Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 196, Ed. 1 Monday, August 18, 1980 Page: 6 of 18
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6r-THE NEWS-TELEGRAM, Sulphur Springs, Taxai, Monday, Aug. If, 19*0.
Treasury people deny
bond ads misleading
HEATHCLIFF
By JOHN CUNNIFF
AP Butinw« Analyst
'NEW YORK (AP) - "We
tfiri’t (eel. we’ve been
misleading in the past,” said a
Treasury Department official
in Announcing that U.S. Savings
Bonds no longer will be
promoted as a good investment.
Is that so? So it wasn’t
misleading to tell people that
‘.‘Savings Bonds make a
comfortable retirement almost
a; certainty.” And it wasn’t
misleading to assure parents
that bonds would buy a college
education?
; Or to recruit some of the most
successful businessmen in the
country to encourage workers
to buy Savings Bonds when, if
they had any financial sense at
all, those businessmen scorned
bonds for themselves?
Apparently it wasn’t
misleading either to advertise
that bonds paid interest of 6.5
percent or 7 percent when, in
order to obtain that measly
rate, the buyer had to hold the
bonds for 11 long years...
During which time the same
federal government ran up
enormous debts that helped
spread an inflation that, at
current rates, would halve the
buying power of those bonds,
even after payment of
dividends.
In August 1978, when Savings
Bonds were paying 6 percent, a
Treasury official was asked to
defend the program. If 875 were
put into Savings Bonds, he
responded, the owner would
have $100.80 after five years.
In reality, of course, the
buyer won’t have $100.80 or
anything close to it in com-
parable dollars, a consequence
of raging inflation. He’ll be
lucky# he has half that much in
purchasing power. But Uncle
Sahi didn’t let that dampen his
enthusiasm - only his sense of
fair play.
The same sort of reasoning
was used In projections that
claimed to show how you Could
save for retirement or the
education of a child. Nothing
whatever was said about the
erosion of inflation.
An oversight? It requires
great naivete to believe that a
department that handles the
world’s biggest financing Job
simply forgot about inflation
when making projections of
school and retirement ex-
penses.
No, it wasn’t an oversight.
Not when the subject so con-
sistently was left unmentioned
at a time when inflation was on
everyone’s mind. Not when in
the “Build for the Future"
brochure the word wasn’t
mentioned once, although any
projection of buying power
must deal with it.
The Gray Panthers, an
organization of older
Americans, complained to the
Federal Trade Commission last
year that the government’s
promotions were misleading
investors by claiming bonds
were a good invesmtent.
The FTC disagreed, saving
that private institutions, such
as banks, do not warn of the
hazards of Inflation. Maybe so,
but that only confirms a deceit
rather than raises it to an
ethical standard. Besides,
doesn’t one expect more from
Uncle Sam, the nation’s father
figure?
The Treasury Department
got the point, however, and
announced last week it will
emphasize Savings Bonds as a
good method of forced savings
rather than "one sure way to
make your dreams come true.”
Said a spokesman: “We don’t
want to mislead anybody.”
That’s good to hear, but it
doesn’t help those who believed
Uncle Sam would never mar
their sacred dreams about such
things as education and
retirement.
Revenge discounted in
trial witness murder
LONGVIEW, Texas (AP) —
Authorities discounted revenge
as a possible motive in the
weekend slaying of a witness in
last year’s murder conspiracy
and corruption trial of three
former Gregg County officials.
Police planned today to see if
witnesses could identify a man
arrested Sunday in connection
with the shotgun slaying of Dan
Hayden Aldridge.
Aldridge, a government
witness who testified about an
unsuccessful ambush plot in-
volving sheriff’s deputies, was
shot to death late Saturday
inside the front door of his
duplex, police said.
Aldridge was blasted in the
upper left chest with a shotgun
after a man came to his front
door, said investigators.
“The deceased’s wife and
seven-year-old daughter saw
two people — a man who did the
shooting and one standing by
the car,” said Lt. Clifford Felts.
But Assistant Police Chief
Ronald Young discounted the
Bush opens tour
of Japan, China
TOKYO (AP) - Republican
vice presidential nominee
George Bush arrived in Tokyo
today to begin a five-day visit to
Japan and China in which U.S.
relations with those countries
— and the growing Soviet
presence in the region — are
expected to dominate talks.
Bush, who was welcomed at
Tokyo’s Narita Airport by U.S.
Ambassador Mike Mansfield,
told reporters, "As leading
industrial democracies, Japan
and the United States have as
their primary responsibility to
work for world peace.”
“We have high regard for the
extraordinary achievements of
Japan, and we place great
emphasis on maintaining close
relations between our two
countries,” Bush said.
“As our Republican plat-
form, adopted Just four weeks
ago at the national convention
in Detroit, states, Japan will
continue to be a pillar of
American policy in Asia," he
said.
' In the first trip abroad by
either of the two GOP can-
didates since he and Ronald
Reagan were nominated last
month, Bush will spend one full
day in Japan, then fly to Peking
where he once served as chief
of the U.S. Liaison office before
the United States recognized
the communist government.
His meetings here are with
senior government officials and
former officials.
The focus of the trip is ex-
pected to be on the Republican
ticket’s view of U.S. foreign
policy in Asia, strained
economic relations with Japan,
the increasing Soviet military
presence in Asia, and the views
of presidential candidate
Reagan toward China and
Taiwan.
Appearing with Bush at a Los
Angeles news conference on
Saturday, Reagan said his
intention would be to restore
"governmental relations” with
Taiwan broken when President
Carter’s administration
established full diplomatic ties
with China 18 months ago.
Reagan said his earlier
remarks on this subject had
been misinterpreted to mean a
return to full diplomatic ties
with Taiwan. He said what he
actually had in mind is a
relationship similar to that
which the U.S. had with the
mainland Chinese before the
change — in effect, a liaison
office such as the one once
headed by Bush.
Brink's loot
in mailbox -
SAN FRANCISCO (AP) - A
San Francisco man has
received a mailed package
containing $20,000 of the $1.85
million taken from a Brink’s
armored truck, according to the
FBI.
possibility of a revenge slaying
stemming from Aldridge’s
testimony.
“The only thing 1 can tell you
is that it did not involve his
testimony at the trial or
anything like this,” Young said.
“It was completely isolated.”
Felts said investigators had
not established a motive, but
believe the slaying may have
resulted from a domestic
dispute.
Aldridge and two other men
were targets for what was
termed a “shotgun squad” — a
group of deputies witnesses
testified were operating under
instructions from former
Sheriff Tom Welch.
The men narrowly escaped an
ambush at a county equipment
bam in 1974, Aldridge testified
last year.
Welch, former County
Commissioner William Sat-
terwhite and former Chief
Deputy James Cochran were
convicted of murder con-
spiracy.
A former peace justice and an
ex-deputy also were convicted
along with the trio on federal
racketeering charges stem-
ming from an investigation into
illegal gambling in the
Longview area.
TUESDAY
NIGHTS
Rescue crews face grim
task in sacred mountains
"GRANDMA,, SOMEONE PUT BODDIEGOM
IN MY TROMBONE !"
TAOS, N.M. (AP) - Rescue
crews were making a four-hour
journey on foot into sacred land
of the Taos Pueblo today to
recover the bodies of a Texas
family who went down in a
single-engine aircraft in
February, rescue officials said.
Col. Lloyd Sallee, wing
commander of the New Mexico
Civil Air Patrol, confirmed that
the BE-36 Beechcraft Bonanza
was spotted by airmen during a
regular CAP training exercise
late Saturday.
About 25-30 searchers from
northern New Mexico rescue
groups were making the trek
today into the mountains to
recover the airplane that went
down Feb. 21 with a Mesquite,
Texas, couple and three of their
Mulligan's stew: annual ripoff
Alas, poor Henry...
children aboard, Ray Piper, of
the Taos County Search and
Rescue Unit, said.
“It’s real rugged country,”
Piper said. “There’s nothing up
there. It’s Indian sacred
ground, and the Indians have to
lead us in because they won’t let
us off the trails.”
Piper said the wreckage
could not be reached by
helicopter.
State police confirmed
Sunday that the plane was the
single-engine aircraft piloted by
Dr. Richard Russell. Also
aboard were his wife, Bertha,
and children Brian, 13, Chris, 7,
and Gina, a student at Southern
Methodist University.
Another daughter, Lisa, did
not make the trip from Dallas to
Durango, Colo., for a planned
ski vacation.
Russell was president of the
Mesquite school board.
Sallee said the aircraft was
found two miles from its last
radar contact before it disap-
peared. The plane was spotted
about five miles east-southeast
of Pueblo Peak, at an elevation
of 10,000 feet, Sallee said.
Capt. Dwight Jennison, of the
Albuquerque CAP squadron,
sighted the wrecked aircraft
during the 13-plane CAP
exercise,
The air patrol called off its
search efforts after 11 days of
combing the mountain area
after the plane vanished.
Weather and winds hampered
the search crew, which included
CAP airplanes from New
Mexico, Texas, Oklahoma and
Colorado.
By HUGH A. MULLIGAN
AP Special Correspondent
RIDGEFIELD, Conn. (AP)
-- Alas, poor Henry Wadsworth
Longfellow, most ripped off of
poets. Here we go again:
Between the dark and the
daylight,
When this TV should be
turned down lower,
Comes a hush before Carson
and Late Show
That is known as the Rac-
coons’ Hour.
I hear in the dark of the
driveway
The patter of cautious feet,
The crash of a can toppled
over,
The gnashing of tiny teeth.
From my study I probe with a
flashlight,
Spotlighting whatever is
there:
Eyes glowing from bandit-
masked faces,
Brushes of ferry ringed hair.
They cower deep in my
shrubbery,
But I know from their
mischievous eyes
They are plotting to dine on
my garbage
And leave the mess I despise.
The beggars, they rush from
the bushes,
They drop from the trees
overhead,
By tugging all together,
They burglarize my shed.
Three roll back the stone
from the opening;
Two squeeze through the
sturdy steel door.
Five at a time they platoon
me,
Tongues panting in quest of
more.
They claw the clamped lid
from a trash can,
Shred bags and sacks without
care;
They post two on guard to
outfox me;
They seem to be everywhere.
They make such a mess of the
garden,
Eggshells, tea leaves all
about,
Till I envy those gross
Brothers Collier
And the refuse they never put
out.
Do you think O patch-eyed
banditti
Because you have conquered
once more,
Such a curmudgeon as I am
Will not try to even the score?
I’ll buy myself a compactor,
And beat that trash to a pulp,
Grinding up each juicy
morsel,
Till you’re left with a nary a
gulp.
And we shall recycle forever,
Yes, forever and a day,
But what will I do during
commercials
To idle the time away?
— Hugo Wordswaste
Mulligan.
Workers re-float ships
grounded by hurricane
CORPUS CHRISTI, Texas
(AP) — Work crews have freed
a Liberian tanker and an oil
barge that had run aground
along the South Texas coast in
the wake of Hurricane Allen,
the Coast Guard said.
A 150-foot barge grounded on
a sand shoal kicked up by the
storm was en route to Houston
today after being pulled free by
a tugboat, according to Coast
Guard Chief Petty Officer
Harry McGee.
The barge, owned by
Chemlink Inc. of New Orleans,
ran aground early Thursday
about 25 miles north of Port
Mansfield, Texas. The vessel
was loaded with more than 500
barrels of heavy crude oil.
The barge was the fourth
vessel that went aground along
the South Texas coast during
and shortly after Hurricane
Allen.
A Liberian oil tanker
grounded for more than a week
was freed Saturday from
shallow water near the north
end of Padre Island.
The Italian and Taiwanese
crew of the Mary Ellen stayed
aboard during the hurricane
after the vessel encountered
engine trouble and missed
Corpus Christi Bay.
Two other grounded vessels
— the 735-foot Liberian tanker
Athenian and Greek-owned bulk
carrier Argonaut — were
refloated Thursday.
No oil spillage was reported
from the accidents, the Coast
Guard said.
12*20
I
Promises are to keep
By ROBERT WALLACE, Ed.D.
Copley News Service
TEENS: Did you ever accept a date with someone — and
then cancel the night before? Ever promise to keep a secret
— and then tell everyone you know?
Everyone breaks a promise now and then. But when it
becomes a regular habit, you make big trouble — for your-
self and for those around you, says Seventeen magazine.
What are the consequences of a stream of broken promis-
es?
- You annoy, anger, hurt and often alienate the people
around you. Acquaintances are more irked by your neglect
of a promise than they are pleased by the original offer.
Friends get angry because they counted on you and are hurt
because they take the broken promise as a personal dig.
— You create constant anxiety for yourself. When you
accept dates with two different people for the same night,
you may feel you’ve bought yourself some time to smooth
out the situation, but you’ve also given yourself the worry of
how to wriggle out of it.
It isn’t easy to change this pattern of undependability.
Psychologist Bernard Dunne, of Smithtown, N.Y., urges that
you begin trying to confront issues on the basis of how you
really feel, learn to take the consequences imeediately. This
doesn’t mean you should yawn in someone’s face and tell her
she’s boring. It does mean thinking twice before promising to
call her later in order to avoid talking to her now.
Beyond that, the solution is simply not to make any more
promises that you don’t fully intend to keep!
Write to Dr. Robert Wallace, TwEEN 12 and 20, Copley
News Service, in care of this newspaper. Please enclose a
stamped, self-addressed envelope.
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Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 196, Ed. 1 Monday, August 18, 1980, newspaper, August 18, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth824143/m1/6/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.