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
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Main and Riverside
Phone SP 2-6189
AUTOMATIC
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2
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Phone SP 2-6428
Downtown Medford