The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-02-15
ENGLISH HOARD GOLD
HANDICAP GOVERNMENT
ARE AFRAID TO INVEST
THEIR SAVINGS.

According to London special to
the New York Sun, boarding of gold
by the working people small trades
men, munition workers and many 9TH
er classes has become a serious cause
of concern. The efforts of bankers,
business men and treasury authorities
to mobilize the resources of the ma
ton have been wonderfully success
ful generally, but multitudes of people
who have never learned to invest their
savings are earning huge wages. They
know that gold is absolutely safe and
they are not sure of anything else, so
they are keeping it from circulation
and hiding it in strange ways
Complaints to the police about the
thefts of these boards develop the ex-
tent of the practice. An Irish laborer
asked the aid of the police in finding
the thief who stole $500 in gold he
had hidden between the roof and the
rafters in his cottage. One London
magistrate found that people of the
poorest classes came before him to
pay fines with their pockets filed
with gold soveregns. He has started
ordering the money invested for them
in the war loan.
Gold Don't Circulate.
The secretary Of one large society
which is collecting large sums from
the poor said that in the past nine
months he had almost never received
gold coins whereas formerly many
came. The people are boarding all
the gold coins now, he says.
| 1t has been discovered that many
women of good families, intelligent
and in easy circumstances are quiet
ly putting gold away without word
to anyone. Two members of parlia-
ment, upon their attention being call
ed to the seriousness of the condition,
laughingly confessed that they had
put away a few pounds in gold and
promised to put it in the bank.
Great Britain is using treasury
notes exactly like American green
per coins. The constant outflow of
gold from the country makes abso-
lutely necessary that boarding be
stopped. Drastic steps to prevent it
are being urged.
1t is extremely had form for any
body to demand at the bank or the
treasury that gold be exchanged for
notes, but it would not do to refuse
destroy Immediately the confidence in
the currency. British economists are
learning the grim truth of the old pro-
verb, Cheaper money will always
drive out dearer"
France Would Demonetize Gold.
Two billion and fifty million francs
in gold had been turned in to the
Bank of France up to December 2S,
since the beginning of the war; Near
ly two billions had been received since
June, 1915, when the first real effort
to mobilize the gold of the country
began. In the first month of the eff
fort the receipts ran up to above
hundred million a week, then dropped
back gradually to an average of six
million that was maintained until the
launching of the last loan. Then the
gold receipts went up again to over
sxty-four million in one week.
1t is estimated that there are still
between two and three billion francs
Of the yellow metal in the hands of
the public and number of Legislators
with Deputy Bouffandeau of the Disc
at their head propose to force reluct-
ant holders to bring in their boards
by demonetizing all French gold coins.
All the gold in the bank under their
proposed arrangement, would be re-
coined after new design and no
other gold coins would be legal tender
in France after the end of hostilities