The daily Alaska citizen., 1920-01-28

ot enduring prosperity; but the gold standard will require a healthy gold mining industry to sustain it.
 MT. Clausen, vice-presidcnt of the Chemical National bank, an authority on domestic and international finance, in his address on The Monetary Position of Gold, made the following statements:
 1.-The vast obligations piles ur by the nations; the huge issues of paper currency; the refunding of debts and re sumption of specie payments are among the most urgent and difficult problem with which the world is now confronted This makes 1t only too apparent that gold is a necessity for the credit and financial unity of nations; and 1t Is essential that an adequate foundation of gold be creat- ed to uphold that system.'
 As a result of the national gold con ference, a resolution was adopted and ell dorsed by the convention of the American Mining Congress to the effect that legisIa- tion should be introduced in congress tC impose an excise of fifty cents per penny weight of fine gold upon gold used fc other than coinage or monetary purposes thereby creating a fund from which to pay the producers of new gold 5000 per ounce
 masmuch as the gold consumed in the the manufacture and arts this year will eX cecd the amount of newly produced gold 1t is evident that the monetary reserve would become depleted by the amount of this difference. This Legislative proposal therefore, merely creates the machinery by which the consumer of gold as a commodity may pay the cost of production for the raw material to the producer thereof, Tn order that sufficient gold may be supplied to sat |sty the present anticipated trade rcqur ments. This proposal conforms to the re quest of the American Bankers ASsocla tiOn and cOnserVatively states the require ments of the gold mining industry in order to maintain normal gold output under present economic conditions.
 The proposal has received the follow ing endorsement of Mr. John Clausen:
 ''I have carefully analysed the legis
 
 can Mining Congress for the considera ton of congress-namely, to create { fund by imposing an excise upon the manufacture and sale of gold used fol other than monetary purposes, thls funo to be utilized as a bonus to producers o1 new gold, in order to stimulate prOduc tion This plan would seem practica solution of the complex problem witt which the gold mining industry IS now confronted, since 1t eliminates monetary entanglements and reduces the subJec i to the sale of gold as commodity in its manufactured state
 MT. Evan Randolph, vice-president ot the Girard National Bank, of Philadelphia states as follows:
 II approve the proposed excise ol gold used for other than coinage pu1* poses Those desiring gold for ornament should pay premium equallng the dlf ference between the production cost ano the arbitrary coinage value, thus creat- ing a fund to distribute to producers il order to reimburse them for added labol and material cOsts.'
 The American Mining Congress is now formulating the bill in order to carry out the resolution adopted by the convention that it may be presented to congress at an early date.
 When men like the above begin tc show an interest in the industry begin tc realize the seriousness of the condition which now confronts it, and give their en-