Show Id I'd id f Production k M Is Essential m a. a By Ira C. C Tichenor ate published in Thursdays Thursday's Telegram with Congress Congress- T. T McFadden cFadden chairman of the committee commit cc on 01 banking ency aney luis r of the house o of representatives and author of the bill bil for ir r an excise tax on goods good containing gold and to be bet 1 t least in part as a a bonus to gold miners should be a coni con con- gum i nt in favor lavor c of f this or some similar plan for tor the tho revival of the str which is i in a very sad way in th the United and and which will wi cal extinct if ie pres present nt conditions conditions' continue much long longer r. r dared cared by Congressman McF McFadden and which has ha been pointed out 4 t mes es in this column 1 In 1 discussion of the gold situation there is isi i I 0 toil bil which in an any way alters the number of grains of gold old tn m arc ar dollar dolar the unit of Americas America's monetary system rican Bankers Bankers' association twi twice e has ha gone on record in favor favorI stimulation laton of f the gold mining industry as would insure I put of the yellow metal and it can be taken for granted that I cirs of or the country would not indorse any action acton which would I thc tho slightest int with wih the gold standard o are arc opposed to the payment of of a premium on gold for fear feard you d have hav an Sn upon the value of the gold dollar dolar should t lt tt the excise tax contemplated is not a premium on the gold sold golda goldI I b but t a tax upon manufactured products products in which gold sold is is' is used n part While the results might be the same sae the process would t e appearance of a premium and neither would it have any anyn m n the value or the content of the gold dollar dolar re e pointed out the manufacturers manufacturers' of articles requiring the ld continue to pa pay prewar prices for the precious metal metai although i other commodities Including labor have increased in excess r cent Not only are they able to to purchase the raw material at atar atar ar ar price but are selling their manufactured products at postwar B this process th the manufacturers are being subsidized at the ex ex- gold producers who must pay postwar costs of ot production but ewar ar prices or just the reverse of or the easy position of the man manur manu manu- r JAs a a matter of fact however the greater percentage of ot the gold goldar ar are unable to cOH conduct ct their business on the plan as shown by the thee E Khe e production of gold has decreased eased by more than half within four foul years and now ow ow is considerably less than the amount of gold goldby by the arts and nd industries r opponents of the McFadden bill bl advance the the theory that gold gold pro pro- increase when the country returns to normal noral conditions When Ven me will wl come if ever is problematical In the meantime the gold Inive ve been closing down their mines because they are unable to tom tom tot m fl t a profit A d deserted mine soon falls fals into decay and when 0 lie Jie idle ide any length of time it often oten becomes practically worth- worth eason of the g great eat initial cost of the resumption Of bf operations an immense g gold ld reserve the United States now is sitting easily in ini ints in ins in's i ts s gold stand standard ld but eventually a part if i not much of these must t be surrendered to progressive countries Then with wih a gold that has hS been crushed by lack of ot proper encouragement the country iced with wih a condition that will wi not be at all au al theoretical r S. S L. L Metal Market Smelter 1 I Silver per Troy nunce fl fl 9 il American O Iel e foreign 1 p- p I roth rath per wt t Ia I r I |