Newspapers / The Duplin Times (Warsaw, … / July 7, 1950, edition 1 / Page 6
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nr-jAr: r.7? ncstii cakclcja I) TIMLIN TIHGS '1 AHEAD m GEORGE & BENSON Sttirg. jittim 1 - "Deficit" Meana Trouble Last week I disoovered that a lot of people do not know what the term "deficit financing" meana. Just to satisfy a curiosity I asked a number of persons about it and although some had a vaugely cor rect idea only a very few had a clear understanding of the tarm; and not more than a handful had an awareness of the full implica tions of a deficit financing policy in government. Some of the people with whom I discussed it said they had been dodging the formation of a personal opinion on whether government deficit financing was good or bad because, they said, it carried only a hazy meaning in their minds. Way To Bankruptcy Deficit financing in its simplest definition means spending money, you havent got, operating beyond your income, spending borrowed money. If you earn $300 a month and wish to spend $400 a month, you can only grant the wish by, borrowing the extra $100 each month and giving the lender your IOU or personal note, agreeing to repay the amount plus a set rate of interest. Your indebtedness mounts each month and so does your interest payments. If you continue to borrow the $100 month after month the inter est nnn hites deeDlv into your in come and the debt Itself becomes 3 be in Stripes 1 r.i in thit graduated boyod.ro irlpo you'll bo right in Mop with fathion. A colorful lomborg thcer which bvftont to tho wolrt with o .mart convortiblo collar and dft stylo touch In tho volvot Bolt. ' In aqua, bolgo or ! bluo. JUo. U ro 20V $ 5.95 Kramer's Department Store WALLACE 1 bigger and bigger. The result, in time, is bankruptcy. If repayment cannot be made. The court appoints a receiver empowered to sell your property. In the resulting liquid ation, your creditors usually are left .holding a near-empty bag. And you wind up a pauper, your family destitute. That's deficit fi nancing for an Individual, and government deficit financing has many similarities. When permitted to continue indefinitely, It must always end in ruin. It Grows And Spreads , . American citizens have their whole future at stake in the issue of whether their government shall practice deficit spending in good times as well as bad. The practice already has become epidemic. Cen sus Bureau figures published in the Congressional Quarterly show that not only has our Government operated on borrowed money in 18 of, the past 20 years but 33 of our 48 ttates are being infected with the disease too. That many overspent their revenues last year. The practice, if prolonged by the Federal Government, can have but one result: ruination, caused by the government finally defaulting on its' securities or destroying monetary values by runaway in flation. A reliable veteran observer in Washington made the statement recently that he was convinced in fluential Federal government lead ers now are definitely committed to a prolonged policy of deficit financing and with it gradual in flation. The Harsh Facts - Few Americans, apparently are aware they are paying more than five times as much in taxes today Just to meet the Interest payment on the national debt (caused by deficit spending) as the entire Fed eral government cost In the year 1915. If the national debt of $256 billion is increased by year-after- year deficit spending, the interest, along with other government costs, will finally become unbearable to taxpayers and otherwise unman ageable by fiscal manipulations. Then would come a default on government obligations, and moans from the millions of people hold ing government securities; or panic inflation engineered by frightened office holders. An abrupt Inflation, drastically lowering the value of the dollar, would permit a payoff on the securities but the payment would be but a mockery, a mere fraction of the securities' original value; and the value of savings, insurance, annuities, wages, pen sions, etc., would sink. The gradual inflation which is inevitable with any prolonged deficit financing brings the same end result but the damage isn't at once apparent; it sneaks up on you. Yes, "deficit fi nancing" means trouble if long continued. Dobson Chapel Mr. and Mrs. Amos Chestnutt and son visited Mr. O. D. Brown Sunday. Miss Reba Bostic spent the holi day week end with her parents. Miss Hazel Parker spent the week end with Misses Jessie Ruth and Sarah Brown. Miss Polly Rouse spent the holiday week end with her parents. Mr. and Mrs. Leslie Rouse of Wallace spent Sunday with Mr. and Mrs. L. H. Rouse, Sr. Mr. C. C. Rouse of Raleigh and Miss Katheryn Bowen of Warsaw spent Saturday at Wrlghtsvllle. Sports Afield Some tips on stream fishing: The ability to "read" a stream to de termine bv its surface the llkelv position of the fish beneath, Is an important asset. Locating the fish is the first step; catching them is the last. First, keep in mind that it is the Current which hrlno-a armam h their food. It does the work. Sec ond, although the current Is the food-bearer, no fish has the en durance to beat -his head against a strong flow continuously. So look for stream floh alnns, side the tonmea nf currant that empty into a pool, In the heavy DacKwaiers neiow snore project ions, in the Docket tuthlnit vnnVa in the holes under cutbanks, In sucu anywnere amid broken wa ter. :. One other rule in stream fish ing: no matter what the species, fish livlns in atream am far mnn Inclined -to he ah v than thnu llvtn in a large body of water. So be careiui, one xaue move,, one shad ow, can put an end to fishing. 'a r ussciovfrs 'I Antiseptic! NotvAlco -of1-"" 1 "TO "1 A message from the Bed Cross moDiie aiswwr passed on to Sixth Army field headquarters during moefc toaster exercise at San Francisco, Sixth Army arranged the "dry run with Red Cross cooperation to test toaster plans for the nren. CAT,!? TUSCARORA OPENS JULY 16th Camp Tuscarora will open its gates for the 19S0 season on July 16. This is, one of the finest Boy Scout Camps in the Southeast It is operated on a non-profit basis and offers Scouts the utmost in useful and practical vacation. Through the skillful guidance of trained counselors, Scouts are taught to swim, canoe, row, and to practice proven . rules of water safety and. prepare them to help save the lives of others should the occasion demand. In addition to the above, specific Instruction is ofefred in Scoutcraft, Handicraft, Nature Study, Rope work and other phases of useful Scout training. Registration for admittance to Camp Tuscarota are made tnrougn the various scoutmasters of the Council who have been supplied with forms for the purpose. It is planned to operate the Camp for five one-week periods.: July 16-22; July 23-29; July 10 - Aug.5; Aug. 6-12; Aug. 13-19. Scouts planning to attend should register through the Scoutmaster, then report to Camp on the Sunday starting the period between the hours of 2:30 and 6:30 p.m. A phy sical examination is required for attendance at camp. Forms for this purpose will be supplied by the Council office. NOTICE In The General County Court NORTH CAROLINA, DVPUN COUNTY. LI LA GREY POWERS VS . DAVID POWERS Th -ahnved named defendant, David Powers, will take notice that an action entitled as aoove-uss commenced in .the General County Court of Duplin County, North Carolina, by the plaintiff to secure an absolute divorce from h Hoffffiriant unon the around that the plaintiff end the defendant have lived separate and apart for more than two years next preceding the bringing of this action; and that the defendant will further take notice that he is required to appear at the office of the Clerk nf th neneral County Court of Duplin County, in the Court Bouse, ir Kanansville. N. C within twen ty days after the 5th day of August, 1950, and answer or demur to the xnmniaint filed in this action, or the plaintiff will apply to the Court for the relief demanded in saia complaint. This 1st day of July, 1950. R. V. Wells, Clerk of General County Court Wm. E. Craft, Attorney 7-28-4t. WEC ... . L.. J u-j J oi!::r dcib! tai (wont At r '"""- mh it... 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The Duplin Times (Warsaw, N.C.)
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July 7, 1950, edition 1
6
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