Mohave County miner and our mineral wealth., 1922-06-23

seek loans that will enable them to
 produce and exchange their goods for
 those of their neighbors. To do this
 they must have some medium of ex-
 change that commands respect at
 home and abroad.
 The United States, with nearly half the worlds gold in its possession,
 shows no disposition to surrender it to the weaker European countries.
 Gold production also has fallen low
 It was valued at about 260 million dol
 lars last year, against 450 to 460 mil
 lions in five years preceding 1914.
 Gold reserves would be a far lower percentage but for the mobilization of ornaments and small hoards in Europe.
 The present strain on the shrink ing gold output is too heavy. There is need to reinforce gold reserves with silver to at least the same extent as in pre-war days. World production then was for five years, about PA million ounces yearly. In the last eight years silver production has fal- len below that average more than 40 million ounces year. The total de- ficiency is about 332 million ounces. At least that amount is required in Europe to replace the deficiency in sil- yer that should have been coined.
 How the world has lost in silver money is shown in the report of the United States Mint Director, compiled from official sources. The principal countries outside of the United States in 1914 possessed the equal of 2,256 million dollars in silver. In 1920 they had only 1885 millions. To eke out these even Britain has debased her smaller coins, putting only half as much fine metal in them. The result of this practice is to put off further the purchase of silver for coinage in the effort of the European govern ments to reduce expenses. This ne- glect of normal coinage needs reduced the market price of silver from the high point of $1.37 in 1920 to 65 cents an ounce recently.
 Only in dire need will this metal he resurrected by tie Asiatic There is pressing need of it in the metal re- serves of Europe to rebuild cu1rencies shattered in public confidence. Europes statesmen and financiers have need of the worlds silver mines to aid them in restoring credit.
 The metal standard can be aided in Europe by reasonable use of silver re- serves along with gold. Without sil- yer the gold standard is in danger of further destruction. From Russia, the birthplace of wild experiments, we nay look for another attack on gold Having dissipated most of Russia's gold the Soviet has collected diamonds and other gems as substitute. It has even offered these to Poland under the treaty of last year in place of Poland's reserve.
 A reserve of gems will always be open to more doubts concerning it's value than that of silver. The test of the gem is more difficult, deception easier, it's theft and hiding more read fly accomplished. The Russian scheme in the end will be rejected, but while 1t is entertained in that land of chimeras the economic restoration of Europe must suffer.
 Increase of acceptable reserves, however, is aiding business revival wherever it has been achieved, notably in Italy with her silver reserve, Czecho-Slovakia and Finland. For the stronger nations it would be an easier task to lend aid to the weak in both gold and silver than in gold alone. Silver at it's present low price is bargain for the hints. A silver re- \ serve of reasonable proportion would be far preferable to the lack of re- serves existing in some of the Euro pean countries. As an asset in Europe's reserve vaults it would re- pay the investment hundred fold ir confidence, credit and renewed ac tivity.