The Grangeville globe. [volume] (Grangeville, Idaho) 1907-1922, 1921-10-06
RESOLUTIONS
SIGNED BY
SENATOR'S
% Members of Upper House
Favor Stimulating Gold
Industry.

The following senators have sigEed
the attached resolution which relates
to the existing crisis in the gold min
ing industry of the nation and the i'm.
portance of maintaining the gold stan
dard of the world. The resolution Is
to be submitted to Secretary of the
Treasury Mellon.
Tasker l.. Oddie, Nevada III. o. Bur.
sum, New Mexico; Chas l. McNary.
Oregon; Lawrence c. Phipps, Colo
rado; Ralph III. Cameron, Arizona :
Samuel ID. Nicholsin, Colorado; TIL no
as Sterling, South Dakota; Samue. nj
Shortridge. California f. R. Gooding,
Idaho; Hiram w. Johnson, California :
ii. l.. Myers, Montana VIM u. Borah,
Idaho; T. ] Walsh, Montana: All
'drieus A Jones, New Mexico; Henry f
Ashurst. Arizona; Key Pittman, Ne
vada; John b. Kendrick, Wyoming
Robt N Stanfield, Oregon; w L.
Jones, Washington; Peter Norbeck.
South Dakota; Miles Poindexter.
Washington; e f Ladd, North Dakota.
Whereas, gold is the standard of
value and the basis of all credit, and
Its production is vitally important Il,
the financial and commercial life Of
the nation and of the world; and
Whereas, the production of gold il
'be United States has declined from
$1O1,035,OO0 in 1915 to $49,5O9, 900 In
1920, decline in excess Of so per &C mt.
due to the fact that the price of gold
Is fixed by the government, while the
cost of producing gold has greatly In
creased; and
Whereas the consumption of gold In
manufactures and the arts incre ised
from $37, $4,000 in 1915 to $75.A 400.
600 In 1910, an increase of 100 per cent.
due TO the excessive demand for lux.
uries and the fact that the govc.r
ment has been supplying the indus
trial consumers of gold with the metal
at the prewar price; and
Whereas, the normal process of le-
flation will not be sufficiently raoid
to prevent the further decline in the
production of gold and the wastage of
developed gold ore resources due 70
the flooding of the mines; and
Whereas, the gold standard can not
be permanently maintained without
gold production, and the nation is con.
fronted today by the prospect of n
heavy drain upon the monetary gold
reserve which will necessitate a still
further curtailment Of credit; and
Whereas, Representative Louis T.
McFadden, chairman of the banking
and currency committee, has intro
duced bill, Fl. r. 5O25, in the Sixt
seventh congress which provides for
the maintenance of the normal gold
production of the United States by an
equitable adjustment between the Pre-
ducer and the Industrial consumer Of
gold; and
Whereas, H. r. 5025, containing &
provision to levy an excise, in accord
ance with the Constitution has been |
introduced in the house of representa-
tives and referred to the ways and
means committee thereof; and i
Whereas, H. R. 5025 involving both
the policy and administration of tne
treasury department has been refertcd
ty Chairman Fordney to the secretary
OF the treasury for an opinion now,
therefore, be 1t
Resolved, that the undersigned.
members of the United States senate
III ge upon the secretary of the treas
ury the significance of his reply %
Chairman Fordney in determining the
status OF the gold mining Industry.
which is vitality important to the main-
tenance Of the gold standard and the
security of the nation: AMI
be If further
Resolved. that If upon the analysis
of the secretary of the treasury res.
sons can not he definitely assigned for
opposing the provisions of III. r. 5Gc5.
the secretary is requested to endor.e
the same In order to expedite the ~.
tion OF the house and permit the bill 70
be considered by the senate: and he II
further
Resolved, that If the secretary OF tie
treasury has specific reasons for op-
posing the provisions of n. R. 5025 lie
Is hereby urgently requested to for
mulate proposal for enactment hy
congress: First, to protect the gol1
mining industry from destruction.