Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-10-10
Professors Proposed Juggling
With Gold Dollar Danger
Gus in Extreme, Says Den
yer Man.
WOULD DECREASE PcICE
OF LABOR 40 PER CENT
fspsclsi Correspondence 10 the Tsrala1

Colorado industries, and therefore he
Is strong supporter Of Mr.. TAFT.
MIR. Monat was shown a report Of
the session Of tIr International Com
gr"ss of Chambers 81 Commerce.
which was concluded at Boston on
September 26th. At this session an
address was made by Professor Irwin
Fisher of Yale, relating To- q PROPOSE
ton to change the manner OF gold
coinage. Mr Monht was asked how
this would affect The gold mining in
Gustry Of tn" United States and he cx-
pressed himself 80 ia, effect that he
believed It would be- serious blow to
that industry.
The proposed scheme Is outlined IN
tn" following cNtrart from Profess
spr Fishers address. aud it viii be
noticed that Woodrow Wilson rs adj
vucatinR q similar srhcmr. which has
been Investigated and h. also outlined
below.
The following extract from the Now
York suns report 90 the proceedings
OF the international congress viii bet
ter serve 10 outline Professor Fishers
unique scheme.
professor Fisher cail,dNipun busi-
ness men 10 unite IN urging the immo-
dintc solution Of the problem Of the
increasing cost Of living. lie b. Of the
opinion that tarim revision, antitrust
~ monopoly legislation, publicity as
TO prices and profits are but make
shifts and pailiatiyos
"iic had remedy which ne said
Mas similar To- that once proposed by
W"udrpw Wilson, and that Is virtually
tnUt literally To increase the weight
rf the gold dollar by Increasing the
weight OF the bullion on which 1t Is
based
In other words his plan Ii to re-
store the "SoignorHEr" ON gold, but
II icnsislrd that this sciguiurugc Is not
to he nXcd one" for ar. but eOntinuai-
IS To- Dee adjusted or readjust"d 80 that
the purchasing power OF IN" dollar
shall hr retained. IN official index
number similar 10 that employed by
economic Institutions, publications and
ay the bureau Of labor al Washington
could show from tim" to time what
the .ciRnorHgc should be- II the in
dcx number should SHOW that tho
price level had riHcn ON" per cent, tn"
bullion dollar should automatically IN
crease that amount"
"In other NurdE," said Mr.. MOlfdt
"thr gold dollar instead Of being Of
fixed wcisat aud therefore Of fiXod
value as II nON Is. would become a
shifting and uncertain Standard,
Weighing 80 many grains today and
40. "a
ar next year. The proposition Is so
impracticnhlc and hairhrAincd from
the standpoint of any man who has
the slightest conception Ot the cur
rcucy question nr Of the gold mining
or gold miuting buSiucss that u ~ hard
10 believe that II could nave been ser
iously proposed by an Intelligent man
at Is all the more difficult 10 be
licvo that II could have been endorsed
by Professor Wilson, although Profess
snr Fisher distinctly quotes his as nu'
thnrity. and through Il friend II has
been Hl"ertnincd thrt II WAS In per-
snnul conversation with Professor
Fisher that the Democratic candidate
advanced this remarkable proposition.
"ActuHrics have estimated that tho
purchasing power ~ the legal tender
gold dollar now Is about forty per
cent less than II Was twenty years ago.
According to Candidate Wilson'S the
Dry. therefore, the scheme would bo
to coin gold dollars this year with
forty pee cent more gold IN them than
twenty years ago. Next year. II Pro-
fcssor WILSON should he elected, ana
as result OF that election the prices
NJ things. including especially m0or'
would go down forty per cent thon
the quantity Of gold in the gold dol
lar would he reduced accordingly IL
needs hardly to be- said that pro-
cedure such AZ this would Introduce
chaos into our currency system 10 say
nothing 81 running the gold mining IN
dustry OF the country, II IL only an
other evidence Of the academic Yag-
aries OF a man who has had no prac-
teal experience In ONCE and ought TO
warn the country generally, and that
part OF Il engaged In mining partlc-
ulariy, OF the risk ana danger that
would be involved In his election
MIR. Moffat called attention also to
the stupendous power that would DC
placed In the hands Of experts whose
duty It should DC 20 determine
whether the cost Of living had adVahc-
ed or declined. and II so, how much'
for In the hands OF these experts
would rest the question asto whether
twenty-five grains OF gold so into a
dollar or fifteen or thirty-iiye. 1t
surely IL needless to say" added MT
Molfat, "that to vest such power Ia
the hands OF men would be rulnOuE to
man would be runOus to the business
Interests OF the country"
Mr.. Mohat explained also that
great deal OF the present day mining
consists in extracting the gold from
low Grade ore, a process made ponMl-
BILE only By more effective ana sclen-
tiiic methods Of mining, ana that eyea
N 40 rriau nargin ~ ten pei Cent
.wt.t 4 Quoted fnOm the Fnlue % the
output. Il would result n caralng the
susnansion OF a great deal Of the loW
Grade minlng Ia lfN western states