The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-03-20


create large losses. AS the large low
grade gold mines produce the great a
bulk of gold, their enforced idlenes
J of course means very seriously dimin
ished gold output,
Second; Quotation of two para,
graphs Of the report of the treasur.
er's gold committee above mentioned
is here apropos, namely:
at Is interesting 10 note that the
British treasury committee arrived al
the same conclusion as that which We
have reached"
And 1T is therefore the judgment
of this committee that no steps should
be taken to stimulate or promote the
production of gold"
The above two paragraphs contain
the sum and substance OF the COM
mittees report-the balance Of the
report being mere verbiage or theor-
les inapplicable to any case and bas-
ed on no facts which obtain in the
present case-ln truth, all the great
outstanding and controlling facts in
our present gold problem We're wholly
ignored and passed by without even
mention in that report.
All who earnestly have at heart the
future financial and general welfare
of our country ardently hoped that,
instead Of persistent evasion, the
committee would openly and fearless
ly face the dominant and controlling
facts and find the logical conclusion
forced by such of those facts in the
case as the following, for instance:
That by the time rehabilitation is
completed more than 100000, 900, 900
of war obligations will have been sud
denly issued by the belligerent nations
on account of the war;
That there is only about $4,000 900, =
900 of gold in sight in this world, and
only a small portion of this $1,000
900, 900 is available to the belligerent
governments with which to pay in
terest on their war obligations; while
annual interest on $2OO,OO0,O0 900 at
per cent is $4,000, 100000;
That none Of the belligerent govern
ments has sufficient, or anywhere
near sufficient gold available to even
pay interest on its war obligations, to
say nothing of the principal sums;
That the United States government
which is best supplied has somewhat
in excess of $2,5OO,OOOOOO gold of
which 1888, 100000 is in the federal
reserve gold settlement fund and
1922 100000 is the basis for outstand-
ing gold certificates;
That the average annual gold pro-
duction of the United States for the
years 1906 to 1915 inclusive, was
about $95, 100000, since when its rate
of production has rapidly declined to
about $6S,000,000 in 1918; and it is be-
lieved that the annual rate Of produce
ton at present does not exceed $45,-
100000 and is still declining; and
none of this $45,OOO00O is likely to
reach the U. S. treasury in exchange
for our present deprecated currency;
That gold has disappeared from
circulation as money;
That, as the dearest money, gold is
being boarded;
That Sir Lionel Phillips, an Eng
lishman, recently pointed out in
very able speech, that the standard
price of fine gold is rather less than
IS S. per ounce, while gold permitted
for trade purposes has risen to about
lis s. per ounce. The chairman of
great bank put the market price still
higher at 100 s. per ounce. Our $40
gold pieces are, of course, readily SELL
ing at about the same rate as English
gold, and are being bought up by
Canadians, Mexicans, Chinese, Japan
csc, and generally in England and
other foreign countries. Shrewd
spectators clearly see that, If TIC
standard price of gold is adjusted by
law at 1888 1-3 per ounce, or higher,
they will be large winners in buying
it at $50 or less; and that if the STAN
dard is not so adjusted but left as 1t
is, at $20.67 per ounce, then the gen.
eral market price Of gold will very
soon go much above 1888 Ia per
ounce and their winnings will be still
greater.
That the people of our country are
transacting all business at present on
a "shinplaster" or fiat money" de
preciated currency" basis-depreciat-
ed about so per cent;
That our government is selling its
bonds for this deprecated currency
and agreeing to pay them in gold;
That the gold has not yet been dug
with which to even pay the interest
Oh 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 in
terest in gold as long as gold remains
at premium;
That gold has greatly increased in
value during the last four years ow-
ing to it's startling scarcity in view
of the worlds sudden and vastly in
creased necessities;