Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1931-10-08

lures TOT military Establishments and
hasten such conflict.
Fourth-The United States of Amer
lea, having financed the final stages
OF the last war and having been one
OF the deciding factors in the conflict
and her influence as a world power
having been greatly increased, would
naturally be looked to for financial aid
by other nations as she was in the
last war.
Fifth-Economically and theoretically
the cancellation of just debt is wrong
except on the theory of pure charity
Cancellation otherwise degrades and
pauperizes the debtor and places the
creditor in an embarrassing position
The same principles apply to nations
as to individuals An individual may
be forced into involuntary bankruptcy
or may be apparently hopelessly in
/ volved, but regardless Of law, the
statute of limitations, or what not, he
should pay if it is within his capacity
! to do SO. would have little respect
for my banker if he signified willing
ness to tear up note because might
be unable to meet it on its due date.
! The same applies to nations.
All of the foregoing gets down to
this: Debts must be paid. What can we
take which will not disrupt our own
economic system, disturb the basis of
international exchange or deprive
American working men and farmers
of the means of making living? Gold
/ is the monetary medium. There is not
enough to go around The United
! States and France have two-t thirds Of
the worlds monetary gold What is
next best? Some will say silver, be-
cause it is semi-precious metal, the
basis of exchange of China, India Gun
til recently, Mexico, Central and
South America. Regardless of the fact
that it Is the monetary standard Of
some governments, we will consider it
as a commodity together with other
metals such as copper, lead, zinc, tin,
manganese, molybdenum, chromium,
vanadiun, platinum, arsenic and the
alloys Of these metallic elements. The
indestructible wealth of the world is
metals and certain rare or semi prec-
/ ious inorganic substances. AS a basis
of international exchanges, we must
have a single standard-gold
However, in the settlement of the
war debt, would it not be we'll for our
government to accept in lieu of money
indestructible commodities which
could be stored at little or no expense?
Such commodities would add to our
national wealth end resources. They
would also be available for imnsedi-
ate use in case of war, and would
compensate in some measure for the
depletion Of our mines and resources
and could be released by the govern
ment in case of shortage in such a
manner as would not disturb in any
way our own industries. There exists
at present 4 world surplus Of lead, zinc,
silver, copper and other indestructible
metals. Would it not be we'll to accept
payment of the war debt in those
metals in lieu of gold and at the prices
which prevailed during the war when
we were the sellers and European
governments the buyers? Is it not bet
ter to absorb the worlds supIus metals
in payment of war debts rather than
cancel them and receive nothing? Sill
yer and platinum can be easily stored
in our vaults. Copper, lead, zinc, tin,
arsenic, ferro- chrome, ferro- manganese
etc, can be dumped in the middle Of
the Nevada desert under the sky and
could lie there for centuries without
any material loss or deterioration.
Such location would be far beyond the
reach Of any invading hostile force and
the materials thus stored would be
available for instant use in case of
war or could be used in the purchase
of other war materials.
We are now storing oil at Pearl Har-
Dor and other points for use by the
navy in case of war. The storage of
oil requires the construction Of expen-
sive storage facilities, and oil is, more
over, a volatile product. 1t is also pos
sible to produce oil more quickly from
the ground and refine it than it is to
mine and refine metals BY stimulat-
ing the production of metals and so
absorbing the surplus, a vast amount
OF labor will be employed and the
power of the Orient and
South America will be greatly in
creased BY absorbing the worlds sur
plus silver the price of that commodity
might be stabilized for many years at
81 per ounce. Is it not better business
for us to accept silver at 81 per ounce
In payment of the war debt rather