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Show Silver Depreciation Cause Of World Ills, Says Noted Engineer John Hays Hammond Points Out Defects of Gold As Sole Basis of Circulation; Silver Question Concerns All. WELLESLEY, Mass., Sept. 8 John Hays Hammond, nationally known mining engineer, advocated a world campaign cam-paign for the rehabilitization of silver, in an address before the nineteenth annual national business conference at Bab-son Bab-son institute. "One major cause or the economic and financial depression depres-sion is the appreciation of gold in gold standard countries mrt depreciation of silver in countries where the silver stand- ard prevails," said Mr. Hammond. Supplement Gold "Silver might perform a most important service in supplement-In" supplement-In" gold as a monetary basis for a world's medium of exchange. Even though the gold supply should remain re-main adequate, that metal has certain cer-tain defects that unfit it in many vital areas as the sole basis of circulation. "The Orientals, and other background back-ground nations, for example, require re-quire a currency of intrinsic value that they may adapt it to their methods of saving. It must not be too great value or it will be beyond be-yond their reach. They do not like the paper money, though its value is based on gold. They cannot visualize It as treasure, and it is not adapted to their sort of boarding. board-ing. "Two major Important facts on the opposite sides of the globe are apparent. The first one is in the Orient, where no silver is produced, produc-ed, but where silver still is the ba3is of monetary transactions,, and the second ia in America, where most of the silver is pro duced, and where United States capitalists control about 70 per cent of the output." The silver question, Hammond said, concerns not only the silver producer, but every nation (and every class in an appreciable de-' de-' gree. |