Banner Graphic, Greencastle, Putnam County, 18 September 1974 — Page 12

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Banner-Orophic, Greencoetle, Indiana

Wednetdoy, September 1», 1974

| Government Must Spend Less Than Takes In: Simon

New Advent Preached

WASHINGTON (AP) - To defeat inflation, the government will have to reverse its I..4-1 course of many years and spend less money than it takes in — not just once but for a number of years to come — Treasury Secretary William E.

Sunon said today.

Simon gave a stiff version of the administration’s economyargument to the new House Budget Committee at its first public hearing. The committee is a key part of machinery set up this year to give Congress a tighter grip on the over-all

U bLit te e t-

L-.. Simon's testimony was pre- , n ., ceded by a brief, sharp skirm- _ ish between the Democratic ichairman, Rep. Al Ullman of ia , Oregon, and the senior Republican member of the Li committee. Rep. John J. I Rhodes of Arizona, who is also

“To control this most devastating inflation in our history, we need imaginative and humane leadership,” Ullman said. “I have yet to see any sign that such leadership will be forthcoming from this ad-

ministration.”

Ullman said the administration’s response to economic problems seems totally unfocused and “still relies on that tired simplistic panacea, a

tight money supply.”

“If this committee is going to be run by politics,” Rhodes responded, “it will not do its job.” Saying that he was amazed at Ullman’s statement, Rhodes added that he had come prepared to cooperate in the committee’s work but “if we are going to be exposed to political diatribes like this, the coopera-

Doctrine 'Heaven On Earth'

NEW YORK (AP) - As the Rev. Sun Myung Moon tells it, God intended for Jesus to marry and with His bride to become the “true parents” of a sinless humanity, but since He was crucified and prevented from doing so, it’s still to be

done.

“That is why He is coming again as the third Adam,” says the elaborately promoted Korean evangelist. “He will take a bride and ... true ancestry of God will be established and heaven on earth can then be lit-

erally achieved.”

This is the asserted “new truth” that the Rev. Mr. Moon proclaims in the prime meeting halls of the nation, accompanied by a fervent entourage of young followers, putting up posters and roving the streets

To them, he is the forerunner of the new advent he describes, or, as some maintain, its messianic fulfillment. In contrast to classic Christianity, he offers what he terms a “new message.” “The realization of all this is at hand," the Rev. Mr. Moon says, adding that a "perfected Adam” united with a “perfect Eve” is to restore a righteous human lineage. “He is destined

to come to earth as the son of man in the flesh.” Also, He is to come from Korea, called the “third Israel,” according to the Rev. Mr. Moon’s 600-page guiding text for his movement, “Divine Principles.” “Blessed are those who see Him and accept Him," he says, and hints repeatedly the time is now. “The greatest opportunity in any man’s lifetime is now

knocking at our door.” An appearance of the Rev. Mr. Moon at Madison Square Garden here Wednesday night was part of a 40-city U.S. tour this year, following other wideranging lectures in 1973 and 1972, heralded by full-page newspaper ads. His movement, called the Unification Church, now claims 20,000 members in the United States and 2 million in

40 countries, mostly in Japan and Korea. The group owns a $800,000 training center in Tarry town, N. Y., and lists 120 other centers across the country. The Rev. Mr. Moon, 54, his young second wife and children have a 35room mansion near Tarry town, N.Y. Much of the movement’s generous financing reportedly comes from organization-re-

lated business assets, including a tea company, pharmaceutical firm, retreat ranches and commercial cleaning services. Full-time workers reside frugally in communes under Spartan disciplines, but the Rev. Mr. Moon moves in select environs, including a banquet in the Waldorf-Astoria’s Grand Ballroom the night before his address here this week.

Insurance Borrowing Up $14 Billion

By JOHN CUNNIFF AP Business Analyst

NEW YORK (AP) - Financial advisers often discourage insurance policy owners from

their insurance, claiming that loan oft—in a parody of Shakespeare—lose both itself and policy. Since there is no rule that

back in a specified time, they argue, the borrower sometimes permits loan and interest to erode and even destroy the pol-

icy’s value.

House Minority leader. tion will end immediately.” Jo stir up attendance borrowing the cash value of says the money must be paid Nevertheless, policyholders

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today owe more than $21 billion to insurers for loans taken out with their policies as collateral. The figure compares with $7.14 billion in pre-inflationary 1964. The lesson appears to be this: more and more families are using credit to finance a life style made more expensive by inflation. To some extent, this marks a break with the past. Bankers, insurers and other lenders have long noted the tendency of families to reduce their credit when recession threatens. They turn conservative, learning to cut waste and frills. It is a self-protective act. The present combination of recession and inflation seems to thwart that tendency, forcing families to borrow in spite of their feelings that a conservative posture is safest. It may be that they have no choice. The borrowing syndrome is showing up in other areas also.

Total consumer credit—not including borrowings on insurance—exceeds $180 billion now, and appears to be climbing after a brief early summer pause. Installment credit, the kind that is repaid in regular weekly or monthly payments, makes up the bulk of consumer credit, totaling close to $152 billion on Aug. 1. It rose by $1.5 billion in July alone. A big reason for the continued increase, it appears, is the rising price of automobiles. When car prices rise, the amount owed rises also. Strapped for funds, car buyers choose more credit rather than bigger down payments. While these trends develop, lenders are studying an even more worrisome set of figures that indicates the burden is becoming excessive for some borrowers. Repayments, they feel, are slower than they should be.

GOP Chairman Sees Slight Pardon Harm

WASHINGTON (AP) - The new Republican national chairman says President Ford’s pardon of Richard M. Nixon created short-term dissatisfaction but doubts it will harm the GOP in November’s elections. Mrs. Mary Louise Smith, 59-year-old national committeewoman from Iowa, gave that assessment Monday after her unanimous election as the Republicans’ first woman chairman. She succeeds George Bush, who is to head the U.S. liaison office in the People’s Republic of China. Other Republican leaders, interviewed during the brief meeting, said the pardon was a definite .handicap during an election in which Republicans already are on the defensive. They spoke before Ford defended his action at a news conference Monday night as a step designed to heal national wounds and prevent “an extended period of continued turmoil.” “The timing was unfortunate, from our point of view,” said Keith Brown of Colorado. “It definitely hurts us politically,” said R. L. “Dick” Herman of Nebraska. William S. Banowsky of California said he had been upset at word of the pardon and had publicly called it “a very serious mistake” in terms of the need to provide all Americans with equal justice. “But now,” he said, “I feel

that the sharpest public resentment of it has passed. It does put our candidates more on the defensive in November but the timing may mean they will be less on the defensive later on.” Superbike Rolls Near Here DANVILLE, HI. (AP) What is bright yellow, has 48 legs, weighs three tons and is 42 feet long? “Some people have started calling it ‘Superbike.’ I guess that’s as good a name for it as anything,” said Tom Sheahan, who dreamed up the bicycle built for 24 and saw the project through. “We feel we have the longest rideable bike in the world,” said Sheahan. “We heard that a 50-foot-long bike for 31 was built in Australia, but that it couldn’t be ridden.” Sheahan and fellow members of the Eastern Illinois Shrine Club built the bike to raise money for a crippled children’s hospital. It was constructed for $5,000 out of bicycle and motorcycle parts. It rolls on three motorcycle wheels and is hinged in the middle — for rounding corners. “We have a lot of fun with it, but it took us quite a while to get the hang of riding the thing,” Sheahan said.

PUBLIC SALE Located 15 mil** East of Rockville, Indiana on St. Rd. 36 to Morton, Indiana. 1ft mi. South of Morton Sale Bam, 9 mi. North of Greencaitle, Indiana on St. Rd. 43 to Rd. 36, 2 mi. Weit to Morton, 1 ft mi. South on Black Top Rd. on: Saturday, Sept. 21, 1974 Time: 11:30 A.M. LIVESTOCK - 10 head of Hereford and Angus Cows, 7 have calves; 50 head of mixed -heifers, wt. 400 lbs.; Angus Charolais bull; 2 year old Ayershire Milk Cow and calf bred back; 1 mare pony; 1500 bales of hay, more or less. TRACTORS - 340 Utility IMT.-w/new loader; A.C.W.D. 45 gas tractor; D.C. Cose tractor, both good; IHC super M tractor; A. C.W.D. 45 diesel new rubber, needs repair; A.C. W.D. needs repair; No. 445 M.M. needs repair; A.C. mounted plow2-14"; A.C. wheel disc 10 ft.; A.C. mounted 7 ft. mower; M.M. 3 pt. 3-14" plow, can be made 16" or 18" Massey Ferguson 3 pt. 3'16" plow like new; John Deere Baler Twine; 13 hole Dearborn Gram Drill on rubber; 3 rubber tired hay wagons; Bulk Auger feed wagon; Roto tiller. Lawn mower; many items no? n bill. TRUCKS - 1967 No. 350 Ford 1 ton Combination Bed - Hoist; 1967Ford ftton PonelTruck; 1964 ft tonG.M.C. Pickup. JAMES KEETON, Owner Phone 317/739-2267 R.R. 1 — Greencastle, Indiana Tarms: Cash Auctioneer: J.O. CAMPBELL Clerks: Sheppard-Clodfelter Phone 339-7953. Lunch Will Be Served Not Responsible for accidents