Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-13
GOLD EQUILIBRIUM
MUST SOON COME
SAYS COMPTROLLER

SAYS COMPTROLLER
Washington. Feb. 1"-America is
Justified in hoping that In the very
near future there will be a cess1tiOn
of imports of gold into this coun-
try and hen that point is reached u
long step will have been taken to-
ward the restoration Of q world
economic equilibrium, Comptroller
Crissinger, of the Currency. declares
in his annual report transmitted to-
day to Congress. This nation holds
virtually one half Of the world gold
stock. he says, describing the sii ia :
ton as "no less unfortunate for us
than it is for other countries to have
their stocks so sadly depleted"
Discussing the steady flow of gold
| 20 Americas shores, the report de-
clares that the water satui ated
currency" Of many countries now Las
begun to yield to the inevitable pres
sure and the more stable money units
Of other countries are being called in
| and utilized. Mr.. Crissinger rec Irds
this situation as 'all to the good
and as proof that "in the end the
gold standard will be recognized as
! the safest soundest and most reli"ble
| that fisc II and economic wisdom las
yet devised"
The Comptroller warns that
thought must be given to future Cln-
| ditions which may be presented when
| world gold stocks again are liberated
and free to travel about the world in
! equalization of industrial and fin
| ancial requirements.
I'VE have need" he says. 'to
keep our stocks Of gold so wali in
| hard, our credit so sound, our fabric
, so secure, that we Will be able tc
| meet these demands without snock
| or jar to the industrial and business
! concerns of the country. 1t is be-
cause We must look forward to the
! time when we shall have to 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
and prepared for the demands which
will come to it.
| From The purely financial point oil
J view. the cessation of gold imports
| would represent long step to.rarC
| the restoration Of that economic
| equilibrium which is absolutely
necessary as prerequisite to the
| recsta blishment Of sound monetary
systems throughout the world
| While it IS true that the paper money
OF some unfortunate countries ha:
experienced disaster, it is also true
that these very disasters have beer
a lesson to statesmen and business
men everywhere, and on the whole
have emphasized IN the public mine
our dependence upon a sound none,
system, based upon gold. and en-
abling international commodit,
| transactions to be conducted in con
fidence and security. Some OF thu
monetary systems which have peer
watcrcd down to the point of com
pletc saturatiOn. have begun % :ieit
to the inevitable pressure. so tina
the more stable money UNITS or otrc
countries are being called IN AK
utilized. All tins is entirely to Il.
good, for il tcstill ) That in the en-
the gold standard WI . recognized
as the 3oyrdcst slfesr. and 'lps
reliable that fiscal and economi,
wisdom has yet devised.
There will hardly hc scri JUS dis
sent from the proposition that Wh3i
social AMI cconomic bpir." :; u,
finally placed. TIN ouehout the world
| IN the way of ultimate redress. gu
own country nrst shoulder a larc.
responsibility in connection with til,
reestabliShmcnt Of sound cond'licn,
and relationships. ono Of Il G thing.
| winch teen must happen VIII be ~,
| uiSlltcTEfallon, III Il COnSlucrahl'
part. OF that enOi nous stock of gu,,
winch has been flowing to our shore:
since early in tn" European war.
IurnlnT to discussion If qucs
tons of domestic import. the Conlp
troller declares that the banking in.
s'tulions or the country nave mad,
satisfactory progress through tn,
period OF dcflatlon and liG,l,Gatior
That necessarily followed the war.
time expansion Of credit and ,-.fla
| tlon. The banking system he saws
has justified the confidence rcp,see
IN II, although there are some diff
ficult banking questions confronting
the country. The most difficult O
these. the comptroller reports, hay.
been produced by the depressed
! conditions which characterized arri.
culture IN the past few years.
! The areas where the bad farming
conditions have developed serious
/ banking problems are few and ap.
pear only as q slight blemish t. The
! whole fabric of economic improve
ment which the Comptroller finds
existing in most every section OF tho
nation. There has been gene ra,
improvement cv'o i'll sriculture. ac-
cordlng to the comptroller, but he
notes thas b.tterment in conditi,ss
IN 1armin" "C.CnlurltieS have NJ,
| quite kept pace With improvements
IN other limos II ;-Isincss aru con,
mCrce.
To safe the rra:.cr nrosdlv' II,
report goes Oh. 1T may le said TIA,
| the Development Of bankirs c0rdi.
| IONS Witnln TIC year. ana ,hal,
| present ":1tEs. nj, general, onC
accurately reflect ne Agricultural
! conditions If Tho c"Lltry. That Is
the greatest .rapr1Nc.. ont in 1lrl;inc
| conditions is found in sections whe,t
| therc has been most improvement il,
! the agricultural, or in thos, where