Mexico weekly ledger., 1895-09-19
convenience: Nj: Hunter recognized thrs 70,

anu ttey were nearly all, II not All, coined for
export
1t was on account of this fact. so stated in
the letter OF the secretary OF state In 1900, that
Mr.; Jefferson stopped the mint from coming
dollars and ordered the coinage of halves
quarters and dimes.
The one mint we then had could only coin
ABOUT e5tpo0IoOo a year. 1t could not supply the
demand for coins for our circulation, and at
the same time coin dollar pieces TO be exported
to Asia to aid persons who we're engaged IN
that branch Of our foreign trade.
president Jefferson thought that the mint
should be operated in coming the fractional
domestic circulation.
In 1872 a new mint was built in Philadelphia
capable OF coining s2o, 0oJ, 900 a year, and in 1884
new minis were established at Charlotte. N
Z, Dahlonega, Ca, and New Orleans, La.
Our mint capacity being greatly enlarged.
President Jackson had them opened again to
the coinage of dollar pieces, but q very small
AMOUNT was coined, and that for export.
No one would ever have dreamed of coming
silver dollars for our circulation, either with
or without limit, If silver had remained at a
premium as 1t was In 1888.
The silver dollar is an ineonvenient coin, ana
the law of convenience expelled 1t from cur cir
c%ulatton.
Mr.. Jefferson, when writing on coinage,
said that convenience was the first principle
to be observed in determining the character OF
coins.
In 1873 we made the mistake OF coming the
dollar pieces instead of the halves, quarters
and dimes. and the result Is that the silver
S way into e the e s ssess safss and ssdfs sRs, m haSs found sonSa5 their
silver certificates have been tafcrr GA. In thalr
stead.
We tried the 20-cent. scent and Scent
pieces, but they have all been abandoned be-
cause of their inconvenience. We tried the
IS the $50 and the 81 gold piece. They.
too, have all been abandoned for the Same
reason.
There is no argument to be drawn from the
fact that congress did not limit the coinage of
the silver dollar IN 1853, because in that act
congress was not regulating foreign commerce.,
but providing for the means OF domestic cirea-
Ithink have shown that opening the mfnts
to the unlimited coinage of silver at 10 to 1 un-
der present conditions would inevitable expel
gold and establish silver as the standard OF
value and make 1t the only metallic circula-
tiou.
/ object to the silver standard being adopted
In lieu OF the existing standard because it viii
defraud all creditors out OF one-halt of the
value of their debts.
Every debt contracted since January /. 1879.
was contracted on The gold standard
Tn debtor honestly owes the value OF 20 -
grains OF gold for every dollar promised, and
the creditor is honestly entitled 10 receive ii.
When 1t was proposed years ago 10
demonetize ali the coined silver of the world
and suppress the further coinage of that metal
| 1 Joined with other friends of silver in denouno
ing the monstrous proposition. because it was
and to bring all debts IN this country contract
ed on a paper standard. much OF it at less than
30 cents on the dollar, to par with gold.
Is not the proposition now TO substitute the
silver dollar on the silver standard for the gold
dollar the same that we all condemned, except
1t Is the creditor now who is to be the victim,
instead of the debtor, them
Whenever It has been proposed to change our
standard Of value our statesmen have recog-
Hized the deltcacy OF the subject, and have
acted with the greatest deliberation and cir
cumspection.
Z In 1884. when they changed the relative val
ues of the metals in our circulation, they did
not change the weight of the SILVER dollar be-
cause 1t was the standard OF value upon which
all existing contracts were made, and 1t was
the money of payment
In 1858 they did not change the weight of the
gold dollar, because at that time it was the
| STA of Valne of all existing Contracts and
the money of payment.
In each case they changed the weight of the
coin that did not affect contracts.
When congress was about to establish the
first mint of the United States Mr.. Hamilton,
then secretary of the treasury, submitted the
report on that subject TO Mr.. Jefferson for his
examination and such suggestions as he thought
proper to make.
Mr.. Jefferson said to him In reply: II very
much doubt a right now to change the value.
and especially to lessen IT.. 1t would lead to so
easy a mode OF paying of their debts"
from the change Of standard TO silver except
the man who owes 100 cents and wishes to pay
It with so. He would under the silver standard
be able to discharge his debt by paying one
half of what he promised. He would have the
15aer F Fsis % %o mis- P Ss a sig : piFop sebsm nor j, no sa-
rich one-half of a community by despoilins the
other half.
and he is entitled to the same protection as the
debtor, and democracy stands for equal and ex-
act justice faxn otAAns.
Congress has the power to discharge insoly-
emit debtors by q bankrupt law, but the adop-
ton of the silver standard now would dts-
charge all solvent debtors from one-hRH the
obligation of their contracts, even though 81 b
class they might be the weather part OF the
I object to the silver standard again because
it is not the standard of the country with which
We conduct our largest
Mr.. Jefferson says; ITO trade on equal terms
the common measure Of value should be rs
- - N 80 a ~ ME ~ 40 ~ a
responding nation. whose medium u q Bound
state The reason for 10 Is, as be says .betng
Of Of, p1 LAYERS so value; out Il T rom as sgs lssi 4 i. or s5 9 ss9s
into parts where It Is lower
Gold is the common measure OF value Of the
| people with whom we carry on ntne-tenthd Of
our foreign trade and according to the tpr.p6is
pies enuneiated by him whom oil delnocyAts
eSF ssansssd as as f e has s1i Ssea s,a seif iS sss sayi q g
jackson, Van Buren,, Polk, Pierce and FBu-
shsnan, s, except during sae ssS pS.ioa from
two 70 s ia dsS;ssa Of E valve scr sit he srstefss sSss
In this country BY the silver standard lid 7pId
be betweeh these standards constant fuofva.
t s1porse dW and ssia 8 s. II he our so fias' Ssis @ss III &
Prize Of sas wao lie G ISy9 a. nSTs apo S1, aoross
by the silver standard.
when the American farmer sees cotton
YY diSeep si b be- g Knows that Ii Il R e SO Buch p n sol d
] but he does not know how much the silver Will
be worth with which he will be paid tot BID
in silver what cotton Will be worth in silver OF
what silver will be worth in gold.
Instread OF legitimate business exchange
where everyone knows with what value be
parts and what he receives. our products VII
be s, sold ! d ~ q sysssn sss Of Sosn pQ which s IN nlas
Queer must ta every instance be defrauded
r. cotton !~spinner .a Europe should SEND
cotton, the buyer would first have to convert
his gold into silver. He would look 90 tbs
market prices OF silver, and if he SHOULD
nnd at the time that zone dollar In gold was
dollars. II, before he purchased the cotton
silver should fall 10 per cent. someone would
haYe to bear thae loss. The cotton buyer ma:
s 8 tsoss Sa i. e h assl2 21 9siassioa eoF Re s5s0 mus. sC slshs g
;Gss ne ie! 70 per Sc Gent nsn or ro make saFsv t 6n b sst sasiPss,
SyIss s t11Y is' such as G risk aO{ himself: - 1'-
Every buyer will have to insure himself
against Joss BY such fluctuations. and every,
the predueer. The buyer can not loss t. i
would bspkrupt him every day In his business
Conditions. The farmer must lose II, becsns.
the crops must be grown, and must be sold fol
Whatever they viii bring in the market,
Believing that the silver standard woult
prove Injurious to the people OF the Unitet
States, and especially to thai part 81 them en.
g n ssi e sG e s. sEss!Rsi IsR nss,a'' e ,@psri
that great Industry upon which the welfare o
my constituency so greatly depends.
Some Of my democratic friends say that II
their advocacy Of 10 to 1 they are with Jener
son,
He was for both gold and silver but he wa
He was not for any legal ratio because it wa
the established ratio OF any government at
utterly discarded legal ratios and refused z,
consider them In establishing the relative val,
ues of the Two metals In 1872. He was for ootf
metals, and on any ratio that would have KEEP,
both In circulation. He especially discardef
the legal ratios OF other countries from consio'
GRAFTON because they oouia no, eeheror ~.
movements Of the metals. He lafa down tns
principle that In adopting q ratio Tor ourselves
|, we must discard legal ratios altogether.
He said: Just principles VIII LEAD us 70 ois
regard legal proportions altogether; TO inquire
countries with which we shall principally b
: connected In and TO take an average
= from them"
Al the time he wrote he said: The leGa
proportion in Spain is 10 70 I; In England; 10y
70 i; in France. Is TO l." He said he would d
Q inaccurate TO hx the proportions OF aoid =
i silver by the coinage laws OF these countries
9 because, as he says. lit Is a mercantile problem
altogether"
e fefs problem Of markets. not of mints
S When his attention was called 10 this STATE
: mont, which he had made on a former occasion
d he repeated and emphasized u, and again sag
9 1.-THE true proportion OF value between COL
r and silver IL a mercantile problem altogether.
o And TO show how he arriTed.at the true PFC
Q portion TO be fixed for our coinage ne qu2te
o the market prices of gold and silver In In
gland, France, Germany, Russia hoiIAho
TX onen our minis at the legal proportion Q
fe 70 1 would be TO reverse the prtnoiple eip
. Roppced by Mr. Jefferson ana 20 disesra "a
. market value aitosetner anu saxs . lsssi vSs