The Hyder Weekly Herald
Established 1924
Published Saturday at the Her
ald Building in Hyder, Alaska.
Chas. F. Sandford
Owner and Publisher
Entered as second-class matter
at the postoffice at Hyder,
Alaska, under the act of March
3, 1879.
Subscription price $3.00 per
year in advance by mail or
carrier.
Advertising Rates
on application
An Independent Newspaper
MONEY AND THE
PRICE LEVEL
(Second Installment)
Radio address of Senator Bur
ton K. Wheeler, of Montana,
as reported in the Congression
al Record.
We must not forget that the
bankrupt farmers and the mill
ions of unemployed men who
are tramping our streets look
ing in vain for work as well as
many business and profession
al men have lost faith in our fi
nancial and political leaders.
Not only that, but they are
growing impatient and bitter.
The well-directed propaganda
against Congress has been very
effective, but the hatred which
it has ardused has not been
confined to Congress, as was
intended, but that hatred ex
tends also to the financial and
industrial leaders. The people j
realize that, to a large extent, j
financial leaders have been
and are the guiding geniuses of
both old political parties and
have dictated what legislation
should or should not be writ
ten upon our statute books.
America has reached the j
crossroads. We are confront
ed with the choice of either
solving our financial and eco
nomical problems in the near
future, or in this or the next
session of Congress, or facing
chaos. There is no other al
ternative. Let us not deceive |
ourselves on this point.
In the face of this national <
crisis what are our political
and financial leaders offering
as a solution for this problem?
Can anyone name a solitary
proposal that has been ad- i
vanced that deals with the bas- <
ic and fundamental causes of l
this depression? I have stud
ied the various remedies that ]
are being offered by the Re- ,
publican and Democratic lead
ers but I fail to find in them i
any grounds for even a hope
that they will save the country ;
at this time or prevent a recur
rence of such disaster in the
future. The people of the
country to-day are far mere ,
advanced in their thinking
than are our political leaders, j
I need not narrate how mill
ions of people pinned their
hopes to the moratorium as
.hey are now pinning1 their
t'aith with equal foolishness to
cancellation of European debts
o liberate them from the
clutches of the depression, nor
Joes it fteem to me that it is
recessary to remind you of the
faith that some poor souls
oave had in the Reconstruction
finance Corporation,the Glass
oteagall bill, the sales tax, and
in the so-called home loan
hanks, and other bills which
were proposed during the last
cession of Congress, voted for
olindly by the most of those on
each side of the Chamber.
When thoee bills were pend
ng, 1 asked the question as to
what there was in each and ev
ory cne of them that came be
ore Congress that would raise
he commodity price level of
.he thing the producer had to
cell upon the world market, or j
n other words, restore the re
ation between the dollar and
the commodity price \ level
where it was in 1926 and 1927
o that the man who borrowed
money at that time could pay
t back with money of the
came value. Each time I re
■eiveu me same repiy. umess
,Tou pour Government money
nto these banks, insurance
companies, railroads, y our
armors are going to suffer, but
f you pass this legislation,
hen, they said, smoke will be
coming out of the chimneys,
•ailroads will be prosperous
and your farmers will find a
•eady and rising market for
heir products. Each and ev
sry one of their prediction?
,vas wrong as anyone who
made a casual survey of the ec
onomic conditions that con
fronted this country should
tiave known.
But I do not want to look
backward. I want to look into
the future. Let us go forward
from this point on and have the
murage to pass the necessary
egislation now to bring pros
perity once more back to the
lomes and firesides not only of
he farmers and workers, but
ilso business and professional
men who are likewise suffer
ing.
I think there are several
ways in which we can bring
his country out of this depress- j
on in a very short time. We j
:an do as England and some of
he other countries have dcne
P off the gold standard and
•es-ort to managed currency
*Ve can revaluate the gold dol
ar or we can go back and re
istablish the money of our fore
athers. That is, we can pro
vide that silver shall be used as
irimary money in this country
dong with gold, the same as it
.vas used by our ancestors up
intil 1873, and I am whole
leartedly in favor of the latter
is being the most conservative
ind at the same time most ef
fective method.
If some one told you we
:ould quadruple the purchas
ng power of untold millions of
oeople who are using silver as
;heir only monetary yardstick
—---UJ.J_J _liL'-LJ.-__
or are using it as a partial yard
stick, you would immediately
say to me that that would be a
good thing. It would help the
manufacturing industries in
America. It would help put
millions of our idle men and
women to work. It would put
the people of the Orient, Rus
sia, and South American in a
position to buy the things they
want from us—automobiles,
radios, boots and shoes, etc
Then if some one told you that
we could at the same time raise
the cost of production to our ■
competitors in foreign count
ries of wheat, cotton, and man
ufactured articles, who are
now depressing our prices both
in the world market as well as
at home, you would feel that
ihat would be an excellent
thing to do, would you not?
You would not scoff at the idea
because perchance some one
had previously advocated it
and it had been defeated in a
political campaign.
I introduced in the United
States Senate my bill entitled
‘S. 2487,” providing for the
remonetization of silver at the
ratio of 16 to 1, that is, pro
riding that 16 ounces of silver:
shall have the same value as 1 !
>unce ot gold. My bill propos
eslo do with silver exactly what
we have done with gold—noth
ing more and nothing less. If
we should pass my bill, 16
ounces of silver would immedi
ately become the same value of
1 ounce of gold not only in the
United States but throughout
the world. That statement may
be challenged by the unin
formed but not by those who
have given serious thought to
the subject. It would do so be
cause of the fact that the
countries of the world know
that we would have the power
and resources to maintain that,
price of silver. It would do so 1
because Great Britain, France, |
and Germany would have to
follow or lose their trade with
silver-using countries and Rus-1
sia. The passage of the so- j
called Wheeler bill would do !
more than quadruple the pur
chasing power of untold mil
lions of people throughout the
world and at the same time
quadruple the value of their
money. Quadrupling the val
ue of their money would quad
ruple their cost of production
of wheat, cotton, and manu
factured articles, thereby pre
senting them from selling or
dumping their wheat and cot
ton or manufactured articles
ipon the world market or in
he United States at very low
prices as they are now doing by
reason of their depreciated
currency about which you have
heard so much recently.
After the demonetization of
silver in the United States in
1873 and after we in common
with most of the countries in
Europe went on the gold stand
ard, there was a fall of prices
for 20 years. Business and po
litical leaders said as they are
saying today that overproduct
ion and invention of new labor
Continued on Page 3
FRANK A. METCALF
CIVIL & MINING ENGINEER
U. S. MINERAL SURVEYOR
JUNEAU ALASKA j
^- - *
* Hyder *
Methodist Episcopal *
Church *
* Rev. F. Bushfield, Pastor. * i
Hyder Methodist Episcopal Church ♦
Sunday School at 10:30 a. m. •
Evening Service at 7:30 p. in. •
Everyone is cordially invited to •
the services. • j
rOiuLrtut/ im\AL LOUoi.
1218
LOYAL ORDER OF MOOSE
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P. S. Jack, Secretary
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Second Thursday in Hyder
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