Henderson daily dispatch., February 04, 1933, Page PAGE FOUR, Image 4

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

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PAGE FOUR
HENDERSON DAILY DISPATCH :
BaublliM Au»rt 1»» lli
rakUtM Mrrrr Attwnoo* BtMft
Suadar By
UENDERSON DISPATCH CO„ DIO*
_ at i» Tmg stmt
HENRY A, DBN MIS. Pro*. and Editor
M. I*. FINCH. Sec-Traa* and Bus. Mgr.
TKLBPHeNBB
Xditorial Os flea IM
Society Editor tit
Builneii Offioa tit
The Henderaoa Dally Dlapatcli U a
Member of the Associated Press. News
paper Enterprise Association, South
ern Newspaper Publishers Association
and the North Carolina Press Associa
tion.
The Associated Press Is exclusively
Untitled to use for republleatlon all
news dispatches credited to it or aot
otherwise credited In this paper, and
also the locul news published herein.
All rights of publication of special
dispatches herein are also reserved.
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patteaol A4v*tti*u>( RrymnitatlvM
PROMT. CAMIIS A KOHIM
•I Park Avenue, New Jerk City; It
Bast Wacker Drive, Chicago; Walton
Building Atlanta; Security Building,
Batsrsd at the post office in Render
••»n. N. C., as second class mall matter
THE HIGHEST ROCK: Hear my cry
© God; attend unto my prayer.
F'rom the end of the earth will I cry
onto thee: lead me to the rock that
Is highest thaii I. —HslaTm 61: 1, 2.
FATE OF THE ROBBER Behold a,t
evening tide trouble; and before the
morning he is not. This is the par-*
lion rif them that spoil us* and the lot
of them that rob us.—.lsaiah 17: 14.
READING THE NEWSPAPERS.
(New Bern Sun-Journal.)
Since «he days of Wilson, accord
ing ■to a news dispatch from Wash- I
ington, presidents have found it nec
essary to make extraordinary ar
range nei.ts to keep of ne vs and
public opinion as reflected in the
newspapers.
It was Joe Tumulty who originated
the Idea of gathering daily editorials
and news items and grouping them
In such away as to enable the war
time president to read them. It be
came known as the president’s daily
newspaper, and President Harding
continued much the same practice.
So d-’d Goolidge. »President Hoover
has enlarged upon the plant. Thirty
five or more papers are received at
the White House every morning and
two clipping bureaus supply material
from smaller papers- When the presi
dent visited his camp on the Rapidan
for the week-end a plane circled the
camp every Sunday morning to drop
the newspapers and important letters.
Now, it is said, President-elect
Roosevelt has selected three veteran
newspaper men as members of his
secretariat. It means that he will keep
a closer check than ever upon public
sentiment and news developments.
' Few of us can afford to subscribe
to so many newspapers or employ
trained men to select those items in
whioh we are especially interested or
should read. Most of us, however, can
afford to take the one daily newspaper
which gives us those news items and
editorial opinion which deal with our
own city and commuiVity and a synop
sis bf national and international news.
Those of us who aspire to be good, in
telligent citizens, owe that duty to
ourselves and to our communities.
WHY NOT TRY CHRISTIANITY^
(Christian Science rronllor.) ‘
Are the nations today trying to
make bricks without, straw? Even a
brief survey of present efforts to set
the world right again leaves a dis
tinct impression that something is
'lacking- From all the political pana
ceas, from all the devices for disabl
ing debts, from all the planning of
prosperity, from all the receipts for
recovery with which we are flooded,
cue essential ingredient is missing.
It was high time some authority to
which the world will listen should re--
mind us that no mechanical appara
tus for improving our present plight
will operate successfully unless it be
lubricated liberally by Christiab
charity.
Such a remainder comes from th£
Federal Council of Churches. Recomr
mending a kindlier, more far-sighted
consideration of war debts, the
ci.l’9 commission on International jus
tice and good will declares:
In our approach to this question;
our primary interest is to set free in
-the life of the world the spirit of
forgiveness and reconciliation to
which the Christian Gospel summons
us and which is the supreme need of
the world today. In the present world
(turmoil and distress the Christian
church must lay especial stress upon
its teachings of the oneness of the
human family and the interdepend
ence of the nations. ,
It is natural that the churchmen
(Should recommend this approach to
the war debts especially. For the mo
ment, these installment payments on
one war seem to have aroused ill
temper and acrimony which if allowed |
to continue would aow seeds of fur
ther and more costly strife. Indeed,
when a large part of the public in
one nation has been led to look upon
the people of another nation either
as selfish and evasive debtors or as
(blind and cruel creditors, there is
need of a reminder that they are all
of one family, having the same Fath
er.
And the reminder seems all the
more needed because the greatest bit
terness and recrimination is not be
tween governments tout between peo
ples, between groups of men who, if
they could meet as Individuals and
with full knowledge of the facts,
i would unquestionably agree upon a
fair and friendly settlement.
The same difficulty affects other
problems. The complexity of econo
mic and political organization today
is such that the kindly contact of
maai wiith man has less opportunity
to remove friction. The depositor in
a bank may not know the home
builder who borrows his tnohey; the
stockholder in a giant corporation
cannot call Ms workers by name; the
manufacturer or the farmer does not
live next door to the ultimate con
sumer of his product; the voter rarely
has even a bowing acquaintance with
the man he puts in office; the giver
of alms seldom sees the benefits
wrought with them by a benevolent
’ organiation. The personal touch is
lost. Yet the interests of all are
ibound together. All the more need,
then, for a wider sense of brother
hood, one which reaches beyond the
small circle of personal contacts.
The teaching of intertwined inter
ests will not alone suffice to build
that brotherhood. Even a slight ex
* ploration of the channels through
which our daily needs are supplied
makes it plain that in an economic
sense never before have so many men
been the keepers or the kpt of their
. brothrs. Btter understanding of this
fact should promote cooperation.
, Clearer thinking through all the in
terrelations of human activity, even
on the basis of self-interest, will bring
more harmonious condition--.
Lit self is ■•less is short -sighted. Tne
‘ ideals of forgiveness and reconcilia
tion" and the desire to return good
’ f>r eveid require a higher source. The
lubrLsnt of love necessary to the
most useful operation of any ma
, chitiery rs human improvement flows
more easily from the concept of
brotherhood which Christianity finds
, in the Fatherhood of God.
TODAY
TODAY’S ANNIVERSARIES
1792 —James G. Blmey, nolted aWtii
?la very leader of his- day, born alt Dan
ville, Ky. Died in New Jersey, Nov.
25, 1857. *
1802—Mark Hopkins, ideal educaftor,
president of Williams CoMege, Mass.,
1830-72, bom Stockin'klge, Mass.
Died at Wiiiiamstown, Masts-., June 17,
1887.
1822—Edward -F. Beaie, a forgotten
M(4xi'can War hero, (Qallßifornia sol
dier, surveyor-general and pioneer,
bom in District of Columbia. Died 1
April 22 1893. L
1833—George H Hep-worth, a clergy
man-editor, born in Bosltom. Died
June 7, 1902. j
1842—George Brandes, famous Dan
ish writer, bom. Died Feb. 19, 1927.
1871—Fitedritoh Ebert, son of & t*aM
or- and himself a spddle-miaker, who
succeeded Emperor William as Ger
many’s first president’ ,born. Died
Feb. 28. 1925.
TODAY IN HISTORY
1881—Thmas Carlyle, famed Eng
lish essayist and historian, died, aged
85.
1887 —Interstate Commerce Oommis
lllon created by Act of Congress.
1899 —Phillpplne-Americain War be
tyan. i
TODAY’S BIRTHDAYS
Ohamles A. Undlbergh, bom in De
!i‘oiit, 131 fears ago.
Rear Admiral David Sellers, U. S.
N., bond at Austin, Tex., 59 years
y
Bishop William F. McDowell, retir
ed bishop of the M . E. Church, bom
at Millersburg, Ohio, 75 yeiars ago.
Dr. John A. Morehead, noted Luth
eran clergyman, born in Pulaski Co.,
Va., 66 years ago
TODAY’S HOROSCOPE
Today brings an- enterprising and
adventurous spirit, with a fluent ton
gue and ready pen. A benevolent and
sympathetic n attune is .With
an ambi't'jous
reason net succeed
-n business, fdr success, and comfort
Wityi '-mtojje of jwoinlJd/fe goods than
, are*'* indicated. Wdmeh l
born on this day ane often blessed
with twin chdldretn. *
SSed
Testimony Strongly Urges
Balancing of Budget to
Save Credit
Daily Dlapatoli Bureau,
la the Mir Walter Hotel.
BY Jf. C. BASKERVILIJ. <*;
Raleigh, Feb. 4.—Some sort of sales
lax soems to be about the only way
North Carolina can balance its bud
get, in the opinion of fifty-odd bank
ers of North Carolina who own about
$50,000,000 in North Carolina bonds.
True, in an hour’s talk before the
joint finance committee of the Gen
eral Assembly yesterday, none of the
spokesmen for these bankers even
mentioned the word sales tax, or any
other method by which the State
might balance the budget, but, after
considerable beating about th% bush,
• hey nevertheless left the impression
upon the committee that a sales tax
> i 3 the only way ou.
The bankers emphasized the fact
that they were not attempting to tell
the committee how to do its job, since
the committee was probably better
equipped to do the task than they
were. They urged members of the
committee not to get chicken-hearted
but at a sacrifice of everything else,
to balance the budget and save North
Da-* lina’s credit.
The bankers didn’t give 4 h« com-
HENDERSON, (N.C.J DAILY DISPATCH SATURDAY, FEBRUARY 4,193 ST,
1 Inflation A Palliative,
But Not A Cure For Ills
r
, —*
I That and Abandonment of Gold Standard Would Help
Unemployed and Hurt Those With Jobs, Babson
Says; Economic and Physical Law Unchangeable
r
P - - ■ •
BY ROGER W. BABSON,
1 Copyright 1838, Publishers
' Financial Bureau.
! Babson Park, Fla., Feb. 4.—Presi
-1 dent Hoover’s debt adjustment plan
' is a frrnk lecognition that something
• b;..it done for the relief of debtor.'.
' This plan, embodied in the 1-a mi
ni; icy vlief bill, is mo-ie ate and is
1 Kl ;h» b» interests o*- b <:b «l; •!-*-« is
and creditors. It affords a short-cut.
1 through the Federal courts, wherebv
railroads, corporations, farmers, and
1 individuals can meet their credi'3**^,
• and, with sanction of law, arrange
-for a reduction of debts or for de- 1
layed payment. Thus it provides re
lief for debtors and at the same time
prevents a loss to creditors resulting
from expensive receiverships, bank
ruptcy proceedings, etc. The railroads
especially would be helped by this
plan, although Ms benefits extend also
to all classes of debtors-
Hedge Equities Against Interest-
Bearing Securities.
The question is whether Congress
will be content with President Hoov
er’s plan. May there not some day be
an attempt to go further? What if
all, or a large part of all, debts were
legislated out of existence? That
would be unconstitutional, of course,
lbut under our form of government it
loould conceivably be done through
constitutional amendment, even tho
ugh such action today may seem im
probable. How can investors insure
themselves against this or similar
possibilities? Chiefly by hedging eq
uities (i.e. stocks, etc.) against in
terest-bearing debts (bonds, etc.)! In
vestors can put part of their funds
into bonds, and an equal amount into
stocks which are preceded by large J
debts. Then any legislation which
takes away their rights as creditors
would help them as debtors. The leg- i
islation which hurts the bondholders
of a corporation would help the
stockholders of the same corporation-
Companies having no bonds or ac
counts receivable would neither be
helpde nor harmed directly by such
legislation. In this category would be
such companies hs Woolworth, Sears
Roebuck, and the leading grocery
chains. However, the industrial stocks
preceded by big bond issues theore
tically would boom, while high-grade
bonds would tumble. Hence, im
portance of diversification between
bonds and stocks. I am speaking now
about the possible effects of debt re
duction by legislative decree —not by
inflation. Inflation is another mat
ter. Inflation, if it were effective,
would tend to appreciate all stocks
and speculative or second-grade bonds
as well as to depreciate all high-grade
bonds. If it really were violent enough
to raise commodity prices, then com
mon stocks of debt-free companies,
like the large merchandizing chains,
would benefit most.
The Gold Standard Craze.
I blieve in the gold standard and
that the sooner all; nations of the
world get back on it, the better off '
they all will be. On the other hand,
if all nations but the United States
desert it, we would be forced to do
likewise. Any measuring unit— the
yardstick, the bushel basket., the
pound weight—to be of any use, must
ibe used, by both buyers and sellers.
Hence it is dangerous for any inves
tor to bank absolutely on the United
States retaining the gold standard
forever. Circumstances could arise
whereby we would go off it within
the next two years. Who can tell? At
any rate, what would the effects be?
There would probably bea speeding
up of world trade and an increase in
employment, but at the expense of
certain groups of people. For in
stance, it would help those previously
unemployed because they would get
some wages in place of none as at
present. On the other hand, the wages
of those, sbw' employed would buy
less and hence they would suffer.
Bondholders should not be too in
dependent, beense their bondh are
“payable in gold dollars of the pre
sent weight and fineness.” This is
chiefly a delusion. Uncle Sam owes
about 21 billion dollars payable in
gold today, which is almost twice all
the gold there is in the world! Add
to this all the State, municipal, and
corporation bonds a|so payable |in
gold dollars of the present weight
and fineness and you see how utterly
absurd is the whole thing. The fact
is that so long as business is good
and people are honest these bonds are
good; but with no business or hon
mittee any specific directions. But
they wonted the budget balanced,
above everything else, so that the
State’s financial standing can be bet
tered. With the vast wealth of the
State, there is no reason, the bank
ers said, why the State’s bonds should
not have the prestige they once en
joyed. The balancing of the budget,
they said, would turn the tide and
start the trend back toward par.
The balancing, of the budget, the
committee was told, was imperative
if the credit of the Shate is .to be pre
served. There is no : chance. of the
State refunding any of its obligations
until the budget is balanced, they de
clared. The New York bankers will
not extend the State any further
credit until the legislature demon
strates that it will balance the bud
get, not in theory, but in fact, ac
cording to the spokesmen for the
bankers.
MISS CHATTERTON
AT THE CAROLINA
“The Rich Are Always With Us”,
showing at the Carolina theatre Mon
day and Tuesday, starring Ruth Chat
terton, the one and only who could
play this part as she does. Miss Chat
terton is supported by a marvelous
cast, including Bettie Davis, George
Brent, John Miljan and a hundred
others. This photoplay is said to be
Ruth Chatterton’s best.
esty, securities are of little value
whether payable in gold or in lead.
In other words, gold of itself is of
little value unless backed by the in
tegrity and honesty of people and
nations. Similarly, the strongest bank
vault that can be built is no security
if the management or employees of
(he bank should lack integrity and
honesty.
Inflation.
Now a word on the subject of cur
rency inflation. This refers to the
printing of paper money or the dilu
tion of our present currency with
silver. This is a plan for redistribut
ing money. It does not increase the
total value of all money. Suppose we
issue three billion dollars or more of
-paper money; the total value of all
the money outstanding is not a penny
more or less than before. Our old
money is worth that much less, so
that the total of the old and new adds
up as before- By cutting an apple in
half you cannot make two apples.
However, inflation does help the
debtor at the expense of the creditor
by making each unit of money less
valuable so that the debtor can re
pay the creditor with dollars of less
value. It may be a temporary relief
to debtors like a drug or dope to
the sick man for relief of pain. How
ever, inflation can never develop hon
esty in place of dishonesty, efficiency
or industry in place of laziness. Per
haps inflation would do actual harm
by delaying these needed corrections.
As a matter of fact, we are having
constant inflation of a mild nature
every day. There is little difference
in the government printing green
back currency or in printing yellow
back bonds. The chief difference is
that the bonds carry interest which
serves as a check on the amount out
standing, tout <the net result is much
i the same in the end. In the case of
i issuing bonds for running expenses,
we have less taxes to pay now and
more interest to pay later; while if
s we issue paper green-backs we “save”
i taxes and interest, but our dividends
- and wages are depreciated so they
; buy less.
Economic or Physical Laws Cannot
Be Evaded.
We complain about economic laws
j as if they were man-made and could
be repealed, but they cannot be. Eco
nomic law is as unrelenting as phy
sical law. If we go without sleep or
are careless about eating or other
habits, we get sick. Legislation or
amendment of the Constitution will
not help us. Whether rich or poor, we
all suffer alike if wd%d’sobey these
physical and economic laws. Hence
most of the various schemes which
Congress is now discussing are mere
“pain-killers” which might work for
a little while, but which do not cure
us. Only rest and a different mode
of living will if cure.
Business as registered by the Bab
sonchart now stands at 13 percent
below a year ago.
CROSS WORD PUZZLE
l 5 €> n s 3 IO It 12.
13 ■ Ia
Is ' VZ 7e> n
ta eo &i aa JvvV 23
ZA 2S IS 27
ee> es So 3i
r~~
35 3G 37 3C> 39 440 *‘ 2
ZZI
z_ iz- zp~
I 111
re 57 Sd 59
so " el u '
I I I 1 . I I l i 1 **.
ACROSS
/ I—Fourteenth1 —Fourteenth president of U. S.
.7 —Deceased vice pres, of U. S.
13— Pertaining to the lips
14 — Reluctant
15— Type measure
16 — A bird of tropical America
17— -Soak
18— Anent (abhr.) ’
19— Arabian garment
21—Come in
23 — Press into a mass
24 — -Ensilage
26 Elongated fish
27 Part of a ’Shoe
28— Acclamation
30—Impair 32— Beverage
34 — Legume
35 Lymphoid organs
39 —Concise
43 Ireland
44 — Measure of weight
46 Chair
47 Spanish hero
48 — Icebergs
50— French coin
51 — Earl marshal (atobr.)
52 — Form of to be 0
53 — Greek letter 55—Road (ab.)
56 —Natty 58 —Edict
60— Inspirits
61— Hies
DOWN
1— Gratify
2 Pert, to lambus
3 Symbol for erbium ,
4 Royal Irish academy (abhr.)
5 Walking stick
-6—Feminine name
7 Malformation of the upper lip
8— Declare confidently
f —Enron nt e red
4.# —Republic of Liberia.
Speaking of Sure Cabinet Possibilities j
’ Roosevelt To Be Dictator
On Order Andrew Jackson
(Continued Irom Face One,)
more and more clearly in the course
of the last three years.
Tasks Are Obvious.
It is obvious that quite a funda
mental new start must be made, and
anyone with a fairly constructive
mentality and half an eye can see
many of the tasks which will have
to be tackled, in order to make it.
The current historian, who desires
to seem wise and give his readers
the impression that he is in the presi
■ dent-elect’s confidence, simply takes
it for granted that the White House
tenant soon-to-be sees what he sees
and will act accordingly and drafts a
{program for the new administration
‘on that supposition.
It is an equally safe prediction that
a campaign to correct error and end
waste and graft will be violently
fought by interests to which they
11 — The patriarch Jacob
12 — Sewing: instrument
20—The whole ■ „
22 Spread for drying
23 — Knsnare
25—Marie of oats
27—Abode bf the dead '
20—Tiny golf mound
31 —Toper i , :
*3—Bony outgrowths on the
heads of deer
35 Withdraw from fellowship
36 Original
37 Cover .*j
33—Sow
40— Female ruflf
41— Dedicated to religion
42 Musical exercises
45—Wants 48—Rid *
43 Pare 52 —Able
54—One in cards *
57—Infantile articulation- (
53—Note of the scale
Answer to previous puzzle
•
A RE. A|sl
tREOLE,, PALL|a|sl
QnIIPopMaL
A wjp-jtaj. I
r— * j_ M III T lEEir
|sl
AC E E6 US aauotel
auipiT
j. »fi EI s±a a, a lESSI
|nes ruE TEvjtEEH
Inj.i Iclklsl IsmoiAlsir
have been enormously profitable and
that plenty of strong-man-power will
* be necessary to overcome the opposi
tion of these interests. Now, strong
man-power is not inherent in legisla
tive bodies, like congress. Conse
, quen'tly it follows that the new presi
dent will need to have considerable
semi-dictorial authority granted to
him by the lawmakers, if he is to
J accomplish much. In view of the fact
that President-elect Roosevelt will
’ have large friendly majorities in both
congressional chambers, again the
: guessing is good that he will get it.
A Final Question
A final question remains to be an
swered.
Chilled steel nerve will be essential
, in the chief executive to carry thro
ugh such a program as the one out
lined.
Is President-elect Roosevelt so
Asks Tariff Barrier
my: • *
iSS Bite ** Iff
fM., » gffjl
Sounding a warning that American
business is suffering demoraliza
tion as a result of depreciated
foreign monies and foreign dump
ing of cheaply-produced goods into
the United States, James A. Far
rell, former president of the U. S.
Steel Corporation, is shown before
the House Ways and Means Com
mittee as Jbe urged the raising of
tariff barriers against such coun
tries as a protection to American
industry.
WANTED
40 Passengers For
Roosevelt-Gamer Inauguration
Washington, D. C. —March 4
$5.00 Trip I
Must have 40 passengers to get this rate,
Reservations must be made not later than
February, 25.
East Coast Stages
Union Bus Station
Phone 18
equipped?
The conviction is growing, among
’observers of the ex-governor, since
last November, that he is.
Many thought otherwise at first.
The New Yorker may or he may
not prove to be a great statesman, but
there is no doubt that he is an extra
ordinarily astute politician. It is ex
ceedingly difficult to induce him t ( >
•commit himself to a policy in ad
vance. He prefers to arrive at his
bridges before venturing upon them.
Numerous critics have taken this eas
iness on his part to be weakness, but
it is plainer every day that he is any
thing but a weak individual. On the
teontrary, it is evident that, in an af
fable way, he is as fixed as Gibral
tar.
Does Not Tell
Folk who have asked him his posi
tion on various issues and come away
unenlightened (an experience I have
had myself) will do well to remembr
that he did not wobble; he simply
did not tell.
With this raw material available,
it is not so difficult to map out a
program which one can prophesy,
with a tolerable degree of assurance,
that the ex-governor must adhere to
willy-nilly, as president of the Unit
ed States. And it is just what the
dopesters are doing, with medorate
accuracy, in all probability.
Personally I do not believe that the
ex-governor will be a Mussolini.
What I look for is a dictatorship
resembling Andrew Jackson’s.
Most of Virginia
Blanketed In Snow
Except for Coast
Rtchnnond, Va , Feb. 4 (A**)—
Snowfall, * which began early .this
morning, covered most of Virginia
unditr a White blanket by nocu.
Only the coast escaped for a time
with light rain, and, although in
the cities rapid melting kept the
streets clear, a fall of several inch
es was reported in the momtains
in the western part of the State.
Temperatures {remained several de
grees above freezing. /
Dr. Ernest O. Hollaiwd, president
of State College of bom
at Bennington, Ind.,. 59 years ago.