Page 6 THE BATTALION
WEDNESDAY, DECEMBER 4, 1974
U. S. government plans to sell gold reserves
First time in more than 40 years
WASHINGTON (AP) — For the
first time in more than 40 years, the
U.S. government plans to sell some
of its official gold reserves to the
general public on Jan. 6, Treasury
Secretary William E. Simon said
Tuesday.
Simon disclosed that the gov
ernment will auction two million
ounces of gold to the highest bid
ders at a public auction. At the offi
cial price of $42.22 an ounce, that
much gold is valued at about $84
million.
But the government will proba
bly get a much higher price, since
the market price for gold has been
hovering near $180 an ounce in re
cent weeks, more than four times
the official price.
It will be difficult for the average
American to participate in the Jan. 6
auction since the gold will be sold in
minimum quantities of 400-ounce
bars which are officially valued at
about $16,800 apiece and much
higher at the market price.
Simon said the sale of a small part
of the nation’s total gold reserve of
276 million ounces is connected
with the public’s new right to own
gold, which will be effective Dec.
31.
He said the administration will
not ask Congress to postpone the
gold-owning date, even though he
originally had opposed the action of
Congress to lift the 41-year-old
gold-owning ban.
Simon’s announcement of a gold
sale, which will be conducted by the
General Services Administration,
immediately was attacked by Rep.
Henry B. Gonzalez, D-Tex., as a
“grievous error.
Simon disclosed the action before
Gonzalez House banking subcom
mittee on international finance.
"1 m afraid you have misjudged
the situation,” Gonzalez told
Simon. “This will cause upheaval; it
will endanger the monetary and
fiscal system.”
But Simon said gold no longer has
any role in the nation s monetary
system and argued that if the gov
ernment doesn’t sell its gold, then
Americans will import itlromA
road, adding to the nation’s intern-
tional balance of payments pii
lems.
Americans have not been pen*
ted to own gold, except for indit-
trial or cosmetic uses, since lift]
Gold was removed as a backing in
U.S. currency in 1968.
Philosophy
prof speaks,
plays piano
A Massachusetts educator plays
piano and speaks at TAMU Wed
nesday.
Dr. Daniel Jordan of the Univer
sity of Massachusetts and director of
the Center for the Study of Human
Potential, will lecture on a new sys
tem of education at 7:30 p.m. in the
Rudder Theater.
Jordan will also present a short
concert, “Keys to Harmony.”
Jordan’s program is sponsored at
TAMU by the Philosophy Club. He
will focus on systems that release
man’s potential.
Harmony
expected
of Demos
KANSAS CITY (AP) — The
Democratic party opens its
miniconvention here Wednesday
with leaders predicting harmony
but keeping their fingers crossed.
Foremost among the early arri
vals was a bevy of presidential hope
fuls, a leading indicator that the oc
casionally tumultuous Democratic
conventions are once again consi
dered safe ground for an ambitious
politican.
Among those planning major ef
forts for their presidential aspira
tions were Sen. Henry M. Jackson,
D-Wash., considered, the man to
beat at the moment, and Rep. Mor
ris Udall, D-Ariz., the only formally
announced candidate so far.
But others of note also will be
around, including Alabama Gov.
George C. Wallace, who has not an
nounced and says he won’t cam
paign here but is still considered a
contender, and Sen. Edward M.
Kennedy, who was the frontrunner
before his recent withdrawal from
contention.
The general sessions on the con
vention floor don’t begin until Fri
day night, but the preliminaries
open officially Wednesday morn
ing.
Before it is finished next Sunday
night, the 2,000-plus delegates are
supposed to approve the first party
charter ever adopted by a major
American political party.
A peaceful resolution of the char
ter issue should put a cap on the
strife which has shattered the party
for six years, beginning with the
Vietnam war debate in 1968 and ex
ploding over quotas and party re
form in 1972.
No walkouts
expected at
convention
HOUSTON (AP) — Robert
Strauss, national Democratic
chairman, said Tuesday he expects
no walkouts by delegates at the
party’s mini-convention starting
Friday in Kansas City.
“I don’t think we ll have any
walkouts and I don’t think we ll
come out of there with any bitter
ness,” Strauss said at a news confer
ence.
“I don’t think anyone will say this
is exactly what they wanted when
they leave Kansas City with a new
party charter but 99 per cent of the
people will say we achieved a de
cent and progressive document that
will be good for governing our
party.”
Strauss said he anticipates very
substantive discussions.
“It will be open and free without
total agreement on issues,” he said.
T think it will be constructive, that
we ll develop a party charter and go
home as a unified party.”
He added that Kansas City “will
be a very meaningful conference,
not only for the Democrats but for
the country. ”
Strauss talked with newsmen
after meeting with the executive
committee of the National Confer
ence of Democratic Mayors, a meet
ing held in conjunction with the Na
tional League of Cities convention.