The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-02-18
NEWSPAPERS OPINIONS
MR., HOOVER'S WARNING

In farewell address to his party at Lincoln
Day gathering of the National Republican club,
President Hoover took occasion to assert that the
re-establishment of the world a gold standard
basis is the only means of stabilizing conditions
and avoiding an ''incipient outbreak of economic
war"
With the United States and France about the
only two of the leading nations left on the gold
standard Mr. Hoover is in somewhat the position
of the fond parent who watched company of SOL
diers pass by and then declared that every one was
out of step but John.
Il would be splendid if the world were back on
the gold standard--or in fact any common
monetary standard.
Our present predicament a nation, as gen.
orally recognized, is that we are maintaining a
standard that has been deserted by most of the
other nations with the result that vast percent
age of the people of the world are helpless to
carry on commercial relationship with us. On the
other hand the relatively cheaper money Of these
people enables them to produce products and man
ufacture goods much more advantageously than
our own citizens-thus making it possible in many
instances for them to meet even the high tariff
imposts and send their wares into America i'll ia
vorable competition.
The situation cannot be met by this nation ad-
iustng it tariff schedules still higher, Mr.. Hoo
yer contends because that simply results in further
retaliatory tariff levies on the part of other
tries who consider themselves unnecessarily handi-
capped Thus, the problem of the United States is
further complicated, as the disparity in money
values proves an almost nsurmountable barrier to
our export trade without the additional tariff i'm
pediment
Why Mr.. Hoover should issue this call to the
world to get back on the gold standard when he
knows full well it must of necessity be like voice
in the wilderness under present European and
Asiatic conditions, is somewhat puzzling. Rather
it seems to The Record his advice should have beer
that an earnest effort be made through an interna
tional conference, for the establishment of some
common but sound monetary basis upon which the
various nations could hope to rebuild their trade
relationship Money should be recognized as mere
| ly medium of exchange and insofar as it fails tc
function as such mankind must admit his mental
| inCapacty for making such adjustments as are re-
| quired from time to time.
! From the days when men fell upon their knees
| to worship images of gold, the battle of cviliza
ton as we'll as Christianity has been to free the
human consciousness from an unreasoning CON-
pick which would make us all slaves to the yellow
metal. Surely, the present paradox in which we
find people desperately fighting for the neces
sites of life in land of plenty, while our national
Golfers bulge with gold than has ever before
been boarded in America should convince al
that gold, per Sc cannot insure happiness establish
economic order, preserve the balance of worlC
4 trade in our favor.
4 1t is indeed disappointing to have Mr.. Hoover
key his song to tuning fork of gold which
he waves the magic wand that Re declares is
| capable of bring world order out of chaos-The
/ Hickory Record.