The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-10-04
SENATORS SEEK
PRESERVATION OF
GOLD IN n G
Twenty-Five Westerners
Join in Resolutions to
Treasury Chief

wAsHINGTON. u G., oct. A.
twenty-five western senators have
Joined with senator Taakcr J.. eddie
OF Nevada IN a set of resolutions nd
dressed to the Secretary % The Irens-
ury. setting forth the status OF tho
sold mining Industry In the United
Stntos NJ tue present timc. and urg-
ing neoossty for steus to protect IL
from Threatened destruction. The
r%esoiution. addressed 10 Secretary
WHfiR tAs. uuid IL tho standard
~ value and the basis OF alt credit,
and ith production h. vitality Import
ant to the financial and commercial
ne % the nation and uf the world
aud
WHEREAS, The production Of gold
IN the snited States has declined
rom sl0l. ta5 eco In tslh Co Az
COS. 900 ga 1920. "a decline IN cNcesa
OF so per cent, due to the fact That
the price OF gold IN fixed by the GOV.
ernmcnt. white the cost Of produc-
ins has greatly Increased. and
WHEREAs. Tho consumption Of
gold In manufactures and the arts
increased from SaT.S20.O 900 in 1915
TO a~fa.i9U,O 600 IN 1913, an increase
uf 100 per cent. due To- the excessive
demand FOR luAuries aud the fact that
the government has been supplying
AAh NNNMNAHNN NN NN NN AN ANNN WIN
the metal al the pre-war price: aud
WHEREAS. THE normal process OF
deflatiun viii not De efficiently rap
ii TO prevent the further decline in
the production OF gold aud the wust-
y OF devclopcd gold ore resources
due to the flooding Of the mines: and
WHEREAS. me gold STANDARD
cannot BE- permanently maintained
without sold production. and the ma
ton Is confronted today ~ tho proa-
pcct % O. heavy drain urun the mone-
tary gold reserve which viii neccssi-
tate % stil further curtailmont OF
credit. aud
WHEREAS. Representative Louis
r. hcFnddcn, chairman Of the hank |
Ing and currency committee. has In /
troduced "a hil H.. II. 5Og5. Ia the
siNty-aeNenth congress which proc
Nldes Ton the maintenance % the nor |
nal sold production OF the United
stntcs by an equitable adjustment
hCtuen the producer sud the INDUS
trial consumer of sold. and
WHEREAS, a. r. s025. contain
Ing q provision so levy AN excise. in
u~ccordHnCo I'm tho constitution hns
boon Introduced ln the House uf Raq-
rcrenuativrs and referred 10 the ways
and means committee thereof; aud
WliEiEAS. -. a. sp2b Involving
both the policy ana administration uf
tlus Treasury department has been re-
AfNNNA hN = NANN NNNaNN hNNlNN 10 NnI !
s"rrothry Of The treasury Tor an dpin-
ion, now, therefore be IL
RESOLVED That the undersigned,
members OF the tnitcd states Sem
ate. urge upon tho secretary of the
treasury the significance Of his re-
ply TO Chairman Furdncs iu deter |
mining the status 0f the gold mining 1
Industry. which ta vitality important 4
to the maintenance % the guld stnnd- !
ara and IN" financial security Of the
nation; and uo IL further
hEsOiNED. That 10 upon the an
aiys's OF the secretary OF the treas
urN reasons Caunu Doe definitely AS
signed Tor opTssing tho provisions
Of VI. Il. b025. the secretary Us re-
quostcd to ndurs the same iu order
10 expedite the action Of tho house
and permit the bil tu br considered
~ N" senate: and Dee 70 further
RESOLVED Fiat DO the secretary
Of the treasury has specific reasons
Tor opposing Tn" provisions Of ~. n
hO25i he b. hereby urgently request
Cd a. formulate "a proposal Tor enact
mont lt congress. first, to protect the
gold mining industry from dostrut-
ton, which ~ a. serious matter. ir-
re pcctNu OF thc nD' tho lfs upc-
ration ~ necessary as th, oasis OF our
monetary hNHtem5 u second. In an
t%sipatlon OF the heavy foreign drain .
upon uur gold reserve 60 provide Tor |
u~HEmcutluE uIi reserve from sources
~ domestic production and Thereby
lessen the need for the further and
extensive rurtnllmuut of credit which
otherwise would result
Tho resolution is signed hy the fol
lowing SENATOR'S.
Tusk"r l.. Oddlr N'tudu: II. q. 1
Bursuw, New N,,iyo. Chus. T.. Nc
NuIy. oregon; luWrpug. g. phipps. /
Colorado. Ralph % Cameron. Ari-
IONA: samuel u NIrhoIslu. Colorado:
Thomas sterling. North Dakota. |
Samuel ~ ShoItridsr. California: g. !