Salt Lake Herald-Republican | 1919-08-15 | Page 2 | Foreign Gold is Blamed for Railway Loss

FOREIGN GOLDIs GOLD IS BLAMED FOR FORR FORN N R RAILWAY RAIL WAY LOSS LOS w r tr i- i EU JU u S S. Commission Told Tola InI In In- Ini I i flux of Bullion Upset All AllI I n Money Ioney Values t Washington ton tuff Aug H. H Haled H-Haled Haled l before tho bar barot of or the federal electric railway In for- for commission tOil toay gold was waa arraigned by Pro Yale University as the tha Wing Ins I of or I j chief chic culprit not only In bringing trolley ley lines to bankruptcy but In sending caprices generally skyrocketing rocketing to un- un s of dreamed or d-or ht high h lc levels The flood nood of or bullion he ho said canto p f before beCore the war sent over o t to t m meet et pur- pur o of belligerent powers In the oW United States Stales With the first appear appear- francc of ot the tho golden Invader In he s said Bald prices began to lea p skyward even eyen prices on ar articles wholly unrelated cd to toJ J 1 J. J the wari war s i The result of ot the gold Importation of the Amert- Amert has been a l depreciation A can dollar so 50 far as its purchasing power was concern concerned cd Professor Ish ish- ish cr 1 r assorted sorted l. l At the samo time its price or the factual actual actual amount o of gold old It contained b by byr r weight remained d fixed fiNed he added and anti anda a toda today its buln buying po power cr Is third one-third f a of what hat it was as In 1906 1306 and half hail of r what hat it Il was In the spring of l 1014 1914 H. H r Tho remedy is cas easy the w witness dc- dc Stabilization of the dollar b by regulation of hf the price of gold In accordance ac ac- ac- ac with price fluctuations was 1 01 possible he said ald through the system s j of dollar values alucs worked out b by gov- gov I eminent economists T t t Nickel Alo 10 A Worth orth k Applying his the theory ry on gold to the tho case o of the tho trolley lines Jines Professor Fisher Fiher said the tho basic trouble was that tho the fixed rates of or faro no longer were adequate to meet expanses expenses ex- ex since the purchasing power of ot thc the nickel el was wag but third one-third of r what Tit t It was Witco when mo most t o of the 5 b cent rates t E r were fixed r Obviously he said the logical thing to meet the present emergency appeared ap- ap to be to raise fares but In r r that would be Implied equalization to new ne price levels le of or all other fixed charges such as Interest rates salar- salar r le ics les wages and all similar contract M agreements that were fixed In In terms before the gold old inflation in- in of big biS dollars and Should not nol now be met With depreciated little dollars P 9 Appreciated dollars had caused the th populist mo movement which died away ft to be replaced by 11 the thc Bolshevist l t idea Ide now spreading through the thc world the witness said Stabilize the dollar and Bolshevism would similarly disappear I the he he concluded 1