The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-08-08
Make Actual Value
of Gold Monetary
Standard.
ENCOURAGE ITS MINING
More Gold Would Broaden
Basis of Our Monetary
System at Present.
THE CRISIS which confronts the
gold miners due to the advance
in price Of labor, freight and

"HE CRISIS which confronts the
gold miners due to the advance
in price Of labor, freight and
all supplies they consume, which
Is already reducing the production of
gold to an alarming extent, continues
to absorb public attention and the best
thought of the nation is directed to-
ward finding a solution to the difficult
ty. Gold is the basis of the financial
system of practically every enlighten-
these nations are engaged in war and
are daily adding to their debt in the
! form of promises to pay in gold, ii
must be evident that some plan must
be devised to encourage the produc-
ton of gold as a means of enlarging
the foundation upon which these pro-
misses to pay rest. Many plans have
been proposed, including relieving the
gold miners from war taxes, exemp-
ton from increased freight rates, pay
Ing them direct bonus, and other
schemes. But all these appear to be
temporary makeshifts and promise
nothing in the way of permanent re.
lief after the war. Two weeks ago
the Miner published a letter from Col
onel Chester r. Kennan to Senator
Borah, in which he proposed to fix the
value Of gold at $50 per ounce 9-1O
fine, this being taken as representing
the actual value of gold as compared
commodities. This he argues would
stimulate the production of gold and
at the same time broaden the basis of
our currency and other gold obliga-
tions. This idea is also discussed and
urged by a correspondent of the
Mining and Scientific Press and is re-
produced on another page of this is
sue. Further calculating his plan,
Colonel Kennan has addressed letter
to Senator F. M. Simmons chairman
OF the finance committee, of which the
following is a copy:
Letter to Senator Simmons.
Spokane, washington, August 2, 1918
Senator F. M Simmons, chairman of
finance committee, Washington, d. c.
Dear Senator: Inclosed is a copy of
letter to Senator Borah relating to
the present gold problem, and 1t Is
desired to further suggest
The gold miners Of the Rocky noun
tains hold that congress should i'm
pass law in which the fol-
lowing would be essential provisions:
First-Establishing the value Of gold
coin at $50 per ounce, $40 fine.
SecOnd-All gold coin and gold GER
tificates in the United States to be
sent to the U. s. treasury
for reminting and reprinting on that
basis, to be returned to the owners as
soon as respectively reminted and re-
printed.
Third-That from and after the pas
sage of this act of congress, no gold
coin nor gold certificates of the United
States shallabe used or passed as cur
rency until the same has been remint- |
ed or reprinted.
Fourth-All gold coin shall be i'm
reminted in two, two and |
Dne-half, three, five, ten, fifteen, twen-
ty, twenty-five, and thirty dollar de-
nominations, and all gold certificates /.
be reissued on the new basis
Fffth-An gold coin and gold cer-
tificates In banks. trust companies, and
other public repositories, shall be con-
sidered gold coin and certificates own
ed by depositors, and when reminted |
and reprinted, each depositor in said |
Institutions shall receive due credit |
therefor in the same ratio that his |
total deposits bear to the total Of all |
other deposits in said institution-each |
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