Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-01-24
":ArttGRsD ANo elMerALLlsm.
Jefferson. Ba;nt,son and jackson Opposed
the Cheap Dollar.

IN II note On the establishment 6f
4 mmtIhomas Jefferson III 1871 wrote as
fellows:
Tho proportion between tho valve OF gold
nd silver IS n nureant!lc problem altogether.
80 Jt.st principles Will lead " to cSrcgnrd
legal proportions altogether, O. inquire in;o
the market price " gold la t..es,v.ieI conn-
tries with which We shan prlcirajiy be- con-
nccted In commerce and 10 t;i,c an average
ircsa them.
III Il letter 70 B'r Hamilton in Tebiu-
any, 1922 AIr. Jefferson expressed his
opposition to cheapcning the dollar OF
reducing tie monetary unit. he said Of
the dollar
/ very much doubt n right row to change
tho l1c enc especially tolosscn 81. it would
lnad To- 50 cosy mode OF laying of their dcbts
- Should 1t be thought, however, that con.
Crcss may reduce the v;,luo of tho dollar.
! should be FOR adopting Tor our unit, instead Of
the dollar. either ono ounce OF pure silver or
one ounce OF stundard silver, - ms 10 keep the
unit Of money part Of the system of meas
nrcss weights and coins.
Andrew jackson in bis message of
Dec. .. 1894, said Of the result of chang
ing the latio between gold and silver
and tho consequent return of gold to
this county:
The progress &C our gold coinage i, crcdit-
in - Sort riol 10 furnish the country with
a sound a..d portable currency.
In his message CT Dec. .. 1885, ho
said:
IT ia pleasing to witness tho advantages
which have already been Gcrivctl from The re.
cent Laws regulating the valuc Of the gold
coinage.
IN his last message, Dec. G, 1886,
Andrew Jackson described the cifet = uf
an initiation Of the currency, and though
no was speaking of bank notes, not al
ways reieenablc i'll coin, his remarks
are equally applicable to any currency
that is not worth intrinsically whatit
purporta 10 DO worth ana to any reduc-
tiOn of tho money unit, whether pa-
per dollar wCrth less than Il coin dollar
or Il silver dollar worth less than tho
gold dollar. 10 said
; The progress of an expansion, or rather n
depreciation, of the currency, by excessive
bank issues Is always attended by loss to Tie
! laloring classes. This portion Of the commu-
nifty have neither time nor opportunity 10
watch the cbiS and flows Of huinuncy market
Engaged from day to day in their useful
tolls they uo not perceive TINT although their
wages are nonlnally tho same, or even some
Whist higher, they arc greatly reduced, in fact,
hy the rapid increase of II spurious currency
which. as IL appears 20 make money abound
thcy arc al first inclined 70 consider blessing.
l. IS not SAD with tho sijccuatur, l,y whom this
operation is better understood end Is made To
contribute to his advantage. IL is not until tho
prices of tho ncccs, rio, OF m, i,cco,n On ,i,,,.
that.thc l.lor:,,, cI.ss,, ,nn,,,t .,,,,,,l, d. T.;
wants ont If tl,rir wn,.,s tb.t tb,, ,,-.,c. rito
and ,l-,,,t:.liv reach iu.tl, rr,,,ortio,,rd ,t.
to that Of ;l,,. products of tb.ir l,.l,or
Mr.. lnghan WIS secretary of the
treasury i'll the cabinet of Andrew jack
son. lu 1880 The absence of gold lrunl
,ho Generalization, l,...,,,so tI.o 1t,
,"''
WIS Hu' 'Ae RATIO ~ commerce Ieu the
senate TO cal on Secretary lngham Tor
II roport lpcnr,liuu tho rol;tjxr v,Iuc nj
,,li 81 a., T. I;...,i,. .,....-.,,..-
- 49,. q ! .''' e' I',N
i, 1851, Gt. IHpll2u showed that Eo
preferred silver tn cold. Int hn did NOR
pretend that a country could lave both
i'll concurrent cilcuMiion and under Il
system Of free coinueo This. hoar,.ued,
WAS Impossible. Erich country had GOT
to choose which metal IT would take.
In this repiy tn the senate Jacli.uu's
{ finance minister said:
llov,,,..,. ,s.i..,. t,.. ,~,,,.r ,o,,-'i',r-, 80
yrlu..,c t-,,i ana .il,...r ,.,- 81, ,.i
tl..tui,+ ~. i.,l.,,.. h.. d .i'i.. -i'
ly ,.,ii.... ,.i..el, i,I,'.,,1. ..
can. ,..it..i b. ,.,i-,.., go. i-
ti.,, l... .,,i.1 ., tr. ,..,.t ,','. .,
. ~ rlstv.. .,,,... ,.,. 49,. t-,...i &c.. 49,
iratf.u..,r i',, ~. i-,.scF a.. IL .'..I ',. 80
nil, -,.. p. ,...... a.. ..-...i
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