Douglas Island news., 1920-04-23
WHY GOLD SINKS
 AND SILVER SCARS
Dcon,inuca from pagc D

mont In fact haa bcCn doing d noai utlo business m breaking up our silver dollars. melting chem down and selling Che bullion abroad But while nobody wants to carry silver dollars m hia pocket if he cm pos- abiy help it. we an have to carry Che smaller coins American indus try and American business could not ect along without chem. The Amer .cau people would hardly know how to eo around town wilhou. chem. So to protect our subsidiary coins from ieseruns ua over night and in mas. we are forced to take more silver out of them"
 lt concludes Che Sun, edIior.aly, anything was needed Co knock Che old double moncy-slandard myth higher thau a kite lt ia what has now happened Co silver under morc mar- tot demand making it more vaIu- able than gold. dollar for dollar 90 that Che cheaper gold dollar drives
 Che doarcr gold dollar out Of exist encc. exactly as jho cheaper silver dollar could not ml to drive thc doarer gold dollar out Of circulation.
 Asa remedy for th.s situation Che National Gold Conference at O re- cent session n st Louis. reported tho following raoluuon which, iu turn. was adopted by Che convention of Che American Mining Congress.
 "wheroas. Tho gold production of
 Che United States which declined so rapidly during Che war period. has, since Che signing of Che armis. tico. som further declined because of tho extreme economic pressure to which Che gold mining industry hos been subjected; and
 "whorcas Gold Is the standard of vsiuo and Che basis of an credit and it is yluuy important to Che financial and commercial liie of the nation chat Che monetary reserve be protected; and
 "Whcroas. There ia now bong used i'm Che arts and manufactures of thc United states more gold than the annual domestic production. which ls obtained under our present sys,om from Che Treasury Of che United States at a met cost ot f20.61 per ounce Of gold. and
 "Vhoroas. Tho actual cost Of min- ine and producing gold now for cS- cccds uhs amount and many gold mines have necessarily ceased pro- ducuon. and other miuea iu thc United States. almost without czcop- tor. win bc compelled to shut down and suspend their mining operations unless relief can bc provided for Che present serious situation iu Che gold mining industry; and
 "Whcroas. It is Che opinion and purpose or mis congress that no change should hc made ln One pres .n, gold standard and unit Of value lor Che monetary transactions of this and other civilized countries. and that mo legislation should bo hod that would lu any way. mvauda,c fhc obligation of contracts as now existing. now therefore. it Is
 "Rc.olvcd. By tho American Min- Iur Congress m lts twonty-sccoud annual convention. that Che Congress of Che United States be. and it is hereby earnestly pcuuoned Go pass such speedy qud remedial ieg.sla- tJou as shah provide Che necessary relief and we submit tho following suggestion. that for a period oi five years from and after Che passing ol such legislation there shall De paid to every person producing gold from Che mines within Che United States and iH possessions under such terms and conditions as may prop- orly bc provided. a premium ot ten IRfOl dollars per fine ounce of such gold SO hereafter produced; said to be made out of imdc provided by an excise ot diy l5ocl cents per pennywo.ehJ tn dollars per omcel on Che uao manufacture or sale of gold n Che United States for other chan coinage or monetary purposes aud from other funds In Che Treasury or thc United States not required for specific purposes; and it is further suggested chat after i've years from Che passage Of such legislation. Che premium and excise SO to be provided shall Doc adjusted
 u accordance with Che rise or iail i'm commodity prices as compared wih Che average for Che dvo-ycar period herein referred to. this re- adIusimont Co bo made oach year and until such t.mo as Che premium and excise can bo abandoned on account Of Che restoration Of price level which win satisfactorily maintain Che normal production Of now gold