The Daily Alaska empire Newspaper, September 20, 1932, Page 2

BAGS “1]1 ])]d\ a pmmlnt-ul part in Fall Styles Attractive Sutrf.s--$1 23, In the newest: combination eolors. orange; black-white; tan-red; navy-copen; Englis GLOVES— Fabric Gloves Kid Gloves Suede Gloves .. Pigskin Gloves Leather Gloves now. ; oy : \ aple to ; Tan-wine; navy-whlte; tan-brown- mlmm”ul: given . {0 ?fiu“«?r' ‘ ey devaluation. which might fe- HANDBAGS—Many new and novel effects in smart lrandbags. Enve]- ope styles arp SRy much fayored. See them and chaose B. M. Behrends Co., Inc. JUNEAU'S LEADING DEPARTMENT STQRE (Mflum 9 19 ds;foynd and as dteD in the hgnbgn and g (&‘t‘:»"-wrmsmfl h green. duce its cost of production would resylt in a large profiucuon from , the gold content of which ls nn#.r present somz un may be made, no smoothed-out flow AII Alaska News | ‘While fishing for halibut with 4and sink a shaft a few feet back @ trolling line in Baker Bay, off |of Fronu Street near Steadman ne:th Prince of Wales Island,|Avenue on the property known in J.H. McKawn hooked two whales the hurrah days of the camp as on sucgessive days. In each lnsmune the Oliver and Blatchford Barrel his_dory was drawn_through th- | Bar, witer swiftly *:-» s dk%wt Mk ME mmmkmedwm; discharge of @ single barrel ofamofgunbymmcuddynmr Valdez. .For several' years, the m ibave been scarce in the .. They are coming back meonquqnble numbers this season. Gold ! ''Yield, In ' Dividends Paid i ~Dollars i Dollars Per Cent, Fields ' Mines Years ‘Tons Milled Per Ton PerTon of Yield | South Africa: ¢ el i Transvgal 1884 690,000,323 13748 s088 1rar i | to 1930 | . United States: [ Homestake, , : *1879 52,509,402 5.02 118 2342 t0 1931 1909 2,864,072 1753 9.88 56.37 to 1917 { .'rreunu 1882 27,514,302 287 0.80 33.78 Graup to 1917 Canada: = * Holllnler 1912 20,868,741 .80 2:69 34.49 101030 Dome 1912 6,827,617 7.50 221 30.27 t0'1930 - Laké Shore 1918 2,360,850 15.01 558 37.18 Joseph McNeil who flew Me to 1931 from Val in &' plane 0 Teck-Hughes 1918 1,773,515 15.99 6.61 4134 by Robert Reeves.” They were 101931 the lsland 48 hours. Mglntyre 1913 6,015,118 849 153 18,03 ! ’ 6 . 101932 ! m::‘ygh, ;’?‘fdfiée ':,‘:n,:‘e m Wright- 1821 1,441,485 1061 300 2828 na wagon road, about a mile east! Hargreaves to 1030 : $ |of Chulitna and carried it down' siream for more than a mile. The|Composité Average .. 811,215/025 $7.25 $1.02 14.05 Heyring are running in vast num- bers at Cordova and many fish- ermen «re dipping them up in netfuls from the City Dock. Farm2s of the Tanana Vaaley are harvesting an unusually big potato crop. There was plenty of rain for growing this year and the tubers escapéd the usual mid-Aug- ust frow,. There has beel: a big take of in the Kuyskoxwim area bui the continued low price of fur is mmprpomtmg to trappers. Peter Kariskos died at: Cordava | of heart disease. Mining claims were staked and raples of gold ore obiained on ddlelon Island, desolate spol about 60 miles south of Hinchin- Entrance, by Le¢ Albin and TWnercys miners oper- ng . the beach at. Nome, ied for Carl Lindell and to set up a windlass y Cross-wperd Puzzle ¥ gplwon of chrd-y'- Pugzle & b?flk (salvaged. f Lure of Gold I's Discussed n Immmn Wflm by F. W, Bradley cline of 25 per cent will occur and that ja mg g,m sult. : mings #o ; 0Old. Placer Diggings F 2 o Certainly no’praduction of con- . Com| o . 80l ,p*f may | sequence can come from people still be; fou in <! M {n | Who havebeen recently taking placer- unexplm ,m"‘mfl. mining legsons and have been going flot the world; l;‘l,x‘\‘:.e “18 no|to such worked-out placer fields in £xpectation any engineer the Northwest, in Colorado and in| has studied quufiau o California as can beé reached by pther r o automobile. These placer _fields Table 3. m-n-m Gold Fields' Compared ' { DAILY ALASKA EMPIRE, TUESDAY, SEPT. 20, 1932 Article average of of production above.an should re- 20,000,000 6z. ‘pef “yeat were originally worked out by the ld and venturesome pioneers of, he West, who took no lessons and did not disdain. to walk.,, The re- has | mains of their old-time ditch lines and- the scars.of. their. hazardous ork . can. still be . seen, ;because eir original diggings were all sub- sequently , worked over, in & fine- tooth-comb-and-teoth - brush man- ner by the frugal .end . thrifty Chinaman. Worthwhile examples of the: yield and profit . from mines in various gold fields are shown in Table 3. siructure, ' @lmost’ intact, landed high and dry. on a gravel bahk at Mile 278 an the Alaska Rgil-|. A IWES Bumber of ynprofitable road. It is estimated that about|fMnes have ylelded much gold, in 80 per cent of the bridge can he addition to the important profit- uh cmines’] listed in thé" table 18 taken into considera® tion, .om mining as a whole has probably. not been as profitable as *Estimated. Salvation [Army | officers, were gtationed at Ogrdova, have leff there and future meetings of the organization have been capsf: In’ with the .oxd- ‘| mintng pmm listed in Table 3, the tabulation in Table 4, of com \WILLIAMS TO LOCATE-: ROUTES FOR TRAIL . ON BARANQF To locate Toutes far prospostor: n III d" wigon | wite, atjldfed, ipe trails on the west coast of Janof Island, J. P. Willix%as, fi' est Examiner, Uhited States For- €st Service, left today on the Ran- ,ger VII, Oapt. Olay Barringlow.| that, He was actompénied by his assis- tant Di W . " The %0 men will be Tehis wark. M thrée mm ; They _will 16 prt mmmumumw Industries, 1922-31 Inclusive the general run of commercial business. In fact, if it may be so stated, the $20.67+ fixed price . Bold represents practically its insic value, as by and large world over, it probably costs hat mueh, or more, to produce an unce of gold. of the population that family prop- | whether it be in gold, precious from time to time by diminishing gasier way to find it than to re- {|coin -the money with less gold.in |form of inflation, or the attempt |to pay the debts of a nation, The spirit of hoarding in India ls ‘manifested ji 411, classes from the lowest"to the -highest and from the poorest to the wealthiest. This lure of gold—its beauty, concen- trated weight and great intrinsic value—has been enhanced by In- dia’s inheritance laws and old-time customs. These laws and customs have endured for thousands of years and experiences with unstable governments have taught millions erty is. best preserved by hoarding, stones or silver, According to the two tabulations referred to, and after, making al- lowance for absorption in China, Bgypt, and other countries, there has been left during the last 58 years but 60 per cent of the world's gold production for monetary use. Early Debasement of Coinage Before the dawn of history, gold had been used as money -metal; later .came silver, and. for coins of low. value, came copper as. well as other metals. Ancient. rulers abused the confidence of their subjects and. debasing the quantity, and quality of metals that had been jorjginally contained in their coins. As early as gold was used for money, the rulers no doubt began the practice of debasement of such coins, When for his own pur- poses, for the purposes of the State, or for any of a thousand reasons the ruler needed more money, what each piece? . This was the earliest whether .to an . individual or to 7.8 DEPARTMENT ‘OB AGRICULTURE, WEATHER BUREAU Tiw W eather LOCAL DATA [By the U. 8. Weather Bureau) Forecast for Juneau and vieinity, beginning at 4 p.m., Sept. 20: Rain tonight and Wednesday; moderate southerly winds. Time Barometer Temp. Hunmucy memy Weather 4 pm. yesty .....2080 50 % 8 ko Pt.Cldy 4 am. today 29.90 48 96 8 3 Rain Noon today ... 29.98 48 92 S 7 Rain CABLE AND RADIO REPORTS YESTERDAY | 3 TODAY Highest #.m. | ‘Lowest4dm!4am. Precip. 4am. Station® - temp. | temp. temp, vehsmy 24hrs,“Weather Barrow 28 22° 24 X Cldy Nome 36 24 26 4 Trace Clear Bethel 4 30 32 4 04 Cldy Fort Yukon .. 48 4 40 20 06 Cldy Fanana . 8 28 28 4 60 oCldy Fairbanks 46 46 .32 32 8 18 Cldy Hagle .. 52 50 3 40 4 01 Rain Bt. Paul 48 46 40 42 12 02 Rain BDutch. Harbor 52 80 42 44 8 0 Pt.Cldy jd 56 5 48 48 0 0 Cldy Cordova . 68 58 44 44 12 16 Rain 4 5 50 % 46 3 09 Rain Sitka 57 - 45 - 0 50 Pt. Cldy Ketchikan 88 68 48 48 4 Trace Cldy Prince Rupert 56 58 42 48 4 02 Cldy Edmonton .. 82 50 36 38 4 0 Cldy. Seattle 56 k- 50 50 4 .08 Cldy Portland 62 6 54 b4 4 10 Cldy San Francisco 68 60 56 56 6 0 Clear ‘The pressure is low from the Gulf of Alaska throtigh the east- ern Interior to the Arctic coast, with showers from the eastern In- lerwr to’ Oregon The pressure is moderately high over most of the . northeastern Pacific Ocean. and the Aleutian mm‘a, with un- settled weather in Western and Northern Alaska. Temperatures have fallen in ‘Westren Alaska -except on the Pacific Coast and have risen in extreme eaafern. Alaska. per ounce of gold in the period from 1300 to 1500. This is multi- from ann~ ‘which —l‘fln favored silver. "In the '1850's- the Allison another nation, in @ coin of lower value than. the ene in use when /| the debt was contracted. Government Followed Precedent When in 1834 the U. S. Congress. ‘| decreed that the gold dollar should contaip 23.2 grains instead of 24.75 grains, owr own Government was but following a precedent szt before the building of the pyramids. This continuation of the ancient abuse of the confidence of subjects ex- plains the gold wording in our present-day bonds, mortgages, notes and contracts, most all of which contain the following, or similar, wording: “Payable in Gold Coin of the United States of America, of, or equal to, the present standard of weight and finzness.” The present gold hasis of the United States dollar is 23.22 grains fine. The United Statss buys all gold offered at this price equiv- alent, or at $20.67+ per ounce, and conversely will sell gold to any person at this same price, thus making our coinage of gold free and unlimited. The Britisn ' Standard The use of bhoth gold and silver as a bimetallic basis for money was universal with the Western na- tions for many centuries. The ‘{monetary unit of England is the gold “Sovereign” represented by the paper “Pound Sterling.” This unit of paper money was originally backed by one. troy pound of silyer which, during the period from 1300 to 1500, was worth $19 to $22 in com- parison with our present-day. stan- celled, leading the Oordeve Times| | Diyidends, to, belitve. the ~WArmy y Diyidends Percentage of | abandon its Cardeya i Padd: | Gross Sales :’;f‘ ‘:dé. W”é; : $ 38,978,346 613 95,545,614 499 been detatled to Juneau, . tho104 191 % Pifty-six pupfls constituf t'he 1,108,068,313 1029 eprollment _at Valdez tfiwflv& " 435,612,051 34,269,309 805 school. 350,264,565 311892732 1321 Ruth Kinkaid, nurse, and ‘Willis 454,705,182 . 25,869,141 592 O. Milly were married Bt Keiohl- -3183,440,995 102,151,080 321 t::m’f"u.y will' make 'their ‘home 15,363,456,331 790,078,031 514 Wilbar Lloyd Pratt, cannery em- ploye, and Alfa May Splberg were | 492,126,851 8,04 married at: Cordova, where they 3 will make their home, T S $2,975,273,577 .26 gcluu of the Bard work required secure if. Ifs beauty, ifs freed dom’ ffom' ‘tarnish and its ‘concen- frated weight have enhanced its ngew \This scarcity, beau- and-great.value have. constituted ure of gald that has become Mnad in human nature; and . gambling for. it is also in- because bonanza occur- of gold have heen found flu beginping of history and still keing found. ). Although these ‘atiributes of gold g 'édlight theprimitive man, the more histicated modern is attracted|could not be cut to compete with mlp]@g as a pro(itwle ofiher nations which had revalued gan always be mar- the recurrh:fi ‘based their ooinase mj:h gnm'- h\dw vn.l\x!d her own' imoney by volun- dard value of gold. In 1816, the British adopted the single standard of -gold .for their coinage, making tbp sovereign of one pound sterling, "| containing 113.0016 grains of fine ‘|gold, the basis of all coins. This M continued until upset by war and. post-war conditions. Last Sep- tember Epgland “went off the gold “| standard” by. the single act of re- fusing to sell gold to any person who presented Bank of England notes. By that act the value of the paper pound note dropped to & present-day value of about $3.54 in United States gold money. Act of This act of the British Govern~ ment was purely an act of infla- tion. England’s wages, rents and prices generally had become in- flated during the war and early post-war period. Wage-earners re- | fused to accept less than the standard wage they had reached £9d 1 Initlafor Boardiog snd other purposes’ fiz“”' ‘9“"’! "”!dlm mimpwhlw; % mfl. Wonld Gold Production Annudly Absotbed in India i w during inflatign. Prices and costs thelr. mongy, or in ofher ways de- England re- tanlly’ reduping its value nearly 3 per cent. On an lmemlnonxl or gold exchange basis she should be ntries: ,,m,., gble to proguge for 30 per cent less h’n than before if she were not obliged to buy also on a gold exchange ‘basis. It seems probable that ev- entually the gold ‘content of the soverelgn will be reduced to Aap- prq;;ldm;k the new value of the Adopted Gold staudn.d < Ater the opening of the' Com- stock lode and other .great sources an- of silver, the Western, qu be- ligmns with wapy the Uniled States about 1873, :: with| the- Latin Union nations following :::ndu;er. I:&lopted the single gold ndar is qcts actually brmw;m Mwhll the nations had feared, a severe flll in the prioe of silyer measured, in gold. All down the history of ! Ranch Mine in Grass Valley for a short time produced . ere’: which yielded $200 to $00 - gold. per ton. "This caused fear of an overproduc- tion of gold. Bul the Allison Ranch Mine has long been forgotten and plying money six or seven times in about 500 years; but why wait that long when silver could do the trick in a much sghorter time? We have seen the money inflation hecessary for rulers who seek thus the Comstock is only a memory, Influence of the Comstock Lode To the Comstock we probably | owe the demonetization of silver— in the United States at least. The total production of the Comnock’ mines from their discovery in 1859 until the end of the bonanza period in 1880 is estimated at 6,500,000 tons, which yielded some $312,000,- to pay debts; but why not have money inflation based on gold and silver,. not .on the printing press, {o raise commodity prices and to revive employment? Risk Is Taken An investor in any of our bonds ar. other securities (asuming hon- esty of the issue) payable in gold of the present standard of weight 000, 55 per cent of which yield wns’ and fineness is gambling on the in silyer figured at $1.29 per ounce‘ relative purchasing power of gold and the remaining 45 per cent in|at the time he buys his securities gold. This ore was all mined Irom’cumpm'ed with the purchasing pow- above a depth of 1700 ft. With the| er of gold at the time his securities exception of some worked-out sllveri bzcome due. Such an investor mines in Mexico, I know of no gains if commodity prices are low deeper so-called silver mines in the and he loses if commodity prices world. It is also to be noted in| are high when his investment be- this connection that gold is now comes due. The weight and fine- being profitably won from a depth ness of gold remains the same; but of over 7600 ft. in the Trgnsvaal' commodity prices are low or high, { District in--Seuth Africa. depending upon supply and de- Talk of Conference | mand, upon the supply of money eerning an economic or a xnonetary’ modern rulers abuse from time to conference between representatives|time, just as ancient rulers did. of the Western nations. It has|The effort in Europe today to find been discussed whether such a con-‘& way to pay international debts Much talk is now heard con-‘ and upon public confidence, which . ference should be called to con-| sider, among other subjects, some employment of silver as a money basis, either coequal with or as| subsidiary to the present stocks of | gold. It is also suggested that a conferente might consider a pcr- centage reduction in the znld con- with less gold than was originally promised, would not be so acute a. problem if commodity prices were not so low, 'l'he Question of Commodity Prices ' The vertical drop in commodity prices since the autumn of 1929 has produced an acute situation of tent of the eoins of the nations,|even greater and more immediate such as the dollar, the franc, the|importance than is the ever present krone, and the mark. As already question of taxes. In my opinion mentioned, it has been hinted that|the U. S. Chamber of Commerce the British standard may be re-iwould do more good if it gave the duced; it is difficult to see same attention to raising com- some of the other -coins can modity prices that it is giving to much further reduced without van-| weeping over the question of taxes. ishing. Britain is talking of de-| That is, I know of a business that valuing the pound from “CM- 40} could laugh at taxes if a certain about - $3.50, or - less. 'fl\lll She| commodity price werg normal. This would have six or more of her sov- matter of commodity prices is not ereigns per ounc: of gold, compafed|so much a question of so-called with her 4 and one-fourth ‘sover-!stabilization as it is & matter of eigns per ounce of gold prior ‘to| fairness betwsen creditor and debt- last September, and compared with | or, and of much more importance, her one soverelgn. silver equivalent (Continued on :Page Four) BE ¥OUR own: Memn You will find that a check bac €8 your: hookkeeping ,.one th Mps you posted always tbonr ires and your bank bal- en, in business, at home p f\nd that a eheckmg ; 1 e and accurate way of keeping ‘an ng accounts. To keep a ~ check on bm- m hv gheck. Firé Naflonal Bank