Albany daily democrat., February 21, 1920, Page 6, Image 6

PURCHASING VALUE OF GOLD HAS
DECREASEDSOTHAT IT CAN NO
LONGERBEPROF1TABLY PRODUCED
WASHINGTON, D. C The man
with n income of (2,000, It now actu
ally drawing 870, upon the baia of
dollar velue in 1913. Thii startling
fact U brought out plainly in a state
tnmt to Congress today by Harold N.
Lawric, a nationally known economist
for the American Mining Congress.
The purchasing value of the ounce of
gold which, under statute tannot bring
more than $20.67 has, Mr. Lawrie
shows, shrunken through inflation of
currency, until it is no longer possible
for gold' to be profitably produced.
The expansion of the national credit
has lowered the purchasing power of
dollar through increasing all com
modity prices. Based upon the pre
war prices of 1913, these prices gradu
ally advanced from 11)0 per cent in
1913 to 823 in October. 1919. Each in
crease in credits has been absorbed by
a co res ponding increase in commodity
prices and has resulted in placing the 1
, Nation unon an artificial plane of
living. The gold producer finds thej
actual purchasing power of his ounce '
of gold is now $9.00 instead of 120.67. 1
Gold mines of the United States are .
being closed down at an alarming rate.
Many of these can never be reopened :
owing to the prohibitive costs of re-
timbering and unwatering. Cripple :
Creek, the greatest American gold
camp is taking on the appearance of a
city pf dead hopes. Great drainage
, tunnels, monster underground work
ings, vast areas of expensively con
structed plants, whole cities of homes
. are being deserted and thousands of
skilled miners are being forced to seek
' new camps because gold the basic
, monetary metal of the United States
cannot be produced at a profit.
- The manufacturers nf the United
8tatas used 321,848,800 'more gold
last year than was produced in the
United States. The gold producer
lost millions during the year forced
to lose by peculiar circumstances not
easily understood by the layman. The
manufacturing jeweler made millions
Because while his goods mounted in
values, he secured the gold at coinage
price of 320.67 per ounce, an amount
less than the cost of production. Sev-
' enty-five years ago the world produc
ed but 330,000,000 in gold per year.
In 1915, the world produced 3469,000,
000. Rapid increase in population, in
crease in per capita wealth and adop
tion of a gold standard of finance in
all civilized countries together with
waste and hording absorbed the in
creasing gold.
, The gold in the bank reserves is the
'RHEUMATIC PAINS
RAISING ARUMPDS?
-
Sloan's Liniment, kept handy,
takes the fight out of them
SLOSHING around in the wet and
then the dreaded rheumatic
twirtfc! But not for long when
Sloan 'i 1 i limeqt is kept handy.
Pains, strains, sprains -how soon
this old family friend ftnelroUl wilnovl
tMbbint and helps drive 'em awal
And how cleanly, too no muss, no
bother, ro ainl s!:in or clogged
pores. Muscles lunb-J up, lurr.Uigo,
sciatica, neuralgia are promptly re
lieved. Keep a bottle Fiandy all tiie
time. Get one tedcy if you've run out
of Sloan's Liniment.
All Hrurzirts 3."o. 70c., $1.40.
basis of bank credit ' The amount of
gold in reserve limits the expansion
of credit These reserves have been
steadily falling. The Government has
allowed vast shipments of gold for ex
port and must continue to export gold
in order to maintain export trade;
meanwhile the production of the
American mines has been falling with
startling rapidity, from $101,000,000
in 1915 to $58,500,000 in 1919, a loss
of 42 per cent
At the beginning of the war, Eng
land arranged protection for all of
the gold produced by British mines.
This protection is still maintained and
the gold reserves of England are be
ing increased by imports from the
United States, and their own heavy
production of new gold. At the close
of 1918, there was a gold cover of 60
cents for every Federal Reserve dol
lar. This had declined to 50.3c at the
close of 1919. The Federal Reserve
Act requires 40c in actual gold against
each dollar in circulation. At the pres
ent rate of loss in production, exces
sive gold exports and heavy consump
tion in the arts and trades, the legal
amount cannot long be maintained.
The United States today owns, ap
proximately one-third of the monetary
gold reserve of all nations and ia ex
pected to sustain the credit structure
of the world. The depletion of the
monetary gold reserve, either by ex
cessive use of manufacturing or by
the curtailment of production, neces
sarily will limit that comemrcial su
premacy to which the United States
is entitled by virtue of its natural re
sources, business sagacity and Indus
trial efficiency.
Daily- Market Report
Hay and Grabs
Valley Wheat $2.00
Oats 5c.
Hay $16yT$18.
Uillfeed $46.00.
Flour $2.85 to $3.46
West sad Moaalr
Wool 40f62.
Mobasr 66c
Butter. Butterfat aad Eggs
Buttcrfat lc
Creamery Butter, wholesale, 62c;
Eggt S7c.
Dairy Bitter 0e trade; retail sic.
Poultry
Hens 23c to 28c; springs 25c
Old roosters J2c
Geese 20c Ducks 25c
Turkeys 42c
Vegetables
-Cabbage, 7 l-2c; onions 7 1-2 c; tur
nips, 8 l-2c; potatoes 6c intrade
Live Stock Market Furnished by D.
K. NesergsD Meat Cs.
Hogs 15 1-4 c
Cows 4gc
Steers 7210c
Calves 14c.
Ewes 36e.
Yearlings 6ige.
Veal 18319c
Lambs 8(12c.
'-Hake
mi it
Albany
State
Bank
"Always at Your Service 1
lootOAia
colo am
No More
Dread
Of Winter
with its chilly, damp days
and big fuel bills, if you
use the
Pipeles8 Furnace
RADIO
"NATURE'S WAY"
It burns wood, coal, or
briquetts, heats up quick
ly and--
Saves 25 to 50 per cent
in fuel
Heats the entire, house with
one register and automat
ically ventilates. Call,
phone or write for free lit
erature or see it demonstrated.
Brown & Leigh
Plumbers & Tinners
216 West First St With Barker Hdw. Co.
1 I I
mi laWaWM W ' IsiTMTl 111 P"-"-
Save Time-Fuel and Food
Cook With Electricity
Electric Ranges are such efficient cooking med
iums that they actually save two-thirds in fuel over
the fuel consumption of the ordinary kitchen range.
Foods cooked Electrically suffer much less shrink
age than those cooked by other fuels. In addition,
cooking being reduced to an exact science, there is
less spoilage. '
Telephone 15 now for further information
Mountain States Power Co.
- - -Third and Lyon St
ska' f H 111
:i'l
A Man's Drink
Labor does the real work of the
world -wor!: that calls for steady
nerves, a clear brain and Folder's
Golden Gate coffee at every meal
two or three cups cf it, too.
Different in taste from other coffee
and better.
Remember
Golden Gate.
',sv!I
1 w -
the brand Folger's
Nolethe fragrant
IPoffEb
VACUUM PACKED
Today's Calendar
of Sports
Racing
Winter meeting of Cuba-American
Jockey Club, at Havana.
Winter meeting of Business Men's
Racing Assn., at New Orleans.
Athletic
A. A. U. junior' national indoor
championships, at Buffalo.
Annual indoor games of the New
York A. C. at New York City.
Swiatal-sl-
Canadian amateur championships,
at Winnipeg.
Basketball
Army vs. Navy, at West Point.
Tri-State intemcholantic tourna
ment, at Cincinnati.
Golf
Mixed Putting Tournament at Bcll
eair, Fla.
Close of men's handicap tournament
at A.heville, P. C.
Close of Cuba amateur champion
ship tournament at Havana.'
Automobile
Opening of shows at San Francisco
and Ottawa, Ont
Bowling
International industrial telegraphic
tornament.
Returns From Calif
Mr. and Mrs. Joe Moturt. of Mill
City, rrio.trrod at the Van Drsn lait
niiihl on their return from California
where thry had been irrking a loca
tion. They return atirfied that Ore
gon i good enough.
Frum I'lainvlew .
Mrt. M. Olrion and ton, of Plain
view, arrived in thi city ihW morn
ing to ipend the day shopping and
viiting frirndi.
Don't ask tor
Lond Distance
v Say
Ten minutes to eleven!
Saturday morning the produce merchant cannot meet
his trade's demands. He muf have more frtilt and
berries how can he get them ?
Reaches for his phone (any phone) says "Northwest
ern Long Distancel" and la talking to his country buyer
in a minute orders what he needs to be sent in by truck I
For that initant,courteoui, accurate service
MOIOTiWESTERH
UMG DISTANCE