Semi-weekly herald., 1912-10-14

ical subjects, and especially on the
monetary question will be of interest
to the people of Colorado.
Mr.. F. G. Moffat, of Denver, Colo
RADIO, nephew of the late and well
known financier David H. Moffat,
called at the Taft headquarters today.
Mr.. F. G. Moffat has important finan-
cial interests in Colorado and is sol
icitous for the protection Of Colorado
and therefore he is strong support
er of Mr.. Taft.
Mr.. Moffat has shown report Of
the session of the International Cong
ress of Chambers of Commerce, which
was concluded at Boston on Sept 26.
At this session an address was made
by Professor Irving Eis1cr, of Yale,
relating to the proposition to change
the manner of gold coinage. Mr..
Moffat was asked how this would
affect the gold mining industry of the
United States and he expressed him
self to the effect that he believed it
would be a serious blow to that in
dustry.
The proposed scheme is outlined in
tie following extract from Professor
1 fishers address, and it will he noticed
that Woodrow Wilson is advocating a
similar scheme, which has been inves-
tigated and is also outlined below.
The following extract from the New
York Suns report of the proceedings
Of the International Congress will
better serve to outline Professor Fish
er's unique scheme:
Professor Fisher called upon bust
men to unite in urging the solution
of the problem of increasing cost of
living. He is of the opinion that
tariff revision, antitrust or monop-
oily legislation, publicity as to prices
and profits are but makeshifts and
palliatives..
"He has remedy which he said
was similar to the one proposed by
Woodrow Wilson, and that is virtual
ly mot literally to increase the
weight of the gold dollar by increas-
ing the weight of the bullion on which
it is based.
''In other words his plan is to re-
store the "Seigniorage" on gold, but
he insisted that the seigniorage is not
to be fixed once for all, but con-
tinually adjusted or readjusted so that
the purchasing power Of the dollar
shall be retained. An official index
number similar to that employed by
economic institutions, publications ant
by the bureau of labor at Washington
could show from time to time what the
seigniorage should be. If the index
number should show that the price
had risen per cent. the bullion should
automatically increase that amount ,
"In other words" said Mr.. Moffat
"the gold dollar instead of being oi
fixed weight and therefore of fixet
value as it is now, would be a shift.
ing and uncertain standard, weighing
so many grains today and so many
| more or less grains next week or mex
year. The proposition is so impract.
ticable and hairbrained from the
standpoint of any man who has tht
slightest conception of the currency
question or of the gold-mining or golc
minting business that it is had to be
lieve that it could have been seriously
proposed by an intelligent man.
at is all the more difficult to be
lieve that it could have been endorsed
by Professor Wilson, although Profes
sor Fisher distinctly quotes him a.
authority, and through friend it ha.
been ascertained that it was in per
sonal conversation with Professor
Fisher that the Democratic candidat,
advanced this remarkable proposition
"Actuaries have estimated that tn,
purchasing power of the legal tender
gold dollar now is about forty PEE
cent less than it was twenty year.
ago. According to Candidate Wilson,
theory, therefore, the scheme woult
be to coin gold dollars this year will
forty per cent more gold in then
than twenty years ago. Next year
if Professor Wilson should be electe,
and as the result of that election tn,
prices of things, including especiall.
labor, would go down forty per cent
then the quantity of gold in the gol,
dollar would be reduced accordingly
1t needs hardly to be said that
procedure such at this would intro
duce chaos into our currency system
to say nothing of running the golt
industry of the country. 1t is onl,
another evidence of the academic vag
aries of man who has had no practi
cal experience in office and ought t,
warn the country generally, and tina
part of it particularly that is engage,
in mining, of the risk and danger tina
would be involved in his election"
Mr.. Moffat called attention also t,
the stupendous power that woud b.
placed in the hands of experts who's
duty it should be to determine whethe
the cost of living had advanced or de
clined, and if so, how much, for il