Show ohl rt k 1 1 1 washington it may be and possibly la Is true that the bulk of our people pay little attention ici gold cold Is to the f fact act that gold pouring in is pouring into the 1 united states in no an li unprecedented d volume I 1 can under stand how bow the wheat farmer of the to t i plains country or the cotton farmer fanner of the south or any other type of farmer t can fall to become excited over the lr influx of gold in the last five or six r t mont months lis it appears to be a far cry from the grain fields or tile the cotton t fields or the qu quarries arries or the small town 1 to the heavy concentration of yellow metal to which the united stites states has been subjected but the link nevertheless exists it exists as surely and as definitely as night follows day and oi therefore it becomes a subject in which all of us are vitally interested since the beginning of september sep a n widespread flight of carl cariti tI from E eui u rope has m itself in the shape 1 of gold exports to the united states three or four hundred millions of dollars in gold hire have landed here in that time they bring the net inflow of f gold cold for the year well above 1000 af I 1 and going a bit further tills this addition plus another places our gold stocks in excess of 0 or r roughly more than was held here when the dollar was devalued under president Roosevel ts instructions it seems impossible to attribute this heavy and prolonged inflow to any aln i gle ie cause immediately after devala 1 alon atlon of the dollar there was wag a steady stream of yellow metal headed for the united states which was due almost entirely to a desire of american hold ers of gold temporarily stored abroad i to repatriate but even in that case i there was a contributory factor to be considered monetary manipulation by the american government had a tem horary effect on our exports es ports increase yang ing them to some extent and it wis wills 1 l increasing the balance of payments duo due fc to this country so we find our policies r that Is policies of the roosevelt ad I 1 ministration responsible tor for the start 7 of the inflow later another influence developed under the pressure of american monetary tary policies foreign powers found their allegiance to the gold standard stan daril severely strain strained ed silver purchases by the treasury had an effect the cons com was primarily responsible for k the second rush of gold subsequently the italian E ethiopian controversy began to take serious form i and a new flood of gold to america de jT ve eloped loped tha was different than that J which had immediately preceded it be cause this movement was related to fo 1 international conditions of a political nature whereas the previous movement had resulted without relation to international strife in a military way but centered wholly upon american monet monetary tary policies and their effect upon economic conditions abroad 0 0 0 now let us consider what can happen those acquainted with finance recognize in the ex what istance of a gl gigant gant ant can happen stock of gold the largest in american americ in history and approximately 45 per cent of the entire world stock the existence of a potential if indeed it Is not ja a probable base for inflation there la Is so go much gold held bythe american government which holds virtually nil all of the gold stocks in this country that no end of paper money cabbe can be issued against it those who believe in that type of currency policies say that it would he be perfectly safe gate that the government could PRY pay off dollar tor for dollar or even more than a dollar for every paper dollar outstanding from the gold it holds this school of thought contends that th actually a shortage of money in circulation and insists that this Is one reason why the country las ha not recovered from the depression more rapidly than conditions show of course a cold appraisal of that argument catalogues cataloguer catal it as the same old demand for inflation of the currency and everyone knows what inflation will d in the way of wrecking the person who works for wages or whose sole income consists of a compensation dellver dell verel eI to him in the form of weekly semimonthly or monthly pay checks the size of flint check never has and never will catch up with the increase li ii I i prices which that individual must apsy pa to 0 o live r then there Is another potential danger in this tremendous horde borde of gold cold it Is in many ways similar to that which I 1 have just related it Is 1 bo however bolever wever more of a psychological condition than the first I 1 refer to the he attitude usually adopted by those hose who wh pull for inflation in when they see a government overn ment possessed of vast stores of realous metals in this instance the es tangent of t sentiment Is joined with the we u M sponsors of the silwe want yer buying program more mod money ley they see all of tills thir gold gad anil silver suit anil they wy simply cannot resist the lor for continued howling their 1 malim aid a id their conversations are almost like a college yell we want more money the more money which they desire being nothing more nor less than currency run off in the prin printing presses of the great bureau of engraving and printing in washington whether it Is the first or the seco second nd type of inflation that Is demanded wrather it Is the printing press money or the money issued against gold as security the results are the same it Is to be remembered in this ilias connect connection that none of us can obtain gold from the treasury the roosevelt o bration demanded of and obtained from cong congress ress legislation which definitely prohibited payment of gold for monetary use by the treasury under any circumstances cum stances except for the lie settlement of balances owed foreign nations but that fact has not deterred deferred demands by they are calling and will continue to call for more paper money and with every call tho the prices you pay for commodities are hound bound to increase that Is they will increase until or unless there Is a release of gold again for circulation as money so it Is quite quire apparent that as long iong as this influx of gold continues and as long iong as other nations are harassed by monetary manipulation in the united states we are continually threatened with a business boom which Is nothing less than inflation of credit th the e real danger confronting this country then lies iles in that direction summarized the threat la Is this if that business boom gets started no power on earth Is able or will be able to stop it it the next and flail ste step after that to Is complete destruction of our currency and medium of exchange political developments in the last few weeks have been completely dominated by the splurge of ac stirred by on the part hoover ot of former pre president sl dent herbert erbert II hoover M his Is pot shots at the new deal in several speeches have agitated the democrats much more than they are willing to admit and hot notwithstanding wIthstanding assertions of satisfaction they have thrown a new fear into the laps of the roosevelt new dealers but if the hoover speeches have excited the new dealers and the conservative serva tive democrats they have almost precipitated a riot among the republicans of whom he must be sald said to b be at least the titular leader the bulk of the republicans look upon mr hoover because of these recent speeches as a potential republican nominee for the presidency against mr roosevelt next year they look upon him further as an individual who Is I 1 likely to disrupt plans that contemplate reconciliation a love feast among the various fact factions lons of the republican party they have been struggling to lay a base for this love feast and because of the intense hatred that some of their number have for mr hoover his activity has opened this breach again made it a blood red wound political observers and commentators have shown all manner of excitement because mr hoover has made no statement whether he be will or will not be a candidate for the republican nomination in plain words they have been trying valiantly to conduct a desm campaign that will smoke out mr hoover and make him say whether he Is or Is in not a candidate all of the efforts to find out what mr hoover proposes to do have failed and will continue to fall even with the underground work of the new deal to bring 0 from him a statement as to big hl purposes he will announce them in his big own good time and his big statement will be definite when it Is made personally from all of the information I 1 have been able to assemble I 1 do riot not believe that mr hoover has hag any intention of seeking see kInt the nomination I 1 am convinced his purpose Is directed wholly and completely to ons on end he fears the new de deil deal il and he to fl trying with all of the power that he possesses to acquaint the country with his views which are obviously in opposition to the theories and policies and experiments of the new deal from sources which I 1 co consider nelder to be faithful because they always have been accurate heretofore it 1 is apparent to ta affie me that mr hoover desires to lend his help in acquainting the country with the things in the new peal beal which he regards as dangerous to our nations well being and that flint beyond such a purpose he Is content to enjoy life as a fisherman and but there Is another phase of this situation which seems to me to warrant consideration while some of the antl anti have been denouncing him even calling him names under uncle r their breath mr air hoover ling hag done the republican party a big divor ry by his attacks on the new deala deal hy by hla his condemnation dem nation of the things in it which he regards as certain to lip be destructive in short hy by his activity which many construe ns a 8 campaign for the lie nomination he ling has made the republicans republican con or the job they have to do ile he ling has them and cinq put fig flohl lit into thein three or four short imn fild did not olst e Q |