The Cordova daily times., 1921-01-14

newspapers and magazines recognize the seriousness of the gold situation is striking. Hardly less impressive is the fact that nearly every editor ap- preciates the necessity for stimulat- ing gold production. The Washington Post, reviewing the needs of the country which will be brought to the attention of the forthcoming congress, tion as vital need.
 Press dispatches from San Francis co convey the Information that in an effort to secure the passage of the McFadden Bill by the next session of congress, the gold miners of Cali fornia are assembling data and ar guments to- be presented to congress this session. In this work they are receiving the cooperation of their state bureau of mines. Only 10 per cent of the 500 stamp mills which were in operation in Calaveras county
 
 the 300 mills in Tuolumne county are flooded. Fletcher Hamilton. state mineralogist, recently stated that Cal ifornia's gold output in three years had fallen two and three-quarter mil lion dollars. Many western newspa- pers have carried circular issued by MT. Hamilton in which he advocated without qualification the passage of the McFadden Bill.
 A news item sent out from New York and printed in various pubIica- tions throughout the country gives an insight into the uneasiness of the nations bankers over the gold situa- tiOn. There was never a time in his- tory when Wall Street was watching the flow of gold closer than at pres ent," the article says. "The Street has agents in all the European capi- tals ready to cable at a moments notice the announcement of gold about to be shipped to the United States" The article continues:
 When gold is announced for New York the brokers know that the money rate will drop. The market is so nervous that it instantly re- spends to every million dollars an nounced. Last week Kuhn. Loeb x Co.,, the well known New York bank CTS, purchased $4,10O,000 in gold in the open market in London, and or dered the yellow metal to New York on three ships This makes a total of $35 100000 that this firm has bought in London since the first of the year. It is claimed that they have made an immense profit by buying English pounds at the present low rate at which they purchase gold in the Lon don market. When gold is leaving the United States call money goes up in New York. When gold is coming in the rate is down like it has been the present week, when money was and z on call"
 The Washington Post says:
 "The gold production of the United States should be increased. It may be only one-half as much this year as it was in 1915, unless stimulated. Con- gress has as much power to stimulate the production of gold as it has to stimulate the production of cotton or wheat The production of silver was stimulated during the war, and very properly so. Now, when the gold re- serve has a tendency to diminish, it is proper that the government should increase the domestic gold supply, thus relieving the strain and sending into the currents of industry the in vigoration of new blood
 Not even a gold producer can be credited with having a more proper appreciation of the indispensability of the precious metal than the bankers of Colorado understand the existing situation, for their environment
 
 makes it possible for them to consider the question from the standpoint both of the producer and the financier. The following resolution adopted unani- mously by the Colorado Bankers As sociation, carries great weight:
 BANKERS APPROVE GOLD EXCISE
 BILL
 At the annual meeting of the Colo rado Bankers Association held in Den yer, September fl and 15, the follow ing resolution was adopted in support of the McFadden Gold Excise and Premium Bill:
 "Whereas, the constantly shrinking volume of gold available for monetary purposes is attracting the attention of bankers throughout the country and believing this matter to he one which