The Courier News from Blytheville, Arkansas on December 20, 1950 · Page 4
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The Courier News from Blytheville, Arkansas · Page 4

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Blytheville, Arkansas
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Wednesday, December 20, 1950
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Page 4
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gnc BLYTHEVILLK. (AfcK.) COURIER NEWS People Cashing More Old Bonds Than They Are Buying New Ones B.v SAM DAWSON NEW YORK, Dec. 20. IIP,— This Is national Uirift week, It Is also a week in which: 1. The government, Is /shaping plans to spend $70 billion s. year for defense, while worrying over how much of » kick that's going to add to Inflation thereby lowering the purchasing power of the dollar. 2. The Treasury reports that (or the first full year since Series E Mvlngs bonds went on sale in 1941 people »re cashing In more old ones than they are buying new ones. 3. The. federal reserve board chairman report* that "last year about one American family In three spent more than their income." . <. A number of dfccouraged Americans are asking: "The way things are going, is it, worthwhile anymore to save?" Thomas B. McCabe. chairman of the Federal Reserve Board, says it Is. "Everyone knows thai inflation Is a threat to a savings program," he concedes, "but savings k a powerful antidote for inflation. If we wish to escape the horror of Inflation, the answer Is to save more— not less. It Is still smart to be thrifty." There U s certain irony In (he /act that savings bonds, bought under patriotic urgings in the last war. are being cashed In to tl'e - embarrassment of a Treasury preparing for the threat of another war. i.1.4 Billion Redeemed So far this year the. Treasury has - had to redeem nearly S3.4 billion of Series E bonds, or SUB million more than it has sold In 1950. Next year $1.1 billion will be II) years old »nd ready to be redeemed. There will be outstanding J33.4 billion more which eould be presented to the treasury. Dr. Herman B. Wells, president of Indiana University, and chairman of the National Thrift Committee, warns: "If these savings are to be •pent in > market, that Is already short on the supply side, the bidding up of prices will assume major proportions." Th« public hu other billions In purchasing power it could turn loose.. Henry H. Helmann, executive manager of the. National Association of Credit. Men. fears the effect of the planned federal controls. H« says: "With billions of do!l»n! accumulated in the hands of the consuming public, any controls or regulations limiting civilian production and buying will merel defer Inflation or cause a wtl scramble for the limited supply c goods." Voluntary Saving* Plujserl Treasury Secretary Snyder plug steadily for "voluntary IndlvUliia savings." The Treasury U warm In up a drive to Induce people to bu more savings bonds and to hoi. onto their old ones—probablv b offering to continue paying Inieres on bonds held after the redemntloi date. Voluntary savings Include mor than Just buying government, bonds of course. Some people are puttl their money Into corporate securl ties; snme Into real estate; .«>m Into Insurance—sales this year ivr-r, al a record hlsh; some Inlo (h various forms of bank accounts am savings Institutions. On the Involuntary side, govern men!, agencies have been discouraging spending and going Into debt rj.\ a series of curbs on mortgages ani on Installment buying, which Iti Oc tober (the Inlcst month available was reported at a record S133 bil lion. 'Gala' Christmas Day at Chaffee FORT SMITH, Ark.. Dec. 20 (AP)— Food is no substitute for a Chmlma.s furlough, but the Army trying. Capt. Frederick Mueller, Camp Chaffee post commissary officer has planned a Christina. 1 : dinner menu which will provide, every soldier remaining in camp at least seven pounds of food. And there will be second helpings—If »ny one wants (hem. The holiday menu was planned to partially • compensate lor the curtailment of Christmas leaves announced recently by the Army. But It Is only part of an expanded holiday program for the post Christina,! parties are scheduled al the service clubs, a program of sports events has been arranged by the past athletic office and there will be a Christmas parly for children of enlisted men at the noncommissioned officers' club. And to aid the i men busy with training, the Arm^ mother's club ha* set up a gift/ wrapping booth and the. post exchange has added a toy department/ TELEVISION AT ADAMS APPLIANCE furniture ensemble MltUON WOOF... proven in a million homes » Walt 'til y ou ,ee this handsome RCA Victor Ensemble. You'll lay Ihese big 16-inch piclurei a.e (lie clearest ochievedl And steady-locked in place by RCA Vjctor'i Ey» Wilnesi Picture Synchronizer. Extra-powerful circuili Siv« you best possible receplion . . . anywhere I The Kent often ^o phono-jack, the magnificent RCA Victor "Golden Throat" tone jyslem ... and a handsome cabinet. '.ri' 9 .i« Ko Fed. Tax I rtl«vlilon Inilal- O n Some Models Adams Appliance Co., he. J. W. ADAMS, Mgr. 2UR-20S W. Main.. .SALES & SERVICE.. .Phone 2071 8? •<*» to oil, ,\n a t ih Vine* rorlixy.S.,,1,, Conb > most difficult situation. Wert little Carolyn Hall's letter to Santa. Claus the only similar appeal received by me. the problem would be simple. However, there »re hundreds of little children who want their daddies with them for Christmas. Their membership In the armed forces however, Imposes upon (hose beloved fathers the stern duties which are paramount even to the par- WEDNESDAY, DECEMBER 20, 1950 Santa Can't Bring Daddy Home from War Hundreds of Little Girls Want For Christmas, Too, Matthews WASHINGTON, Dec. 20. (AP) —A nine-year-old girl's pica to Santa Claus to bring her daddy back from Korea for Christmas was answered yesterday by Secretary of the Navy Matthews. He couldn't do It, Matthews said, without discriminating against other children. "There are hundreds of little children who want their daddies ivith them for Christmas," the secretary said. Little Carolyn Hall, of Henry, Va., had written to Santa. In care of the Martinsville bulletin, saying that her father, Engine- man 2nd Class Joseph Earl [Jail was on a .ship carrying "animation to "Kcria" and had been away from home for the last three Christmasc.s and furthermore, "he Is the be.st daddy in all the world." The editor of the Bulletin, K. L. Thompson, jr., sent Carolyn's letter to the Navy secretary. Matthew's reply w^s in the form of Their Daddies Tells Lass Ictler to Thompson, made public by the Navy today, it follows; "Dear Mr. Thompson: "It was most thoughtful of you to forward to me the poignantly appealing letter of Carolyn Hall. 1 have read her appeal to Santa Glaus with Hie same sympathetic reaction with which it must touch the heart of every person who SEC.S it. Obviously, to be the recipient of such a communication while in a position of authority such as I occupy presents enlal obligation* which animate their hearts. "If I could conscientiously respond to this little girl's Christmas letter by restoring her father to his home and family lor even a day without being guilty of discrimination toward other similarly situated children, I would gladly do so. 1 «m sure lhat a moment's reflection will visualize /or you the problem which Is mine In this instance "I trust Ihtt you will sympi. thiae with me in the distress oe- casioned by the fact that I am unable to avail myself of tht privilege of bringinj to this little girl's heart the Joy she would experience were it possible 'to comply with her request. 'Sincerely yours Prmcls P. Matthews." There's bourbon enjoyment Inside.,.. Rich, full-bodied, mellow-that's Old Log Cabin! Enjoy its satisfying good ness tonight! STRAIGHT BOURBON WHISKEY " AND NATIONAL DISTILLERS PRODUCTS CORPORATION, NEW YORK, N. Y. • go PROOF CAPITALISM Nothing is superior except by comparison "HEN we compare the conditions of nations and people in anti-capitalistic countries with the security, prosperity, happiness and well-being of our people under United Stat M capitalism, we appreciate our privilege of living in a capitalistic, democratic country, • . - . The haste principle of the free, capitalistic system which we have developed in our country affords opportunity to the individual who is willing to UM hi« talents to the extent of his ability and desire to produce-to accumulate jom»- thing for investment in a home, a farm, in savings accounts, bonds and other securities, life insurance, the education of his children, and comforts of life- and become a capitalist. The following facts give us a deep appreciation of what capitalism hai done and i» doing for our country and its people, Private capital in the form of taxes and purchases of United States Government Bonds made it possible for us to spend three hundred thirty billion dollar* in carrying out our part of the program in winning World War II. Thi», of course, is unimportant when we consider the loss of life and permanent and partial disability which our youth sustained and which cannot be measured in dollar*. Our participation in World War II has left us today with a national debt of two hundred fifty-seven billion dollars, but on the credit side we find that our annual national income, at the current rate, is equal to 90% of our total national debt. Of this total national debt, thirty-nine billion dollars are in treasury obligations owned by Government agencies, so our net debt ij slightly over two hundred eighteen billion dollars. The United States free enterprise business system is operating at its highest level, furnishing employment to sixty-two million people at the highest hourly imd weekly earnings ever recorded. Stockholders and corporations, after paying the highest peacetime taxes in the post-war years, have had the highest net average earnings in history from their investment. Our farmers had cash income from marketing last year amounting to twenty-seven billion five hundred million dollars, the highest on record. Total farm assets of our country amount to slightly more than one hundred twenty-seven billion dollars, against which there is an indebtedness of only twelve billion four hundred million dollars. Thus our farmers have ownership equity of over 90 per cent in their farms. In non-farm homes, counting apartment buildings with four or less families, and all valued at a total of two hundred billion dollars, our home owners have an equity of one hundred fifty-eight billion dollats-a substantial ownership of 79 percent. Therefore, as a result of the opportunity provided by our free-enterprise capitalistic system, the people of our nation have a free and clear ownership in their homes and farms of 83.4 per cent. Our people have.savings of more thnn one hundred thirty-six billion dollars in government bonds and savings accounts. An additional ninety-seven billion dollars are on deposit in commercial bank accounts. Our men and women have a cash investment of'sixty billion dollars in life insurance policies, A higk percentage of our working people are provided with unemptoy. ment insurance, sickness, accident and retirement benefits, financed by employers, employees and government. Others who are not covered by these planj and who find themselves in need are provided for by 'governmental and social insti. nition». We are Increasing our efforts to improve the standard ot living of tht people in the lower income brackets. The United States, with only six per cent of the world population ind seven per cent of its land area, under i« democratic, capitalistic system, before World War II, produced forty-seven per cent of the world's manufactured goods, but what is more important,' ninety per cent of that production wai consumed within our own borders. Today we are producing over fifty per cent of the world'i manufactured goods, of which a substantial percentage is fa* other countries. Capitalism Is backing freedom of worship and providing increasing educa- tiorial opportunities by constantly giving more and more support to th« two things upon which our democratic, cultural civilization dependt-spirituil and educational yalue*. We have a permanent investment in churches and schools ot eighteen billion five hundred million dollars and are spending annually eight billion dollan for religious and educational purposes. Membership in the churches is increasing at a much faster rate than the increase in the population, and in our Sunday Schools at an even greater rate. In the past thirty years, elementary school enrollment has increased 13.5 per cent, high school enrollment 146.1 per cent and college and university enrollment 351.6 per cent. Our public school expenditures per pupil enrolled have gone up from $48.02 in 1920 to S 132.06 in 1947, or 175.0 per cent. Since 1920 the population of our country has increased 43 per cent and the investment in school and college equipment has increased 571 per cent. Since the beginning of our industrial and scientific development in the early 1800's, the capitalistic system, due to individual freedom, initiative and ingenuity, has given the world mote of the comforts and conveniences of life than mankind had received in the previous 5000 years of civilization. Under this system our people as a whole are happy and united, are increasing their capital and enjoying a fuller spiritual, cultural and material life, Today our scientific and industrial knowledge and experience in the various fields of peaceful activity are open to the rest of the world, and in this respect we have joined with other like-minded nations in contributing to the technical assistance program of the United Nations. No nation, no individual, no venture, no private or public institution, no program for the welfare of people can progress without capital. It is each individual's duty to contribute to the preservation, protection and improvement of our democratic civilization on a basis which is sound and fair to all our people. Chairman of the Board, INTERNATIONAL BUSINESS MACHINES CORPORATION

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