Show GOLD FICTION AND HARD REALITIES L along with the plea that we must join the league of na j lions eions to save the world says the new york financial review of the ath travels another abstract insistence that we must b get rid lof of our t gold to save ourselves but 1 probably despite the league one statistical authority this j week makes the following statement there is no question that more gold has accumulated in the united states than is desirable moreover the fed eral reserve board is entirely right in urging the banks not to expand their liabilities in proportion to their gold re rc ret t serves the popular fear however that this gold may be suddenly drawn out of this country is unfounded such a mover movement nent is very much to be desired and should be considered a decidedly favorable factor from the long i swing standpoint this expert almost entirely nullifies his contention in his second sentence the federal reserve board could if it wished and if it was free from all theoretical taint insist that bank liabilities to gold reserves should be 80 or per cent rather than 40 or 60 per cent and the federal reserve banks separately could also proceed to re e place its rotten federal reserve paper money with something approaching 6 an honest curren currency cy despite theoretical economists large gold reserves are still the desira desi ratum turn of world nations and the basis of to finan cial supremacy what the british bankers have tried to do in the past years was to pretend that they had most ot of the gold of the world because the movement of th the actual metal was not quite as profitable as the ability to secure the same results by pre and fraud this fraud having been partly exposed the need for 0 the actual precious metal is now acute and its na natural propaganda forces should be exceedingly busy now as they the are in relation to hocus european balances of gonver po masquerading as 1923 league of nations or international world courts what must happen in europe and other parts of the world before there is the inevitable return to the day of OI 01 reckoning the adjustment of fraudulent to lefiti leg iti credit conditions we hesitate even to imagine but one thing is certain the united states with honest st money ample gold reserves against its credit ture will not be carried down in this cataclysm nor nial those other backward nations like china and india where legitimate and not spurious money is still popular this country is perfectly willing to 0 lose its gold against legitimate adverse trade balances legitimate loans to W ae mate nations and for any other legitimate uses but we hope it will not be horn swag 19 led or stampeded into the dissipation si of its Z gold reserves for the further continuance of quackery abstractionism and grandiose imperialistic schemes A stabilized germany will probably mark that period in m international history when fraudulent credit structures will start to crash throughout all paper money countries and we are rash enough to predict that academic economists and international bankers will then witness a return to hard money and an approach to sound credit so pronounced that the they y will despair of ever again viewing the glorious conditions of the past generation enervation ene ration where everything that was |