The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-07-03
JEFFERSON AND THE CURRENCY,

II
Just now very much is being said
about Jefferson and the currency and
numerous citations from his works are
made by those favoring the gold stand
ard to prove that he is on their side in
the present controversy going on in
the Democratic party over the question
of free coinage.
Mr.. Paul Leicester Ford sends very
long communication to the New York
Times on this subject of Jefferson and
the currency. He makes many quota
tons from Jefferson's works. He
quotes this now almost hackneyed ex-
preston from Jefferson's notes on
coinage, beginning: THE proportion
between the values of gold and silver
is mercantile problem altogether"
and ending: Just principles will lead
US to disregard the legal proportions
altogether, to inquire into the market
price Of gold. in the several countries
with which we shall principally be con-
nected in commerce, and to take an
average from them. Perhaps we
might, with safety, lean to a proper
ton somewhat above par for gold,
considering our netghborhood
Mr. Ford then quotes what Hamilton
had to say in his report on the estab-
lishment of a mint. in which, writing
Of the silver dollar, he said that
species of coin has never had any
settled or standard value, according
to weight or fineness, but has been per
mitted to circulate by tale, without
regard to either, very much as mere
money of convenience, while gold has
had a fixed price by weight, and with
an eye 10 its fineness. This greater
stability of value of the gold coins is
an argument OF force for regarding
the money unit as having been hitherto
virtually attached to gold rather than
silver" He then takes Jefferson's let
ter to Hamilton returning the latter's
report and thanking him for the same.
He quotes but part of the letter, which
is this:
With respect to the dollar. it
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 I'M
certainty once removed, exists no
longer, and 1 very much doubt d right
now to change the value, and especi-
ally to lessen it. 1t would lead to so
easy q mode of paying off their debts
Besides, the parties injured by this
reduction of the value would have SO
much matter TO urge in support of the
first point OF tiXation.
We shall quote the part preceding
the above and which is omitted by Mr.
Ford. It reads thus:
Il return you the report on the mint
which l have read over with a great
deal of satisfaction. 1 concur with you
in thinking that the unit must stand
on both metals, that the alloy should
be the same in both, also in the pro-
portion you establish between the value
of the two metals. AS to the question
on whom the expense of coinage is to
fall, I have been so little able to make
up an opinion satisfactory to myself,
as to be ready to concur in either de-
cision."
That portion of the letter which
comes after the quotation made by Mr.
Ford is as follows:
Should it be thought, however, that |
congress may reduce the value of the
dollar, 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 to keep the unit
of money a part of the system of meas
ures, weights and coins. 1 hazard |
these thoughts to you extempore and |
am, dear sir, respectfully and affection
ately''
Here is the whole letter now, and
it shows that Mr.. Ford's quotation was
garbled. And yet he closes his letter !
with this declaration: I'VE do say that
Jefferson was unfriendly to silver, but |
il is quite certain that he was not I'M
friendly TO honest and stable money"
1t certainly does. not look as though |
Jefferson was unfriendly to silver when |
he proposed an ounce of silver as our
unit. The gold men claim
Jefferson on the same principle that |
they claim all the patriotism, civic
virtue and honesty there is in the
land, and with just as much reason,
but no more
minors nv TrHj. CaNnT0aTTJ