Douglas Island news., 1920-10-22
PRODUCTION OF
 GOLD DECLINED
Author Of McFadden Bill Discusses EEec, on Che Country of Re-
 ducl0n of Output
ML.IN.I0N- | . l--ol-- -

Representative Louis p. NsFadden. chairman ot the Committee on Bank mr and Currency ot Che House O, Representative. bc asked One follow nr pertinent question with re'or- er-e to thc gold situation. "is Che United snt. Go continue to ignore the problem ol gold production. thus permitting tte British Empire to rru an unprecedented superiority"
 An oama,e ot Che gold produc f.u o. Che United states based or One output for Che fnf .N mon.h ot ths year Indicates tba. Che pro lu.uor for Is-. win he less chan haif he amount produced n 1915 In taf. he Urr.. sa'e. produced .I. r.- ..rto. Itr total worlds gold utrrt and m. British Empire 63.1 DOT ..-t Tn TOTO thc United state r-.Ir... m. ttf per cent ot the total uorI. gold output while Che n-H.r Emrrc produced u excess or tuo-th.rIs Since July 2t iai'. ue U-H.r Empire has been paving nm exchange premium as high as ,0 per cont ln Che gold producers of sartr Africa. whore Che bulk ol thc British sold s produced while In thr United stat.- no assistance has boon -.rIr-.I rhe gold mining indus try This r..r m. contribution ol m. United s.a... ,o Che gold pro- la.uon of m. world win probably be ro. mar. ,aan l- per cent about hr.. U. I..t which .t contributed iu 1915. wnIc thc stimulating cGc.t of tn. .s.H.re. premium win probably nrrn.. ... quota which Che British Furr. uu contribute to 15 per .e..
 N. compared tn Ialf. che purchas- n. power %. tH. dollar .u terms ot an ..umolH.. m IHI. was i- ..r. Tho -o.I producers. ounce In faff had a ra-.hasr- power ot s..f- uror.r. during fgla thc sam. ounce could ru-. .tase u terms of au commodities hu. Sg-n since m. nr.e ol gold s Hzed hy statute at s-Hr- nm ounce. tn. gold producer Is m tH. amc position as a person win. received tu. same income tn faf. In fait anI aris chat se... r0me ha. srrauk n pur- .ha.n- power fo fH-n. "TIe H t.. n-r.r.. reason tor the decline ol tnc gold production of the United state. from sf.i0.HOO0 n 1915 -o I. nar t-.H.0000 tls year,
 aI MT N.FuII.r
 rr. United s..... mint sold for .u- fa..rI consumption during leia rar. f--H...... moro gold ttau aa. produced from tae mines ol che United snte. rnu. ,hs year che drain ID. m. monetary gold stock win nr.h.h.. U. ff.0..... The Amer ...r u.r.u- Association passed -..u.ur ou October IHia. ure
 re upon .ae government The u.o. ..r Io- n-ar.nr n .amat.. pro- .r...r of now gold n .ar...an. vo.- rme .u... Che industrial TO- -.run.s ot Che arts and trades IT. comply ufn fae specifications o, .h. r..uuon. che sonla. o. ar.n ..rro. he questioned .rfro- Ir..III E fse.I n March l-. ia-H
 .ne industrial consumers o. gold a.. Tho oa's ones iu Che coua- lr ..e raw material a. tac r-.u.r n... vhH. Che general u- rr. u .. commodities was fl2 per cent m f.t. compared vItb IaIi 1T l. evident t.a. t..r are be- n- heavily subsidized Mr. NeFat- f.u emphasizes tH.t m. imposition a. Tn. .z.... a1 merely alInfs ,no ..t and price equation between One producer or now gold and the con. sumner ID. gold u Che industrial .r.s and . .... from .'. monetary eutau. e.m.nIs \ r.. gold market u maintained under -le provisions O. ns hm Ior m. reason chat tho eN ..e ar |. e.I..t.. ou he Finished product as aId and no- upon th, bullion which Is sold .o ,ae manu n.ure- There a uo.hns m th. hH which in any way alters th. number of rraus m tre ..mi.r. dollar n. unit of our monetary sys tom T. br creates tbe govern mental m..u.re-y by which ftc con
 sumner .. gold n Che nius.r.a, art may pay nearly th. cost ol prolue uor for ... raw material The rm uu. q. I.e gold producer specified I uH b.r s elual to Che eScise .az .m uo..I and s no ar..tar chan thc OK craneo premium paid by Great nr.t en r u.e latter part of Iala to th South African producer whose opp