Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-01-15
"FATAERsD AND eiMeTALLIsm.
Jefferson, Hamilton and Jackson Opposed
the Cheap Dollar.

the Cheap Dol,ar.
J.: a rcte on The establishment of 4
mint Thomas jefferson in 1871 wrote Is
follows:
The rroportion between the value Of eoli
AID silver IS n mercantile problem altogether.
- Just principles viii lead Is TO disregard
legal proportions altogether, 10 inquire into
the market price Of gold in the sevcr>l corn.
tries with which wc shall principally be con
rected in commerce and TO take Ga average
from them.
IN q letter TO Mr.. Hamilton IL Zebra
ary, 1892. Mr. jefferson expressed his
opposition TO cEeapen.nS the dollar CT
reducing the monetary unit. BE SAID Of
the dollar:
Ivory much doubt right now to change
The valuc and especially to lessen Il. /. would
LEAD 70 50 easy inole Of raging q. tAoi- Ccbis
go SLould il be thought however. th-t c. n.
c-css riay reduce the value Of tho dollar.
shoull be for adopting fsr our r-it. iastpad Of
the dollar, either ono ouncc OF pura silver or
one ounce Of standard silver. so - 10 keep tho
unit Of mercy part Of tic system Of neas-
ures, weights and coins.
Andrew jackson in his message OF
Dec. .. 1884. said Of lie result Of chang
ing the ratio between gold and silver
eud tho consequent return Of gold 10
this coCntry:
Ito rroSrcss of orr roll cniaaso IS Gre, t.
cilc to the oflc' rs Ct tae mint n-d promises
IL s..ort period - fcrnish The country with
q sound I'D portfolio currency.
IN Lis mcsfase of Cec. .. 1885, he
said:
II "a pleasing 70 witness the advantages
which have alrcSCy been derived from tie r.
cent l-ws regulating the value II tho coid
coinage.
In lis last message. Dcc. G. 1896.
Andrew Jackson described the effects CT
al initiation CT The currency. and though
he was speaking Of bank notes. not al
ways redeemable il coin. his remarks
arc equally applicable 10 ary currency
that is not vcrth inirinsically what it
purp1rts 10 &c worth and - any reduc
tion Of the money Unit, whether pa
per dollar worth less than coin dollar
or q silver dollar worth less than tho
gold dollar. Flo said:
The prusrca8 Of IN expansion. or rather o
depreciation. OF tho currency. by excessive
banl, issues is always attended by n loss TO the
l-boring cllsscs. This portion Of the corInu-
nifty have neither time nor opportunity 10
watch tho cas and flows of the money market.
r1cagad from dly 70 day IL their Useful
tells. they do not perceive that although their
wages crc nOminally tbs slmc, or even sone'
vh-t higher, they are greatly reduced. IN fact.
by the rapid incrrcsc Of = spurious currency
which. Is l. auprars 10 make money abound.
they arc ct first inclined 10 consider blessing.
Il il not 50 with thc spoculltOr. by whom ta!s
operation ia better understood and Is nude 20
contribute % his advantage. u * not until the
prices Cf thO utccss-rics of lie bQco-n 30 Ci ar
that tkc laloTirg classes ccrnct supply ihtir
wantl ovt q their war's th-t the wages rise
and rrat ually rach justly rroportioned rate
70 that Of the products Of their labor.
bIr. Iucham was secretary Of the
treasury il tho cabinet Of Andrew Jack
son. In 1880 tie absence of gold from
the circulation because tho mint ratio
was not tho ratio Of commerce led the
senate to call Oh Secretary Ingham for
o report regarding tho relative value Of
gold ard silver. IN bis reply. dated May
4, 1890. M- Ingbam showed that be
preferred silver to gold. but ho did not
pretend that country could Lave both
i'll cCrcurrcnt circulation and under
system Of free coinage. This, la arSued.
was impossible Each country had get
to choose which metal it would take.
IN this reply TO tho senate jackson
finance minister said:
However exactly the proper equilibrium Of
values Of gold and silver raey be adjusted =
the mint the balance Is liable 70 b. disturbed
" cgusas which en- neither 10 Anticipated ucr
controlled ~ political power. IL The rcgula'
ton II fouaCcl or the riost exact calcul1tion
Of relative values for ths i.Ilo bc!as. the VI
bratious q the values Of gold rnl silver r1uft
alternately cause tho C1pClsiun a each, ard
where one metal is rnn-r css, riiai 10 rull'c
couvrnirnco t...n tho oth,r the cliusimcrt
which xr-rses that rnCcr Gry Circumstances
to general czp0rtGtiOn or mfltiag may lo
conc o greater ,vil than a regulation wht
constantly czcludrs from circulation The lfss
dtsiral J. coin. 9 The proposition that there
can be hut ono Tt1ndarl In fsct issr!f evident
s-s The history % caiaaro uborncs with mint
regulations 20 keep gcld cnd silver iogctkcr
and sta utc : prohibiting IN or sever pfna tlfS
the c-Dortation 0f either. al % VIII h L1vo
Disappointed every xp, citation % ihlir pro-
jcctors. Thoa-option of C1s i1ot-l rs stand
crl measure Of property IS rcconncn~el ~
its sirnDlicity. No chl &c IA the iIint icscla-
tons caa ever 10 qlircd. On ! u rInovrs ~
cry rrrtc=t f-r tishOacst or unwise govern
merits 20 Ccbasc their coins
The congressional committee report
made ~ Ccmltell p White in 1881
agreed with Secretary Ineham IN favor-
ing silver as tho standard aud III regard
ing two standards, or b!meiallisD. as
impossible The report sail
Tic CONN. tee thirs that t.c Ges!ccretaln
n tic rrontt1ry system is tkcfisnterd q uHi'
form valrc. Ta~y csraot cscrrt=in thct 10Th
ritt-ls have ever circulated simultaneously.
concurr-ntly rnl iaCiscriminIte!y II nry
country whfro thCrc Crs tanks Cr r,orry Zeal
CTS cr1 THY entertain tho conviction tbot tho
near, t approach % I'll ilv2riabla standard Is
its establishment Ia a. INITIAL, which metal
shan compose exclusively the currency for
l1rSc payments