Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-10-09
WILSON'S ELECTION
JEOPARDRE
|. MIEE INDUSTRY .
OF THE West
Professors Proposed Juggling
With Gold Dollar Danger
Gus in Extreme; Says D'n.
yer Man.
WOULD DECREASE PRICE
OF LABOR 40 PER CENT
Especial cOFresponasHes to the Hsralal

Mohat' called at the Taft headauar-
tera today. Mr.. r. q. Moffat has i'm
portant financial interests in Colorado
ana In solicitous for the protection OF
colorado Industries, ana thercTre he IL
strong supporter of Mr.. Tart.
Mr.. Monat VAS shown report OF
the session OF tne International con.
greSs Of EhdmhorH Of Commerce.
which vas concluded az Boston on
September 26th. At this session an
| address was made by Professor Irving
/ Fisher Of Yale. relating Ia u propost.
ton TO change the manner at gold
coinage. Mr. Monat was asked how
this would affect he gold mining an.
dustry OF the United states and he rS-
pressed himself To the crcd that he
believed II would he u serious blow to
that industry.
The proposed scheme is outlined I'm
the following extract from Profess
sor Fishers address. and II will he
notlced that Woodrow Wilson II ad-
vocoting u similar scheme, which has
been Investigated and II also outlined
below.
The following extract from the New
York suns report uf tho proceedings
of the international congress will bet
ter serve To outline Professor Fishers
unique scheme.
"PrOfessOr Fisher called upon bust.
ness men To unite in urging the imme-
dlutc solution OI the problem oC the
increasing cost Of living. lie In Of the
opinion that iarln revision. anti.truat
or monopoly legislation, publicity as
to prices and profits are hut make
shIfts and pnllltatlves.
'He had q remedy which he said
was similar to that once proposed by
Woodrow Wilson. and that IL virtually
tnOt literally to Increase the weight
of the gold dollar by Increasing the
weight Of the bullion on which 1t TX
based.
In other words his plan In Ia re-
store the "SGiRniOraKr" Oh gold, but
Ae Insisted that this soiguinrLgc 81 not
Ia he liked once FOR all, but continual.
~ To be adjusted or rrndJustcd so that
IN" purchasing power Of the dollaC
shah he retained. IN official index
number similar L. that rmployrd h,
economic Institutions, publications. nnp
w
could show frOm'Nmc Ia time what
the sciRnnragc saOuN be-. II the M
dCN number should show that the
price level had risen one per cent, Tho
bullion dollar should automatically in.
crease that amount"
I'm other Words" said Mi Mnffat,
the gold dollar instead of being Of
fixed weight ana therefore Of fixed
value AZ II now Is, would become
shifting and uncertain standard.
Weighing 80 many grains today and
so many more or less grains next week
or next year. The proposition IN ~
impTactlcable and hpirbrainrd form
the standpoint Of any man who has
the slightest conception of the cur
rency question or or the gold mining
or gold mintlnE business that II is hard
tn believe that II could have been SER
lOusly proposed by an Intelligent man.
ut IL all the more difficult To be-
lieve that II could have been endorsed
by Professor Wilson, although Profess
soT Fisher distinctly quotes his as au'
thOrliy, and through II friend 1t has
been nscertained that II wGs In per
sonnl conversation with Professor
Fisher that The Democratic candidate
advanced this remarkable proposition.
"Actuarics have estimated that tho
purchasing power Of the legal tender
gold dollar now iE about forty per
cent less than II was twenty years ago.
According Ia Candidate Wilson's the
DRY. therefore, the scheme would 10
10 coin gold dollars this year with
forty per cent more gold In them than
twenty years ago. Next year, II Pro.
lessor Wilson should be elected. aud
" n result ~ that election the prices
Of things. including especially lnOor,
would go down forty per cent then
the quantity Of gold IN the gold dol
lar would he reduced accordingly, II
needs hardly 90 be said that n pro-
cedure such AZ this would introduce
chaos into our currency system 10 say
nothing OF running the gold mining h,-
duBtry OF the country. II IL only an
other evidence OF the academic VuB-
aries OF a man who has had no prac-
teal experience IN ciiice and ought TO
warn the country generally, and that
part Of II engaged In mining partic-
ularly. OF the risk and danger that
would be involved In his election
Mr.. Moffat called attention also 20
the stupendOu6 power that would no
placed In the hands o. experts whose
duty II should be 10 determine
whether the cost OF living had odvanc-
cd or declined. and n no, how much
for In the hands OF these experts
would rest the question as TO whether
twenty-five grains of gold 90 Into a
dollar or hfteen or fhirty-hve III
surely IL needless TO say" added Mr.
MOffnt, that 10 vest such power IN
tho hands OF men would be ruln0us 10
men would be ruinous 20 the business
Interests OF the country"
= Mr.. Monat explained also that a
great deal Of the present day mining
consists IN extracting the gold from
low grade ore. a process made post
bic Only By, more effective and acien-
tllc mtlhoaS ~ mining, and thst even
X 80 snnalk margin Rs ton per cent
vas deduct a from the value OF the
output, Il wbtla result In causing the
mabsnslOn Ola 6Eeat deal OF the low
Grade mininE IN the ,WeStsra statsa.