Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1896-01-17
nFATAERsD AND eIMs1ALusM.
Jefferson, Hamilton and jackson Opposed
the Cheap Dollar.

jefferson, Hamilton and Jackson Opposed
the Cheap Dollar.
In note On the establishment Of
mint Thomas jefferson in 1871 wrote as
follows:
The proportion between the value Of gold
and silver Is n mercantile problem altogether
- just principles will lead US 70 disregard
legal proportions altogether, 10 inquire into
the market price Of gold in the several coun-
tries with which we shall principally be con-
nec.ed in commerce and to take an average
from them.
In letter to Mr.. Hamilton in Febru-
airy, 1892, Mr.. jefferson expressed his
opposition to cheapening the dollar or
reducing the monetary unit. He said Of
the dollar:
livery much doubt a right now to change
the value and especially TO lessen It. It would
lead to so easy mode Of paying of their debts.
80 Should IL be thought, however, that con-
gress may reduce the value Of the lJllar,
should be for adopting for our unit instead Of
the dollar, either one ounce Of pure silver or
one ounce Of standard silver, so as 10 keep the
unit Of money a part Of the system Of meas
ures, weights and coins.
Andrew jackson in his message Of
Dec. 2, 1884, said Of the result Of chang
ing the ratio between gold and silver
and the consequent return Of gold to
this country:
The progress Of our gold coinage IS credit
able to the officers Of the mint and promises
in a short period to furnish the country with
a sound and portable currency.
In his message Of Dec. 2, 1885, he
said:
II Is pleasing 10 witness the advantages
which have already been derived from the re.
cent laws regulating the value Of tho gold
coinage.
In his last message, Dec. 6, 1896,
Andrew jackson described the effects Of
an imitation Of the currency, and though
he was speaking Of bank notes. not al
ways redeemable in coin, his remarks
are equally applicable to any currency
that is not worth intrinsically what it
purports to be worth and to any reduc-
ton Of the money unit, whether a pa
per dollar worth less than a coin dollar
or a silver dollar worth less than the
gold dollar. He said:
The progress Of an expansion, or rather a
depreciation, Of the currency, by excessive
bank issues. is always attended by a loss 70 the
laboring classes. This portion OF the commu-
nifty have neither time nor opportunity 20
watch the GIBBS and flows Of the money market.
Engaged from day 10 day in their useful
tolls they do not perceive that although their
wages are nominally the same, OF even some
what higher, they are greatly reduced, in fact,
by the rapid increase Of a spurious currency
which, as It appears 10 make money abound,
they are at first inclined TO consider a blessing.
Il Is not 50 with the Spectator, by whom this
operation is better understood and IS made 20
contribute 10 his advantage. II IS not until the
prices Of the necessaries Of life become so dear
that the laboring classes cannot supply their
wants out Of their wages that the wages rise
and gradually reach justly proportioned rate
to that Of the products Of their labor.
Mr.. Ingham was secretary Of the
treasury in the cabinet Of Andrew Jack
son. In 1880 the absence Of gold from
the circulation because the mint ratio
was not the ratio Of commerce led the
senate to call on Secretary Ingham for
a report regarding the relative value Of
gold and silver. In his reply, dated May
4, 1880, Mr.. Ingham showed that he
preferred silver to gold, but he did not
pretend that a country could have both
in concurrent circulation and under q
system Of free coinage. This, be argued,
was impossible. Each country had got
to choose which metal it would take.
In this reply to the senate Jackson S
finance minister said:
However exactly the proper equilibrium Of
values Of gold and silver may be adjusted at
the mint the balance Is liable 70 be disturbed
by causes which can neither be anticipated nor
controlled by political power. II the regula-
ton be founded on the most exact calculation
Of relative values for the time being, the Vi
brations Of the values Of gold and silver must
alternately cause the expulsion Of each, and
where one metal IS more essential TO public
convenience than the other the adjustment
which exposes that under any circumstances
to general expectation or melting may be-
come a greater evil than a regulation which
constantly excludes from circulation the less
desirable coin. -. The proposition that there
can be but one standard IN fact Is self evident.
80 The history Of coinage abounds with mint
regulations TO keep gold and silver together
and statutes prohibiting under severe penalties
the expectation Of either, all Of which have
disappointed every expectation Of their pro-
jectors The adoption Of one metal as q stand
ard measure Of property IS recommended by
its simplicity. No change In the mint regula'
lions can ever be required, and IL removes ev'
cry pretcxt for dishonest or unwise govern
ments 10 debase their coins.
The congressional committee report
made by Campbell p White in 1881
agreed with Secretary Ingham in favor
ing silver as the standard and in regard
ing two standards, or bimetallism, as
impossible. The report said:
The committee think that the desideratum |
in the monetary system is the standard Of uni |
form value. They cannot ascertain that both |
metals have ever circulated simultaneously, I
concurrently and unfortunately in any |
country where there are banks or money deal |
ers, and they entertain the conviction that the |
nearest approach TO an inyariable standard IS |
its establishment IN one metal, which metal |
shall compose exclusively the currency for |
large payments.