Evening star., 1933-03-20
Needed Lesson in Economics
Gets Credit for Gold Flood

Realization by hoarders Of the close
connection between the supply of gold
and the Nations currency, an awaken
ing of a patriotic desire to aid the
country and growing confidence in the
financial system are seen as the chief
reasons for the recent return of large
quantities Of gold to circulation. Fear
that the hoarder of gold will be taxed
or punished is also recognized as hav-
ing had an effect in bringing the metal
out Of hiding.
Many persons who thought no harm
would follow the accumulation of gold
oy them personally have been moved
by patriotic impulse to bring forward
the coin, says the Rochester Times
Union. Holding that "the congenial
miser Is q rare type, and only that type
can hnd real satisfaction in boarding
and that the normal man, even il
thrifty. wants his money to be put tc
work and does not wish to hamper the
activities Of the country" the Oklahoma
City Times feels that hope and conf
dence are factors, and boarding will
dwindle-an sorts of hoarding-as that
confidence grows" That paper also
thinks that hidden gold may soon
make outlaws of the men who hide it >
The Asbury Park Evening Press sug-
gests that some Of those who returned
gold to public use were "shamed by the
stigma placed on boarding" and rushed
to reassert their patriotism"
AS practical proposition" In the
opinion OF the Hartford Daily Times
1t Is as essential that the proper gov
ernmental authority shall have power in
time OF peace to commander every
ounce of gold or every dollar of cur
rency, II need be, as undoubtedly such
power Is needed and exists in time of
war" The Times is convinced that re-
cent governmental policies "are unlikely
TO provoke much public protest" The
PORTLAND Oregon Journal offers the con-
cluslon that "the whole country Is a
near-unit in the thought that action
should be taken at Washington to end
forever such financial debacles as that
through which the country has lust
passed" That paper also states: "The
lnSlStence OF persons who know Is that
gold, being the standard on which the
circulating medium rests, has a measure
0! Sanct1ty; that it is so much a part
OF the national life that it is almost war
on the national structure to hide il
away from public use. They insist that
gold boarding is an unpatriotic act"
Money Is useless until you spend II. +"
declares the Toledo Blade. recording the
!act that the released gold becomes the
oasis 1or new issues of currency" with
tne result that currency in circulation
becomes the life blood of business"
Inc Blade also comments: "Gold
gold, gold! Bright and yellow, hard
and cold No better description OF
gold has ever been written than the
foregoing. But the poet penned it
when times were normal Bright and
yellow and hard-and cold! So gold is
usually. But President Roosevelt, exer-
cising the dictatorial authority con-
ferred upon him by Congress. figura-
lively tosses 1t into the crucible and
lights a fire under 1t. The precious
metal becomes liquid-hard to handle,
too hot to hoard. Hundreds Of mil
lions are carried back to the banks In
order that the possessors may be rid
Of wealth in form that would be taxed
heavily and the continued sequester-
ing Of which would entail punishment" "
A demand for "frankness and thor
oughnesS" in building for the future Is
made by the Des Moines Register,
which also advises an effort to create
permanent banking conditions assuring
"strict supervision and management
imbued with q sense Of trusteeship. n
The Salt Lake Deseret News favors pub
1ication Of the names Of those who
put large amounts Of gold into strong
boxes and robbed the rest Of the coun-
try of its commercial life blood"
"A procession Of sheepish citizens. "
declares the Dayton Daily News, "has
been fastening to the banks to put back
their gold. A mans COLDS his own. If
q citizen chooses to put his trust in
gold rather than the Government, that's
his business But the Government can
tax the gold; and to the general sur