Panama City News-Herald from Panama City, Florida on February 25, 1973 · Page 4
Get access to this page with a Free Trial

Panama City News-Herald from Panama City, Florida · Page 4

Panama City, Florida
Issue Date:
Sunday, February 25, 1973
Page 4
Start Free Trial

1S3W.5THST. Panama Cky, Florida A Florida Freedom Newspaper This newspaper is dedicated to furnishinK information to jj; our readers so that they can better promote and preserve their own freedom and encourage others to see its blessings. S Only when man is free to control himself and all he produces, ij: can he develop to his utmost capabilities. S w We believtJ that freedom is a gift from God and not a political iji; g grant from government. Freedom is neither license nor anarchy. It is self -control. No more. No less. It must be consistent with the truths ;S expressed in such great moral guides as the ('ovcting Commandnient, the Golden Rule and the Declaration of Indei)cndence. jii; Page 4A SUNDAY, FEBRUARY 25, 1973 Skrinking Dollar At tlie first devaluation 14 months ago, the price of gold officially went from $35 an ounce to $38. After the Monday action of the International Monetary Fund, the U.S. government promised another raise from $38 to $42.22. Thus the total raise from the 14-month period was $7.22. In terms of dollars, that represents little more than a 20 per cent loss in purchasing power measured by the change in the official price of gold in approxhnately one year's time. The question is, what does the future hold? At the lime the dollar was first devalued, on Dec. 18, 1971, the London market on gold was $42 an ounce, or a spread of $4 between the London price and the then new official U.S. price. At the time of the second IMF devaluation on Feb. 12, 1973, the London price of gold was $68.55 an ounce or a spread of $26.22 between the new official price and the market. Thus the gap has widened. If now, for the 14-month period, we compute the loss In the dollar's buying power by measuring the difference in the London price of gold between Dec. 18, 1971, and Feb. 12, 1973, we find that on the first date one dollar would have bought one- forty-second ounce of gold. Today that dollar would buy one-sixty- eighth ounce of gold, and that would be a bargain. So, $68 an ounce minus $42 an ounce is $26. Thus on the scale of the London market, the loss of the dollar's buying power is 62 per cent (26 over 42) In 14 months. Downright scaryl Thus if it can be said that the first devaluation was a step toward reality, it may be claimed with equal logic that the second step goes in the same direction. But the perspective is that today we are further from reality than we were 14 months ago. The little that was done in both instances was not enough. We are in the situation of a man who is running a race; tliough he increases his speed, yet he falls farther behind. But the greater truth is even grimmer. If the devaluation had pro ceeded at a more rapid I'ate than thj farily rapid official 20 per cent of the last 14 months, the disruption of trade might have been sufficient to cause a substantial unemployment, For jobs depend upon the activity in the mai"ketplace. The first devaluation was marked by an accelerated inflation. For example, after December 1971, the United States agreed to boost its payments to the International Monetary Fund by $1.5 billion to make up for the loss of IMF buying power caused by the devaluing. Since the U.S. government was then operating with a $30 billion annual deficit rate, the $1.5 billion had to come from the government printing press. As the $1.5 billion did not fall due until the current year, we may only now be feeling the impact. Must everything be so gloomy? Can nothing be done? Yes, we believe many helpful steps can be taken. This still is a powerfully productive country. Though we are in trouble, we could quickly recover if the correct decisions were politically feasible. These measures center around the idea of introducing more production incentive into the marketplace by reducing arbitrary discouragements to production. Among the discouragements are the high corporation taxes that make it less profitable to produce more, the high personal income tax on workers, the excessive record-keeping and regulation-meeting that wear on the time and energy of this country's industrial managers. Oh, there are so many things that could be done if productive people somehow gained the understanding to know what was at stake. Two Human Errors A while back one of the worst and seemingly inexplicable air crashes happened when a Jumbo Eastern Air Lines Jet plowed Into the Evei-glades swamp 18 miles from Miami. The massive Lockheed LlOU "TriStar" was supposed to have been in a holding pattern while its crew figured out what was wrong with the landing gear on the nose. It was supposed to fly at 2,000 feet above the earth, held there reliably by the auto pilot. But the computer "auto" pilot was either inadvertently turned off, or it malfunctioned, according to preliminary findings by investigators. It is Imown that the crew thought the plane was flying 2,000 feet above the earth minutes after it had dropped to a level only a few feet above the marshy swamp. The soft mud and water of the swamp are credited with saving lives. The plane shredded into thousands of pieces. Of the 176 persons aboard, 100 were killed. Perhaps if the auto pilot had had a warning system for malfunctions, the crew might have been alerted. If the auto pilot was inadvertently turned off, how could it not have been noticed? Perhaps we rely too mcuh on the rehability of our machines. It appears that at least two human errors were involved in the tragedy. The first was relying totally on a machine with a mechanical "brain." The second was not assigning a human brain to keep check on the auto pilot to see, at least, that it continued to function. Air crashes claim fai more lives than air hijackings. Vast sums of money have gone itito anti-hijacking measures. Let u? hope an equally vast amount has gone into the cockpit, to safeguard air passengers as they fly. If they could speak, were sure the 100 dead would have it so. Cold Shoulder From India In an unexpected slap at the United States, Indian Prime Minister Indira Gandhi deplored the "savage" bombing of North Vietnam. It would not have been tolerated, she said in a recent speech in New Delhi, had the victims been European. The charge flies in the face of history. The December bombing of North Vietnam, "savage" or not, caused only a hundredth of the casualties of a single raid on Germany in World War H. It is a lamentable fact that no Quotes I know it gags some of you to write the phrase, but it is true, and most Americans realize it is true. — President Nixon, telling newsmen he had achieved "peace with honor" This is a lawyer's dream. It's like peeling an onion. For each skin of mission attorney, on the Penn Cen- onion you need a new lawyer.—Securities and Exchange Com- trai Railroad bankruptcy case. CONSUMERS ASK What Is FOREIGN NEWS E, Germany Gets Reognitlon. By rm LNEWSOM DPI Foreign News Analyst Since the two Germanys began normalizing their relations some six million West Germans and West Berliners have visited the eastern zono and more than 70 countrias have granted diplomatic I'ecog- nition to Communist East Germany. Britain and France formally recognized East Germany early in February, U.S. recognition is expected this summer. Thus the East achieved what had been its greatest ambition since the founding of the Communist Democratic Repur> lie in October, 1949—worldwide recognition as a sovereign state. The East Germans came to a worI<able arrangement with West Germany largely as thft result of Russian pressure and despite the fact tiie agreement signed last Dec. 21 did not wholly meet East Germany demands. Although the rest of the wor'd recognized East German sovereignty, the West Germiins continued to recogniiio it only as' a separate state within a German nation, a nicety largely intended for West German opinion. Published Daily and Sunday by Florida Freedom Newspapers Inc. Second Class Postage Paid at Panama City, Florida: P.O. Box 1940, ZIP Code 32401. Direct Successor to the Panama City News, Member Audit Bureau of Cir- culatio". SUBSCRIPTION RATES BY CARRIER: Daily And Sunday, 1 year, $31.20, 6 Mos. $15.60, 3 Mos. $7.80, 1 Mo. $2.60, .Daily Only, 1 Year $21.00, 6 Mos, $10.50, 3 Mos. $5.25, 1 Mo. $1.75, Sunday Only, 1 Year, $12.96, 6 Mos. $6.48, 3 Mols, $3.24, 1 Mo. $1.08, BY MAIL Daily & Sunday, 1 Year. $42.00, 6 Mos. $21.00, 3 Mos. $10.50, 1 Mo. $3.50, Daily Only, 1 Year, $26.40, 6 Mos. $13.20, 3 Moa. $6.60,1 Mo. $2.20, Sunday Only 1 Year, $18.20, 6 Mos. $9.10, 3 Mos. $4.55, Represented in the general ad^ vertising field by Ward-Griffith Company, Inc. 757 Third Ave'., New York, N.Y, 10017. Branch offices in princinal cities, j The now arrangement easing European tensions has occasioned problems for the East German regime and some surprises. East Germany trailed far behind other Communist countries in opening its borders to western visitors or even to visitors from some of the Communist countries. To halt the spread of western ideas in the wake of improved relations with the West, the Communist party central committee called for "closest vigilance" to western influence —an official decree barred leading party members and others with official functions from receiving visits by their West German relatives. It was estimated the ban could effect as many as two million of East Germany's 17 million por)uIation. A surprising development of I race or variety or nationality of people has ever shrunk from killing its own or related kinds in war or purge or revolution or repression. As proof of that, we need only recall the still-fresh horrors of the Bangladesh war. It was not America's involvement in the war in Vietnam hut its failure to support India Pakistan last year that is the source of the present unfortunate chill that governs Indian- American relations. The wisest thing would be to chalk up Mrs. Gandhi's remarks as something she felt necessary for domestic consumption and make no more of it. BIBLE VERSE "T' ey have healed the wound of my people lightly, saying peace, peace,' when there is no peace." ~ Jeremiah 6:14. Our goal must be not peace in our time, but peace for all time. — Harry S. Truamn, FEDERAL Sen, Lawton Chiles 215 East Lime Lakeland, Flu, 813-683-1232 or Senator Office BIdg. Room 421, Washington, D.C, 202-225-5374 Sen, Edward Gurney Post Office Bldg, Winter Park, Fla, 813-647-3636 or Old Sen. Office Bldg. Room 5105 Washington, D.C. 202-225-3041 Rep. Bob Sikes Office Court House Bldg, Crestview, Fla. 904-682-3132 or Rayburn Building Room 2269 Washington, D.C. 202-226-4136 STATE Sen. DempseyBanon Box 1638 Panama City, Fla. 904-785-7456 Sen, Mallory Home Tallahassee Bank Suite 250/ Tallahassee, Fla. 904-222-0214 Rep, Billy Rish 303 4th St. Port St. Joe, Fla. 904-229-4451 Rep. Earl Hutto 1100 Brenau Terrace Panama Oity 905-763-0709 the new relaxation of tensions was the fact that it seemed to encourage more East Germans to risk their lives fleeing to the West. A further proljlem for the East arose in the matter of currency. East German currency may be purchased on the blacif market at about a third of the official rate It meant that West Germans and West Berliners were able to spend vacations at famous East German resorts on the Baltic Sea at unbelievably bw costs and to achieve added benefit from hotel, restaurant and railway fares which already are far lower than in the West. It has led to fears the East Germans may feel forced to resume body searches at the border. Question Box Question: The New YorK Times reports that at tne time of Lyndon Johnson's death, he and his wife had built ;i frimily fortune totaling approximately $20 million. Since Mr. Johnson apparently had no money until he entered politics, how is it pos- silile that he could amass such a large fortune in tlie JO years of public life? Answer: We are not familiar with all of the phases of financial affairs of politicians, but it would appear that virtually every top politician winds up with a consderable fortune. Some time back it was disclosed that President Ni.x'on's wealth has been increasing tremendously while in political life, and that his fortune is now believed to be worth in exces.s of a million dollars, much of it from the increase in land values of his several real estate hjldings. Last year it was disclosed that George McGovern had acquired a rather respectable estate since he entered the U.S. Senate. Nearly all other politicians seem to increase their wealth rapidly when they get in office. The New York Times said Mrs. Johnson in 1943 purchased a small station (KTBC) for .'517,500, money which she had inherited from her father. By last year, it reported, the broadcasting interests included ownership or part ownership of a half dozen radio and television stations and "an extremely valuable cable television company." It was reported that the Johnson family sold out its Austin TV station to the Los Angeles Times for ?9 million. Opponents of the Johnson's pointed out that while Johnson was a member of the two houses of Congress, he held positions on committees having control of the Federal Communications Commission, and that Austin was the largest city in the nation with an exclusive television franchise granted by the FCC. The Johnson family also had extensive investments in real estate in Texas. Some sources re- IJort that a great deal of the increase in tlie Johnson fortune because of investments made possible by Mrs. Johnson's exceptional business sense. Obviously someone demonstrated considerable acumen in parlaying a $17,500 investment in a radio station into an estimated $20 million just ,30 years later. It once demonstrates that persons in political position seem to be in better position to increase their own wealth than those outside of politics. SUNDAY, P'EB. 25 Your birthday today: Adjustment is the main struggle of the year coming up. You must change external reality to fit your aspirations. Today's natives are dexterous, and likely to seek out some very rare vocational specialty. ARTES (March 21-April 19): Discretion siiould be your main concern as you limit your public appearances to what is expected o£ you by community custom. TAURUS (April 20-May 20): Economies should be taken in stride even where changes are involved. Those who offer advice have their own values in mind. GEMINI (May 21-June 20): Now you ha\'e to disregard hints and subtleties — if there is a real objection to what you do, you'll hear it. CANCER (June 21-July 22): Nothing is going quite as planned, so it's just as well not to have many specific commitments or a tight sciied- ule lined up. LEO (July 23-Aug. 22): Much of what you expect isn't there or doesn't happen. You mqy have to assume lead- .ership in ceremonies normally conducted by others. VIRGO (Aug. 23-Sept. 22): Getting extra people into arrangements generates difficulties. Neither make nor accept promises this Sunday. LIBRA (Sept. 23-Oct. 22); Close collaboration with others, is full of quirks and difficulties — make your own path, let them take theirs, for later reunion. SCORPIO (Oct. 23-Nov. 21): This Sunday taxes your patience sorely, as things seem to taka forever to happen and people perversely seek all the wrong answers. SAGITTARIUS (Nov. 22- Dec. 21): Sitting tight and letting well enough alone is difficult, but is the most constructive thing to do for the moment. CAPRICORN (Dec. 22-Jan. 19): Giving orders gets you nothing but difficulty. Either tell a secret and be disbelieved — or else be totally discreet. ^QUAR^IS (Jan. 20-Feb. 18): Business concerns tend lo invade your efforts to live a peaceful Sunday away from th^ round of the workweek. Be brief. PISCES (Feb. 1i)-March 20). Friends are full of wild and wonderful schemes -p lot them, but count yourself out before putting in significant sums. Is It Hamfut? QUESTION: I iiave read several articles on the dangers of DES in our meat. What is it? And if it harmful, why isn't something being done about it? ANSWER: Dietiiystilheslrol (DES) is a hormons that has been conimonly used in animal feed to stimulate rapid growth of cattle, sheep and poultry. It iias been implicated as a cause of cancer in animals used in laboratoi7 tests. Food and Drug Administration iias banned the use of all animal feeds containing DES as of January 1, 1973. Prior to that date the manufacturing of animal feed containing DES was halted. An extensive monitering program will continue under tile United States Department of Agriculture's Animal and Plant Healtli Inspection program for DES. Any finding of DES residue will be turned over to F.D.A,, whicli iias legal jurisdiction over the feed additive usage. QUESTION: I lliought all widows who were receiving Social Security pensions would get an increase in February, but I know some are getting more than others. Wliy? ANSWER: An extra boost in llieir Social Security pensions was given to millions of widows in February. The women who were 65 or older at tiie time their Social Security widow's benefits started would now have their payments increased to lOO per cent of the retirement benefits their decreased husbands would now be receiving if they were alive. Some widows will receive less tlian 100 per cent of their husband's retirement benefits because they started receiving pensions before they were 65 years of age. The closer a widow was to 65 when her pension began, the closer to 100 per cent of her husband's retirement benefits she will receive. However, in no case will a widow get less than she is now receiving. The increased benefits under the new law signed by President Nixon in October should have been included automatically in all checks mailed out in early February 1973, according to the Social Security Commission. For more details you are encouraged to contact your local Social Security Office. QUESTION: Could you tell me if it pays to shop in a store that gives trading stamps? I dislike them, but I save them when they are given by the store. ANSWER: Consumers who save and redeem stamps more than recoup the price difference between . stamp and non-stamp stores according to a recent study conducted by a University of Minnesota Agricultural Economist. In the 21 cities where the use of trading stamps was studied, consumers paid slightly more for their purchase, but the merchandise value of the trading stamps more than equaled the difference. QUESTION: I have earned $500 from an after- school job. Will my parents still be able to claim me as an exemption this year? ANSWER: Your parents will still be able to claim yo'U as an exemption if you are a full-time student for at least five months of the year, or if you are under 19 years of age at the end of the year, provided you have been dependent upon them for over half of your support. For additional information, you should contact your local office of the U.S. Internal Revenue Service. For further information that will help you with your consumer problems, write to "Consumer Information", University of Florida, Extension Home Economics, Gainesville, Fl 32601 or contact your local Extension Home Econornics Agent, Mrs, Eliza M. Jackson, 301 McKenzie Avenue, Panama City, Fla. 32401. ENVIRONMENT NEWS Were Entitled To Clean Water The Florida Legislature has decided that Floridians are entitled to enjoy clean lal<es and rivers. Chapter 387. OS, Florida Statutes, slates plainly that "... any person, firm, company ... or any county (or) city . . who siiall deposit ... in any of tlie waters of the lal<es, rivers, streams, and ditches in this state, any rubbish, filth or poisonous or dele- tenious substance . . . shall be guilty of a misdemeanor," This law plainly prohibits the dumping of any harmful substance, whether liquid or solid. Sand-hill ponds may not be used as rubbii-h dumps. Thoughtless residents of water-side cam]is or cottages may not run their sewage lines lo streams or lalces (su.-rh as deer point). Even cities and counties are re(iuired to respect the purity ol our fresh-waters. County garbage pits must not be allowed l<i leak or discharge into creelts or streams. Sehool bus barns or maintenance shops must not drain into [Jonds or stream.s. And city sewers must not empty into lakes or fresh-water bayous. Businesses, too, must adhere to this requirement. No harmful discharges of any l<ind must reach the fresh waters of the state Enforcement of Chapter 387.08 is relatively easy. Any citizen who learns of a violation merely needs to contact Russ Bower, assistant state attorney, at the County Courthouse, When you contact Bower, be prepared to give him "cold, hard facts" about the violation; you should have the name and address of the person or company. Pictures of the problem, and samples of the harmful substance, are very Important. You can, in tliis way, participate in keeping the fresh-water lakes and streams clean and pure. Comments are invited and should be sent to: The Bay County Environmental Council, P.O. Box 4275, St. Andrew Station, Panama City, Fla. 32401,

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free