El Paso herald. (El Paso, Tex.) 1901-1931, 1918-02-21
THE WORLD is SHORT OF CASH.;
MAY USE IRON AND MORE COPPER

~ confound the croaers who predict that after the
coming of peace COPPER and silver prices will SLUMP
and hard times viii settle down upon the mines Of
Arizona and New Mexico L C. Shattuck of the
foremost mining operators Of the west and banker be-
sides It is his opinion that the world must have huge
quantities Of precious metals in future years Even before
the end Of the war the world viii need metal for coinage
before He regards the discovery of silver
bodies of the urgent needs of the hour.
The world is being flooded with currency. Metallic
money has almost disappeared from Germany. England and
France short of it The South American countries
need It The United States has most Of the gold sill
money In the world, but still lacks ample supply for
commercial purposes Nov and again bankers issue grave
warnings against tendency in this country issue
much paper that is to say much paper that its gold
covering Is oo thin For everv dollar in currency issued
IN this country there must be gold dollar to redeem It
Only By the guarantee Of ready redemption currency
be made sound.
But gold is hard to get and harder still to keep Press
ing needs Of the compel the of great quantities of
gold It is the universal medium Of exchange.
tons paper money finds great favor in another
ty5 put gold universally accepted ten dollar gold
piece worth its weight anywhere IN the civilized world
Generally speaking, silver coin is almost as good.
But with available stocks of gold being used mostly
basis for exchange and with silver INSULT
Gent 70 satisfy the needs Of commerce. what is required?
More gold and silver these cannot be produced in
sufficient quantity, then copper for coinage pur
poses In Germany iron is being used for coinage 1t is
M Shattucs belief that after-war exgencies viii make
copper and iron warrants issued stocks of the metal
as readily negotiable as gold and silver Note that this
goes beyond coinage Of copper and iron. It means
the issuance sf currency based copper and iron
Not everyone realizes what the END of the viii
Of building and rebuilding the world has seen,
greater everyone hopes than the world viii again
Whole cities Of Europe must be built from the ground up
and countless towns Other cities and towns must be
built in part In its way the peace task of reconstruction
wiz be almost great has been the task of demo
ton and costly in money for it costs to upbud
than to tear down Then there must be great program
Of ship building and railroad construction
In those countries which not suffered physical
ravshment Of war; construction and reconstruction viii
take place Factories must be changed from making
war materials to making peace materials This one
quirement viii call quantities of iron STEEL copper
brass nickel and silver. One might write thousands
of words the changes which the end of the viii
bring but the above VIII suffice for illustration.
The work viii require great quantities Of metal for
materials and other large amounts for money Money
the prime need After this war nations viii turn in every
direction for money and they must have metallic money
Paper money for international viii suffice Ger
many send abroad for huge stocks of those materials
Of which the central empires have long since been
hausted- VIII Germanys endless issues Of paper be of
value abroad? They win not Germany must plank down
States little better situated than any other country