Salt Lake Tribune | 1918-09-23 | Page 9 | [Illegible] Adjustment Gold Standard

pSfflT iLQ ST101 i I Chester T. Kennan, Iter to Henderson, 'resents Case. 5 OUT NEEDS "t Immediate Action ,t Be Taken to VotecWorld. i, the premise that the new Zi should be the price per ji, cost to get sufficient ltie requisite time, as a sound :.Mr paper money and other ..; uses, Colonel Chester T. i;n5 geologist and engineer of Vash., se's out his views in i letter to Senator Charles B. ehairman of the committee on mining. the many salient points set jetter are: That in the world's mcial crisis we cannot argue "edent because the existing (rid-conditlons have no precept prece-pt will require many billions ,'in new gold to maintain the ird; that post-war conditions Itlie production of new gold ..pensive, and that the present Ltion of gold by the United I under 5100,000,000. !se Price. Vir says that the magnitude of J financial crisis is such that a .'id can be protected and pre-f pre-f by raising the price of gold -that will enable and induce I to produce the necessary vast Did within a reasonable time; fary and makeshift legislation i hinder and vitally endanger ' maintenance of a gold stand-iat stand-iat the same law that perma-Iffhe perma-Iffhe sold miner, permanently Id standard. tut the actual value of gold, a stupendous quantity of new hired." cannot be less than its jtatton, the writer adds that it the slightest doubt that we l the requisite amount within e time if gold be raised to a St that will enable the miners ' a fair profit within that time. permanency. tlilded that the price we shall (or the gold to get it within L time should be the "stand-4 "stand-4 of gold and the declaration PM standard would be a sim-r-dCTient of the pure truth, ! actual value of gold to us tort) to-rt) value it Is likely to remain many years to come. v says that there are many y the nominal price of gold is i, but that chief among these fold has been steadily held by certain fixed nominal price for fies, during which time, owing erdid credit of the great nar vast amount of negotiable pa-Uy pa-Uy these nations and based on en used exactly as so much coin and as a medium of com-fchange. com-fchange. It is concluded that .Been uniformly acting on the 3iat all the paper issues based -fc gold, and that has kept gold ! low price, less than its true that gold is a necessary controlled)', cont-rolled)', wealth,- the world's hed medium of exchange he the best and most con-ihe con-ihe accumulated experience of hy common consent.