Show t i FEARING TOO MUCH GOLD IS h i. i CAUSING EASTERN FINANCIERS t r re e h TO SPECULATE ON RESULTS IJ Some Interesting Ideas on the tho mono mono- tl tary 1 situation with reference nce I. larl to gold aro brought out In tho following oll ln articles Under tho caption Gold the Wall Street Journal says sas editorially 4 A rec recent nt issue of f C tim the Wallace Miner Minert h t- Idaho revives re through a n correspond correspond- nt an old theory theor that gold sold production would be to Increased 1 by Increasing the of tiC of dollars in a troy ounce of or bullion bumon Tho The writer refers to the gold as a 1 thing to be bo rc re lIe He believes untold millions t t of or tons of or old gold 1 ore dumps would be bel l milled at nt a n profit were there thero to be a pew ow price for gold at nt not less than t 3 1 3 per ounce Instead of or tho the t T present world price e. e 7 It has not hen been so many months since both hoth British and American committees have havo considered and rejected this cry A-cry I proposal Pro Production within tho the British Brit Brit- ish 1511 empire slightly exceeded a nine nine- year average n In fn the first two years of ot J the war In 1918 it declined S 8 per cent V The rho immediate causes were lack e of ct cx- cx i. i plosives Influenza and the attraction of 4 W labor to other industries The Tho g general cause was the war Itself The BritIsh Brit- Brit rr IsU Ish committee was unwilling to con- con after atter the war ar conditions brought b by the war It was unwilling to tor I I r Impart to the ounce of gold soM an any other I than Its currency value of or I j Were crp our own government Ingle Ingle- handed and going It alone able to force I on the tho world such an unsettlement of ot I value values It would take lake from gold itself tl chief chlo attribute In Its value It would nt t cheapen the coSt coU of oC the ma- ma I I necessary to worl work tho millions mil mu i lions of r tons tona of gold oltI ore dumps nor 5 l by y a single mill reduce the effort cHort tho the 3 J r miners must make malee to live lI t Commodity and wage Mage prices would still be compared with on one another through a 1 rommon common denominator cro j world COn confidence In the permanency and of oC sold gold as that nt common denominator still unshaken I fr gold would still perform Its Us office as the medium me through which ono one thin thing thingS I S f Is for another Tim The com com- I f 1 of oC values alues would still remain not nol of r f wheat with gold hold an and 1 of or iron 4 with gold but of or wheat an and 1 iron with a each other through reference to gold I INo I 1 tf Xo No one would get et more Iron or more wh at The Thc available I. supply of each I would WUll uld remain the same samp To anticipate I IZ Z any other result would be comparable to the thc attempt to Increase the value alue of or cloth or raw cotton b by adding 40 11 per cent to the len length th of oC tho the yardstick or the avoirdupois R is weight t tf J t tho the bale balc t Would the thc gold old miner thrive on a aIt at t It demonetized purely purel commodity product product product prod prod- Now 1 J Too Much old FearIn Fearing a too great Influx of or gold In Inthis Inthis inthis this country eastern financiers arenow arenow are arenow now seriously dl discussing the results of or Such an unprecedented condition Discussing wages ages an and 1 prices and the danger of ot Inflation the National City bank In its May ray circular voices warning against letting more gold old flow Int Into the tho country It would be bo better belter If wo we 0 should lose some of the tho gold goM we have havo as this would Improve o tim the tra trade position o of the tho country countr and bring about a gradual an and uniform reduction in In cost and nd prices The con conditions nR for inaugurating a ahoo hoo boom are present says sas the circular The present high prices of or farm products products prod prod- mean menn prosperity not only to th farm farmers rs but to the town and cities which are closely related to the tho agricultural agricultural agri agri- cultural districts and may mar give She a stimulus stimulus ulus to speculation In lands and various van vari vanous arlous i ous enterprises Tho symptoms of f such sucha a movement have been visible risible In spite spit of or all nil tho the restrictions placed upon tho the money market In behalf of oC government go I ba loans loan n Tho rho stock market marlet Is very erp sensitive to tho the Influence of or cheap mone money Al- Al Already read ready million share days aro are In Cash ash ion Inn again In anticipation of or easier casler money and It Is a rule rulo that when a good market develops for or stocks annd bonds a goo good 1 business springs up In creating a new supply Enterprise I la is r and nd soon everybody ii I P In the tho ml midst 1st of oC prosperity and quite oblivious to the level le of oC prices and all warnings 8 th that t may bo be offered J i I. I Not Required The reader ma may think all this Is Just what is wanted anted In the tha present juncture and that If IC gold imports will do It th Sooner they como coma tho better But Dut gold old Imports are arc not required for a readjustment nt Money will naturally become be be- come cheaper through the tho elimination of or government g borrowing and a normal norma reaction will follow Collow Additions to out gold old reserves are arc being made mado now b I the products of oC American mines an ant anA further additions b by importations woul would I either cither be unused or If use used 1 product I Ian an and antI undesirable stimuli With ith more than our normal share ol 01 th the worlds world's gold holtI tho the tendency must be be when its influence comes Into play to have a higher price level than other countries thus pr promoting Imports and making t exports ports more difficult The Tb trade position of oC the country would b 1 improved iy y getting rid or of somo some ol ot tho the gold old now In our possession an and having a gradual and uniform rm reduction o 0 of costs end nd prices price |