The Alaska daily empire., 1921-06-17
HOPE FOR MIG FADDEN BILL.

That there is still hope for the passage of the McFadden gold bonus bill by Congress for the relief the gold mining industry is the opinion of persons who have studied the situation in Washington News of the closing of the Alaska Gastineau plant at Thane revived talk in the National Capital relative the bill The shutdown of the big plant at Thane, it is said is regarded the first big smash of many that will inevitably occur in the gold mining in dusry if Congress does not take remedial action.
 Not only is the gold mining industry threatened with further restriction and curtament but unless suitable legislation is enacted by Congress serious effect on the economic welfare of the country is predicted by of the fact that the country is clearly living beyond is present means far as gold consumption is concerned. In 1915 the gold production of the United States approximate ely $101 100000; in 1920 only $41,50O,O0O was pro duced shrinkage of than fifty per cent In 1915 there was sold at the mint for manufacturing purposes gold to the amount of little than $30 000000 while in 1920 these sales had increased to approximately $50, O0O Thus the sale of gold for manufacturing purposes last year was almost twenty five per cent more than the total produced in all the gold mines of the United States
 It is claimed that the for the large increase in the sale of gold for manufacturing purposes be found in the fact that sversmiths and gold smiths have to the United States during the years since the outbreak of the European with the result, it is estimated that about ninety yseven per cent of the worlds artisans are working in this country. The jewelry to supply the worlds trade is largely manufactured in America but is jobbed to very great extent in Paris Gold purchased here for $20 is jobbed off in Paris on basis of $50 an ounce foreign jobbers making $1O ounce on product which in many instances, in the case of the Alaska Gastineau, mined at a loss to the operator.
 The situation far as it affects the mining operator is being bettered slowly if at all There is no expectation that the cost of supplies labor and material used in connection with mining will ever return to the level of 1914 and any relief a source is entirely matter far in the future that it cannot be included in present calculations The only relief is believed be in the McFadden excise tax bill of approximately $1O an ounce on gold used for manufacturing purposes, or in effect placing gold for that purpose $50 an ounce basis the same as in Europe The collected would cover the 6O-cen bonus each pennyweight of newly pro- duced gold to be paid by the Government under the terms of the McFadden bill
 Congress it is claimed has mt the matter m to Secretary Mellen, of the Treasury Department whether or not the bill becomes law rests on his decision His experience as fnancier and his knowledge of world trade, the gold standard none tary, all of which enter into the matter make him one of the best qcafed in the country to pass Judgment on the proposal
 In the meantime while he withholds his judg- ment MT. McFadden and those cooperating with him in the matter, endeavorng to get all the action when the proper time comes