The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

the ratio was fixed Mt 10 to ] the COM
mercial ratio was, as stated at the time
10y Benton, 1893 to 1. SO an ounce of
gold was not worth rs ounces Of silver,
From the very hour that jackson APP
proved the bill silver was undervalued
at the coinage ratio, and the bullion in
silver dollar was worth about three
cents more than the bullion in gold
dollar. Why was this done? No other
reason could possibly be assigned for
it than that gold was given the prefer
ence. If cents on the dollar had driven
gold out of circulation under the net OF
1902, it was very plain that j cents on
the dollar would exclude silver under
the act of 1884. But this is merely
drawing differences from the passage of
the act, when there is ample historical
proof accessible.
1t is well known that Thomas H. Ben
ton was nearer to Andrew Jackson than
any other statesman of his time, He
was the constant and able defender of
Jackson, and on all occasions and at all
times the champion of his administration.
Therefore Benton is the best authority we
can consult on this subject. In Vol. l.,
page 45S, of Thirty Years in the United
States Senate" Mr. Benton significantly
! says, quoting from speech he made at
! the time:
IF any Senator wishes to understand
and to comment upon the President
opinions on currency, he might perhaps
come something nearer to the. mark by
commenting on what he (Mr. Benton)
had been saying than by having recourse
to the town meeting reports of inimical
bank committees"
AS showing the opinions of Jefferson
and Calhoun, as well as of Benton him
self, | take the following extract from
page Al of the same book;
Mr. Benton paid his acknowledgements
to the great apostle of American liberty
(Mr Jeiferson) for the wise, practical
idea that the value Of gold was com
mercal question to be settled by its value
i'll other countries, He has seen that re
mark in the works of that great man
and treasured it up as teaching the plair
and ready way TO accomplish an apparent
~ difficult object, and he fully concur
red with the Senator from South Caroline
(Mr. Calhoun that gold in the United
States ought to be the preferred metal
not that silver should he expelled. bu
both retained-the mistake, if any, to b,
III favor of gold, instead of being agains
it."
Ii there was any one event whicl
TRANSFERRED during Jackson's adminstra
tion which distinguished it above ever,
other, it was his deep-seated hostility t
the United States bank, and RELENTLESS
purpose to crush it, There was 4 goo
reason why the bank and its friends fl
vored the silver standard, and why Jack
son and his friends should favor Il gol
currency. Silver then, as now, was n
inconvenient money to handle. and tn
people preferred the paper money of tn
: bank to having it redeemed in silver
, whereas, if gold was the currency the
would prefer that. So gold was disft
vOred by the bank. and silver preferred
The following extract from the sam
book page AL, very ably states the cas-,
Mr.. Benton says:
Cold it was well known. was the Al
: tagonist of paper from it's intrinsic valu,
the natural prediction of all mankin
, for it. its small bulk, and the facility {
: carrying it about. 1t would be preferre
: to paper either for travelling or keepin
4 in the house, and thus would limit an
clrcumscribe the general circulation {
bank notes, and prevent all plea of nece
, sity for issuing small notes. Silver. @
the contrary, from its inconvenience
i transportation, would favor the circul
9 ton OF bank notes, Hence the birth
. the doctrine that if mistake was to
committed, it should be on the side ,
r silver. Mr.. Secretary Hamilton declar,
q the existence of this teaching when.
q his report upon the establishment of
\ mint he says: 1t is sometimes observe
:, that silver ought to be encouraged rath,
q than gold, as being more conducive
;, the extension of bank circulation fro
= the greater difficulty and inconvenien
which its greater bulk compared with i
value occasions in the transportation
it,"
II So the reason is plain why the chan
Il of ratio became an essential feature
ia the assault which Gen. Jackson made
~ the Bank of the United States NJ
# Benton, in the course of his speech to,
~ occasion to mention Jefferson. CalhoI
:, and other distinguished statesmen WI
favored the gold currency, and amol
Others several Secretaries of the Trea
y ury. He gives us veEy full synopsis
- his speech, and we take the following G
y trat from page 442, which shows he
>. strikingly the question of gold currea
~ pntorpd into tho coutoct.
10 Mr.. Benton would arrest for an
re slant the current of his remarks to
i: the attention of the Senate upon
st hection which must suggest itself to t
Re minds OF all considerate persons.
IN would ask how it could happen that
many men, and such men as he had ma
Id ed, laboring for so many years in eau
in so just, for an object so beneficial, up
Ii state of facts so undeniable. could
til long and so uniformly fail of succe
is How could this happen? Sir, exclaiIn
d. MIR. Benton, it happened because t
to policy of the Bank of the United Stat
required it to happen; the same poll
Y which required gold to be ndervalued
,b 1872, when the first bank was charter,
oh has required it to be undervalued e,
he since, now that second bank has be
70 established, and the same strength viii
be enabled them to keep themselves up a
he enabled them to keep gold down II
of is the answer to the question, and t
ee is the secret of the failure of all tn,
m eminent men in their laudable efforts
ID. raise gold again to the dignity of mon
~ This is the secret of their failure a.
nv this secret being now known, the re
M which leads to the reformation of the g
pr currency lies uncovered and revealed