Evening star., 1916-12-24
TE1p@ctor of Mint Tells of Rush of Gold to America

and means, as he viewed the matter. to
liberate agriculture from usury. froe-
closures and forced sales.
In further introducing the man OF
whom it was asked, why is there at
present any peril in gold?" it should
be said that he is tall and slender,
gray-eyed and blond, vigorous and
enthusiastic, youthful and modishly
dressed
ut is an abstruse subject" were his
first words. 81 have discussed 1t with
bankers and financiers," he continued.
They agree, in the main, their opln-
ions shading into one another and
harmonizing as whole. Likewise l
have gone over the question for my
self Here is the way the matter has
taken form in my thought:
"a young man goes into business.
This country is young, and. practical
ly, has Just started out in the world
for itself. Heretofore the United States
has been national; now 1t is becoming
International. The young man of my
illustration is ambitious. but cautious,
and works hard. He lies awake at
night, thinking out his plans for de-
yelopment. Industrious. economical
and prudent, watching income and
outgo. he is reasonably successful
''Then, all at once. he is offered un-
limited credit at his bank. The presf-
dent and directors call him to their
back room. and not only promise him
credit, but argue him into accepting
1t. Opening their vault. they say
Take all you want today and then
come back tomorrow. You are regu-
lar Napoleon. Go to it,
"'Fortunate young man. friends
say. when they hear of the incident
"A second Wanamaker, they add, AND
a modernized a. T Stewart They
crown him with laurel. whereas they
should tie crepe on his door.
"The young man, opulent and reck-
less, not to say vain. extends his bust
ness. He moves into large store. He
piles his shelves with goods and nils
a warehouse. There is one chance in
a million that he will prosper. pay his
debts and vindicate the judgment OF
his banker. But he fails. as could be
foretold at the beginning. and his ruin
impoverishes all who fooltshly par
ticipated in his folly.
Cold is pouring into this country
We had an enormous stock of it be-
fore Europe took up arms and went
have received sS12.S86.000 of new
gold. 1t has principally come from
Great Britain in coin and in bricks as
bullion. Some of the bricks were
made in this country thirty years ago
They were marked at our mInts anC
shipped to Europe and never remelt.
ed. Now they are back, after being
stored and kept abroad for almost q
generation.
THE new gold, valued at nearly
sS13,O00,000. as ! have mentioned, was
paid to this country for wheat cotton
horses. mules. leather, oil. meat, am
munition. guns and so forth. Money
representing the gold. has been depo-
sited in our banks. Gold coin in large
amounts also has been deposited.
Now what use does the farmer
make of the money he receives for
wheat, meat. hay. horses or mules that
he has sold for export to Europe? He
buys the farm adjoining his own and
pays for 1t on the basis of its inflated
valuation. He doesn't need the land
He had all the land he could manage
profitably before he increased his hold
ings Any one can see. when the facts
are stated. that he acted unwise1y.
THE money he paid, no matter how
many the hands through which il
passes in the subsequent transactions
Of other speculators like himself. fin
ally gets into some bank to remain
} mora Q. less permanently Here IL