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

tHe WHole, certain INDIVIDUALS are
certain to get hurt, or imagine they
are "hurted"-that can not be avoid
ed, 1t is inevitable. But when, for the
good Of the whole. program must be
carried through at all events, these
individuals must be eonsidsrsd 90 40.
cidental or incidental unfortunatea
who can not be allowed to stand in
the way Of the worlds or nations leg
itimate progress or manifest destiny.
Again. here and there a querulous
voice protests that readjusting the
gold standard might work the i'm
pairment of contracts--but would It?
We stand on the broad Just principle
that all contracts heretofore made and
hereafter falling due in gold payment
were inadvertently made under mu-
tual mistake by the contracting par
ties as to the true value Of gold, i.e..
gold was inadvertently reckoned by
both contracting parties at Its false
valuation ($20.67 per ounce) false for
the reason above explained--and
therefore the United States govern
ment, as a high court Of equity. could
decree that all these contracts be car
ried out in gold at Its true value, ie,
the new gold standard. Any equity
court in Christendom would enter
such decree to correct mutual mis-
take of fact inadvertently and inno-
Gently made by parties to contract.
AS adjusting the gold standard Ii q
matter Of worldly wide import, certain
writer's insist that concerted action in
that behalf by all the leading nations
is necessary and Indispensable but IL
such concert necessary or indispens-
able?
All the great nations are vitality in
terested In the steady maintenance of
a gold standard as the only sound
basis for their paper issues and flu
ture national credit.
All are anxious as we to avert nm
ancial world panic.
All are anxious to increase their
gold holdings; and the real effect OF
now adjusting the gold standard from
$20.67 to 1888 1-3 per fine ounce (the
latter sum being the actual value OF
gold today, because II will cost that
to produce the amount needed within
the requisite time) would be to lmme-
diately increase those governments
gold holdings over so per cent In ef-
fective value and as the governments
at present hold in their treasures the
bulk of the gold. the principal gain
would be made to the governments
themselves rather than to scattered
individual citizens.
All these governments are anxious
to sustain their national credit and
honor by maintaining their ability to
pay their gold obligations in gold. II
gold Is called for; or rather by virtue
Of ample gold reserves to maintain
their other currency on a par with
gold so that gold will not generally
be called for.
While all governments poignantly
realize their present desperate short
age In gold and the absolute necessity
for vastly greater gold production.
they also recognize the fact that the
British empire and the United States
make about nine of the worlds
annual total gold production; and
therefore the other great nations.
which produce scarcely any, natural
ly and very properly are waiting for
England and the United States to say
the word, when they would gladly fol-
low their lead.
Under all the actual and peculiar
circumstances prevailing at the mo-
ment and with the United States as
the greatest gold holding nation, she
is the most influentially powerful ma
ton on this globe and the other ma
tons are looking to her, In this dark
world crisis, to show the way and
blaze the trail II she were, alone.
boldly and resolutely to readjust the
gold standard, all other nations, glad
to escape from the present desperate
financial situation would quickly fol-
low suit.
The financiers' side Of our gold
problem is plain and simple. but the
gold miner is confronted by two
mighty stubborn facts:
(a) The ponderously magnificent
pile Of yellow metal needed.
(b) The necessarily long time II
must take-at least one generation of
men-to produce this vast supply Of
gold, even under the most favorable
conditions possible and with gold
standard adjusted to 1888 la per
ounce Of fine gold.
The same law that saves the gold
mining industry will preserve gold
standard.
The general concensus Of opinion Of
gold miners the world over is that the
new price Of gold should be not less
than 1888 Ia per ounce Of fine gold.
and that If it were adjusted to that
price, they could produce an adequate
amount Of gold within requisite time
to maintain gold standard as h
sound basis Of paper issues and all
necessary commercial uses. For al
that price of gold very much lower
grade large gold mines than her IT,