Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1907-01-18
rnr 80 -.

VIE FLOOD CE iI.b
While Wall Street is hunting for gold
and u,s.. United Stmtes government is
helping the trerzled fpnnciers to pay a
premium for its importation. there is n
fearful other quarters Of TOO much gold
initiation. In the current issue OF the
YaieeReyiew, Prof. John Pease Norton,
OF Tie department Of economics at Yale
UniyersitS. has nn article on The danger
Of sohI imitation, in which he Gays:
~ hen William Jennings Bryan was
defeated IN the year 1896 the world be.
lieved that the advocates OF the gold
standard hal won a signal victory 10y
the decisive overflow OF the hosts 81
inhatiop, whether by bimetallic or by
single standard, but in the strange I'M
travelling Of the tangled ekeins. financial
and political, it is slowly becoming ap.
parent that. by a chance OF nature or by
an act ri God (%arcordmg to the demo.
cratic platform Of 1901. Mr.. Bryan, nj.
though defeated, hes gained the victory
for initiation, but without the honor, anu
that the advocates OF a stable standard,
gold, have gained the honor OF q victory
no only empty but with sting.
Government relief through ope-,I.
tons OF the United States treasury is
both unsatisfactory and dangerous. IL
such relief il afforded too early the in
tistion goes farther aud bre KS most
disasirOusly. 1t is probable tlim Mr..
Shaw has already exceeded the bounds
Fixed by political propriety und financial
wisdom.
Thus sharp rap ut the favoritism
shove by the administration TO Wall
Street influences, is Il sign that the
ECONOMISTS, not blinded by corporation
contributions, plainly see the alliance OF
the republican leaders with the banks
aud trusts and are nov discussing and
~denouncing it. But this diversion from
his main issue Of the danger " gold
initiation, does not prevent Prof. Norton
from suggesting remedies to regulate
tue production OF gold and tending to
keep, the standard OF values stable, for
he further says:
a. Government. ownership OF the
gold industry.
-, Government tax levied rs d epe-
citic duty on every ounce Of gold pro-
dnesd' and adjusted in amount 60 ms
to produce stability by limiting out.
put.
%, abandonment OF metallic stand
ard and the adoption Of Il tabular stand
ard, supplemented. by an extensive and
adequate clearing systom, and mterna-
tional ne to place and to variations in
discount 'rutes. by u system und of defer.
red clearIngs us to time
He thinks the last remedy the most
practicable aud warns the public that Hif
the metal, gold. shall continue 10 follow
III the footsteps oi that recalcitrant SISTER
metal, silver, and shall fall rs precip.
itately 10 the Immediate future as in the
last eight yeara, the nations OF the earth
will shortly awaken to face a money
problem OF absorbing interest,"
1t in hardly necessary. for a few years
Mt least, TO discuss the remedies pro.
posed. for Mt the present rate Of gold
absorption the danger 10 hardly as press
ing as Prof. Norton imagines. There il,
however, the greater practical question
that ia present, namely. the great effect
of gold initiation on prices the world
over md this increuse in the cost Of
ommoditicr. measured in GOLD, with
The still further increase in the cos, OF
living. through tariff protect to the
trusts and protected into, este. liz OF
absorbing interest To those with limited
incomes aud those whose wages 10 no,
rise in proportion to their necessary in.
Creased expenditures Wages are beng
Increased. bni o nearly M fast MS ne
cessitie" are fie0ng IN price. and until M
equitable adjustment 10 arrived mt We
may lock for strikes of wage carriers
and unrest uf those with iimited incomes
in nm ciideaYor a. make lo.h ends
meet.
The fepDlIican plan NJ standing pat
until business is tart bed H., those IN.
equal and Oppressive p]olic,ce tint Tie
republican leaders declare "atc ma near
peIleC'loD NJ tle MUD OF man can con.
ccive,' ~ TO invite disaster Ia the bus.
mess world. No wonder The late ,lec
tons show a strong trent towards the
remedial policies proposed by the
democrats, which ia bound 10 grow
stronger rs tie desire tnr relief becomes
moro btens.-New Haven Union,