The Nome nugget., 1921-11-12
SENATOR'S URGING PROTECTION
 FOR GOLD INDUSTRY

FoN SIOLD INDO SIh1
 4 renewed movement to protect the gold mining industry and restore production to the normal standard is indicated in the following resolu tion recently passed by Senate Com mittee on Mines and Mining and later presented to the Secretary of the Treasury Andrew Mellon, after receiving the endorsement of nearly one fourth Of the Senate members, whose names are appended.
 RESOLUTION ON THE GOLD SITUATION WHEREAS Gold is the standard of value and the basis of all credit, and it's production is virtually i'm portant 70 the financial and commer cial life of the nation and of the world; and
 WHEREAS. The production of gold in the United States has de clined from S101.O35, GOO in 1915 to x$49,509,000 in 1920, decline in excess Of 50 per cent, due to the fact that the price of gold is fixed by the government while the cost of produc ing gold has greatly increased; and WHEREAS. The consumption of gold in manufactures and the arts increased from s37,S2O.oOO in 1915 ot S75.490 ,000 in 1919. an increase of 100 per cent, due to the excessive demand for luxuries and the fact that the government has been sup plying the industrial consumers of gold with the metal at the per-war price; and
 WHEREAS The normal process of deflation will not be sufficiently rap i'd to prevent the further decline in age of developed gold are resources due to the flooding of mines; and WHEREAS, The gold standard can not be permanently maintained with out gold production. and the nation is confronted today by the prospect of 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 Bank ing and Currency Committee, has introduced bill. H. R. 5025, in the Sixty seventh Congress which pro vides for the maintenance of the nor nal gold production of the United States by an equitable adjustment between the producer and the indus trial consumer of gold; and WHEREAS, H. R. 5025. contains a provision to levy an excise. in ac- l cordance with the Constitution, has been introduced in the House of Rep resentatives, and referred to the Ways and Means Committee therof; and
 WHEREAS, II. R. 5025 involving both the policy and administration of the Treasury Department has been referred by Chairman Fordney to the Secretary of the Treasury for an opinion; now, therefore, be it RESOLVED. That the undersign- ed, members of the United States Senate. urge upon the Secretary of the Treasury the significance of his reply to Chairman Fordney in de- termining the status of the gold mining industry, which is virtually important to the maintenance of the gold standard and the financial se- curity of the nation: and be it fur ther
 RESOLVED. That if upon the analysis of the Secretary of the Treasury reasons cannot be definite ly assigned for opposing the provi- sions of H. R. 5O25, the Secretary is requested to endorse the same in order to expedite the action of the House and permit the bill to be con. sidered by the Senate: and be it further
 RESOLVED, Tho. if the Secretary of the Treasury has specific reasons for opposing the provi; ons of Fl. R. 5025 he is hereby nerantlS request od +o fnruu'ofo a n-nNoc ,1 i.,r enapt-