The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-02-04

the dream Of scientists for 1000 years-but Sir Err
nests work has been done on an infinitely small
scale and does not suggest that the transmutaton
OF metals may be developed from it.
So, the romantic suggestion of manufactured
gold, gold, presumably, turned out by the bushe or
the ton goes glimmering, for the present at least
Perhaps it is just well, for gold by the ton,
easily created, would destroy the currency goal,
the currency sumnium bonum, OF the world. One
no longer can refer to gold the currency stand
ard or currency basis. of the world. The over
turned that. America has the gold the other ma
tons, need for gold standard to be reality.
America Japan, Switzerland, have gold as a cur
rency standard; the others have gold as currency
goal. But if it true that gold could be manu-
featured chcaply, that would, of course, destroy
both standard and goal Gold would be too easily
procurabe to be valuable. 1t would be like the
dandclion-one of the lovelicst of flowers glow
ing miracle of colorcd light-despised because too
plentiful If gold so common, another stand
ard would have to be obtained for currency.
What makes gold valuables Most people think
of gold valuable because it is money or can be
made into money. Gold has been used for money
for many centuries. But why? What brought it
about that gold used and is used as money and
the standard for subsidiary forms OF money!
Gold is durable, gold is scarce and hard to get, gold
is beautiful. Because it is scarce and hard to get,
its variations in value have, generally, been slow,
and that has made gold good standard for money
in the past. But the reason it was ever desired at
all in the first place is its beauty. Without Its
beauty, gold would have been sought and
would never have become money and the basis OF
money.
The intrinsic usefulness of gold lies in its
beauty and its durability. When gold is used as
money, its quality of beauty is practically wasted;
,b,, q. e IL 81 basc for -hein
den away as gold reserve"-its quality of beauty
is totally wasted. very small part OF our gold is
converted into objects of beauty. We refuse to use
it for the only purpose which utizes its essential
virtues and capacities. America today has the most
gigantic store of gold possessed by any nation
in the history of the world. We make use Of it for
the artificial purpose Of giving US stable currency
We do not it for purposes compatible with its
intrinsic value.
America has the gold of the world, but what
fun do we get out of it? In ancient Athens, the
golden treasure Of the goddess Athene not in
coins alone, but in vessels of gold and even in
golden vestments of the statue of the goddess. In
time of war, the Athenians took the golden treas
ure even the vestments of the goddess to help pay
the war bill But we, with the worlds gold haven't
even run a gold frieze around the Capitol env
ened the columns Of the White House porticos
with golden bases and capitals. And, If we rcmem-
Der rightly President, not so long ago, refused
the use of gold dinner service in some celebrated
hotel although it really didn't seem so inappropriate
that the head of the great gold holding nation
should eat from golden dishes.
We gather gold but we do not really it!
The war brought US gold share, and we hide
it. Think what effort that gold has cost US!
Yet, going further, think what effort gold has
cost man through the centuries since Solomon and
L.. ,ota Afr,ra
of the labor of thousands and tens Of thousands put
forth at the order of King Philip of Spain when he
searched the new world for gold! Think Of the
raids of the old English seadogs on the Spanish
treasure ships for gold! Think of pirates and priv
aeers Of the California fortyniners of the rush for
the Klondikc and Cripple Creek. Think OF the
forty miles of gold mines in the great Johannes
burg reef in South Africa There. the large
mines are like self-contained towns some employ
ing 10000 people. Three thousand feet in the earth
are electric trains, pumping machinery men gong
about their business as if on the surface. On the
surface, one sees enormous piles of waste, est-
mated now at about 100000 TONS and one is SHOWN
a few little dull yellow bars the result of it ALL
Has humanity had the worth Of its efforts in gold
gathering in the past? And is humanity getting its
due reward now when the dearly won gold is made
use of only by being hidden! ...
Some day. man will devise truer standard for
money than is gold. He will find some material
the hiding of which does not nullify its only ntrn-
sic value or some unit OF power which does not
need to be hidden at all. Perhaps it will be a
wheat currency, such was suggested in these
columns some time ago. There would be no loss
in warehousing wheat; rather gain. Perhaps it
will be a klowatt- hour currency. The Worldwide
development of electricity indicates that such is not
too wild dream
Suppose the statesmen and economists of Eu-
rope should unite in creating another sort Of cur
rency having in mind that Europe has lost most Of
her gold and should say to the United States:
"You have the gold of the world and we have lost
it. but since it only reposes in dark vaults at best
we have lost nothing of intrinsic, economic value.
We now have and satisfactory currency not