The Courier News from Blytheville, Arkansas on December 12, 1967 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

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Blytheville, Arkansas
Issue Date:
Tuesday, December 12, 1967
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Page 3
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— BVesdav, JS6 7 — Pfffi Tbraf 2 34 567 8 9 10 NUMBERS IN BILLIONS OF DOLLARS CRIME FAYS according to estimates announced by the House Republican Task Force on Crime. Sketch shows comparison of annual earnings of organized crime .and top money makers in big business. Strong Economy Is Best Dollar Backer By JOSEPH R. COYNE jgold cover idea is archaic—a WASHINGTON (AP) — The i throwback to the era of hard good faith of the government! money when a dollar could be and the strongest economy in | exchanged for gold. tS:e world—not the gold at Ft. j Despite the gold cover, dollar Knox, Ky.—is the real strength | bills cannot now be exchanged behind the U.S. dollar. That's why government officials see no technical problem for gold, even at the rate of 25 cents to the dollar. Republican leaders have al- in eliminating the last domestic j ready taken aim at the expected link between gold and dollars— | bid to remove the gold cover but the 25 per cent gold cover. The | their major criticism is of ad- only obstacles are political and! ministration financial policy. psychological, they feel. Next year, the Treasury Department .'is expected to ask Congress to remove the require- "Eight years of deficits and irresponsible spending . have brought the nation to the brink of financial crisis," ISie Republi- ment that each $1 placed in cir- can Coordinating Committee culation must be backed by 25' said Monday. cents in gold. . [ "We deplore that the'Johnson This will free more than $10 administration may soon find it billion in gold for possible sales necessary to request removal of to foreign countries and rein-j the remaining gold backing be- force U.S. policy to buy and sell! hind our currency, now 25 per gold at $35 an ounce—a policy officials say has made the dollar as good as gold. It's a keystone of the present international money system. •Ale decline in U. S. gold stocks since 1949—from $24.56 billion to less than $13.billion- has increased pressure on the gold cover. The available gold is now 28.5 per cent of the paper money in circulation. cent, thus turning it wholly into paper money," the committee statement said. ' : It's been more than 30 years since .Americans could hold gold in other than jewelry, tooth fillings or other industrial or artistic purpose. Many people, Treasury officials have said, still don't realize that since 1934 U.S. citizens have been forbidden to hoard Government and many pri- ] gold. Only foreign central banks vate economists 'contend the | —the counterpart of the Federal Business J. N. Smothermon, Southern i Farm Bureau Insurance Co. Blytheville, recently was named 1967-38 membership chairman of the Arkansas State Association of Life Underwriters, an affiliate of The National Asso-' ciation of Life Underwriters (NALU). As state membership chairman he will coordinate the activities of membership chairmen in life underwriter associations in Arkansas. NALU has 933 state and local affiliates, Smothermon said. . SEATTLE (AP) — Two men weighed possible gain against possible jail this Week when they entered a Seattle grocery store and demanded money. , The store's 'operator, Evelyn N. Johnson, told fiem, "there isn't much here." One of the robbers looked at the money in the cash register. "It's not worth it," he said, and the two fled. TOPS — Elizabeth Robinson 818 Lake, Blytheville, re- 'cently was named Pyramid Life Insurance Company's top appointment clerk in the state. Pyramid's area office is in Jonesboro. Begin Her Necklace in Cultured Pearls On« cultured pearl «i Ittt Cold diain $7.75 $».« Five cultured pearls <• H*t COB OB* Start wiffl 1l» orij'xul nicllac. h cm, thrM or mer. p.ar!f, add ««- ?ra peerlf M offtn « you lft«. Lovoly cultured pwlt with I4-I*. Gold chain. OPEN AN ACCOUNT Reserve System—have the privilege of exchanging dollars for gold. The United States is one of the few remaining industrial countries still linking its currency to gold internally. Of the .free world's major countries, only Switzerland, Belgium, the Netherlands and South Africa have such a link. Even France, where the fondness for gold is beyond question, has none backing the franc. . The Federal Reserve Board backs every dollar placed in circulation 100 per cent. Wiiat's not covered by gold is backed by government securities held by the. system. This places the good faith of the government and its taxing powers behind each dollar' bill in circulation. Sjnce the Federal Reserve now holds more government securities than paper. money in circulation (Siey could become a possible substitute for a gold cover. The gold cover was dropped to 25 .per cent in 1945 on both currency and bank reserves, it had been 40 per cent on currency and 45 per cent on reserves. It .was eliminated entirely on bank reserves in 1965 and some members of Congress at the time felt the cover should b e eliminated entirely. Cathedral Architect Resigns His Post COVENTRY, England (AP) — • Sir Basil Spence, who designed Coventry Cathedral, has resigned as its consultant architect after a clash with the provost, the Very Rev. Harold Williams. Spence said Wednesday night he found it "impossible" to work with the provost. The trouble came to a head when the cathedral hired local architects to remove oak panell- ing from the bishop's room as maintenance. "They are planning to rip out the wonderful oak panelling and they call it maintenance," Spence told newsmen. "... For the, past five years I have been absolutely on the rack, never knowing what' was happening and with no proper control on what went into the building. Rocky Praises GOP Action By WALTER R. MEARS Associated Press Writer Ifore," Rockefeller said. I "They're doing the only good WASHINGTON (AP) - New' thing they could do to keep unit- York Gov. Nelson A. Rockefel- ed and that is by concentrating ler says a move now by Repub- on problems—not people." lican governors to line up be-| Rockefeller for months has hind a single contender for the. urged his fellow Republican GOP presidential nomination :ould rupture their unity. He said the governors governors to align behind the candidacy of Michigan Gov. are i George Romney. He said if that "doing the only good thing they i becomes possible, fine. "If they i*>rtlilrf Hn" tn nrccocwc itnifir hti r>an't_lnf'c ho roaliofir* " Hio could do" to preserve unity by i can't—let's be realistic, concentrating on potential cam- New Yorker said, paign issues rather than getting the M. Nixon. The newest survey by Louis Harris, copyrighted by The Washington Post, shows Nixon leading Rockefeller 52 to 33 per cent; Romney, S3 to 24 per Cent; and Gov. Ronald Reagan of California, 65 to 22 per cent. But the poll also showed Nixon has slipped behind President Johnson in popularity. In early involved in endorsing someone, for the nomination. November Nixon led Johnson 48 to 41 per cent. Now it's Johnson 'The more united we are on by 47 to 44 per cent. Nixon, who moved to the platform, the more effective I we'll be on anything else," Rockefeller sharply disputed Rockefeller told newsmen after Monday the assertion of Rep.I Melvin R. Laird, R-Wis., that the 26 GOP governors made a mistake and sacrificed their influence on the presidential nomination by failing to agree on a candidate during their meeting last week in Palm Beach, Fla. "You mean like the Republicans in Congress?" the New a meeting of the Republican Coordinating Committee. Rhode Island Gov. John H. Chafee, also a Romney supporter, said the GOP governors will be a powerful factor in the selection of a nominee. New York after losing the California gubernatorial election in 1962, attended a major GOP fundraising affair Monday night for the first time since his move. He was at a dinner in honor of Sen. Jacob K. Javits, R-N.Y. Sen. Eugene J. McCarthy of Minnesota, who plans to run as uans in ^unyiessr me mew i , , .. ,, „, , ., York governor said, "Have the ^gallons," Chafee said. Republicans in Congress taken a position on a candidate?" Laird acknowledged the par- ly's House leadership has not picked one man to back. He said it's for the 1968 candidate who could be most effective in help- "They will have a great deal; an antiwar candidate in some I of influence with the various! Democratic presidential primaries, told a Liberty, N.Y., audience the United States policy in the Mjddle East is in a vacuum because this nation is "I think it was obvious right from the beginning that you weren't going to have unanimity on a candidate," said Gov. Dan-]so tied up with Vietnam. iel J. Evans of Washington. He called for a "positive" Although the governors ap- Mideast, policy under which the pear undecided on backing a United States would support and ing to win congressional seats. I single candidate, the .public's fa- j guarantee border adjustments "The governors have worked ivorite by a decisive margin, the necessary to insure security for together as they never have be-(Harris poll reported, is Richard Israel. >oost Very By ROBERT T. GRAY Associated Press Writer WASHINGTON (AP) - Congress appears certain to okay hefty pay boosts for federal workers at virtually the same time it approves a $4.1 billion cut in federal spending. In Monday action on seperate measures: —The House voted 366 to 26 for a measure to slash spending $4.1 billion this fiscal year, sending the administration- backed bill to the Senate where speedy acceptance is predicted. —The House sent to the Senate on a 326-62 vote a measure that would boost the salaries ot postal workers 6 per cent and of other federal workers 4.5 per cent. The bill also provides for additional pay hikes on July 1 next year and July 1, 1969 at an eventual annual cost of $2.7 billion. -The pay bill includes proposed increases in postal rates that would raise first-class stamps from 5 to cents and air mail stamps from 8 to 10 cents. Senate Democratic Leader Mike Mansfield said he anticipated no difficulties in speeding ihe spending cut measure to the White House, which called for the slashes as part of a proposal for a 10 per cent surcharge on 3ersonal and corporate income axes. The administration advocated the budget cuts in hopes of persuading Congress to approve the ,ax boost but there's no chance of action on taxes before next year's session. Before agreeing on the $4.1 >illion figure the House rejected 213 to 183 a GOP proposal for slashes totaling $5.7 billion. The bill approved would require federal agencies to cut personnel costs by 2 per cent and other controllable expendi- Netv Dog Cottar USE YOUR CREDIT OPEN AN ACCOUNT A bMutlfut riplle* of it) t*ptfulv«, U.fct. . ulld qald eollir ... now for fh» flfit 11m« «t populir pr]c»l Ultfrloui 12-kt. gold filled ulllr. Collar tt Pendttt. ..$1 Hf> tures by 10 per cent. The action came shortly before the House vote to raise salaries of federal workers more than 10 percent over the next 19 months. Congress itself would be exempted from the economy drive it is ordering for most other federal agancies. The federal judiciary wouldn't be affected, either. Also exempt-would be national defense programs, veterans' benefits, Social Security .benefits, farm-price supports and health insurance payments. Based on current estimates, federal spending in the fiscal year ending next June 30 would mum be $13.2 billion. Under the postal-pay measure, also expected to win quick Senate approval, postal rates for all classes of mail wolild go up by next Jan. 7, generating new revenue of $300 million a year once they're all in effect. The measure also would boost post-card postage from 4 to 5 cents and air mail cards from to 8 cents. The per-piece pistal rates for third-class mail would rise from 2.875. cents to 3.5 cents starting next month, then to 4 cents in July 1969. But a 3.8-cent rate would apply to the first 250,000 pieces mailed in any year. Second-class rates, which cover newspapers and magazines, would jump next year from 1 cent to 1.1 cent under the mini- rate, then to 1.2 cents in ISiffl. and 1.3 cents in .1970. Both the pay and postal rate boosts exceed President Johnson's requests but indications are he'll sign the measure. The new cologne and after shave that speaks a language—' you'll both understand! Teach him a lesson with Bravura. Bold in fragrance passionate in intent. A proud gift for your muy hombre man, in a magnificent hand-formed decanter with carved walnut top, and a handsome package with the texture of . grass cloth. Aftershave from $2.75. Cologne, NOW AT: BARNEY'S DRUGS 2006 W. Main OWENS DRUGS 523 N. Sixth HIWAY DRUGS 1201 W. Main , MALL DRUGS Mall Shopping Center SPECTACULAR LOW PRICES ON QUALITY HAMILTON WATCHES AT ALt YOUR FRIENDLY DREIFUS STORES OPEN AN ACCOUNT TODAY MAILORDERS FILLED PROMPTLY BEGINNING FRIDAY, DEC. 15 OPEN EVERY NIGHT TIL 8:30 P.M. UNTIL CHRISTMAS L vt i v •*» 4 y y ^TV-^W^ , rw* *~.,if+j(. ...^. Vaa'iilr'^i-^ JA "^tfi'iiJ^^ ^j«* ffrafoi,. *.^.tA ^. *^..« .t^,*^.,.. ..t.. >t^-...?ij!^^ DREIFUS T/et&e&te— MEET OMIFUS .... WEAK DIAMONDS

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