Show Gold Cola Stock Unable To Support Credit Expert Maintains Too Many People Have Used Silver for Centuries Says Conference Delegate Editors Editor's note The United Press presents herewith an analytical article on the problems confront ing lug the western states silver sUver con terence ference written by Russell F F. F Col lins Uns one of the most active c dele dele- gates Acquainted with ith the silver problem both from a mining and economic viewpoint Collins was delegated to the conference b by the Seattle chamber of or commerce By y RUSSELL RUSSILL F F. F COLLINS Written for or the United Press DENVER Feb 19 It H-It It is per per- apparent to everyone at all conversant with conditions in the world today that the Ole entire gold stock of the world is insufficient to support the credit structure with which we arc are now v trying to carry carryon on oil the trade and to dismiss obligations obliga incurred For centuries past more than half the peoples peoples' of the earth have used silver as their basic money They wilt lU not accept paper in any my form as a substitute for specie China and India during the centuries have used silver coins as money and have hoarded jewelry and ornaments made from silver by bj which surpluses are stored or hoarded Widows in these countries countries coun coun- tries atc are prohibited in many instances from remarriage and during the life Ufe of the merchant prince they store away silver as a pension during wid wid- This custom ages old cannot cannot can can- not be changed except by long periods of education Any effort on the part of or England or any other section of the world to enforce a gold standard on these peoples is futile FACES CONSEQUENCES The United States Slates much as it may like to do so so in the face of a n constantly constantly con con- dwindling foreign trade cannot cannot can can- not long maintain the gold st standard So it seems to me apparent that either cither we as a nation must adopt bimetallism or take the inevitable ine consequences of the he loss of the gold Stan standard ard Let me illustrate specifically what 1 I mean The 30 per cent reduction on the pound sterling sterlin is sending I American mill owners into the logging markets o of Canada where they arc are buying logs at al per thousand that would cost 8 to lo 9 a thousand If IC cut on the American side Yet in inthe inthe 11 the logging camps of America are hundreds of men in the bread lines without employment What docs does this mean A drain against Americas America's money stock What are arc we going to todo todo todo do about it That is only one of a million drains that is tapping our financial resources To regain our trade with China and India we must give the money with which they must buy our commodities a value measured meas in our gold that will renew that trade It Il cannot possibly be done at the thc present condition n of the money market HAS liAS PROBLEMS America though having become a 1 great creditor nation has problems that must be faced by her statesmen or ere we are nrc aware the thc foreign n obligations owed to us us will be bc paid and more than paid by the handicaps under which we work And this too at a time lime when our peoples are arc walking walk ing the streets and the roadways of the nation in hunger and want while our bins burst with food supplies and our warehouses choke with surplus cotton I unhesitatingly say that America must silver slIver into its monetary mone monc- tary system or take the consequences of national Isolation |