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THURSDAY, JULY 20, 195 v.
THE ANNER HERALD *
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DAILY MEDITATIONS
That at the name of Jesus
every knee should bow, of
\ things in heaven and things
\ in earth, and things under
the earth.
And that every tongue should confess that
Jesus Christ is Lord, to the glory of God the
Father.—Philippians 2:10-11.
—_____—-———-—-—-——-—————-————"—
. Have you a favorite Bible verse? Mail to
A. F. Pledger, Holly Heights Chapel.
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"
Installment Plan Buying Up, But
Credit Curbs Are Unlikely
BY PETER EDSON
NEA Washington Correspondent
WASHINGTON.— (NEA) —Anyone buying any=
thing on the installment plan — and who isn’t?—
should be interested to know that Washington offi
cials are again beginning to worry about the in
crease in consumer credit.
Storekeepers, automobile and appliance dealers,
home builders and even the loan companies have
been reporting that business was seldom better.
Somre bankers feel it is too good.
The result is that President Truman may again
ask Congress for stand-by authority to permit the
Federal Reserve Board to put limits on consumer
credit, if the boom gets out of hand.
Federal Reserve had this power to control credit
during the war, It expired June 30, 1949. The Pres
ident recommended extension of the authority, but
Congress would have none of it.
At that time, of course, the country was at the
beginning of the 1949 slump. Business of some of
the automobile companies in particular was falling
off. They claimed it ~was due to too rigid federal
controls. So a terrific drive was put on to reduce
tdown payments and extend time payments from 18
to 24 months. Or longer.
NEW HOMES BOOST CONSUMER CREDIT
American consumer debt dropped from a total of
416,000,000,000 at the end of 1948 to $15,000,600,000
as of July 1, 1949. But when the brakes were taken
off, volume started to increase again. It was slß,=
1800,000,000 at the end of 1949, As of June 1, 1950—
'Jatest figure available—it was $19,100,000,000. This
is the highest it has ever been, It is an increase of
over $3,000,000,000 in the past year. Increases are
in almost every field of credit.
The one thing which is leading the parade in the
consumer credit field, however, is the big boom in
housing. Every new house naturally creates a de
mand for new furniture and household appliances
which also have to be bought on time. The thing
snowballs. !
At the end of 1948, the total U. S. mortgage debt
on one-to-four family non-farm houses was $33,«
000,000,000. At the end of 1949 it was over $37,000,~
000,000, Today it is estimated at $40,000,000,000.
Easy government money in FHA and GI guaranteed
loans does the trick.
Some alarmists see in this increasing load of pri=
vate debt the making of another inflationary boom
and an inevitable erash. -
To others, the expansion of consumer credit is a
perfectly normal thing, consistent with increased
population, increased employment, increased busi=
ness activity,
In 1929 there were 49,000,000 people in the U. S.
labor force and total disposable personal income,
after payment of taxes, was $85,000,000,000. In 1939
the labor force was 55,000,000 and disposable in
come was $72,000,000,000. At the end of the war in
1945, the labor force was 65,000,000 and personal
income was $172,000,000,000. Today the labor force
is 64,000,000, but total disposable personal income
is at an annual rate of $222,000,000,000.
CREDIT RATIO BELOW 29, ’39
The more people there are working, the more
shey earn, the more they can afford to borrow and
%0 into debt. This is perhaps best shown by a Fed
eral Reserve Board calculation of the ration between
total consumer credit outstanding and disposable in
come, This is the way It stacks up for four critical
periods: 5 s oy
Installment credit as a percentage of mcom.e.
of 1929, 3.8; end of 1939, 6.3; end of 1945, 1.6; June,
1950, 6.1. s
Consumer credit as a percentage of income: End
ot 1929, 9.2; end of 1939, 11.4; end of 1945, 6.6; June,
3050, 9.8,
Mortgage debt as a percentage of income: End of
2229. 28.6; end of 1989, 26.1; end of 1945, 12.8; June,
50, 20.1.
Yotal ratio of consumer credit plus mortgage debt
## percentage of income: End of 1929, 32.8; end of
3039, 36.5; end of 1948, 19.4; June, 1950, 29.9.
What this table shows is that consumer debts have
Hsen sharply since the end of the war. But they are
#till below the record ratios of 1929 and 1939.
Faced with these ratios, it is highly improbable
thet Congress will pay much attention to new de
-B’“' for credit curbs. The story might be entirely
Itferend, however, if the Korean incident blossom-=
€4 mto a full-blown war.
¥he battle between liberty and despositsm is
m ending. B has no Mmit either in space or
Bne. I § part of the constant struggle between
8004 and evil—John Foster Dulles.
60? alding the people of underdeveloped areas to
with thele baslo problems of food, health and
¢ducation, we shall be strengthening their resiste
Bnoe against entremism of whatever kind.—Secre=
tary of State Dean Acheson, on Point Four program.
What the next hovror (war) would be is beyond
Imagination—ECA Administrator Paul Hoffman.
Can Our Allies Hold Foe While
We Tool Up For War
In the two world wars this country fought, our
great industrial might proved decisive for victory.
Each time, however, we enjoyed one supreme ad
vantage: We had strong allies in the field who could
stand off the enemy until our superior weight of
metal could be brought to bear.
No responsible official in Washington or any
western capital is saying the Korean fighting is the
first stage of World War 111, or even a prelude. But
it is war, even though it be called a United Nations
“police action.”
As a war, it should drive home to us one hard
lesson. It was just a few days old when American
troops were in the thick of it, fighting and dying
7,000 miles from home. Today we are carrying the
brunt of battle, with South Koreans and other UN
nations lending only minor support.
That, unfortunately, may be the pattern of the
future, World War II sapped the strength of Bri
tain and France, formerly our most reliable allies.
Today—and tomorrow—they could not field great
armies to shield us while we set our ponderous in
dustrial machine in motion for war.
The precious time we bought with the troops of
other nations in previous wars will not be for sale
at any price in another major conflict, it is said. The
whole colossal burden of both the fighting and the
supplying of munitions would fall directly and im
mediately upon the United States, some observers
believe.
To be sure, Britain, France and many other free
dom-loving peoples would spring to the defense and
put millions of men under arms. But we would have
to provide them with most of the equipment they’d
need — from the start, according to some authori=-
ties. :
Worse still, military weapons - have become far
more costly and complex than in World War 11. At
the very time when speed has become most vital,
these factors threaten to make full-scale mobiliz
ing a slower process than ever.
Let one example suffice. Plane makers say that if
they began from scratch tomorrow to put military
aircraft production on a 50,000-planes-a-year level,‘
it would take 10 months longer to reach that goal
than it did in World War 11. In fact, it would re
quire 34 months—almost three years.
If this is the situation, the very least our leaders
can do is to hammer our industrial mobilization
plans into the highest possible state of readiness.
The penalty for neglect of this necessity will be paid
in the unnecessary deaths of American soldiers in
another war.
Watch Out For Phony Petition
A million’ Americans in 40 states have signed their
names to a “world peace” petition specifically aimred
at outlawing atomic weapons. Probably not more
than a few thousand of the signers realized that this
campaign is being run by the U. S. Communist
Party and is Moscow-inspired.
The peace proposal was adopted last spring at a
Stockholm meeting of the Pa;tisans of Peace, a
Communist-sponsored international organization.
Since then it has been circulated widely in Europe,
Asia and now America. Many millions of signatures
have been obtained.
Secretary of State Acheson. properly branded the
whole effort as fraudulent and cynical. He pointed
out that just before the North Koreans attacked
South Korea, it was reported half the population of
North Korea had signed the petition.
This proposal is still going the rounds in America.
Often it bears the cloak of labor union sanction,
though the nature of such sponsorship is usually
quite vague.
From here on out, every American will do well if
he turns away from his door the bearer of any
peace petition that talks of outlawing the atom
bomb, mentions Stockholm or boasts of labor spon
sors. Almost certainly that proposal will be Mos
cow’s handiwork.
We Must Exact Lawful
Vengeance
The war in Korea is less than a month old, but
already we've had the first report of atrocities com
mitted against American soldiers.
Knowing the contempt for human life which
Communists display everywhere, we really
shouldn’t be surprised. The Reds live by a creed of
brutality.
It will not always be easy for our men to resist
the temptation to reply in kind. War breeds bru
tality, and soldiers who see their comrades murder
ed cannot help but boil with indignation.
Yet the answer to any crimes the North Koreans
may commit lies in a dgifferent realm. World War II
set the pattern. We must document these atrocities
carefully and completely. The guilty enemy soldiers
must be found and brought to justice in the same
fashion as were the Nazi and Jap war criminals.
The lessons of the German and Japanese war
crimes trials apparently have not been taken to
heart by the Communists. We shall have to instruet
them, personally, This we must now resolve to do.
And we must inform them over and over again, by
radio and leaflet, what fate awaits the man who
descends to such levels.
e A
Our real danger is not Russia, nor anything else
but our own complacent attitude toward ourselves.
—Louis B. Seltzer, editor of the Cleveland Press.
THE BANNER-HERALD, ATHENS, GEORGIA
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|IDEAL FOR SNACKS—STOCK UP AT THISS PRICE. . ,ff; L : .
‘ 5o YRI % G
AMERICAN OIL SARDINES 215/ | SRUUHY ve 45¢ F
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BARBEQUED BEEF or PORK -0 47y
MGRATED TUNA FISH™. . . w 27
RO SO RARNE- o v oy
‘PINK SALMON . . . ... w 39
'VIENNA SAUSAGE . . . . . % c=ls¢
ARMOUR'S TAMALES 2 icx o c 19¢
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E&sr“azzr S o i
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BACON . 49%.
STEWING BEEF .. . -35¢
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DRESSED WHITING . - 15¢
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PAGE FIVE
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