Show I 1 making makin money editor park record money Is made by law and each nation makes its own money there Is no international law lor for making money there is so much contusion confusion about money that a simple pimple statement may be pardoned the nearest agreement to a common basis tor for making money lies in the use t f thi metals gold and silver on the use of these the nations became divided all continued to use some allver but the strongest financial nations great britian alan and the united states enacted laws to standardize gold at about the same value many of the other european nations followed loll owed or were forced to accept the same gold basis As the use and demand for gold grew greater than its production the inevitable law of demand increased its value add to this natural increased value the human burnan disposition to hoard gold be cause of that increasingly universal value and the scarcity and demand grew stronger to the greater use or need the lack of supply and mans mana cupidity add the deliberate planning and scheming to i control the use of gold while a common interest tended to unite all those who possessed considerable amounts of gold and gold out ot of this grew a power with a system I 1 for 0 r representing ill all values all obligations in gold gold was waa made the only money of ultimate redemption gold was made scarcer harder to get tor for those who used money gold was thus made more valuable lor for those who held it or stored it or loaned it the law put a given number of 0 gold grains in a money unit but demand constantly changed the value of each grain thus the varying measure came to measure all values of ms mans production even measuring itself in the crude form out of this situation backed by law and custom came a tremendous addan tage and power to those who possessed gold money or gold obligations due from other people or nations governments themselves helped this monopoly by haying having laws or customs requiring gold lei re serves which added to the scarcity helped gold monopoly and injured money users in trade and all debtors finally the united states great britian and some other european nations went off the gold standard they refused to redeem money in gold they did not have enough gold to redeem more than a small part ot of the gold obligations president roosevelt recognized this gigantic evil and took steps to solve the problem in a remarkable way he saw the lack ot of gold he be saw that the gold co coin in the law had made was not in general use and circulation as money even the limited amount of it in existence but that it was represented as money by gold certificates and promises to pay in geld he saw baw the false measure of value that gold was used to perform then he asked the congress the money making of the united states to him power as the chief executive to change the value ot of the gold in the money unit so that it would measure all values more nearly true to worth this power was given the president by the congress he first called in all the I 1 gold money and metal that it was possible to get demanding it giving for or it the lull full flat or law value in standard unit money currency then he raised the price of all gold from 20 2067 67 to 35 00 per troy ounce with the power to double the price of gold from the old money rate he then gave the increased value of gold so purchased to the united states treasury for the benefit of all the people instead of a small minority and put in the power of the government to issue all this gold cold in representative form for circulation as money with a strong perpetual reserve of gold as metal 1 to support the issue As to the value ot of this unchanged dollar of one hundred cents examine the value of the government bond of former issue payable now in the money of recent issue I 1 asked a person who had invested largely in government bonds be fore the depression if he had suffered a loss he said on the contrary all other investments suffered loss but his bonds had not failed in interest 1 in loan or sale value that a few years ago he was waa offered a house tor for he did not buy it then but recently he sold some bonds I 1 and bought the house bouse tor for he says that the house is easily worth but that money Is scarce it may be granted that the dollar desired to be used abroad may have suffered in its exchange with other money where once the dollar meant gold but so does all other nations money the united states value of gold has become the world value it is recognized that even the greater issue of money on this gold reserve basis Is 13 insufficient tor for the money needs of the people of this nation this nation has never discarded its limited use of silver as money but had ceased under the law to extend that use beyond subsidiary or small coin use again president roosevelt under the power of the congress raised the price of newly mined silver in the united states and began its coinage and certificate issue as money on the old ratio basis the president followed that step by a demand tor for all silver metal except that in use for jewelry and the arts the same as he had done tor for gold metal then under th the e law he began the purchase ot of an estimated estie amount of more than one billion billio ounces ot of silver or to reach the preserve a 2575 25 75 ratio with gold silver money Is being issued in the form ot of certificates thus thua the volume of money founded on the two metals gold and silver the recognized money metals of 0 the world have been joined and increased to serve the money needs of the nation that lt it has helped the mining of these metals and re employed thousands of men Is only incidental the vastly greater and more mere important even stupendous result Is the present and prospective help to the whole nation of people the greed of the small minority who think of their former gold possessions under the new law and selfishly imagine the increased value as of right theirs I 1 are the only people to set up a claim of I 1 injury whereas a daniel has come to judgment and given them more than justice they were paid in honest lawful I 1 wars lr with cents good anywhere tor for anything within the nation fair to I 1 all alike thus the new law value increase of gold value Is to be used for the tax saving benefit ot of all the people the greedy minority included while serving 0 a Inc increase the great need of more money th so who engaged in money traffic to i he injury of the people have been shorn of 0 a great opportunity and they are making ng loud complaint of I 1 trespass elspass on their berty and constitutional rights under the new struggle for the true liberty of the nation we may t trust r rue t th the be aels of the money ot of the united states to 0 o be gold and silver and that eventual av v these will form the basis of the money anoney it the nations of the world the ratio and he value per ounce will be subject to law and agreement but the two great financial nations that have led the world wilt will doubtless continue to lead the first in financial power is the united states of 0 america sincerely CHARLES B N STREET salt lake city october S 1994 |