OCR Text |
Show Published Every Saturday GOODWIN'S WEEKLY PUBLISHING CO., INC. A. W. RAYBOULD, Business Manager SUBSCRIPTION PRICE: lacludlng postage In the United States, Canada and Mexico, $2.50 per year, ilx months. Subscriptions to all foreign countries, within the Postal I $450 per year. BY Single ooplss, 10 cents. Payments should be mads by Check, Money Order or Registered Letter, to The Cltlsen. Address all communications to The Citizen. Entered as second-clas- s matter, June 21, 1910, at the Post office at Salt Lake City, Utah, under the Act of March S, 1879. Salt Lake City, Utah. Ness Bldg. Phone Wasateh 6409 8) SILVER AND WORLD CHAOS the intellectuals prefer to discuss world problems littering generalities; definite consideration is much too exact-Th- e ills of this country are attributed chiefly to Wall Street, of Europe to the fact that we failed to enter the league of and our refusal to cancel the eleven billion dollar debt which and not the intellectuals loaned during the war to said people Apparently g mis upe. price of silver, a painfully concrete problem, is considered a nical and matter in the minds of these really not a worth-whil- e The ractionists. The financial chaos that exists in Europe is obviously due to a situation conditioned very largely by the issuance of non-ripaper money in hundred ton lots. It is apparently equally that no validation of even 100 billion dollars in this sort of paper billion dollars ency is possible with less than eight and one-ha- lf )ld. Nor will yearly production of around 15,000,000 ounces in ever help to overcome the total problem of making good a total pproximately 400 billion dollars in paper money, iding the Russian script. Silver became a football when some of the wise solons of the d insisted on preaching that there was too much gold and silver that if one of these metals was not demonitized world credits d collapse. So they slipped one over on silver and now we have tsame intelligentsia to thank for a money system, problem, if we return to sound credit basis, is to try to validate inch of this present patch of paper money as we can. Present supplies and prevailing production will not enable us to do this ; d production of around 150,000,000 ounces of silver may help. Heres what has actually been done in the past four years, r money issues have been increased from 200 billion to about llions dollars, minus Russia. That latter country, having wit- its paper issue depreciate in value to less than cheap wall ritas finally reached virtual repudiation, and the new paper ruble backed by both gold and silver. Germany is apparently sd in the same direction ; Austria is suffering from an overload Per money probably more than Russia or Germany ; France and are dis-bprobably not experiencing any great spiritual or mental their economic situations are so badly disrupted that some credit pt non-descri- pt non-elast- ic ut must be made. 5e expert on foreign exchange, precious metals and prevail-HVproduction knows it does not equal demand; that of 150 produced yearly more than 60 million goes to China and that 58 million is secured under the Pittman law for this coun-ththe balance goes to meet other demands including com- - Very er mil-)Unc- es at 3al uses. production of paper money has been provided since that remained in melting down' some of the press-pap- excess of iar hy er Europe. The treaty of Versailles encouraged this destruction of sound currency by controlling the German gold, but leaving out its silver and paper. settlement of 1870 It repeated the tactics of the Prussian-Frenc- h which filled the London market with silver obtained from exchange of paper currency. Since 1921 the chief offender, Great Britain, has ceased to be the much vaunted defender of sound credit. During the war a new coin was struck in the British mint of 500 rather than 900 fine, for the former German possession in Africa. Silver declined and it would have been hazardous business to have released these coins in Europe but for the possibilities in the Versailles treaty, which practically demonitized silver. The excess created by this new coin provided silver for sale in all world silver markets. Great Britain bought 122,000,000 silver dollars from this country during the war. October 14 interest was paid to our government by Great Britain on this silver purchase to the amount of $915,000, and in two years Great Britain has secured more than the amount of this principal and interest in the form of excess silver through the process of depreciating the coins used by unsophisticated African peoples. This destruction of silver money is now at an end; there is no more silver currency in Europe in large amounts. The only alternative is to work the printing press. When Europe reaches the end of its paper money rainbow perhaps then she will revert to silver coinage of real value and the chances for a return to sound credits and sound money values will be established again throughout the world. Europe must forsake its wall values in order to repaper money and return to strictly silver-gol- d gain her lost prosperity. Heres hoping. GREAT BRITAINS SUBSIDIZED SHIPS Shall we permit Great Britain to set up on the high seas a sign reading: British property; America keep off, asked Senator Joseph E. Ransdell, of Louisiana, in a speech delivered in the senate, in which he revealed the bitterness foreign opposition to the pending bill to aid American ships. There can be no stronger tribute to the afficacy of the measure which it is proposed to take to aid American shipping, he said, than the fact that our chief competitors on the high seas are so strongly opposed to having us adopt those measures. This is pretty strong language from a Democrat from the south and indicates that the consensus of opinion favorable to a ship subsidy for our merchant marine, is becoming nation-widEvery admonition, every warning, every threat, that comes from foreign sources argues the value of the legislation contemplated. It wonders of the age that it has is, therefore, one of the seventy-seve- n not long. ago been enacted into law. It appears that since Attorney General Daugherty has dried up the ocean, insofar as American will be swept as clean as a ships are concerned, that said of-organ- ized e. old-oce- an |