| Show STANDARD OF GOLD GO IS WANTED IN NEW YORK Think the Gold Miner i Should Be Contented to Suffer a Bit Under the hea head J The Gold Stan Standard ard the tho following Is a n characteristic New NewYork NewYork NewYork York comment SU Suggested readjustment of the gold cold old standard b by what That hat amounts to a a. subsidy subsidy sub sub- sl sidy for Cor gold cold mining while It would 1 benefit lh the gold miner an and stimulate production would not help the present worldwide problem of oC high prices It would only onh aggravate the difficulty difficult By paying parinG the pro producer 20 O per cent more mor for tor his gold old at nt mouth of or t the e emine mine purchasing power of or gold Is automatically au au- lowered so much all along the tho line lIno In a phort while the mine owner would Inevitably again be Importuned Importuned Im Jm- Im- Im b by his Ills laborers and workers to Increase their wages and ho would al also o be bo confronted by a further in inCrease increase increase in- in crease In the cost of or his materials Gold Is 13 accepted b by all as standard or measure of or value and any Alteration alteration of It has a circular effect returning again attain to gold bold production There would be bc no end to the process once we be beJan began began be- be gan Jan altering the tho standard of value A recent writer on the subject or very rightly right right- l ly pointed out that there was Just as much logic losle In making a n yard measure twenty nine Inches or a 1 pound contain contain con con- tain 13 ounces as to pay 1 for twenty grains of or gold Instead of ot grains Moreover It dould bo be nothing nothing- short of or an nn economic crime to alter tho the stall standard ard of or value at this time It would amount to a a. breach of or faith since it would be aiding the debtor at expense of ot the tilo creditor The past rise In prices is bad enough h. but what Is tho the In e Investor tor lo to sa say who entered into an 3 agreement for lor instance with a n. corporation corporation corporation cor cor- to lend its bond at 4 per pr cent and now flOW finds rinds his coupon only worth 32 purchasing power Unfortunate as Is the lot of ot the gold miner it Is Isa a a question of or who rho ho Is to suffer suHer in in inthe tho the present predicament Ills His difficulty would only be alleviated for tor fora tora a time while a subsidy extended ed to him through an arbitrary Increase In Inthe Inthe Inthe the price paid for his gold would be bo bea boa a constant source of or suffering and confusion confusion con con- fusion 19 the whole community But nUt this fallacious step would not ond end here To raise laiso the normal value of or gold and therefore lower Its purchasing purchasing pur pur- chasin chasing power at this time lime Is on a par with all easy mone money schemes oven even advanced to meet the existing ex- ex pinch pitch in living caused by war ar If It It were ever er a mistake to alter the gold standard It would be bc more than ever er so now noon As gold bold Is the basis baMis of or nil all commercial effort in the world so 80 in its er very scarcity toda today lies solution of or the worldwide problem of ot prices To ro chan change e tho the stan standard now looks like hike the easiest way out of ot the difficulty But It Is riot not tho the host best It Is only putting putting put put- ting ot off tho day of ot readjustment To fortify and buttress the huge volume volume vol vol- ume of or paper money put out durin during the war there will be ail an Intense de demand demand domand do- do mand for gold on the part of na na- I that have ha been using their credit to the utmost Nations which have o been injecting into their currency paper paper paper pa pa- per valued according to the government government govern ro ment flat fiat and central banks of or Issue expanding their circulation Into billions billions billions bil bil- bil- bil lions will seek every in-every In every overy corner of or tho the globe to gather in the precious metal With the tho great reat gold scarcity that must exist after tho war added to the tho Inevitable Inc competition between nations to rehabilitate tho worlds world's trade trado and commerce prices must fall taU and credit become cheap Herein lies the thc salvation salvation salvation salva salva- tion of or all high grade securities In Inclusive inclusive In- In of or the mass of wartime government govern govern- government ment bonds for Investors will then be bemore moro morn satisfied with a n. safe if It lower Income return When inflation which Is now no acting like an nn oversupply of or gold old to force rices Is checked and gives way to a gold Jold famine amino and Intensified Intensified intensified commercial and industrial production production production pro pro- Is turned Into re regular ular business channels the dollar doUar will bo be able ablo to purchase more and the wage earner Investor and those with fixed Incomes will twill come Into their own Thus the influences that are now at atI I work to put difficulties difficulties' In the wa way of gold old production are the natural result I of or economic laws lawM working to corrective corrective tive ends The rhe falling off orr and comparative comparative com com- scarcity of or gold Sold is the natural check to high prices Scarcity of or gold old brought about a price readjustment after the Napoleonic r wars and md early carly struggle of ot tho the Past century Stimulated Stimulated Stirn- Stirn production of or gold cold after the Boer Boar war ar on tho the other hand was fol fol- lowed by steadily rising prices In It Its relation to the great grent volume of or new credit gold is as scarce scarce toda today as It wa was years ears ago Its bearing upon prices price will be the tho same now as ns it was as then To take therefore from Crom gold sold an any measure of its inherent corrective correctly quality Just now b by stimulating It Its production through artificial means mean would be only delaying return t to normal normal normal nor nor- mal conditions |
