The Indianapolis journal., 1896-08-31

In selecting the portrait of Jefferson as
the device for their ticket the sound-money
Democrats have probably acted wisely.
Other appropriate devices might have been
found. but perhaps none more so than this.
Besides being distinctive it will have the
merit of originality and will serve as a re-
minder that the new organization stands
for the old principles. Jefferson had some
vagaries. but he was eminently sound on
the money question. Not being rascal he
was not in favor of a dishonest dollar, and
he knew enough of history and financial
principles to know that debased currency
or a fiuctuating standard of value was one
of the most effective means ever discovered
for the impoverishment and Generalization
of a people He was most determinedly OPP
posed to fiat money in any form and TO
any kind of money except gold or that
which was par with gold. Although not a
member of the convention which framed
the Constitution, being absent from the
country at the time, he heartily approved
the action of the convention in striking out
a clause which gave Congress power to
emit bills on the credit of the United
States" and confined its power to borrow
ing money on the credit OF the United
States. which carried With it power either
to issue government notes, not transferable
as currency, or bonds. But Jefferson held
that if for any reason the government is
sued notes they should be redeemed as soon
as possible. either out OF the general reve-
nue. or by special taxation for that purpose.
He had a horror of irredeemable currency
and OF any attempt to impart value to
money by legislation or government fiat
When Hamilton made his report on the es-
tablishment of a mint Mr.. Jefferson, then
Secretary of State, heartily concurred with
him that the legal ratio between gold and
silver should be as nearly as possible the
ratio OF their market values. In his Notes
on the establishment of a money mint" he
said: THE proportion between the values
OF gold and silver is a MERCANTILE problem
altogether Just principles viii lead
US to disregard legal proportions altogeth-
er: to inquire into the market price of gold
in the several countries with which we
shall principally be connected in commerce,
can easily imagine how shocked Jefferson
would have been by a suggestion that in
fixing the ratio between gold and silver
coins the market price of gold and silver
| bullion should be entirely disregarded, or
| that the United States should prove its in
! dependence of other nations by establish
ing a monetary system on entirely new
principles But If he would have been
shocked at the suggestion that the market
price of gold and silver would have nothing
10 do with determining the coinage ratio.
what would he have thought OF the declara-
ton in the Chicago platform that 'all pa
per money shall be issued directly by the
| Treasury Department and that such
money be made legal tender for all debts
public and private? There was no insane
| asylum in the United States at that time
but no doubt jefferson would have though,
a person who made such a suggestion a
fit subject for one.
| Altogether there seems eminent fitness in
adopting the picture of Jefferson as the
election device OF the National Democratic
party. No doubt II he could be communi
Gated with he would give his cordial as