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Show MORE HARD MONEY A. P. Ramstedt, President of the Wallace (Idaho) Board of Trade, recently drafted a resolution on silver which said in part: "The only practical and safe monetary policy is more hard money under our crumbling credit structure, and silver is the only suitable metal available. Government purchase of domestic silver at 6412 cents will not suffice. We must have free silver coinage at defmit ratio to gold to provide stable currency and improve commercial com-mercial relations with foreign silver-using people." The price of silver or any other secondary money metal means nothing sfcecept when related to the price of gold. That's why 64i2 cent silver is actually cheaper, with gold at $33.00 an ounce, than 50 cent silver was when gold was stabilized at $22.00. A great many economists fear that silver stabilization will do little to solve the problems it is intended to solve unless its relationship with gold is firmly fixed. As a money, silver has unique advantages. It is second only to gold in esteem and it has been used as a token of value for centuries. It has a psychological appeal that comes from custom. And it is the sole meney metal of half the world's population. Those who propose to fix a gold silver ration deserve a very attentive hearing. 0 |