Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1896-01-31
"FATHERS" AND GlMETALLIsM.

FEATHERS" AND ElMETALLlsM.
Jefferson, Hamilton and Jackson Opposec
the Cheap Dollar.
In note on the establishment Of
mint Thomas Jefferson in 1891 wrote as
follows:
The proportion between the value Of gold
and silver is u mercantile problem altogether.
49, just principles will lead US to disregard
legal proportions altogether, to inquire into
the market prica Of gold in the several coun'
tries with which we shall principally be con-
nected In commerce and to take an average
from them.
In letter to Mr.. Hamilton in Febru-
ary, 1899, Mr.. Jefferson expressed his
opposition to cheapening the dollar or
reducing the monetary unit. He said Of
the dollar:
very much doubt fright now to change
tho value and especially to lessen it. 1t would
lead to go easy mode Of paying of their debts.
80 Should 1t bc thought. however. that con.
gress may reduce the value of the dollar.
should be for adopting for our unit. instead Of
one ounce Of standard silver, so AZ to keep the
unit Of money 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:
Tho progress Of our gold coinage Ia credit
able to the officers Of the mint and promises
In q short period to furnish the country with
. sound and portable currency.
In bis message Of Dec. q, 1885, he
said:
It ia pleasing to witness the advantages
which have already been derived from the re'
cent laws regulating the value Of the gold
coinage.
In his last message, Dec. 6. 1885.
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 pa
per dollar worth less than a coin dollar
or silver dollar worth less than the
gold dollar. file said:
Tho progress Of an expansion, or rather a
depreciation, of the currency. by excessive
bank issues, Ia always attended by y loss to the
laborng classes. This portion OF tho commu'
nifty have neither time nor opportunity TO
watch the Gibbs and flows Of the money market.
Engaged from day to day In their useful
tolls, they do not perceive that although their
wages are nominally the same or even some
what higher, they are greatly reduced. IN fact,
| by tho rapid increase Of spurious currency
which, as it appears to mako money abound,
they arc ut first inclined to consider blessing
| 1t is not 80 with tho Spectator, by whom this
oneration Is better understood and IL made to
contribute to his advantage. 1t Is not until tho
prices Of tho necessaries Of life become 30 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 thoir 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 tho
senate to call on Secretary 1ngham for
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 country could have both
in concurrent circulation and under u
system of free coinage. This, he argued,
was impossible. Each country had got
to choose which metal it would take.
In this reply to tho senate Jackson 8
finance minister. said:
However exactly the proper equilibrium Of
| values Of gold and silver may be adjusted at
the mint tho balance Is linblo to be disturbed
by causes which can neither DO anticipated nor
controlled by political power. If tho rcguln
ton be founded ON the most exact calculation
| Of relative values for tho time being, the VI
brations Of the values of gold and silver must
alternately Cause tho expulsion OF each, and
| where ono metal Is moro essential to public
| convenience than tho other the adjustment
| which exposes that under any circumstances
to general expectation or melting may be-
como u greater OWL thnn u regulation which
constantly excludes from circulation tho less
desirable coin. ~ n Tho proposition that there
can be but one standard III fact il self evident
| ++ 4 Tho history of coinage nbounds with mint
| regulations to keep gold and silver together
and statutes prohibiting under severe penalties
tho cyportation of either, nll Of which have
disappointed every expectation OF their pro-
| jectors The adoption OF ono metal as II stand
| nrd measure of property Is recommended by
| its SIMPLICITY. No change in the mint regun.
tinns Gun ever DO required, and it rrn'Srs cv-
cry rrctcxt for dishonest or, unwise govern
| mcnts to t,cbusc 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 tho standard OF uni
form value. They cannot ascertain that both
| metals have ever circulated simultaneously,
concurrcntly and indiscriminntely IN any
| country whore there arc banks or money deal
| crs and they entertain tho conviction that tho
| nearest approach to an invariable standard is
| its establishment in one metal, which metal
| shall compose exclusively tho currency for
| LARGO payments.