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Show stabilizing influence of supply and demand. 9. That gold and silver, having actual ac-tual substance and being produced at a rate corresponding to the growth of population and industry, are natural natu-ral standards for the measurement of value and should be the only basis for monetary loans. 10. That a per capita circulation of money and credit based exclusively exclusive-ly on gold and silver money, by reason of its stability, woud do away with "business cycles," stabilize stabi-lize commodity prices and wages, give regular employment to labor, limit speculation to its legitimate functions, and so contribute immeasurably immeas-urably to the peace, happiness and well-being of humanity. J. M. Hamilton, Salt. Lake jminiua man, also submitted a plan for the rehabilitation ot the silver industry. Silver Hearing Closed Examiner Fletcher Hamilton of the United States Gold and Silver Commission closed his hearings at the council chamber of the City and County Building at Salt Lake' on Wednesday. Although the hearings Save brought a great deal of data from large operators of the state, a disappointingly disap-pointingly small number ot managers man-agers of minor companies have ap-pearedly ap-pearedly to testify and contribute information in-formation which will be of value to the commission in planning legislation legisla-tion for the rehabilitation of the industry, in-dustry, f D. D. Mulr, Jr., manager of J, the Unfted States 8meHfng, - Refilling & Mining company, in telling of the mining operations of his company, stated that mining costs have practically prac-tically doubled since the prewar period. pe-riod. This increase Is due mainly to the advance In the cost of supplies and wages. Murray Schick, secretary of the Minerals Exploration company, attended at-tended Tuesday morning's hearing and testified, as a student ot the silver situation and economics, concerning con-cerning the modifications he thought should be made in present financial practice. Mr. Schick scored the theory of flexible currency In a series ser-ies ot allegations that were filed by him with the commission as follows: Causes of Depression Cited. 1. That "cycles' In business, Irregularity Ir-regularity of employment, the consequent conse-quent Inefficiency ot labor, and haz-zards haz-zards of Investment are due In a very large degree to the fluctuation fluctua-tion of commodity prices. 2. That fluctuations ot prices are due only in small part to fluctuations in the supply of commodities and are caused chiefly by variations tn the per capita of monetary circulation. circula-tion. 3. That such fluctuations are chiefly In "money of account. or credit money created by loans or assets. 4. That the valuable creation of intangible money by loans on assets seriously Impairs one of the functions func-tions of money that of measuring value by constantly altering the effective command for commodities. 5. That an asset currency is scientifically scien-tifically unsound, because the underlying under-lying assets cannot be used for redemption re-demption purposes except by converting convert-ing them Into basic money, which would be on a large scale commercially commer-cially Impracticable. 6. That the theory of a "flexible" currency is economically unsound, because postulated on the false assumption as-sumption that labor should be fully employed during some parts of the year and only partially employed the rest of the time. Injustice Shown 7. That a flexible asset currency is unjust, because, by enabling the makers to diminish supply at will, It absolves them from the law ot supply and demand, deprives borrowers bor-rowers of the benefits of a normal maximum supply and minimum demand, de-mand, and thereby restricts the natural preventative of seasonal depressionsfalling de-pressionsfalling intesest rates. 8. That money ot intrinsic value because It represents an actual investment in-vestment of labor, cannot be arbitrarily arbi-trarily conjured into and out of existence, and is, therefore, subject, like labor and commodities, to the |