The Caucasian. (Clinton, N.C.) 188?-1913, 1896-05-07

Advocate To-day-Tho Charlotte Obssr
vsr, "Merohant" and All pIutocrstIe
ro"is and sh, locks shut ~.
Some ignorant or unscrupulous
acribbler has put forth the statement
that Thomas Jefferson and Andrew
Jaekgop were monometalllsts, and IN
favor OF tho single gold standard of
money.
II happens that no two great men
whose names are identified with the
history Of tho United States, were
80 conspicuously devoted TO the
cause of bi-metallic currency as
these two, or so pronounced in their
opposition TO bank paper, as they
wore. IL there be another bi-metal-
list, and enemy of bank paper, eNua-
~ distinguished for his services to
the country, by his services in the
cause of gold and silver, it was
Thomas Hart Benton, the friend
and supporter of Jefferson and Jack
son.
AS to monometallism, they seem
mover to havo thought of it. In their
luminous writings on the sub iect,
II IS always "the precious metals"
or "gold and silver never one
without tho other, except in q single
instance, in which General Jackson,
in his last annual message, states
that tho Oriolnators of tho first ma
tIonal bank, which was chartered in
I19l, managed to drive gold out of
the country, which had the effect of
substituting bank bills in its place,
and OF turning tho national bank
INTO mint, for the coinage of paper
INTO dollars.
Mr.. jefferson, in his voluminous
correspondence and public docu-
monts, wrote so often and so much
on this subject, that one in quoting
him is puzzled as TO whore he shall
stop. He was the United States
Minister to Paris, during the years
1881, 'SS and 80; and while there he
wrote letter to a French gentle
man, M. du Rival, dated Paris, jan
uary II, 1887, giving him informa-
ton in regard to the money stand
ard, established by Congress. He
said:
"The resolutions of Congress give
tho silver dollar at 375.G4 grains.
Tho pound of silver was fixed at
1877 dollars, and tho pound of gold
ut 209,0 dollars, which gives the
proposition of silver to gold rs to
lJ.2S.r
1t is seen that sllvor was made the
standard of measuring gold.
In letter from Jefferson to Ham
ilton, dated February. 1892, he says:
Dear Sir: l return your report on
the mint, which have read over with
great deal of satisfaction. | con-
cur with you in thinking THAT THE
UNIT MUST STAND ON BOTH METALS,
that the alloy should be tho same in
both, also IN the proportion you es-
tablish between the two metals.
l55 to with respect to the dollar.
1t must be admitted by all the world,
that there is great Uncertainty in the
meaning OF the term, and therefore
all the world will have justified Con-
gress for their first act of removing
the Uncertainty, by declaring what
they understand by the term; but
the Uncertainty once removed, exists
no longer, AND | VERY MUCH DOUBT
RIGHT NOW TO CHANGE THE VALUE,
AND ESPECIALLY TO LESSEN 1T. =
Should it be thought however, that
Congress may reduce the value of
the dollar, | should DO for adopting
for our unit, instead of the dollar,
either one ounce of pure silver, or
one ounce of standard silver.
Mr.. Hamilton was at the time of
this correspondence, Secretary of
the Treasury, under General Wash
lngton, and Mr.. jefferson Secretary
of State.
In 100, Mr.. jefferson, as Secre-
tary of State, was called upon by
Congress to prepare and report a
plan for the regulation of coins,
weights and measures. He reported
July 4, of that year. In reference
to coins he states that
Congress in 17S6, established the
money unit at 1864 troy grains of
pure silver. 1t is proposed to en-
largo this by about the third of a
grain in weight, or mill in value;
that is to say to establish it at 376,
(or more exactly, 375.0S0343), in
stead of 1864 grains; because it
will be shown that this, as the unit
of coin, will link in system with the
units OF length, surface, capacity
and weight, whenever it shall be
thought proper to extend the deci-
NAL ratio through all these branches.
1t is to preserve the possibility of
doing this, that this very minute al .
teration is proposed"
But Mr.. jefferson thought this
highly scientific proposition not al
together practical, and instead, pro-
posed:-I quote
''Let it be declared, therefore, that
the money unit, or dollar, of the
United States, shall contain 371.262
grains of pure silver" And this
is within minute fraction of the
dollar to-day, which is 37l,25 of pure
silver, and 41.2j alloy making 412.5.
In his autobiography, page 50. Mr..
Jefferson states that Robert Morris,
the fnancier or Secretary of the Treas
ury under the articles of confedera-
ton, through his assistant Gouver-
neur Morris, made an able and elab-
crate report, in the year 1882, on the
money current in the several states
He undertook to find common
measure for all the several curren-
cies, and to propose it as the money
unit, in silver. Mr.. Jefferson thought
the plan ingenious but complicated
and impracticable; and he proposed,
instead, the silver dollar, which was
adopted.
In 1889, while in Paris, Mr.. Jeffer-
French gentleman, explained the
English system of coinage. He said
Il believe all the countries in Europe
determine their standard of money
IN gold as well as silver. Thus, the