The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-04-24

cost Of mining and treatment will be
amply sufficient to prevent such low
grade gold mines from again being |
operated; and all prospecting for new |
gold mines and new gold mining dis
tricts has ceased;
That gold has disappeared from
as money;
That, as the dearest money, gold is
being boarded;
That Sir Lionel Phillips, an English
gentleman and great gold MINER re-
Gently pointed out in very able
speech, that "the standard price of
fine gold Is rather less than 85s. per
ounce, while gold permitted for trade
purposes has risen to about 115s. per
ounce. The chairman Of a great bank
put the market price still higher at
1905. per ounce" Our $40 gold pieces
are, of course readily selling at about
the same rate as English gold, and
are being bought UP by Canadians,
Mexicans. Chinese, Japanese. and
generally in England and other for
eign countries. Shrewd spectators
clearly see that If the standard price
Of gold is adjusted by law at 1888 1-3
per fine ounce, or higher, they will be
large winners in buying it at $50 or
less; and that If the standard is not
so adjusted but left as it is, at $2O.67
| per uonce, then the general market
price of gold will very soon go much
above 1888 1-3 per ounce and their
winnings will be still greater;
That the people Of our country are
transacting business at present on a
shinplaster' or fiat money" "depre-
ciated currency" basis-depreciated
about SO per cent;
That our government is selling its
bonds for this deprecated currency
and agreeing 20 pay them in gold;
That the gold has not yet been dug
with which to even pay the interest
on war obligations;
That as long as gold .remains at a
premium any gold paid out by the
U. s. treasury will not be returned to
it.; and this fact automatically estops
the treasurer from paying interest in
gold as long as gold remains at a
premium;
That gold has greatly increased in
value during the last four years, ow-
ing to its startling scarcity, in view OF
the worlds sudden and vastly in
creased necessities;
That adequate appreciation of the
latter four points by the public must
certainly precipitate world panic--un.
less congress in the meantime adjusts
the gold standard at 1888 1-3 PEI
fine ounce. or higher, that is to say
to figure that will enable and Undue,
gold miners to produce adequate golt
within requisite time to meet the vast
ly increased necessities;
That in view of the large amour
of gold which must be dug within
specific time it's standard value pc
ounce can not be less than its cost o
production;
That people do not call for gol
! when they know that they can get
II they want it, and when gold an
paper money are of the same value
, but when paper money Is the cheaper
as it now is, and when any doubt ex
lists as to whether they could get gol
Ian ~
> gold every time and insist upon it,
That it is currently reported tina
japanese banks, foreseeing, fearin
and preparing for the coming worl
panic, have called in all loans and ar
Extending no new credits;
That Liberty bonds have sold a
low as $92,10 in New York and ar
doomed to go very much lower. nov
that the war is over unless prope
steps are taken to promptly increas
gold production;
That during those two centuries u
to the commencement of the presen
war, owing largely to the splendi
credit of the great nations the vas
amount Of negotiable paper issued b
those nations and based on gold wer
used as so much more gold coin an
to large extent as medium of com
mercial eXchange-in other words, W
were then acting on the principle tina
all paper issues based on gold wer
gold, and, In effect, this action af
forded us a plethora of gold and KEEP
gold at falsely low priceless thai
its true value for the worlds uses, a
we now plainly see; therefore W
, stand on the broad and just princi
pie that all contracts heretofore mad
and hereafter falling due in gold pay
ment were inadvertently made undo
mutual mistake by the contracting
parties as to the true value of gold
that Is gold was inadvertently reck
oned by both contracting parties a
its above mentioned false valuation
($20.67 per ounce), therefore the Unit
ed States government, as higl
court In equity, could and should de
cree that all these contracts be car
ried out in gold at it's true value tina
is, the new gold standard. Any equit,
court in Christendom would ente
such a decree to correct mutual mis-
take of facts inadvertently and in
, nocently made by parties to q con