| Show I IOn IOn The Inventor and Job Jal Maker Dependent On Gold Coin Cain Standard of Money I by PHILIP M. M McKENNA President of Inc Latrobe Penna How do new jobs come up in your town Somebody has an idea Very often its it's an invention Sometimes its it's what we may call callan callan callan an innovation that is trying out something brand new in your town If the inventor or innovator I tor has enough money on hand already saved for such an opportunity opportunity he is able to buy what is needed to try it and to pay people to operate the idea to see if it works out and pays off ofT When Henry Bessemer in 1856 believed it practicable to make steel b by blowing air through molten molten molten mol mol- ten pig iron he had already earned and saved considerable sums of money by use of his earlier invention invention invention tion notably the manufacture of bronze paint He says in his Autobiography Autobiography Auto Auto- biography Having thought over thoroughly the risks and powerful opposition I had to fight I came cameto tn to the conclusion that it was mv my duty fut to s to settle the the sum sum of 5 1000 on my wife under trustees trustees trustees trus trus- tees so that I could not be ruined absolutely in the further pursuit of my invention or by litigation in defense of my patent rights After this investment I had still 5 to spend in perfecting my process if found necessary Within 5 years of this decision over 1000 men were employed making Bessemer steel and in constructing new furnaces and Bessemer converters and within 12 ye a rs over persons in various companies in England had jobs that hadn't existed before and steel was plentiful enough to build railways and bridges of high strength compared to wrought iron or to wood Now suppose Bessemer and his partner at the start had not had the 5 or that it had been in irredeemable paper money deteriorating deteriorating deteriorating de de- so that it was only one third enough in buying power in 1856 compared to its value when saved ten years previously Bessemer Bessemer Bessemer Besse Besse- mer could not have made the I attempt and built his first furnace At the risk of being personal Ill I'll tell you my own story as an inventor In 1937 at the little town of Latrobe Pennsylvania I had made an invention of a new tool material which I called Kenna Kenna- metal I believed it would solve the problem of providing America with a hard carbide tool material which would cut steel in m lathes boring mills and milling machines with three times the speed feasible with then known tool steel I had saved up during the many years I had worked as a metallurgist metallurgist metallurgist gist and chemist I resolved to risk it in trying out ut my inventions I rented a storage garage in our r S I J small town of people ana to the amusement of members of the established carbide industry employed 12 men in 1938 1933 and started to make and sell Ken The first year I did not go broke although no profit was made The second year I had proved the superiority of our steel-cutting steel metal in so many shops that we had 50 people making making making mak mak- ing tools from it and that year earned enough money to expand operations By 1940 our sales reached a year the cost of cemented hard carbide was re reduced reduced reduced re- re to third one-third of what it had been when I started and we were employing people who thus had an opportunity to earn carn and save in our town when they hadn't had these jobs before that But if I hadn't had the initial cash rash to risk in 1938 or if it had been deteriorating in value as rapidly rapidly rapidly rap rap- idly as money has gone down in buying power recently I shouldn't have been able to make the start Thus jobs may come from savings in the hands of workers and in in- in A grave danger threatens all all- who all who earn and attempt to save today America is not on the gold standard so far as American citizens citizens citizens citi citi- zens within the country are con con- A thousand dollars saved in 1938 is today worth only about third one-third as much in buying power as it was then Suppose my Invention invention invention tion had not been thought of until 1949 Then my would have been insufficient to pay the workers work work- ers to construct my furnaces and equipment I could not have started with only in buying power A deteriorating dollar stops the opportunities opportunities opportunities op op- op- op for new jobs in Amer Amer- ica Restoring the gold coin standard standard standard stand stand- ard of money in the USA U.S.A. now will stop deterioration of the buying buying buying buy buy- ing power of the dollar This will restore the confidence of savers and enable inventors and innovators innovators innovators tors to lay aside money for their useful projects which in turn spells jobs and opportunities for many What can YOU do about it YOU can convince Congress Congress Congress Congress Con Con- gress will not re-establish re the gold standard until Congressmen can be made to realize that the gold goldis standard i is what Americans want YOU if-ca if can write i to u your United States Representatives and Sena Sena- tors YOU can discuss the subject with your friends your business associates your civic groups your labor unions your Grange associations associations associations asso asso- your church groups Discussion brings enlightenment Enlightenment will restore security security security ity to the savings of every Ameri Ameri- can Form your own group for discussion of the GOLD STANDARD STAND STAND- ARD For literature and suggestions suggestions suggestions write to The Economists' Economists National Committee on Monetary Policy One Madison Avenue New NewYork NewYork NewYork York 10 N. N Y or Philip M M. McKenna Mc Me- Kenna Latrobe Pa Par f ii I 1 II t |
