The Price of Gold

Dominion, Volume 26, Issue 69, 14 December 1932, Page 11

The Price of Gold

Sir,—The world appears to be abundantly supplied with the necessities of ute, and paradoxically there are thousands, even in this Dominion, in dire need. Is it not absurd that there should be poverty and distress in the midst of plenty ' AVhy this paradox? Because the people have not the money to buy. Surely it is not beyond the capacity of the brains ot the world to create more money. If gold is the essential basis of money or credit, why not raise the price of gold to ensure a plentiful supply of money? Is there any reason, economic or moral, why the nations of the world should not commandeer at present par price all the existing gold reserves in their respective countries, and raise the par price to say £lO per ounce. The difference in money value would surely serve to rehabilitate the respective nations. All the existing debts, international and otherwise, payable in gold, to be settled at the new par price. This means would, I submit, solve the world’s troubles without creating specious booms other than a revival of the gold-mining industry, which would create a demand for employment. —I am. etc., “MORE MONEY.” December 12.