Henderson daily dispatch., April 21, 1932, Page PAGE THREE, Image 3

About Henderson daily dispatch. (Henderson, N.C.) 1914-1995

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

                
Use Os Federal Credit
Urged As Alternative
To Boosting Tax Rates
(Miter* XhW: Tfcfci fa u, t
rlriNill) •»* *- *He#. ***f *
dispatch** explain)** «impfy **4
~»n«rr«Hjr th* federal f» Tnn .
Hirnt'k tin problem. >
B» CHAKI.KS T. HTKWAWT '
( tnitrmJ Breen S*wff Writer
Washington. April 21 “Higher tax
ation » wholly unn«CMaary” fc«y«
Senator Elmer Thomas or Oklahtwrvu
Suppose the budget is not b a j
anreil immedintely. Wku o t it? It
vri* not considered Imperative to bal
a nee it when r*m»»s exceeded ex
penditures. Why h mi such haste to
It’s a Long Time
Since John Had
RHEUMATISM
He found the right, mexpenaiye
way to drive the cause of this
crippling disease from his system
)U|H>> Now—No More Idle lA>s
Mi* Wife Joyfully Annerts.
As long as you have an excess of
urtc acid in the jointa. blood and tis
anes you are going to have rheuma
tic pains, aches, twinges and joint
swellings —you can't help but have
them.
So start today with a awift. safe,
popular prescription to get rid of all
your annoying rheumatic troubles-
Just ask Parkers Drug Store or
aav druggist for one 8S cent bottle
of Atlenru a sensible scientific for
mula free from opiates or nerve
deadening drugs —it drives out all
pain and agony In 4S hours—or money
hack.
Iric acid poison starts to leave
body in 2t hours—the same guaran
tee holds good for Sciatica. Neuritis
aad Lumbago— why not start to get
well today. Adv.
PH ARM A f ET’Tir AI i EXCELLENCE
THE LOGICAL PLACE
To have your prescriptions
dispensed is here.
Parker’s Drug Store
The Rex&ll Store
Three Registered Pharmacists to Serve You
I A SELL OUT I
| To the Bare Walls I
Watkins
I Liquidation Sale I
Offer* Many New Values for the
Week-End
\
I Here They Are I
I 23 Men’s Good Suits $5.97
31 Men’s Fine Suits $7.97
Men’s Pants, Good Quality $1.97
I Boys’ Suits - - $2.97 up I
All Shoes at Close Out Prices
Men’s Shirts, 3 for SI.OO
Rain Coats at Give-Away Prices
I Hurry It Will Soon I
I Be Over I
Watkins
I Liquidation Sale I
\ ®
HL k
\ JHjL ►*
Hragpj Ste-
Senator Elmar Tkomu
balance it now that, temporarily, ex
penditures are somewhat exceeding
r* v#nues?
“The federal credit never was bet
ter than it is today. Uncle Sams pro
mise to pay would finance his ac
tivities for at least a year without
another penny coming into the treas
ury. Under normal business condi
tions, which presently will reassert
themselves, existing tax rates yield
much more than the government re
quires.. Why not wait, and permit a
little time to restore the balance?
Indebtedness Reduced.
"The enu of the war found the
United States with a $26 000-000.000
indebtedness. It was reduced to sl6-
000.000.000. In October. 1931, as quot
ed recently by Secretary of the Trea
sury Mill it had crept back upwards
HBNDEMON. fIUCJ BAHT BBPATCH, THURSDAY, APRIL' 21, MB*
Aerial Combat wil h Camera
Thu unuauai picture chows how U. &. S»wj airmens inarkamangh
will be improved by the new photograph device that registers "hiti
on enemy trxfl M accurately as bullets. Th* device consists of I
eemera huih n a machine gun and is ••~lnnM* in mimic warfui
for getting •» Una on the accuracy of the In an air engagemet
between iwg The 61m H the 'gun" decide* the winner o
an aeriai combat.
to $17.144,688.637—0r still nearly $9,-
000,000,000 lower than the war left
us.
“We have on hand $4,381,000,000 In
gold—or S 3 per cent of our circula
tion. Instead of a circulation of only
$5,603.000.000 our reserve is adequate
for at least $11,000,000,000. We can
issue paper galore.
“Our widely-advertised anti-hoard
ing campaign led to the depositing in
banks of $137,000,000. previously hid
den in teapots, under mattresses and
between the leaves of family Bibles.
What did the hanks do with it? Put
■t back into circulation? Oh. do. They
turned it into th* Federal Reserve In
stitutions. to take up their paper,
thus avoiding payment of further in
terest on it.
“And the Federal Reserve returned
the money to the treasury—which ma
cerated it. Stilt kept in cracked tea
pots. it might finally have come out
and been spent. Ground up in a ma
ce rator, it’s gone for good.
"The demand for more taxes, to
balance the budget, comes, as a mat
ter of fact, from big business. With
the return of better times, there will
be a huge surplus. A demand for tax
reduction will follbw, and big busi
ness hopes to make this reduction ap
ply to its own taxes—leaving ordinary'
folk, as a broad base.' to continue
paying at the increased rate It is,
now being sought to Impose, under
the guise of budget-balancing.
“In the meantime wages will have
been cut.
"The business revival will be ac
companied by monetary inflation,
which wili be equivalent to a further
wage cut.
"ft's all a single dove-tailing pro
gram.
“The moment has not arrived for
inflation of the dollar because the
wage-cutting detail has not yet been
fully attended to. but it is the psy
chological juncture for the tax in
crease.
"In point of fact, the supposed need
for budget-balancing is pure moon
shine."
Next: Tax Frehlwn Nat Confined to
Federal Government.
Carpetbag Bonds of More
Interest Than Is Thought
(Continued from Page One.)
inated by "carpet baggers," Negroes
and native white Republicans, whose
election to the general assembly had
been more or less dictated by the
carpet baggers. The Constitutional
Convention of 1868, which adopted the
present State Constitution and which
recommended the issuance of these
bonds, was also dominated by the
carpet baggers. Republicans and Ne
groes. Os the 120 delegates to this
Constitutional convention, 107 were
Republicans, according to account of
this period in the "History of North
Carolina," Volume 3, by J. G. deR.
Hamilton, of the University of North
Carolina. Os these 107 Republicans.
18 were carpet baggers and 15 were
Negroes, Dr. Hamilton says.
"Os the native North Carolinians
in the convention, few were of any
promience and had never been known
outside of their own counties," Or.
Hamilton points out. This was be
cause most of the former political
leaders in the State had been dis
franchised by the Reconstruction Act,
so that the Republicans obtained vir
tually complete control of the State.
In the legislature of 1868-69. which
followed the Constitution*! conven
tion .the Republicans, carpet baggers
and Negroes again predominated, this
legislature being composed of 118 Re
publicans and only 52 Conservatives,
or Democrats as they would now be
called. There were between 35 and
40 carpet baggers and 19 Negroes in
this legislature, with seven carpet
baggers and three Negroes In the sen
ate and some 30 carpet baggers and
16 Negroes In the house, according to
Dr. Hamilton’s history. The carpet
bagF* l-8 the lead in all the leg
islation proposed and the chairmen
of all the more important committees
were carpet baggers.
legislators Honest.
It is probably true that most of the
members of this General Assembly
thought they were doing the right
thing in voting for these bond Issuee,
aggregating $27,850,000, which osten
sibly were for the construction of
railroads in North Carolina, but ot
which only $13,315,000 worth were ac
tually sold. Later investigations shew
ed, however, that a good many of the
members of this legislature received
anywhere from SSOO to $2,500 and
blocs of these bonds for voting for
these issues.
It was not suspected that there was
anything radically wrong with the
issuance of the bonds until the 1869-
70 General Assembly, when various
rumors and reports indicated that all
had not been strictly regular in the
1868 general assembly and convention
and the authorization of these bonds.
As a result, the 1869-70 general assem
bly appointed the Bragg Commission
to make an investigation into their
issuance, and the 1871-72 general as
sembly appointed a second commis
sion, known as the Shipp Commis
sion. to make a still deeper inves
tigation. It was the findings of these
two commissions that prompted the
general assembly of 1879 to adopt the
amendment to Section 6 of the Con
stitution repudiating these bonds and
providing that they should never be
paid without a majority vote of all
the qualified voters in the State, and
its adoption in the general election
of 1880. The adoption of this amend
ment of course, officially repudiated
the payment of these bonds by the
State nf North Carolina.
One of the arch crooks back of the
issuance of these bonds was revealed
by those investigations as being Mil
ton S. Littlefield, a director of the
Raleigh National Bank, and the ac
tive head of the railroad bond lobby,
without whose support no railroad
bond issue could be put through the
1868 legislature. Littlefield, a native
of New York, who had been the
Colonel of a Negro regiment during
the war between the states, was the
undisputed master of this general as
sembly and charged 10 per cent of
ihe face value of the bond issues for
his services in getting them approved.
He secured his influence with the
members of the legislature by cash
ing their state pay vouchers, which
were of doubtful value, for their full
face value, when presented at his
bank and by making liberal loans to
members with little or no security
and which were never called.
One of Littleton's chief lieutenants
and his "paymaster," George W.
Swepson. president of the Western
Division of the North Carolina Rail
road, later testified that he had paid
17 members of the general assembly
$134,000 at various times and that he
had paid Littleton more than $240,-
000 either in cash or bonds.
When the investigations were first
started, Littleton left the State and
was never captured or returned to it.
although the general assembly offered
a reward of $5-000 for his arrest and
return.
IS
Here'* the greet- Eff J M ft
•si value in hotel m U MB
history I Chooie H B W
any 3 days you
wish—and come I
to th# striking
new Hotel Plymouth Ur * real
vacation I 3 day* *f tun, interest,
enjoyment —all for $lO coatpUfe.
INCLUDES EVENVTWND
e *•« row* «tt*w*li«n
e FiM MMk. nr*l * H«k own* *»«■
e s|gMww»n trip wow**Hw» twk
e Fro. odwtuion to tw*.» *«Or Ihe*k*
• VWw «f *y frw" ctwydw Two.
T2?it A FINE
J&fr' HOTEL!
ffl WWwi 3 btocfc* of SO
.. jjrfl arwMtaf ten
iv.!* UM IN MN kWXL
A* |W Wwte rawev
• • • HOTEL- - •
PLYMOUTH
49* Sf.ut *tfhN*My
i “m A* WWW •» «w »**»*•' J
The Wise Merchant
Keeps His Name Be
fore The Public By
ADVERTISING—
The Merchant That
Thinks He Can Do
Business in This Age
of Hustle and Bustle
Without Advertising
Is a Backdater.
Persistency, Keeping at
It, With Your Name and
Business in the Columns
of Your Home Town
Paper Will Make Peo
ple Take Notice of What
You Have to Offer
Them.
BfcttiterßxmSgtli; Btspafrfy
PAGE THREE