Newspapers / The Perquimans Weekly (Hertford, … / April 29, 1938, edition 1 / Page 5
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THE PERQUIMANS WEEKLY HERTFORD, N. C, FRIDAY, APRIL 29, 1938 PAGE FIVE r LOOiOATWASni v ,.v By Hago'S. 6imi Washington Correspondent Thii the 'Campaign Fowl for 1988' Logical Road to Full Keoveryr President' new recovery pro tan, outlined to Congreaa two weeks taml exmained to the people in a Jo address, is derisively referred Saa "the campaign fund for 1988" by the opposition, which Includes a number of Democratic members of Congress as well as most of the Re publicans. While Congress may do consider able ear-marking of funds, the pros pects are that the program will pro ceed. It is important, therefore, for the people of this country to under stand the background, the intended results and the consequences of the President's proposal. Briefly, the President argues: The national income, which was $80,000,000,000 in 1928, dropped to less than $40,000,000,000 in 1932, but rose to $68,000,000,000 in 1937 as a result of the Administration's acts to re-establish reservoirs of credit, to put purchasing power in the hands of the consuming public, and to secure a more equitable distribution of the national income. By the end of 1936, he said, both the business community and the Gov ernment felt that a large measure of the Government's spending activities could be reduced. During the winter and spring of 1937, cotton factories, automobile plants and other indus tries, for various causes, produced goods faster than the consumers could buy them, and by the autumn of 1937 had surplus stocks on hand. During the same .period prices of some products .rose faster than was warranted and many commodities were priced to consumers above the "inflationary boom prices of 1929." Naturally, the question arises, did the Government do anything about the situation then? The answer is three-fold r In December, 1936, the Treasury began to "sterilize" incom ing gold from abroad to keep it from inflating the credit structure of the nation, in April, 1937, the . Govern ment issued warnings against the practice of over-production and high prices; in May, 1937, the Federal Re serve increased its requirements in order to curtail banking credit. Last autumn, says the President, "in a sincere effort to bring Govern ment expenditures and Government income into closer balance, the budget worked out called for sharp increases in Government spending." In Janu ary, the Treasury estimate of the budget for the fiscal year beginning July 1st, 1937, reflected considerable curtailment of Government expendi tures. These estimates, says Mr. Roosevelt, in the light of present con ditions are "far too low." Mr. Roosevelt recalls that, in his message to Congress, he stated that if private enterprise did not provide jobs this spring, the "Government would take up the slack." For four and a half years, recovery preceded apace, but "the course of our aconom ics has run adversely for half a year." Moreover, "only within the past two months, as we have waited patiently to see whether the forces of business itself would counteract it (the economic setback) has it become apparent that Government itself could not longer safely fail to take aggressive Government steps to meet It." ; Evidently, to answer the com plaints of business that Government interference has retarded recovery, the President said, "It should be noted in fairness that since January 1st, 1937, the President has recom mended to Congress only four meas ures of major importance to business of the country. These include: , (1) Legislation to stabilise agri ; culture. ; , (2) Legislation to end loopholes in personal Income tax laws. f. (3) Legislation to put a floor under wages and a ceiling over hours , of labor in industry; and ; k" (4) Tex legislation to remove in i equities from the Undistributed Pro ' fits tax, especially as they affect the smaller types of business.' " Legislation for items (1) and (2) ' nave been approved by the President; item (8) is under, consideration and .congressional action oa item .(4).if f in the final stages-of re conference. s "The record speaks for itself," says ; tha President, .- adding - "no other t measures . affecting1 business have been proposed." ' - " - ;i'ta discussing possible Increase in the national income, Mr. Roosevelt continued: "I want to make it clear that wo. do not. believe, that we can get an adequate rise in national in come merely by investing, lending or spending public funds. It is essen tial in our economy that private funds be put to work and all of us recognize that such funds are entitled to a fair profit The Government cannct and t should not act ?. alone. Cabinets must help. J am sure bust ness will fct'p." " ' " Trtsident propose! First, that in the coming fiscal year Government expenditures for the WPA, the Farm' Security Adminis tration, the National Youth Adminis tration and the CCC be continued at the same rate as at present. To do this, will mean an increase of about a billion and a quarter dollars more than estimated in the message sent to Congress on January 2nd. Second, to make definite additions to the purchasing power by providing new work by (a) By adding $300,000,000 to the amount available for immediate con struction of additional slum-clearance projects. (b) By starting a billion dollar public works program in needed pub lic improvements in states, counties and cities. ' (c) By adding $100,000,000 to the amount set up for Federal highway aid in the January budget. (d) By adding $37,000,000 to the $63,000,000 provided for flood control and reclamation. (e) By adding $25,000,000 addi tional for Federal buildings in va rious parts of the country. 'This new program," Bays the President, "adds $2,062,000,000 to direct Treasury expenditures and another $950,000,000 to Government loans." Mr. Roosevelt continues, "The net effect on the debt of the Government is this between now and July 1, 1939, fifteen months away the Treasury will have to raise less than $1,500,000,000 of new money. Naturally, the reader wonders how the Treasury will raise nearly three billion dollars for direct expendi tures and loans without raising more than half the sum. This brings us to two steps recom mended by the President for the ex pansion of bank resources, which were taken immediately without con gressional action. The first was the desterilization of gold which placed $1,391,000,000 to the Treasury's ac count in the Federal Reserve Banks to be used in helping to finance the new appropriations. Readers will recall that in Decem ber, 1936, when large quantities of gold were coming into this country from abroad, the credit structure of the nation was threatened with infla tion. At that time, the Treasury be gan acquiring the gold in order to prevent its use as the base of exces sive credit. This was done to pre vent excessive inflation; it was called "sterilization" of gold. The present "desterilization" reverses the process because inflation of credit is now deemed desirable. The second step to expand bank re sources was taken by the Federal Re serve Board, which reduced its re serve requirements thus releasing to member banks about $750,000,000 of excess reserves. This step marked a reversal of the policy which the Board began on August 15th, 1936, and which culminated on May 1st, 1937, in requirements which doubled the deposits required of member banks before August 15th, 1936. These steps were taken to prevent "injurious credit expansion" and the present reduction of the require ment is taken to facilitate credit ex pansion, which is now deemed desir able, So far, we have not discussed the authorization given tne tutx; ay Congress to lend money to business rnnln mil .tan. 'I'hia nllUA t A aivnv.u iww wi wo kv i gram was already in operation when tne rresiaent sent nis message to Congress. It is a lending proposi- m tint " . m- T h'- wru-M ; v . . , i - ' 1 ' '" , ' fri fczTjjjg&isa. tyiwoKjr . .Kitchen-proved! lit:' "Everything In Hardware and Supplies" . I I EDENTON, N. C. - ' WINFALL NEWS Miss Hazel Pike, Miss Dona White and John Simpson attended the dog show in Norfolk, Va., on Tuesday. Mr. and Mrs. Raleigh Minton, of Elizabeth City, were guetts of Miss Myrtle Umphlett on Thursday night. Mr. and Mrs. Thomas H. White were ' guests on Sunday of Mrs. White's parents, Mr, and Mrs. J. P. Elliott, at Chapanoke. Misses Jessie and Polly Baker were shopping in Elizabeth City on Friday. Mrs. David Trueblood, Miss Mary Elizabeth White and Mrs. J. L. De laney attended the Methodist Con ference in Greenville, last week. Mrs. Mamie Blow, Mrs. Bennie Halstead and Mrs. Smith called at the home of Mrs. A. White on Sun day. Miss Annie White is still confined to her bed. Mrs. Johnnie Lane, Miss Myrtle Umphlett and Mrs. Raymond Stanton visited friends in Elizabeth City on Tuesday afternoon. Miss Louise Wilson spent the week-end with friends here. Mr. and Mrs. Arthur Pierce had as guests on Sunday evening Mr. and Mrs. Lester Pierce, of Newland. SNOW HILL NEWS Mrs. Jesse Harrell has returned home after spending a week in Rich mond, Va., as the guest of Mr. and Mrs. Henry Harrell. She was accom panied home by Mr. and Mrs. Har rell, who spent the week-end with her. Mrs. Vernon Winslow has returned from Greenville, where she attended the Methodist conference as a dele gate. Mr. and Mrs. Moody Harrell and Carolyn Dean Harrell spent Saturday night with Mr. and Mrs. G. W. Gre gory, at Woodville. Mrs. Gregory was critically ill. Mrs. Elmer Wood, Mrs. Mary A. Keaton and Mrs. Edward Benton, of Old Neck, visited Mrs. Wendell Matthews, at Woodville, Friday af ternoon. Mrs. George Jordan, Mrs. Will Everett, Mrs. D. M. Cartwright, Mrs. J. H. Harrell, Mrs. Henry Cart wright, Mrs. Vernon Winslow, Mrs. Ralph Harrell, Mrs. Ashby Jordan, Miss Eunice Harrell and Miss Lucille Cartwright visited Mrs. Marvin Ben ton and Mrs. Mason Sawyer, at Old Neck, on Friday afternoon. Mr. and Mrs. Henry Harrell and Keaton Harrell, of Richmond, Va., Mr. and Mrs. Jesse Harrell, Mrs. J. H. Harrell, Moody Harrell, Miss Eunice Harrell, James and Vernon Harrell were guests of Mr. and Mrs. Ralph Harrell on Sunday. Mrs. G. J. Barclift, Mrs. J. M. Cartwright and Mrs. R. E. Barclift visited Mrs. Ralph Harrell on Wed nesday. Mrs. Harrell accompanied them to call on Mrs. J. M. Benton, at Old Neck. Mrs. W. H. Cartwright, Mrs. Ver non Winslow, Mrs. Moody Harrell, Mrs. Ralph Harrell, Mrs. J. H. Har rell and Carolyn Dean Harrell spent Tuesday as guests of Mrs. George Eure, at White Hat. Mrs. J. H. Harrell is visiting Mr. and Mrs. George Eure, at White Hat. Mrs. Moody Harrell spent Wednes day with Mrs. George Gregory, at Woodville. Mrs. Gregory fell and is seriously ill. A supposedly lucky wishbone was unlucky for Peter Larsen of St. Paul, who was sent to jail for stealing it. tion and the presumption is that the money loaned will be repaid. How ever, oecause tne loans will vn t businesses to keep them running and prevent workers from losing their jobs, it is a vital phase of the en fiu .w.imu- m..l 1 vivKiiun. xn&i sucn a sum is available is reassuring but just how mucn money will be loaned by the RFC Is problematical. MISS MAMIE STALLING S HOSTESS TOW. M, SOCIETY The Woman's Missionary Society of Mt. Sinai Church met Thursday afternoon with Miss Mamie Stallings at her home in Hertford. ' The meeting opened with the sing ing of "Come Women Wide Proclaim" and Mrs. Clarence Dail led in prayer. The devotional was led by Mrs. E. W. Mayes, of Hertford. Mrs. Junior Miller was in charge of the program, with the following members taking part: Mrs. Effie Miller, Mrs. George Roach, Mrs. E. U. Morgan and Mrs. H. D. Hurdle. Delicious ice cream and cake were served. The members present included Mes dames H. D. Hurdle, E. C. Hollowell, T. E. Madre, E. U. Morgan, Clifton Morgan, David Miller, Effie Miller, George Roach, J. V. Stallings, Ernest Stallings, Robert Stallings, Sr., J. W. Ward, Wallace Morgan, Harvey Stal lings, Junior Miller, and Miss Mamie Stallings. Visitors were: Mrs. E. W. Mayes, Mrs. Charlie Fowler, and Mrs. Clarence Dail, of Hertford; Mrs. Jim Yeatman, of Norfolk, Va.; Mrs. L. R. Jennings, of Camden, and Mrs. Eva Stallings, of Winfall. Mrs. W. D. Rogerson invited the Society to meet with her in May. SURPRISE BIRTHDAY PARTY A very delightful surprise birth day party was given on Wednesday evening at the home of Mrs. W. H. Cartwright, Hertford, Route 3, with Mrs. Odell Cartwright as assistant hostess, honoring Odell Cartwright, who was celebrating his twenty-fifth birthday anniversary. The guests were invited into the dining room, where the central at traction was a huge birthday cake holding 25 lighted candles, which the honoree was asked to blow out. Ice cream and cake were served. The honoree received numerous at tractive and useful gifts. Those present and remembering the honoree were Mr. and Mrs. Ned Matthews, Mr. and Mrs. Crafton Matthews, Mr. and Mrs. Julian Matthews, Mr. and Mrs. Edward Ben ton, Mr. and Mrs. George Eure, Mr. and Mrs. Ashby Jordan, Mr. and Mrs. Elmer Wood, Mr. and Mrs. Kermit Benton, Mr. and Mrs. Moody Harrell, Mr. and Mrs. Eddie Harrell, Mr. and Mrs. Jack Benton, Mr. and Mrs. J. T. Benton, Mr. and Mrs. George Jackson, Mr. and Mrs. Johnnie Bray, Mr. and Mrs. Meador Harrell, Mr. and Mrs. Ralph Harrell, Mr. and Mrs. W. H. Cartwright, Mrs. Jesse Har rell, Mrs. Mary Bray, Mrs. William Whedbee, Mrs. J. H. Harrell, Mrs. W. M. Matthews, Mrs. Vernon Wins low, Misses Eunice Harrell, Daisy OWN YOUR OWN HOME The Thirty-sixth Series of Stock of the HERTFORD BUILDING & LOAN ASSOCIATION WILL BE ISSUED Saturday, May 7, 1938 QoHiord OEdg. & Loan A. W. HEFREN President Matthews, Margaret Whedbee, Max ine Harrell, Blanche Cartwright, An nie Mae Matthews, Maude Cart wright, Carolyn Dean Harrell, Lois Faye Benton, Barbara Ann Benton, and Betty Anne Matthews, William Henry Cartwright, Harry Winslow, Tracy Winslow, Vernon Harrell, Ned Matthews, Davis Cartwright, George C. Eure, Walter Ray Benton, Ronald Cheek These 3 .... 1938 -Ton Chevrolet Truck $675.00 1936 2-Ton International Truck $250.00 1936 Vz-Ton International Truck $450.00 1935 l2-Ton Chevrolet Truck $150.00 1935 Chevrolet Coach $195.00 1934 1-Ton Chevrolet Truck $175.00 1934 Ford Coupe $250.00 1934 Ford Coach - $275.00 1933 li2-Ton Chevrolet Truck $ 75.00 1933 1-Ton Chevrolet Truck $100.00 1930 Ford Coach - $ 35.00 BUY FROM THESE BARGAINS AND SAVE MONEY BYRUM HARDWARE CO. Repair and Service Department EDEN TON, N. C WM. H. HARDCASTLE Secretary E. 'Harrell, Leon and Maurice Her rell, and Mr. and Mrs. Odell Cartwright. Shortly after boasting that he had climbed many high' structures without an accident, Alex Hassen, a steeplejack of Hayattsville, Md., fell eight feet from a shed he was paint ing, breaking an arm and a leg. Association argains!
The Perquimans Weekly (Hertford, N.C.)
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April 29, 1938, edition 1
5
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