Ways* taton Carl Butftn Hubtrt Baton
DIAL BM-314S MOCBJBVILLK. N. C.
tO A". MY FRIENDS AND ACQUAINTANCES:
I am now representative
in this area for
ROWAN PRINTING CO.
SALISBURY
' Whenever you are in the market for typewriters, adding
machines and anything else in office equipment, supplies
and furniture for yonr business, I sure would appre
ciate your giving me the opportunity to figure with you.
As yon know, Rowan is the oldest, largest and mast
modern office equipment and supplies store in this area.
Rowan's reputation for quality lines and fine service is
unmatched. That's why I am proud to recommend
Rowan to you.
I thank you most sincerely for whatever con
sideration you can give me.
Your friend and neighbor,
ROBERT A. MONDAY
Representing Rowan Printing Company
118-129 North Main St Salisbury
Call me collect at 636-4511, Salisbury
or you can reach me on weekends and
evenings at my home in Cooleemee,
Phone 284-3596
Headquarters for
thesmartestgifts! pM
]/W^"ooV" > ' V U ''sKii'&'Mfo"-' - i*i' Exclusive Man-Made* Diamond Stylus.
w O I yj BK —.\ - * Optional AM/FM/FM Stereo Tonor with Stereo
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TELEVISION'STEREO
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OF FROZEN FOOD! J |./JTI S B CUSTOM B ULTRA-COLOR TV
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i I * MoHoi mTi-j r 1,1 f x • All-channel VHF-UHF reception with the new G-E Synchro*
\ i ( « « lite "82" illuminated tuning system featuring the exclu-
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5 up to 147 lbs. 14 7Cu Ft Bi r ' £ control. * veneers and hardwood solids in authentic period design.
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== | Hendricks & Merrell
Furniture Company
f alMlrlMNf. MOCKSVILLE, N. C.
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WSIINGTOR REPORT
Junes T'llroyhW
POSTAL SAVINGS SYSTEM
Among the uncompleted bu
siness of the last session of
Congress was legislation to
discontinue the Potal Savings
System, a banking activity of
the Post Office Department
that has, in the opinion of
many, long outlived its use.
fulness. Although this legis
lation has been passed by the
House of Representatives, it
is still to be considered by
the Senate.
Many Americans may not
know that the Post Office De
partment is in the banking
business. Nevertheless, it has
operated this kind of service
since 1910.
Originally, there were good
seasons for the establishment
cf the Postal Savings System.
Its purposes were to provide
an adequate means of saving
for people in rural areas in
which banking facilities were
not available; and, secondly,
to meet the needs of small
investors who did not have
confidence in the private
banking facilities as they ex
isted at that time.
In the first ten years of
this century, the county had
suffered recessions and a great
number of bank failures. Pub
lic confidence in banks was
at a low ebb. The great in
flux of immigrants from Eu
rope brought the idea of pos
tal banking and it was nat
ural that these new Ameri
cans would look to their post
offices as a place to deposit
their money with the full se
curity of the Federal govern
ment guaranteeing that it
would not be lost
It has been my feeling that
the once-sound reasons for es
tablishing and operating the
Postal Savings System no
longer exist and that the sys
tem serves little or no useful
purpose now.
In the United States today,
either banks or savings and
loan institutions are avail
able to all who wish to use
their facilities. The deposits
in the banks and savings and
loan associations are insured
by Federal deposit insurance
taking away the risk that was
involved in the bank deposits
of a half-century ago.
Throughout its history, the
Postal Savings System has
provided two percent inter
est for those depositing mon
ey in it. It is net uncommon
today for private enterprise to
pay as much as four-and-one
half percent interest on in
sured savings deposits. Cer
tainly, this higher interest
rate is one of the reascn:
why there has been such a
rapid decline of both depos
its and depositors in the Pos
tal Savings System.
The peak year for the Pos
tal Savings System was 1947
In that year, there were more
than four million depositors
with accounts of $3.4 billion.
By June of 1964, the number
of depositors had declined to
one million and accounts hac!
tumbled to S4lO million. By
lion'and were declining at the
rate of $5 million per month.
Certainly, this situation ill
ustrates that private enter
prise in the banking field is
providing the services need
ed. This, combined with the
Treasury Department's sav
ings bond program, is meet
ing the needs for those wish
ing to save and be sure at
the same time that their mo
ney will be safe.
Looking at another side of
the question, the Post Office
Department has been in the
past helped by the revenues
it secured from the Postal
Savings System. Since 1911 it
has shown a net profit of
about $240 million. Neverthe
less, the picture has changed
today. Because of the decline
in deposits and an increase
in the costs of operation, there
will be a slight loss in 1965.
The loss will become greater
as deposits decrease and there
is every indication that this
will happen. When it does, the
system will contribute to the
•ncreasingly large postal de
ficit.
If we look at the program
in its historical perspective,
it is very clear, indeed, that
changing times and circum
stances have resulted in the
private enterprise sector of the
economy providing superior
services for the American peo
ple than a government prog
ram has done. The fact of
rural America has changed
drastically, too, and the ser
vices cf our banks have ex
tended even into the most re
mote sections of the coun
try. Surely, this is one area
DM that private enterprise
has demonstrated that It can
do better.
This legislation was pre
pared by the House Post Of
fice and Civil Service Com
mittee on which I serve and,
although the Bill still must
obtain Senate passage, there
is little question that eventu
al Congressional approval will
be given to it
An open mind is a good as
set, but don't let it become
so open that nothing stays in
DO YOU EVER NEED
ESTERBROOK
*
SHEAFFER
*
PARKER
★
PENS
*
SOLD BY
Earle's Office
Supplies
Everything for Office
W. Innes Street
SALISBURY. N. C.
frnm IJ—w.t ww UN I »
I ft. J. DAVIS PBQNI ME ÜBM 1
Davis Furnace Co.
[
WARM AIR FURNACE
OIL BURNER AIR-CONDITIONING
Phone MElrose 6-0291
111 W. Kerr Street Salisbury, N. C.
W. P. SPEAS, M.D. \
-OPHTHALMOLOGIST-
Eyes Examined and Treated . . . Glasses Fitted
THURS., 9 A.M. - 4 P.M. FRI., 9 A.M. - 5 PM. «
I SATURDAY, 9 A.M. - 4 P.M. i
| OFFICES LOCATED IN THE MARTIN BUILDING f
9 New line of Children's and Ladies' frames |
9 Phone 654-5415 lf No Answer Call 634-5351
ft REGISTERED OPTICIAN . . . WHO MAKES THE J
{ GLASSES .. . CONSTANTLY IN ATTENDANCE. |
§ UPHOLSTERING NEW HOME FURNISHINGS \
5 We also carry a complete line of new furnishings. 6
2 Let us make your old furniture look new again $
j for your home, appliances space heaters, etc. jj
Edwards Furniture & j
Upholstery Co. |
Dial 634-2244 Located on StatesviUe Hwy. I
Rt. 1, Mocksville, N. C. |