Labour was the first price, the original purchase - money that was paid for all things. It was not by gold or by silver, but by labour, that all wealth of the world was originally purchased.
Deficit spending is simply a scheme for the 'hidden' confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
Welles and I differed, however, in our interpretation of the results of the Munich Conference, he being optimistic, I skeptical. In a radio address on October 3, several days after the conference, in which he described the steps taken by the United States Government just prior to Munich, he said that today, perhaps more than at any time during the past two decades, there was presented the opportunity for the establishment by the nations of the world of a new world order based upon justice and upon law. It seemed to me that the colors in the picture were much darker.
Money nowadays is money; money brings office; money gains friends; everywhere the poor man is down.
[Lat., In pretio pretium nunc est; dat census honores,
Census amicitias; pauper ubique jacet.]
So many people of wealth understand much more about making and saving money than about using and enjoying it. They fail to live because they are always preparing to live.
We shall take whatever action is necessary to contain the growth of the money supply. The government, unlike so many of its predecessors, will face up to economic realities.
We take care of our health; we lay up money; we make our roof tight, and our clothing sufficient; but who provides wisely that he shall not be wanting in the best property of all, -friends?