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Budget Needs, Dollar
Value—Uncle Sam’s
Balancing Task
Washington.—What effect federal
budget requirements of $10,000,000,-
000 within the next six months is
going to have on the “dance of the
dollar” is a vexing question on Cap
itol Hill.
On January 5 the RFC gold-pur
chase price had completed its twelfth
day at $34.06 an ounce compared
with the statutory $20.67. The pre
vious high had been $34.01 for an
even longer time on December 7.
Between the two dates the gold val
ue of the dollar declind from 64.1
cents to 63.5 cents.
With unprecedented peace-time
borrowing ahead, there seems to be
more sentiment among conservatives
and inflationists alike for the Pres
ident to call their spokesmen to
gether on a common ground—name
ly a compromise on the gold content
of the dollar. They say that to re
move uncertainty would bring “fear
frozen” deposits out for investment.
Senator Thomas of Oklahoma says
there is a possibility of Mr. Roose
velt cutting the gold value of the
dollar to 50 cents by increasing the
price of gold to $41.34 an ounce.
For the sake of stability, James P.
Warburg, a former monetary ad
viser to the President, and other
champions of “orthodox money,”
have indicated a willingness to go
along with a 50-cent dollar.
At present one of Mr. Roosevelt’s
closest advisers appears to be Prof.
George F. Warren, who would tie
the purchasing power of the dollar
to the rise and fall in the general
commodity price level. The Presi
dent’s message to congress was in
terpreted as indicating he had no
intention of steering away from that
course.
Rather, it appeared, he sought to
entrench it by making federal statu
tory economy a guarantee for gov
ernment credit. He hoped to bor
row more by keeping normal expen
ditures at a minimum. Some believe
he hoped, too, to head off congres
sional action for an increase in vet
erans’ compensation or full pay
ment of the bonus—which might
necessitate some outright inflation.
The approaching congressional
campaign is considered a strong in
ducement for those who will be can
didates to advocate payment of the
bonus.
In that event, some inflationists
say, Mr. Roosevelt could declare a
50-cent dollar, impound a treasury
“profit” of $33,600,000,000 on re
serve bank gold and issue $3,000,-
000,000 of greenbacks against it.
There is a much different attitude
at the treasury. In the first place,
it is going to borrow $6,000,000,-
000 and not $10,000,000,000. That
other $4,000,000,000 represents ma
turities which usually are wiped
out by trading the bondholder new
paper for the old.
Nor is it anticipated shat the $6,-
000,000,000 will be borrowed all at
once. The practice is to issue bonds,
notes or bills as money actually is
needed.
The last issue was for $950,000,-
000 and was oversubscribed three
times at 2 1-4 per cent. The “pub
lic” is chiefly banks and corpora
tions with idle surplus reserves.
Such reserves are said to be stacked
high in financial institutions for
lack of commercial outlet.
Banks buy government bonds by
subscribing at the treasury and ear
marking currency in their own
vaults for government account. It
is drawn upon as needed, frequent
ly months after it was subscribed.
On December 2 the federal re
serve banks had $2,432,000,000 of
government securities, nearly two
billions more than in December,
1929, and member banks had well
over an additional $1,000,000,000.
They are counted upon heavily to !
support any new issue lest failure |
to absorb it lessen the value of |
those they already own.
Federal reserve member banks
had an excess surplus of $800,000,-
000 on January 3. Member banks
in 90 cities on December 27 had
$10,866,000,000 of demand deposits,
$4,339,000,000 of time deposits and
$825,000,000 of government depos
its. Money in circulation totals
around $5,800,000,000.
All these sources could contribute
to the purchase of federal securities.
NOTICE.
Until further notice we will
give 75c per bushel for corn
to apply on past due taxes
only up through 1932.
By order of Mayor and
Council.
C. L. SAXON, Clerk.
TUESDAY’S CO-OPERATIVE
HOG SALE
6 cars, numbering 610 head, of
hogs were sold at Tuesday’s co-op
erative sale, the price being 3c lb.
basis No. ones. This was 25 points
above the market price. Swift &
Co., Moultrie packers, were the suc
cessful bidders.
DAMASCUS NEWS
The greatest revival ever witness
ed in this country held its last
service Sunday night. The ministers
doing the preaching during the
meeting were Rev. A. V. Pickeron
of Bainbridge, Rev. David F. Cripps
of Hilton, Rev. Spencer B. King
and Rev. R. L. Whitehead of Blake
ly, and Rev. Lee Knowles of Col
quit, with Mr. E. L. Fry directing
the music. God used these servants
of His preaching and singing the
gospel in a remarkable way. There
were during the meeting 92 convers
ions. The majority of these were
converted during the revival and
the joy of salvation was restored
to us. It was indeed a great reviv
al, in which the soul dealing with
God and God dealing with the soul
and lives of men and women, boys
and girls—this was unlike anything
ever witnessed here before. Bro.
Fry leaves here today, pitching his
tent in Arlington, after winning the
love and confidence of the people
in Damascus. These men who have
worked so faithfully during this re
vival are leaving us with our best
wishes and prayers that they may be
used of the Lord in winning many
unto the Savior. We are indeed glad
that the meeting will continue in
Arlington some time and the peo
ple of Arlington and the surround
ing community will give Bro. Fry
and his associates their loyal sup
port.
Mr. Whalen George and Mr. La
mar Pickron motored to Americus
Sunday.
Mrs. Carrie Evans and daughter,
Miss Lollie, spent the week end
with the former’s sister, Mrs. Lonie
Parr.
Mrs. David Arrington and chil
dren, of Havana, Fla., spent the
week end with Mr. and Mrs. C. W.
Arrington.
Miss Nettie D. Roberts visited
relatives in Blakely last week.
Mrs. H. C. Haddock is visiting
her daughter, Mrs. W. T. Hendry, in
Macon, this week.
Mr. and Mrs. G. I. George and
little sons, Thad and Jack, visited
relatives in Pensacola, Fla., last
week.
Mr. and Mrs. Henry Houston and
family moved to near Donalsonville
last week. We regret very much to
lose this good family.
pinEview news
Miss Marie Anderson spent a few
days last week with her sister, Mrs.
B. H. Thomas, who has been crip
pled from a scalded foot in an acci
dent which happened Christmas. She
is able to walk now. We hope she
will soon be all right.
Miss Marguerite Dykes and little
Katherine and Ray Dykes spent Sat
urday afternoon with her sister,
Mrs. Bob Anderson.
Mr. J. W. Anderson spent Sunday
and Sunday night with his daughter,
Mrs. B. H. Thomas.
Misses Mamie Wiley, Ruth and
Letha Chambers visited Mrs. Bob
Anderson and Mrs. T. J. McDonald
Monday afternoon.
Mr. G. W. Anderson, of Junction
City, Kansas, arrived in Blakely Mon
day evening and is now visiting his
sister, Mrs. B. H. Thomas. He will
be here this week among relatives
and friends. It has been about nine
years since he has been here to see
the folks. We were glad to see him
on this surprise visit.
There will be preaching at Pine
View Saturday morning at eleven
. o’clock and Sunday afternoon at I
2:30 o’clock. Everybody is cordial-1
|ly invited to attend, and we hope j
I there will be a large attendance.
A marriage which came as a sur
prise to a wide circle of friends oc
curred Saturday evening, January 6,
when Miss Mae Anglin became the
bride of Mr. T. J. McDonald. The
ceremony was performed at the
Blakely Hotel by Ordinary D. C.
Morgan. The bride is the first
daughter of Mr. W. C. Anglin, of
this community. Mr. McDonald is
the oldest son of Mr. and Mrs. Jim
McDonald, of Cuba. They are re
ceiving the congratulations of their
friends.
BLAKELY CHAPTER 44 R. A. M
Blakely Chapter 44
W Royal Arch Masons
meets on the second
and fourth Mondaj
nights of each month
at 8 o’clock. Visiting
companions invited.
W. H. IVEY.
High Priest
J. G. STANDIFER.
Secretary.
EARLY COUNTY NEWS, BLAKELY, GEORGIA
Atlanta Mule Trade
Heaviest Since 1918;
38,064 Change Hands
(By Georgia Newspaper Alliance)
Atlanta, Ga.—Farmers throughout
the southeast are replenishing their
supply of mules and more trading
was done in the Atlanta market dur
ing the five month period preceding
December 31 than at any time since
1918, the year of the end of the
World War. 38,064 mules were sold
at auction during this period and
using $127 as an average price per
mule the cash turnover is estimated
at $4,834,128. Dealers say that
Atlanta has become the center of
the mule trade of the world.
The majority of the mules are now
being sent to south Georgia and
eastern Carolinas where crops are
being planted. Trade starts in
Florida in the early fall and moves
northward as the planting season
begins. The trading season is not
nearly over within Georgia yet, mule
men said.
FINAL WARNING TO
THOSE WHO WOULD
SIGN COTTON OPTIONS
It is required of those holding
cotton options who desire to take
advantage of the offer of four cents
per pound advance that these op
tions be signed in sufficient time
to reach Washington by January 15.
You will, therefore, see the neces
sity for immediate- attention, and it
is urged that you see me not later
than Friday, January 12th.
W. A. FUQUA, County Agent.
Alphabetical Era
Os Government
Grows Apace
The Associated Press reports that
with even veteran Washington ob
servers a bit groggy over the ad
ministration’s growing “alphabet” of
boards and crops and administra
tions, the New Year may call for
the printing of a new and different
federal directory.
Here is a year-end A. B. C. of
what some have called the “alpha
bet soup” of the new deal:
AAA: Agricultural Adjustment
Administration.
CAB: Consumers’ Advisory
Board.
CC: Consumers’ Council.
CCC: Civilian Conservation Corps.
CCC: Commodity Credit Corpor
ation.
CSB: Central Statistical Board.
CWA: Civil Works Administra
tion.
EC: Executive Council.
ECPC: Executive Commercial
Policy Committee.
EHFA: Electrical Home and Farm
Authority.
FACA: Federal Alcohol Control
Administration.
FCA: Farm Credit Administra
tion.
FCT: Office of Federal Co-ordi
nator of Transportation.
FDIC: Federal Deposit Insurance
Corporation.
FERA: Federal Emergency Re
lief Administration.
FHLBB: Federal Home Loan
Board.
FSRC: Federal Surplus Relief
Corporation.
GSC: Grain Stabilization Corpora
tion.
HOLC: Home Owners’ Loan Cor
poration.
IAB: Industrial Advisory Board.
IBRT: Interdepartmental Board
on Reciprocal Treaties.
ITPC: Interdepartmental Trade
Policy Committee.
1 -9-3-3 1 -9-3-4
Our Gratitude
Ae we look back over the year which
is now closing, we realize that it could
have been better, but we know also that
it could have been worse. The year
brought us much to be thankful for, chief
among which was the continued loyalty
of many old friends and the addition of
new ones.
Looking to the New Year, we are
thankful for the opportunities it offers,
and we pledge our friends that we are go
ing to work even harder to give you meri
torious service. In our efforts we ask
your co-operation.
Permit us to thank you for your pat
ronage and good will in the past and to
extend to your our best wishes for a
bright, happy and prosperous New Year.
EARLY COUNTY NEWS
RFC to Extend
Aid to Farms
And Industry
(By Georgia Newspaper Alliance)
Further aid for agricultural and
industrial development in Georgia
will come from the Reconstruction
Finance Corporation through the or
ganization of mortgage companies
which can borrow funds from the
RFC. Earle Cocke, newly appointed
manager of the Atlanta agency, an
nounced last week that several of
these companies already have been
formed and others are in process of
organization, their purpose being to
give re-employment to labor as well
as to aid in the processing of agri
cultural products and otherwise as
sist in economic rehabilitation.
Mr. Cocke recently resigned from
the position of secretary-treasurer of
the state board of regents to ass me
charge of the RFC activities in
Georgia.
LAB: Labor Advisory Board.
NCB: National Compliance
Board.
NIRA: National Industrial Re
covery Act.
NIRB: National Industrial Recov
ery Board.
ULB: National Labor Board.
NRP: National Planning Board.
NRA: National Recovery Admin
istration.
PWA: Public Works Administra
tion.
PWEHC: Public Works Emer
gency Housing Corporation.
SAB: Science Advisory Board.
SBPW: Special Board of Public
Works.
SRB: State Recovery Board.
TCFT: Temporary Committee on
Foreign Trade.
TVA: Tennessee Valley Author
ity.
j Breaks Swim Records
i Miss Lenore Kight, Homestead,
Pa., free style women’s swimming
ehampion of the U 8. lowered two
national records in a meet of
1 Olympic stars at Miami, Florida.
Both records were set in 300 yards
events. r
Motor Vehicles
Claim Lives Os
30,500 in 1933
* _
Motor vehicle accidents took the
lives of about 30,500 persons during
1933, it is estimated by the Nation
al Safety Council, which is an in
crease of about 3 1-2 per cent over
the previous year.
The all-time high toll of life was
33,675 in 1928.
Increased use of automobiles dur
ing the last six months of 1933 was
given as the reason for the advance
in fatalities.