The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-19
A SENATORIAL BLuNDERER.

Senator Stewards letter in reply to
that of the President on the silver ques-
ton shows either utter ignorance of
facts and history or utter recklessness
in misstating them. In one part of the
letter he says:
Why do you argue that a return to the
coinage of both metals upon sstermS of ex-
act equality was established by jefferson
and Hamilton and maintained by all patri-
otto statesmen of every party previous to
the clandestine decentralization of silver in
1878 would debase the currency and destroy
: ever compared the prosperity of the coun-
try under your ilustrious predecessors, who
metals, with the misfortune and depression
which affiict the country under your admin
istration? Did it ever occur to you that
Jefferson and Jackson might be right and
that you might be wrong?
Persons who are reasonably well in
formed in regard to the financial and
commercial history of the country are
not deceived by such statements as
this, but they are made so persistently
and in such varying forms that there
is continual necessity of refuting them.
The free coinage of gold and silver
at the ratio of 15 to / was recommended
by Jefferson and Hamilton and finally
adopted by Congress in 1892, because
that ratio was believed to represent as
nearly as possible the relative CONNER
cial values of the two metals at that
time. But it did SO only approximately.
When Jefferson became President IN
1905. there had been coined 1,439.5 SIT silver
dollars. and during the first year of his
administration he ordered the coinage
to be suspended. The order was sent
hxy In No IA Of 10
to Robert Patterson. Director of the
Mint, in a letter dated Department Of
State, May /, 1906. 1t was as follows
Sir: In consequence of & representation
from the director of the Bank OF the United
States that considerable purchases have
fer the pnrpose Of exportn them me and i as
1t is probable further purchases and ex-
portations will be made, the President di-
shall be of small denominations, so that
the value of the largest piece shall not
exceed half dollar.
Thus the coinage of the dollar of the
fathers was suspended by order of the
father, himself. fourteen years after it
had been authorized. From. the date of
this order till 1886. period of thirty
years, not a silver dollar was coined III,
the United States. The total amount of
silver dollars coined from the formation
of the government till 1873 was $751;
2SS. did it ever occur to you," says
Senator Stewart, that jefferson and
Jackson might be right and that you
might be wrong?" Not a single silver
dollar was coined during the last twenty
years of Jefferson's life following the
issuance of the foregoing order. and
during the eight years Of Jackson's adj
ministration only one thousand were
coined. In 1886, not silver dollar hav-
ing been coined for thirty years. one
thousand were coined, when the coinage
was again suspended and was not re-
summed till after Jackson had gone out
of Office. Yet Senator Stewart talks
about the silver coinage under Jefferson
and Jackson.
Senator Stewards assumption that
prosperity prevailed continuously during
the period of free silver coinage, when
in fact little or no silver was coined.
has no foundation in fact or history.
Commercial Danics and periods of BUSH
ness depression were quite as frequent
and severe before what he calls the
clandestine characterization CT silver in