The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1934-11-16
Remove Speculation

whereas some OF MS more fa0lCal
~leutenants, heartily approving his pol
icies, believe that they will wreck the
capitalistic system, and bring about
a form Of living much more to their
liking. And many smart reacnonarfes,
opposing the policies Just a. strongly
as the radicals endorse them, agree.
This criticism SINNERS down to this
that the President, In his calcula-
lions with respect to profits for private
Initiative. has drawn the line so ine,
and thinks OF profits 90 small, that
there will be no reserve to carry the
corporations or business men through
the lean years.
The answer Of the small group of In
siders who agree that the Presidents
policies will preserve and not destroy
the capitalistic system IL that, under
the New Deal, there will not be any
lean years. No conservatives agree
with this. Ia .
But in his effort to work out a sys-
TEN which will run along, year In and
year out, with all private capital max
ing a small profit, no one getting rich,
and no n going absolutely broke, this
new idea Of holding prices on an ' e
keel Is most interesting. In another
way, 1t is a part Of the Presidents
personal antagonism to anything e
sembling speculative profits. He would
take every possible ounce Of specula-
ton out Of business.
Buys Much Silver
A government profit on silver at
least equal to that made on gold ID the
confident prediction Of certain insiders
who, 1t Just happens, have not been
wrong on any currency questions since
the Roosevelt administration came into
power. 5s a&r.s.->
Already the government has bought
q tremendous amount Of silver, some
acquired at the rough price Of 623
cents al ounce paid for newly mined,
and considerably; more acquired In the
open market, together with that OBJ
tanned at 80 cents BY the nationalist
ton process. 'T"i
The average price paid by the gov.
eminent, though not officially COM
puted or admitted, Is well under 60
cents an ounce. '%,
Actually the government has bought
a great deal more silver than the price
indicates. The entire world has been
fooled on this silver policy Of the
United States. Just a it was fooled on
the governments Intentions about
marking up the price Of gold.
Wall street, for example, cackled over
the absurdity Of the governments pay
ing such a high price for gold In Lon
don and Paris, figuring the gold would
have to be sold later on at q lower
price. Even the shrewd fnanciers and
Spectators did not take ~cognizance Of
one important element in the equation
that the government was buying the
gold with paper dollars, which it had
the power to ,devaluate. 49,.
That phase IL all over the dam. No
body talks nov about the purchases
Of gold having been foolish. The dollar
has been marked down to 50 cents, and
no one supposes that It will ever be
marked up again, any more than that
the French franc will ever again be
marked up to 20 cents gold, from four
cents, or the Italian lire from five cents
gold to 20 cents. The profit on gold,
SO to speak, is in the bag.
Still Skeptical
The spectators Of Europe, Asia and
Wall Street are Just as skeptical now
about silver as they were about gold.
Some of, the smarter ones are begin
ming to wonder, especially the Chinese,
as told In the recent dispatch about
the visit to Washington Of Lee Ming
and his prompt cable to his govern.
ment, which apparently resulted in the
Chinese and Indian governments buy
ing silver.
It would take a tremendous boost in
the price Of silver to put the govern
ment profit on the white metal up to