costs of coal, and high interest rates, plus the cost of expansion of future needs. Not mentioned was increas ed taxes, which must be a bigfactor in operating costs. Through efficiency in operation, plus increased volume, the power company over the years has been able to reduce their rates, but now the company says it must go back to a rate approximately the same as was in effect in 1964. When we objected editorially sometime ago to high interest rates as being inflationary, we received a letter from the president of the com pany supporting our position and stating that interest was one of the larger costs of his company. The experience of this power com pany we think offers a good example of how high interest rates increases the cost of living rather than curb ing inflation. In 1951 CarolinaPower Company issued first mortgage bonds in the amount of $15. million " at 2 7/8%. "in 1970 it issued $40 million at a rate of 8 3/4%. This difference must be paid by the con sumers of electricity in higher rates, so the cost of electricity is higher. Of course, the same is true of other manufacturing and retailing companies and tends to increase the price of goods Instead of reducing them. The government is taxing the people to build houses, where in many instances, we think, private in dustry would build many- of these houses with a favorable interest rate. As the cost of electricity, the cost of housing, the cost of automobiles rise the worker finds himself hard put to meet expenses and demands an Increase in wages, which fans the fires of inflation, and contin ues a vicious circle. S has been explained to us that the government, worried over the rising cost of living, had the Fed eral Reserve Board raise Interest rates In the belief that It would re duce credit, and thus demand and would cause a drop In prices and would also cause some increase in unemployment. While it has caused a loss of jobs, It has failed to de crease the cost of living and, in our opinion, is not apt to because it is based on false premises. Some economists, those of the Morgan school, hold that we have inflation when the supply of money or credit exceeds the amount of goods on hand; and the way to curb inflation is to curb money and credit. This works to the ad vantage of the money lenders and to the disadvantage of workers, and also tends to raise prices as volume of production is reduced causing a rise in unit prices. If we grant that inflation is caus ed by an excess of money and credit over goods, why, so long as we have the capacity to produce, could not the same results be ob tained by increasing the amount of goods? It seems to us that such ac tion would give full employment, rising incomes that would be re flected in increased taxes for the federal government, allowing it to balance the budget, and perhaps low ering taxes which would result in lower production costs. At any rate, in President Eisen hower's second term, the Federal Reserve Board decided that prices were getting out of hand and raised interest rates. Th e result was a business recession, and the rates were lowered. In the Kennedy Ad ministration when business was slowing down, taxes were reduced, and the economy spurted, and, in spite of inflation, people enjoyed good times, which are now ser^ iously threatened by the Nixon fis"' cal policy. After the midtwenties, farm prices began to fall, which was followed by business failures, rising unemployment, and many assur ances that prosperity was just around the corner. And then came the Stock Market crash, bank failures and the Great Depression. Now we are again faced with fall ing farm prices, a disturbing rise in unemployment, business failures, repossession of goods, and heavy losses in the Stock Market and a continued deficit in government spending. The only thing that keeps us from another great depres sion is government spending, which is providing people with money to buy enough goods to keep the econ omy moving, Instead of crashing. We wonder when those who are our governors realize that prosperity pan not be engendered by financial slight of hand, government reas surances, and stock market profits? We wonder when they will realize that the only way to have wealth Is to produce wealth? Certainly, the present plan Is not working. No Time For Pessimism The Christian Science Monitor We are grateful to a Swiss visitor for having struck a sensible anc) sobering note about the United States. Max Frisch, the well - known author, has optimistic words about America's future. After a swing about the country, he sees no triumph for repression and expresses the conviction that the vitality of American politics will over come the present problems traceable to the Vietnam war. Since these views so strongly parallel our own, we are delighted to.have them express ed by a shrewd sad unbiased observer from abroad. For we remain firmly convinced that the present wave of hysterical predic tions regarding America's immediate future are lll-toanded. On atl aldas we hear that the United Is becoming rigidly polarised, that rowing worse, that is arising, that poll White House and that, in short, the society is being as though tans Hag a kind la seeing who can be there are not extremely difficult problems ahead. The country Is split In ways which have seldom been duplicated In the past. New forces, new demands, new dissatis factions are making themselves felt with un wonted vigor. These must be met and ans wers found. Means must be worked out to restore a sense of national unity and con sensus. And there can be no delay In tack ling this challenge. Yet we believe that those who have yielded to hand-wringing over America's future are overlooking the deep mental, spiritual, moral, and material strengths which underpin that nation. A nation, like an individual, some times goes through shaking experiences. But if both are strong and healthy, ia a new insight, a new power, a confidence. To use am at the M illustrations, muddy river-beds need pe riodical atlrring in order to pnrtfy thei Mostly Personal By BIGNALL JONES Sometimes a thing conceived (or one purpose ends up with an entirely different result. Such Is this column, created many years ago with the pur pose of commenting on affairs, and personalities not falling Into either news or editorial classification, but of some per sonal interest. Instead of this it has largely become a column of personal recollection of per sons and events In the county over the past 50 years, or longer. 1 am gratified with Its reception, and most often It has been a pleasure to write. The column may possibly have some value in that a his tory of the past may offer some understanding of the present and future, and so long as it receives reader support I will try to keep it on this track. Yet I will reserve the right from time to time to comment on current events and personali ties. This week I will comment upon a retired couple who came to Warrenton a few years ago to make It their home and who have contributed much to the town because they are cultured people with a love of the beau tiful and a sense of social responsibility. Several weeks ago Lillie Wood, who was my classmate at the old Warrenton graded school, located in the present home of Mrs. H. P. Read, told me that I should give some recognition to the contribution to the attractiveness of the town made by Shorty Geddie in not only clearing up his own lot in the southern part of the town, but in clearing up ad Joining property along Eaton Avenue for a full block. I agreed that it was worthy of mention, but as it had been going on for some time, it was hardly news, but it does fit into a Mostly Personal column. I add my personal congratulation to H. R. Geddy for a fine job! Following the retirement of Mr. Geddie as a State High way Engineer, he and Mrs. Geddie, the former Alice Pat terson of Airlie, bought the old Davis home on the corner of Halifax Street and Eaton Avenue and after renovating it, moved here- to make It their home, which has proved a good thing for Warrenton. Mrs. Geddie has many1 con nections in Warrenton and dur ing the years she and Mr. Ged die had often visited Mrs. Ged die's cousin, Mrs. Joe Ellis. Evidently, they liked the town and its people, and from the many places they had lived, they chose It as their perman ent home. After renovating the home and tearing down a number of old buildings and removing much growth and debris that had ac cumulated after the Davis fam ily's removal from Warrenton, Shorty started on clearing a large back yard and what was once an orchard that in the course of time had become a thicket. Completlngthe clearing on his own property, Shorty started on an adjoining lot on the South end of the old Davis property which had been sold a number of years ago and is making gratifying progress on its clearing. With strength and energy that U the envy of his contemporar ies, Shorty now has a large and pretty vegetable garden on one end of his back lot and a flower garden on the street side. He and Mrs. Geddle are mak ing of this pretty old home, where General Robert E. Lee once slept, one of the town's show places. Before any of our people are too hasty about cutting down the trees on main street's busi ness section, they should re member that It was the beauty of the town that not only attract ed Mr. and Mrs. Geddle, but at least two other couples to Warrenton. In recent years, Mr. and Mrs. Lyles Jacobs, from a northern State, happened to ride through Warrenton. They were so attracted by the beauty and charm of the town, that they came here to live and built a home on South Main Street. Mr . and Mrs. L. H. Pr)day, for the same reason, moved from Wilmington, Del., where Mr. Prtday was an executive of the Devout Company, to Co lonial IyOdfB where they are now making their home and parti cipating in the lite of the town. I am indebted to Mrs. Thomas rr aster lor the following dlp I from The Warren Record, from the acr^hook of the late Miss Dorothy Walt ers. The date of the original is not kaonra, hot it was some p. Ike cupping teUst Letters To Editor FROM A COLLEGE STUDENT To The Editor: As a native of Warren Coua ty and citizen of the United States, I would like to express my opinions on the omnipresent of "what Is wrong with Amer ica?" Considering the fact that I am a college student and a member of a dissenting min ority, I am sure many will dismiss my observations, but It would be to no one's benefit because these opinions concern America?what It Is, what It should be, as well as distinc tion between the two. This dis tinction, I feel, Is most crude ly Ignored by our super-patrio tic, zealous chauvinists, whose only solution Is the reply of "love It or leave it." The many social and eco nomic ills of today can be easily, directly and unquestion ably traced to the war In Indo China. The war, which has been undeclared but continued by the consecutive administrations of Presidents Elsenhower, Ken nedy, Johnson and Nixon, con tinues to drain our economic resources, our morale and most iiiipuiiant the lives of human beings. The same form of "red-baiting," which led to the witchhunt for Communists In the 1950's accusing Eisenhower himself as a "card-carrying member of the Communist Party," is now being used to justify American Intervention in another part of the world to "fight Communist aggression." The simple facts of the situa tion suggest that as far as "pro testing" anyone, the United States Is only providing arms and men to the small, corrupt Saigon regime, which In my opinion, In no way represents the masses of Vietnamese peasants, but only itself. The McGovern - Hatfield movement In Congress to cutoff funds for the continuation of the war is, I feel, the most logical oourse that can be taken and should be supported actively by every concerned citizen. The argument for this movement Is that the President, though Com mander-in-Chlef of the armed forces and chief executor of foreign policy, Is overstepping his constitutional authority by Ignoring the role of Congress. The Congress, which fa nibre directly representative of the people, should, aeeordlnglcf'the Constitution, share a role lfi th^ formulation of foreign policy. This is precisely what the State of Massachusetts maintained In Its proclamation that the drafting of Massachusetts citi zens for the purposes of the pre sently undeclared war, Is con stitutionally Illegal. K Is disgustingly Interest ing to observe the reaction against protest to this war. An example was the recent display of violence against peace demonstrators In New York led by the hardhat construction workers. But perhaps outpours of reactionary sentiment of this type is to be expected when the Inflammatory rhetoric of Splro Agnew appeals to the not so-sllent majority. Examining our own conditions often times becomes difficult as well as disgusting. The recent killings at Kent State and Jack son State only reinforce my pes simism. Some, however, see hope In the n>comlng Congres sional elections. We , the citizens of Warren County, should express our grievances to our leaders now In office and take advantage of the freedom of expression and dissent. ROBERT RANDOL DAVIS Route 2 Warrenton, N. C. May 25, 1070. GOVERNMENTAL INJUSTICES To The Editor: I am writing to your office, first of all, as ?! citizen of War ren County and secondly, as a student of the Phillips Exeter Academy. As I am sure they are, I believe that the people of Warren County should be aware of different people's re actions to governmental in justices In different parts of the nation. After the slaylngs at Kent State University a few weeks ago, the people of tits Exeter Community began to "alt ig> and take notice" of the terrible things happening arotnd them: things that they Indirectly con trol. Before this time Son and dew was on the grass, and oooked breakfast on the banks of the pond: Misses Mary Burwell, OUvia Burwell, Doro thy Walters, Sylbert PandUtoa, Tampe Boyd, and Martha Reyn olds Price." On the bftcfc of the cUppiag wars professional cards of Dr. TtoMs A. Sbearln, Registered Optoaattrtst, and rraak H. Olbbs, Attorney-at-Law, Office over: mail town. In which the Acad emy campus Is located, had been an Integral put of the "silent majority". Now tt Is beginning to ba heard. Therefore, we (students and faculty of the Academy) encour age discussions and actions which will lead to the election of more responsible and more responsive people In the na tion's government. Very soon after the deaths of the Kent State students, the Principal of the Academy wrote a letter to President Nixon. Enclosed is a copy of that letter. I ask that you pub lish this letter as an informa tive look at the feelings of a New England private school principal. The Phillips Exeter Academy Exeter, New Hampshire 03833 May 21, 1970 Sincerely yours, DANNY R. DAVIS (Enclosure) The President The White House Washington, D. C. Mr. President: As the Principal of a large national boarding school, I am deeply concerned by the crisis of confidence in Amer ica today. Of all the ills be setting our society, the most crucial is the unwillingness of those in power to listen to the younger generation. Itlsmy business to listen to young men, and I like what I hear. Amer ican young people, as a group, are responsible, conscientious, and committed. They oppose the use of violence and they want to work within the system. Young men and women are a reservoir of political power. They demonstrated their dis ciplined vigor here in New Hampshire when they helped Senator McCarthy achieve his stunning victory in the 1968 presidential primary. There will be more elections, more Issues, and more youthful vic tories. Before long, this gen eration will be In power, and It behooves us now to listen to what they are saying. They are saying, first of all, that they oppose the war in Vietnam. I agree. Our present Involvement in Asia Is not in the Interest of the nations of South eas t Asia, nor in our own national interest. It has torn the land and the people apart in Asia and has torn society ,3Part,here at home. A wise nation learns from experience. We must get put pf Southeast you i Our young people are saying, secondly, that tfatqr mat Justice tor Blacks. I acne. A society which tolerates racial lneqult lea la a weak, ineffective so ciety. You yourself have elo quently warned us against the weakening effects of divisive ness. We roust resume the dif ficult and painful road toward racial Justice. And finally, Mr. President, young people are eager to defend their environment. They de mand that high priority be given to programs for pollution con trol. I agree. Young people Sfce these three problems? war, race, pollution ? as moral Issues. They ques tion our moral right to inter fere in Southeast Asia, our lack of moral courage in pursuit of racial Justice, and our moral blindness In fallingto defend the environment. The term Idealis tic has often been used scorn fully to describe them. I, and many others who work closely with young people, admire their sensitivity to human is sues and their courage in speak ing out against an often hostile society. The excesses for which they are condemned are ex pressions of moral outrage and often of despair. In these three areas and many more, young men and women look to their President for the leadership they need. They are finding It In regard to the en vironment. I heartily applaud the forthright way In which you have employed the power of your office to fight all forms of pollution, but I am dismayed by your unwillingness to with draw from Southeast Asia and your unwillingness to press the fight for racial Justice. In particular, I strongly de plore your decision to order an American invasion of Cam bodia. More than the decision, I deplore the manner in which you presented it to the American people. How can we taach re spect for reason If the President seeks support through chauvin istic rhetoric? How can we train people to live in a com plex world when the Presi dent suggests that armed in vasion will bring a quick solu tion to our dilemma? How can we encourage moderation if the President calls for victory in Asia? On the home front, how can we teach young people to respect opinions that differ from theirs when they hear your admin-' istratlon encourages the use of j ' il (SSieatT The UN oiJortm is counterproduc tive uk] can only produce tragedy. R destroys human life tod shatter the Idealism at our youth. You still have time to give the leadership no one else can five to our nation. You can call an end to the war In Asia. You can resume the vigorous fight for racial Justice. You can con tinue to prod us to clean up our land. I urge you to listen to our young people and to lead them toward the better world they are seeking. Respectfully yours, RICHARD W. DAY Principal VALERIE MILES Graduates Valerie Ann Miles, daugh ter of Mr. and Mrs. R. D. Miles of 309 Harris St., War renton, was awarded the Asso ciate of Arts degree at the ninety-eighth commencement exercises at Peace. Valerie, who will continue her studies at East Carolina University, was handbook chairman of the student govern ment, social chairman of the Peace Student Christian As sociation and a member of the Peace Porpoises. A CORRECTION Our typesetter had allttle dif ficulty with a signature and as a result the statement of The Citizens Bank In last week's paper listed Herman T. Brauer as a director. This was an error as the signature of the director wa-. that of Claude T. Bowers. We regret the error and are re-running the advt., with the correct list of directors, with out cost to the bank. . CONSOLIDATED REPORT OF CONDITION OF THE CITIZENS BANK Of Warrenton In The State Of North Carolina And Domestic Subsidiaries At The Close Of Business On April 30, 1970. ASSETS Cash and due from banks (Including $1,223.25 unposted debits) $ 1,068,214.58 U. S. Treasury securities 1,020,240.43 Securities of other U. S. Government agencies and corporations 992,687.50 Obligations of States and political subdivisions 1,779,491.95 Other securities (Including $26,521.74 corporate stocks) 28,021.74 Federal funds sold and securities purchased under agreements to resell . 900,000.00 Other loans 3,936,129.09 Bank premises, furniture and fixtures, and other assets representing bank premises 96,461.77 Other assets 97,816.08 TOTAL ASSETS $ 9,919,063.14 LIABILITIES Demand deposits of Individuals, partnerships, and corporations 3,425,121.64 Time and savings deposits of individuals, partnerships, and corporations. . 4,661,377.03 Deposits of United States Government 49,807.99 Deposits of State and political subdivisions 553,291.12 Certified and officers' checks, etc. 16,416.05 TOTAL DEPOSITS $8,706,013.83 (a) Total demand daposlts $3,927,134.19 (b) Total time and savings deposit* .$4,778,879.64 Other liabilities * 292,711.36 TOTAL LIABILITIES $8,998,725.19 RESERVES ON LO/|!nS AND SECURITIES Reserve for bad debt losses on loans (set up pursuant to Internal Revenue Service rulings) 75,390.17 Reserves on securities 5,000.00 TOTAL RESERVES ON LOANS AND SECURITIES * 80,390.17 CAPITAL ACCOUNTS Eftulty capital, total 839,947.78 Common stock-total par value 100,000.00 (No. shares authorized 10,000) (No. shares outstanding 10,000) Surplus 500,000.00 Undivided profits 224,947.78 Reserve tor contingencies and other capital reserves 15,000.00 TOTAL CAPITAL ACCOUNTS 839,947.78 TOTAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS $ 9,919,063.14 MEMORANDA Average of total deposits tor the 15 calendar days ending with call date . . . 8,686,074.49 Average of total loans tor the IS calendar days ending with call date .... 3,830,632.27 I, P. B. BOYD, President, of the above-named bank, do solemnly swear that this rooort of condition la true and correct, to the beat of my knowledge and belief. Correct?Attest: P. B. BOYD JOHK G. MITCHELL i. HOWARD DANIEL CLAUDE T. BOWERS Directors Total deposits to the credit of the State of North Carolina or my official thereof $18,782.93. ?'/ * + .* h- V' '? State of North Carolina. County of Warren, ss; Sworn to and sitsoifced before m this 15th. (Navy's Seal) day of May, 1970, and I hereby oertlfy that I am not an offloer or director of this bank. tad&jgas.,.......
The Warren Record (Warrenton, N.C.)
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May 28, 1970, edition 1
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