The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1911-11-24

New York. Nov. 24.--Whiie the
average person would probably refuse
to believe that the possession OF
billion dollars did not mean the high
est sort OF financial safety. this coun-
try is rapidly being forced into the
surprising realization that this is ex-
actly the case. Today Uncle Sam is
the poHsessor of the greatest gold
hoard in the world. amounting ap-
proximately to $l1.oOO,O0 900 in gold
coin and bullion. This hoard liz
greater than that Of England. France
and Germany combined. the latest
figures giving England about $780,
100000. France s600,000,0 600 and Ger
many $27O,oOo.ooo.
So far as the question OF gold en-
tiers into the matter the United States
would seem to be the wealthiest and
most secure OF all these countries. AS
a matter Of actual business 1t is not
Indeed It might well be termed the
poorest, for it's gold considered in the
light Of laborer is lazy. 1t does not
work nearly as efficiently as the
smaller amounts Of foreign money in
it's duties of preserving credit and
financial stability. Just as we have
the highest class of human labor on
earth, we have also the lowest class
of gold labor, IL efficienoy be measur-
ed by the results achieved. Germany's
gold, $27o.o00,0oo, is for instance far
more efficient than our own of four
times that amount. And 80 anomalous
as it may seem 1t is not always the
country with the most gold which is
financially most solid. OF course, if
the manner in which the gold is
handled under similar conditions were
the same, this would not be so and
this country Is therefore now faced
with the necessity of putting it's gold
to work in the most up to date man
ner-that is to apply to 1t the same
principles Of scientific MANAGEMENT
which have made American laboring
men and American factories the ad-
miration Of the world.
Perhaps 1t is not altogether fair 10
accuse our gold OF laziness In the
amount of work 1t performs as COM
pared to that Of Germany for In
stance. II undoubtedly does the best
it can under the existing conditions
SO that to bring it UP to the point of
greatest efficiency 1t is only necessary
to change these conditions. In GER
tain portions of this country, for ex-
ample, it has long been known that
the amount Of work which constituted
the average days stint is relatively
small. AS a result the laborers ac-
quired, undeservedly as 1t proved. the
reputation for laziness. or late years
science has demonstrated that this
so-called laziness is due to q small
parasite called the hookworm. which
invades the human system. A laborer
afflicted with this germ, though the
amount Of work which he accomplish
es 10 small, should not fairly be called
lazy since he is doing the best
he can under the handicap of adverse
conditions. The remedy is to change
these working conditions. To a SINH
lar situation is due the so-called lazi-
ness of our gold. 1t is handicapped
by the conditions under which 1t
works In this case, however, the
handicap Is not parasite but neces-
sarily an economic condition-that is
our present banking system.
The alleged ignorance Of the aver
age voter as to what voting district
and precinct he lives in becomes in
significant when compared with the
general lack OF knowledge concerning
our currency system. OF course, It is
generally understood that both the
government and the national banks
issue notes, the former secured by
deposits Of gold and silver and the
latter by government bonds, but Just
how the gold works" and how 1t can
actually be made a more efdcient
guard Of flancial safety remains more
or less Of mystery. The natural
conclusion would be that the country
with the most money is the wealth.
est but this is not necessarily so.
There is an additional factor and that
is the ability to use the money most
effectively.
II we regard this gold hoard as an
army whose duty is 1t to preserve our
credit and thus avert panics. each Of
the 1900 banks scattered throughout
the country may be compared to
more or less strongly garrisoned
fortress. Apparently this should make
q very strong defense against the foe,
financial trouble. Unfortunately, how