The daily morning oasis., 1920-06-29

-.--..=--s---s.
is to try to bolster the gold producing industry
OF nc country by pay ng bonus pr OductOn
ara above the coinage value of the metal. That
would be utterly and completely empirical The
real remedy is to increase the volume of basic metal
money in the world, by taking away from special in
terests the power of regulation md control of the
volume of that kind of money, by restoring it to the
people, where it reposed for centuries until within
generation or two.
The idea advanced in the last assertion of the pre-
ceding paraeraph is that with single basic money
metal (Which basic metal money is the medium for
redemption of paper money! the issue of paper money
has been too vast for It to meet tile demands of
demption making an initiation Of monev in circllla-
ton that has raised the cost Of production ncludno
that of gold to point where it is far greater than
the yellow metal can realize at mint which is it's
chief ultimate market. Were a.. money fiat
money Gas was proposed by one school of economic
philosophy and coinage of gold SUSPENDED. or done
only on governmeo account as in the case OF silver
gold would have followed the market, and there
would not be the demand now made to pay bonus
on production
=. The remedy that would be really efficious would
be to return to b-metaism, coming gold and silver
Unfortunately at parity about equal to their re-
laive volume of production; and ieavt regulation OF
the volume of either to nat ra operation OF natural
laws. Encourage all money and metal produc-
ING nations to establish as MANY minis as they
desile looking to and facility OF gold
and silver producers reaching them with their pro-
duct then let the producer of bars of gold bars of
silver or both take his product to the nearest mint,
have it converted into coins Of whatever denomna-
ton may suit best his wants and needs, with the
wants and needs Of his neighbors, and let him put
those coins into circulation. In that wav money OF
basic Importance would become sufficiently large in
volume to meet the requirements oil commerce meet
ing the needs for redemption of the growing volume
of inflated paper money stabilizing prices of all COM
modities, and keeping the two money metals at a
fixed parity in volume of commerce and tradepro-
portioned to their volume Of production.
Through long centuries the relative volume OF
production of gold and silver has been about fifteen
ounces of silver to once ounce OF gold And they
have been coined at about that ratio of fifteen
to one in some countries and with sixteen
to one in others. With free ard unlimited
coinage value of gold would be about $50 per ounce,
and the coinage value of silver would be $129. Were
governments to leave coinage to the producers OF
either metal the government SURVIVING the medium
of coinage only (the mints) production would be "
constant and infallible regulator in all cases. 1t
would keep the two metals at parity in the volume
of metal money and in the markets of the world
.-a-
cheerful idiot is better off than the gloomy
philosopher.
"Pull" is more often the tomb OF "push."
Anger is the Welding of all the baser passions.
The inevitable destiny of the cur is the pound.