Show sm Aga Ag lin in Is an Issue l ilver lver Is Coming Into Its Own f re Credit Money Necessary VEW Iw w YORK Feb One 12 One of the most If not riot the most im- im points today iu v jr in in considering o international mal finances is I Jl mount of gold held by a nation as a reserve against its de- de I de-I nH liability tn other nations according to Albert P. P Breton ot of the hW G Guaranty at- at Tru Trust t corn com z hf today the I United n ted States possesses W. W stock of ot gold and carries carrle also the gold reserve against federal es n circulation Again we ve are aro first Eho he advantages which such a posit t commands are obvious remain the bankers of ot the u ut to ld Id business follows once more present more normal channels and are more or less lifted may be called upon to part with some nations we think our gold in favor tavor of ot to such accommodations Great tam tain France Belgium and Italy will their legal reserves to build up ers need it badly to comply with their currenCy laws and protect ii lit lit- litAs As a matter of ot fact will It be Ible ibie in view of ot these conditions to most difficult problem without arrangement between the lead- lead nations pledging among themselves temporary support of their official banks banks' Perhaps there is now opportunity to create an international rye board where all the leading of- of Cor or government banks would be rep- rep and which would be much more cable than a foreign federal re- re e bank In any case is III there enough gold to support the clearings of or the Id ld Idl If It not must consideration be to the suggestion already made of adopting ugh the British press Personally I never was In before the war and lay maybO bo be against precedent for a banker abroad to su suggest gest sucil S a Ion ilon but this war ar has broken many destroyed many old economic and introduced new pro- pro sive Ideas even among the patricians of the old world thA pw pew lAW republic of China In- In I Inte international trade but not yet jet et having the credit and the banking bunking or organization organization or- or of a great power at Its Us disposal disposal disposal dis dis- will ne nei huge sums in silver sll to its domestic and foreign trade British India sticks slicks to silver notwithstanding notwithstanding notwithstanding standing the official gold ratio between the rupee and the pound sterling Mesopotamia Mesopotamia Meso Memo Palestine and Arabia liberated from the Turk and under liberal European European European Euro Euro- guidance will also need sliver silver The same 1 is true of E East Africa Egypt Asia I- I eE Minor gr and some e of the French n g colonies o New v Hussla Russia including Including Siberia and Siberia and Mexico may be looked upon as requiring a large amount of metallic currency to in those countries s before their international credit so badly hampered by recent revolutions is restored All the civilized countries of the world orld even those under the gold standard are clamoring clamoring clam clam- oring orinI for silver to Issue much subsidiary coins Somewhere and somehow somehow somehow some some- how the United States will have to lo get enough silver to replace the amount loaned to foreign governments out of the stock deposited in the time United States treasury to secure silver sliver certificates The great powers of Europe need all their actual stock of gold and all will be produced for many years ears to come to re replenish replenish replenish re- re their reserves the tho cost of production production production pro pro- has materially increased resultIng resulting resulting result result- ing in a proportionate and rather alarmIng alarmIng alarm- alarm In Ing decrease in the time supply It goes without saying that bimetallism bimetal is only possible through h unanimous assent on the part of the United States an antI and l the great European powers but if such an agreement Is is feasible bimetallism bimetallism bimetal bimetal- may help International settlements further investments In foreIgn countries I and prevent unnecessary shipments of gold and the depletion of legal reserves in government and federal banks It might also prevent any possible dangerous danger danger- ous gold supremacy and stop the hoardIng hoarding hoarding hoard hoard- I ing of 01 the yellow metal by any anyone one nation nation na na- na- na tion which after all would be a very good thing timing for the world at large No matter what happens however we I may safely conclude that although the United eed States may r ogg not pt play he het the t sr most active p part It will occupy the most moat in influential influential in- in I position In future International financing U |