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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 3, 1960)
TRIBUNE a. m Thursday, March 3, 1960 A EXTRA; SAVINGS Friday and Saturday In Ihe Days fcwy " By FRANK JENKINS Mr. Keith Funston, presi dent oi the New York Stock Exchange, speaking in Port land to a gathering of sec ondary school nrincioals. tells his hearers that most Amer- leans are SHOCKINGLY IGNORANT OF THE ECO NOMIC FOUNDATION UP ON WHICH THIS COUNTRY IS BUILT. He added: " "They don't know how a free economy works, or how it grows. So (being shocking ly uninformed) they aren't prepared to deal with some of the great problems facing I our nation." WHAT to do about it? In his address to the .school principals. Mr. Funs ton outlined a program for the nation s high schools to follow in dealing with what he called "widespread eco nomic illiteracy." A course in economics, he said, should be COMPUL SORY for all high school stu-1 dents before graduation. Qualified teachers, who have studied economics in college, should be recruited. The tech niques of teaching economics should be Improved, and there should be planning and guid ance on national, as well as state and local levels. 1ITHY this emphasis on more and better economic education at the high school level? I don't want to put words in Mr. Funston's mouth, but I suspect he has been listen ing to some of our so-called "liberal" politicians-who tend in these days to be preachers of economic illiteracy. . For example: In Wisconsin the other day Senator Humphrey of Minne sota, who is one of our ULTRA-liberal "liberals," was lecturing to a crowd of vot ers on the evils of TIGHT money. "Why," he said in a shock ed tone of voice, "money has got so tight in these days that people who bjuy $13,000 to $15,000 homes now have to pay $2,000 to $3,000 more in interest rStes than they did in 1952." IT WAS a telling point, and I expect his hearers rat tled the rafters with applause and went home convinced thai Senator Humphrey is the man to put into the White House. The heck of it is that on the surface what he said is true. Money IS tight. That is to say there isn't enough mortgage money available at the moment to finance as many homes as people want to build. Why not? The answer is simple. Peo nle haven't SAVED UP enough money to meet the present demand. Why haven t they saved up enough? Again the answer is simple. Interest rates haven't been high enough to make saving seem worth while. THAT'S the long and the short of it. And Senator Humphrey is among the poli ticians who have declaimed : loudly against raising interest rates to the point where peo ple will be induced to SAVE UP MORE MONEY to lend to those who want to buy houses. His idea of it is that the government should come across with the cash and PUT IT ON THE CUFF. IT'S AN intriguing argu ment. People who don't know that putting too much government money on the cuff means eventual START ING OF THE PRINTING PRESSES can't help being impressed. I think Mr. Funston has something in his proposal to lay more stress on the teach ing of economics in our high schools. If the people are bet ter informed on economic truths, they will be better able to spot the tommyrot that is preached by too many of our politicians. Vessel Using Turn Signals Philadelphia - (TOD - An American cargo vessel is try ing out a new system for avoiding collisions at sea, a system that's been used on automobiles for years - turn signals. The U.S.N.S. Golden Eagle has two huge amber arrows fixed to the forward railings of its flying bridge. These arrows illuminated by 28 100 watt bulbs, are used to indi cate a change in course to any oncoming vessel. The U.S. Navy's Military Sea Transportation Service has asked all ships which meet the Golden Eagle to re port their reactions to the directional signals. If successful, they may be installed on all American ships. mi BUYS HEER You'll Find "MORE" of Everything In Downtown Medford RENNET'S HURRY For These! 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