3 Missionaries
Found After Four
Days on Beach
VALDEZ, Uf>—Three members
of an Alaskan missionary party
were reported safe at a Prince
William Sound village today after
a harrowing voyage that took the
life of a baby boy and may also
have claimed his father.
Reports reaching here were that
the wife and 3-year-old daughter
of missionary Albert Kelly and a
youth who was not immediately
identified were found on a beach
in Galena Bay, where they had
spent four days and nights with
out food or shelter, and taken to
safety “at either Tatitlek or Ella
mar.”
Kenneth Scoggins, a Tatitlek
school teacher, reported there was
no trace of Kelly, a missionary
for Faith Alaska Missions, who
left the party in a skiff to tfy to
get aid after their 32-foot boat hit
a rock in the bay last Wednesday.
The Kelly’s infant son died of
exposure during the long stay on
the beach and Mrs. Kelly suffered
frostbite, but the other two were
in “fairly good” condition.
The party left Ellamar on the
28-mile voyage to Valdez last
Wednesday, planning to drive to
Glennallcn on the Richardson
highway to attend a church con
ference. The search started Satur
day after Scoggins came here ex
pecting to meet the Kellys. The
three survivors were found yes
terday.
News of the Brownies
And Girl Scouts
TULIP BROWNIES—Beginner*
At our meeting we chose Kathy
Olsen scribe, and Delores Johan
sen patrol leader. Tulip is our
patrol name. Our meeting is 1:45
on Saturday at the Scout Hall.
—Dolores Johansen, Scribe
ROSE BROWNIES—4th Grade
We decided what our emblem
would be last Saturday. We chose
the rose.
We elected a treasurer. Our
treasurer is Kathleen Mclver.
We practiced a play Saturday.
It was about the Brownie story.
There were seven members of,
our Brownie troop present, not
counting our leaders.
—Rosemary Barber, Scribe
GIRL SCOUTS—5th Grade
We meet Saturday at ten in the
morning. There are six of us:
Sally Ailak, Nancy Bernhardt,
June Oman, and Gracie Aukon,
and troop leaders Mrs. Wilke and
Mrs. Jeffries.
If any girl is interested in Girl
Scouting (fifth grade) she may go
to Mrs. Jeffries’ house on Satur
day at ten o’clock a.m.
—Gracie Aukon, Scribe
POSTMASTER SUMMERFIELD
RECOVERS FROM OPERATION
ANN ARBOR, Mich., WV-Post
master General Arthur E. Sum
merfield was reported in “satis
factory” condition at University
Hospital today after an operation
for a throat ailment. No malig
nancy was found.
.
Good as a Dollar—How Good Is It?
By MELCHIOR PALYI
Dr. Melchior Palyi. author of this issue of Spotlight, is an American j
citizen of Hungarian descent, an internationally recognized educator,
author, economist and financial expert. In Europe he taught at the
Universities of Kiel. Goetingen and Berlin; in America, at the Univer
sities of Chicago. Wisconsin and Northwestern.
The Last in a Series of Three Articles
WHERE ARE WE HEADING
(The salient fact is that our
colossal gold reserve of $21.6 bil
lion—is not ours at all. Virtually
every cent of it is pledged to for
eign creditors . . .)
This is an uncomfortable situa
tion to say the least. The world
has not forgotten what happened
to the pound sterling in 1931.
Britain was then, as we are now,
the greatest creditor nation—on
long term account. Her invest
ments, scattered around the globe,
were valued at some 15 billion
(gold) dollars. Yet, she was “driv
en off" the gold standard because
of a paltry $1.6 billion short term
debt.
The foreign (French) creditors
became panicky when the equally
short term British balances on the
Continent, totalling $0.6 billion,
were blocked, leaving the Bank of
England a reserve of $0.75 billion,
gold and gold-worth balances to
gether. Of course, history never
(?) repeats itself; but, as it has
been well said, it catches up with
those who do not learn its lessons.
Perhaps, there is no reason for
worry—as yet. The trouble is that
this situation does not stand still.
It keeps deteriorating at a fairly
rapid rate. The reason is: Foreign
Aid and related spending abroad.
They run, everything counted,
at an average annual rate of from
$7 billion to $8 billion. They
amount to squandering away of
our financial resources in a whol
ly irresponsible fashion. Function
ally, our foreign spending may be
considered as consisting of two
portions. Year after year, we cov
er the dollar deficit of the outer
world; that is one portion. Year
after year, we give away an extra
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amount over and above that defi
cit.
What we earn abroad thru the
export of goods and services over
and above our imports is more
than offset by public foreign aid
(which comes on top of our pri
vate capital exports). Thus, the
candle of the American monetary
system bums at both ends. A
slowly declining gold reserve car
ries a rapidly growing short-term
indebtedness to foreign countries.
By this process, we might be in a
few years in exactly the same
spot in which the Bank of Eng
land was caught in 1931—“flat
footed.”
Incidentally, as much as 9/10
of the gold-plus-dollar bonanza
accrues to a handful of countries
—of Europe, with Germany and
France in the lead. We started
subsidizing the Europenas on the
theory that, allegedly, they could
not balance their international
accounts by their own efforts
while operating under the strains
of reconstruction. If they buy
more than they can sell, the noble
American taxpayer should pay
the difference. (“Noblesse oblige,”
as the French say.)
Remember the Marshall Plan
aid that was to end all aid? We
are still subsidizing them, tho the
reconstruction stage is long past,
using one spurious excuse or an
other. By depleting our net mone
tary reserves we build up their
gold and dollar holdings—which
feed their credit expansions, in
turn promoting their > vicious
wage-price spirals and “creeping”
inflations. In other words, by try
ing to play Santa Claus, we are
exporting inflation.
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Wednesday, November 14, 1956 THE NOME NUGGET J
ALASKAN
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