Gilpin observer. (Central City, Colo.) 1897-1921, 1918-08-01
MOBILIZATION OF JEWELRY
Is NOW SUGGESTED
All Gold Should Be Sold to the Gov
ernment Says PIatk-Proposed to
President Hineh Of Bankers As
ISOLATION. y,

In the Cincinnati Times-Star Of
July 22nd. appears a very timely in
terview with George w. Platt, treas
urer Of the Gilpin-Eureka Mining
company in reference to the gold
situation:
IAN effort should be made, under
the direction OF, the banking inter-
ests, to mobilize our supply OF gold
by calling on patriotic citizens to
convert all their gold, gold orna-
ments and jewelry into cash by sell
ing the same to the government.
This would be another staggering
blow at German autocracy, not only
during the war, but afterwards, in
the titaoic trade struggle that will
follow. Not only is all the business
OF our country resting on a gold bas
is, but the PRINCIPAL and interest of
all our Liberty Lean bonds and 9TH
er government obligations must ex-
pressly be paid in the United States
gold coin of the present standard of
value"
These were among numerous facts
set forth by George w. Platt of the
Platt Brothers company, investment
bankers, in letter Monday to Pres
ident Charles A. Hinch OF the Amer
lean Bankers association, in refer
ence to the subject of increasing
hn CT 0f -
the government through the Federal
, Reserve system. In addition to the
processes already in operation to in
crease the gold reserve by securing
the membership of the State banks
il the Federal Reserve system and
by retiring actual gold coin and gold
certificates from circulation, Mr.
Platt has suggested to Mr.. Hinsch
that the American Bankers associa-
ton take charge Of the mobilization
Of jewelry by making it a country.
wide patriotic movement. President
Hinsch stated that he would refer
the matter to the general offices Of
the association.
Personally l do not think the
time has come for a complete mobili.
zation of all our supply of gold," said
Mr.. Hinsch. while Mr. Platt's sug.
: &c stiers are very good, l feel that
since our government has not taken
, steps in this direction it consequent
ly would not he matter for the as
sociation to take up. While gold is
new recognized as one of the very
important war essentials / think that
the idle jewelrys in the American
homes could be sold to the govern
ment and the money put in Liberty
Bonds or War Savings Certificates.
They will be converting something
/ that is not producing anything into
something that will produce a rev.
enue."
Mr.. Platt further says: 1.-THE very
large expansion of credit in this
country caused by the war produc-
items and the certainly of an increase
in the credit machinery Otter the war
by the enormous foreign trade we
shall have, furnish strong reason
for a continued effort to mobilize
gold, and to take steps to utilize the
large. amount now in the form of
ornaments and jewelry. Next to food
and munitions gold is one Of the
most needed war essentials. 1t is
therefore apparent that the govern
f,eht is now keenly awake to the
important and pressing necessity Of
increasing the gold production of the
country. Every dollar of new gold
Placed under the control of the gov
ernment means adding not less than
So to the credit structure Of our
banking and commercial system"
State Auditor c. H. Leckenby
pCr