The Mankato free press., 1923-02-16
GOLD flowing TO
AMERICAN SHORES
One Half the World Stock
In This Country
WILL STOP SOON
Com ptroiler Crissinaer Dis
cusses Subject In Annual
Report To Congress
TAssociated Press Dispatch. /

Washington, d, G., February IL
America is justified in hoping that
In the very near future there VIII
be gold into this country and when
point Is reached long step
will have been taken toward the
restoration of a world economic
equilibrium, Controller CrisMnger,
of the Currency, declares in his an
nual report transmitted today TO
congress. This nation holds VIZ
tually one half of the world gold
stock, he says, describing the stu
alton as mo less unfortunate for us
than it is for other countries to
Discussing the steady low or gold
to Americas shores, the report de-
clares that the water saturated
currency" Of many countries now
has begun to yield to the inevitable
pressure and the more stable money
units of other countries are being
called in and utilized. Mr.. Crissing-
er regards this situation as 'an TO
the good" and as proof that "in the
end the gold standard will be recos,.
most reliable that fiscal and eco
nomic wisdom has yet devised"
Warning OF Comptroller
The comptroller warns that
thought must be given to future
conditions which may be presented
when world stocks again are liber
ated and free to travel about the
world In equalization of industrial
and financial requirements.
I'VE have need" he says, to
Ia 30 Ira
hand, our credit so sound, our fab
to meet these demands without
shock or jar to the industrial and
business concerns of the country.
1t is because we must look forward
to the time when we shall have t.
return our present gold holdings to
those from whom in recent years it
has come to US, that we must give
thought to the Importance of having
our financial establishment in order
which will come TO 1t.
From the financial point OF view,
the cessation Of gold imports would
represent a long step toward the
restoration of that economic equin-
brium which Ia absolutely necessary
as prerequisite to the reestablish
ment of sound monetary systems
throughout the world. While it Is
true that the paper money Of some
enced disaster, it is also true That
these very disasters have been ~
lesson to kstatesmen and buslhess
men everywhere, and on the whole.
have emphasized in the public mind
our dependence upon sound
money system, based upon gold, and
enabling international commodity
transactions to be conducted in
confidence and security. Some OF
been watered down to the point Sof
complete saturation, have begun to
yield to the inevitable pressure, so
that the more stable money units or
other countries are being called in
and utilized. ALI this is entirely to
the good, for it testifies that In the
end the gold standard will be rec
ognized as the soundest, safest, and
most reliable that fiscal and eco
nomic wisdom has yet devised.
Held Huge Gold Stock
"There will hardly be serious dis
sent from the proposition that when
social and economic balances are .
finally placed, throughout the world.
in the way of ultimate redress, our
own country must shoulder large
responsibility in connection with
the re- eStaDi1Shmen emit or SOund con-
ditions and relationships. One of
the things which then must happen
will be the disintegration, in a con-
siderable part, of that enormous
stock of gold which has been now
ing to our shores since early in the
European war. We hold now we'll
nigh half of the monetary gold stock
of the world, and such a dispro-
portionate holding is only less un-
fortunate for us than 1t is for other
countries to have their gold reserves
so sadly depleted. We are now wen
past that era of crude economic
thought in which many Of us quite
sincerely believe that the more gold
a country could accumulate, the bet
ter for it, regardless Of every
other consideration. We have come
to understand that it is equally un-
desirable for a country to have
either a vastly excessive or an ut
terly inadequate share of the monet
airy gold. Just in proportion as
gold is liquid. free, and safe to
move above the world in the pro-
gress OF equalizing industrial and
financial requirements, SO we shall
have an approximation to that sta
bility of conditions, that general
level Of prosperity and industrial
activity which is so greatly to be
desired"