Show GOLD IS NEEDED 0 salt lake tel telegram agram I 1 it might seem strange to some that although the united states possesses approximately a third of the gold stock of the world there exists a necessity tor for still greater production of the yellow metal in this country or rather the adap tion ot of some means by which the production ot of gold in the united states could be restored to its tor for mer average ot of nearly per year instead ot of about 40 or the present rate ot of prodoc tion and which Is less than Is now annually used in the arts and manu fractures fac tures ot of the country inasmuch as the increase ot of ot of free gold in the reserve fund ot of the federal reserve system would mean about 20 tor for every dol del lar in terms ot of credit an additional credit ot of about 2 00 0 could be extended to europe whose sold gold reserve has practically been depleted the cause of the decline ot of gold production in the united states as Is well known was the great in crease in the cost of mining and which increased above the price ot of 20 67 an ounce fixed as the value of the monetary unit of the country while the cost ot of production has been reduced to some extent during the past few months it has not de creased to a point that makes the the operation ot of strictly gold producing mines profitable and the indications are that it will be several years it if ever again that it will reach the level of prewar times As has previously been pointed out the mcfadden bill does not levy a tax either upon american or foreign gold but it does propose to levy a tax on all gold which Is used tor for manufacturing purposes and to be collectible from the buyers ot of goods made wholly or in part from gold and at the time of the pur chase no premium would be paid by the manufacturer tor for the gold colsum ed and therefore a tree free gold market would still be maintained as the proposed excise of 50 cents a penny weight would be collected only upon he the finished product when sold and lot not upon the bullion when sold to he the manufacturer this excise ot of 60 50 cents per penny weight would go to the gold miner ind and be an inducement to reopen many gold properties now closed |