Mohave County miner and our mineral wealth., 1922-03-24
By Letson Bailiett.

By Letson Bailiett.
 Senator Hitchcock of Nebraska pro- poses to make a Bank of Nations, or an international banking corporation that will be empowered to print an international trade dollar" He pro- poses that this institution shall have $2,40O, ,0O0,0 ,0OO capital, of which the United States is to have $500, O,000, ,000 of the capital stock and elect 13 out of the "A directors. Of this sum, $2O0,OOO, ,O0Qs more would be private business and banking subscriptions in the United States, and the $900, ,000,- 900 remaining should be taken up by various foreign nations.
 Senator Hitchcock sees the storm cloud of industrial and commercial panic, and realizes that it will do great damage if business is not pro- tected from the tempest, but his prop osition is as unsound in principle as it would be to cut down the trees to stop the wind merely because he can see the branches waving.
 The senator fails to tell us where all this capital is to be obtained. Probably he will say, "Liberty bonds" or federal reserve notes, or banknotes or greenbacks, can be put up as the capital for this new bank. The only trouble with the scheme is that the Liberty bonds and the paper money are merely I. o. O.'s, and the .propo- sition to put up lot of l. o US as' security for two and a half billion more |. o. us called trade dollarsY' doesn't appeal as being security thas would have a tendency to make the l. o. us worth any more than they are now. In fact, the more I. o. us that are nrinted the less the dollar would be worth. ., .-
 If the proposed banks capital IS to be all specie-coin-or metal money that would be interchangeable for the | Q. us of the bank, then the l. o' U. "trade dollars" would be worth the coin. But with no value except an exchange value in other l. O. US, the "trade dollar" would not be worth as much as the present money. :,
 If the bank is to have gold as us capital, the senator doesn't say where or how this real money is to be kept in order that it may have an eX- change value on demand in any branch ;n .ny country where the l. O. US might be presented for redemption or payment. ., +h. Rank of Nations has a billion or hundred billion dollars capital, lts "trade dollars" are nothing but US l. a. us. If those trade dollars can not be exchanged for real hard money they have no more value than 'he present l. o. us. La,
 If YOU would have the dollar buy more, you must make it worth more There is only one way that it can De made worth more, and that IS the same way a person or firm can make their own paper obligations Worth more-have the money ready to pay them on demand. Take your discounts for cash. . ,
 Paper money is convenient way to handle money, but it must be eN- for coin, instantly ana any where. to be worth the coin, other- wise the exchange and discounts eo into the "kitty" every time It IS 'urh- ed over. s
 1t is true that government and so- c;etv can be supported only by taxa ton, but it cannot be supporoeu Ds strangling industry till it can pay ho taxes. fo.+.r-
 As an emergency measure, 1os'ef- cd by the profiteers, five years ago, ue were led into a trap and directeu to "print a lot of paper money @ lmS was done, and no more aeviii'n scheme was ever devised for turning the poor mans labor into the r'cn mans dollars than to pay nm II, paper I. o. us backed by insuf1icieh' money to redeem them.
 When more work was wanted' 'he order was given to "start the print inc presses and print some more n,onev to hand to the worker" when he received this fiat money he iouna that he couldn't buy as much wlth IL as he could with his former wages because it was worth less, and when he demanded more pay the order was again given to start the printing presses and give it to him; me thlhks it is money" And the more the pro1- iteers printed the less it was worth.
 The public of one accord said the cost of living was going up, when m fact it was nothing of the sort; the value of the unit of purchase was go inp down. The l.. V. M.-low vaiue of money-was mislabeled H. C. L.
 While this deluge of fiat money was coming off the printing presses there was perfect whirlpool of circulating money, but when the printing presses wore out and the flood stopped 'he "backwash" of this illy-advised' or