HIE NOME DAILY NUGGET
GEO S. MAYNARD. Editor
RUSSELL G MAYNARD. Manager
Published every evening except Sunday by The Nome
Publishing Company, Nome, Alaska.
SUBSCRIPTION RATES
Delivered by carrier in Nome, Little Creek and Sunset
Creek, for $2.00 per month. By mail postage paid out
side of Nome and vicinity, $1.50 pe month.
Entered in the Post Office in Nome as 2nd Class Matter
MEMBER OF ASSOCIATED PRESS
PROSPECTORS NEED MARKET
FOR DISCOVERIES
A great deal has been written in an effort to increase
prospecting in our western mountains. The prospec
tor has blazed the trail into the western wilderness and
his discoveries Jiave resulted in the upbuilding of the
west. In late years there have not been the usual num
ber of prospectors at work. Virgin mines await discov
ery far off the beaten trail. Often lacking a grubstake
the prospector remains idle. Another cause for the in
activity of the prospector can sell his prospect. In the
bid days a prospector could come to Denver and inter
est a group in his new discovery. A company would be
formed and development work financed. The prospec
tor would make something on his season’s work. The
newly organized mining company might develop a new
dividend payer.
Today, our laws are so severe that this practice has
-ended. State and Federal legislation has slowed down
the financing of these new mining corporations. Rea
sonable action in this regard could have been properly
taken 30 or 40 years ago. A logical method of financ
ing development of mines was partially wrecked bv the
selfishness of alleged mining operators who were in
reality confidence men preying upon the gullibility of
the people. Instead of selling treasury shares to raise
development funds, many of these alleged companies
were organized almost wholly for the purpose of en
riching the organizers. They took a large share of the
capital stock and enriched themselves through its sale.
Few. if any, of the companies of this class have made a
success and the west is fortunate in having such com
panies eliminated from the field. At the same time it
is important that honestly organized companies be en
couraged to carry on needed development and give em
ployment to labor in these high altitude mining dis
tricts. Otherwise they will become depopulated and
the bread lines in neighboring cities enlarged.—Denver
Mining Record.
RUMORED GOLD PRICE CHANGE
Rumors of contemplated reduction in the price to
be paid for gold by the United States government, whi
ch made the New York Stock market jittery last week,
awakens keen attention in Alaska and every other gold
producing region.
It is unbelievable that the Federal authorities will
upset the great industry of gold mining by tampering
with the price, especially in slashing it at such a time
as this, after it had induced tens of thousands of people
.to launch into new gold mining enterprises by a higher
price than prevailed when the financial world went
cr^sh in 1929. The increased price has not only put an
army of people to work in the placer and hard-rock
fiieds, but at the same time set in motion wheels of in
dustry in farm, factory and transportation activities- to
supply the gold miners.
The higher price induced courageous men to launch
into what was formerly low grade gold areas. Such
•areas u.n.net be worked if the price of gold be reduced,
much less so while prices of commodities and labor and
<.:1 other items of expense are increasing. If anything
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the price of gold should go higher. Nothing would par
alyze industry in Alaska quicker today than to cut the
price of gold.
The suddenly mounting prices of commodities in
the States and the extremely high prices of stocks are
an embarrassment to the gold miner. He needs more
| gold to meet the higher costs—and he will not get it if
the sale price of gold be reduced.
The skyrocketing of stocks in New York is due to
no new earnings of those stocks. Industries have not
had time to earn the wherewith for divdends. U. S.
I depression, and now far above the hundreds and other
Steel, which was in the twenties in the bottom of the
stocks are in a dizzy position without first having earn
ed something. Speculators may want to pay high prices
for stocks, but if so, why penalize the gold miner.
Greater production of gold is what the country
wanted and is getting. The time is not long since the
travesty of killing off the pigs and dumping foods took
place when millions were hungry, aimed at giving high
er prices to producers so that they could carry on. Now
that the prices are high, why the reverse action.
Alaskans, induced to go into the mining game with
all their strength and capital, and with all their strength
and capital, and with all they could muster otherwise
will fight to the last ditch against being left up in the
air by a reduction of .the gold price. It is unbelievable
that any such reduction should be attempted.—Fair
banks Daily News-Miner.
Editor’s note—Since the above editorial was written
by the editor of the Fairbanks paper the Nome Nuggei
has received and printed Associated Press dispatcher
quoting both the President and Secretary of the Treas
ury Henry Morgenthau, as stating publicly that “Wt
know of no plans to change the price of gold.” Thi*
statement was issued due to the rumors concerning this
matter, which apparently iminated from foreign coun
tries. This statement should henceforth set aside all
rumors or fears by operators of gold mining claims* thal
the price of gold is to be changed materially, either uj
or down.
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