The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1897-05-07
THOMAS JEFFERSON
THE ORIGINAL OEMoNETlzATioN G
SILVER WAS EFFECTED BY
JEFFERsoN's ORDER.

He Was at All Times Opposed to Cheap
Money and Reputation Of Debts-Be-
meved That Coinage Ratio Should Stick
Close to the Market Ratio-Favored Use
Preference For Gold-Could Not Have
Stood on the Chicago Platform.
Thomas Jefferson was a patriot and
statesman OF the highest order. 1t Is
proper for all true Democrats TO cele-
brate his birthday, April l3. and to
commemorate his many excellent quail
ities, but why should those who voted
in 1896 to repudiate debts and TO cheap
en- our dollar by attempting to fix an
artificial ratio between gold and silver
widely different from the market ratio
meet to honor, or dishonor Jeferson's
name: Is there anything in his writings
or his conduct to indicate that he would
have been cheap money and repudia-
ticn Democrat:
In 1888 Mr.. jefferson wrote:
The proportion between the value of gold
and silver is a mercantile problem altogether.
80 Just principles viii lead Us TO disregard
legal proportions altogether, TO inquire into
the market price OF gold in the several coun
tries with which we shall principally be con
nected IN commerce and to take an average
from them.
Does this sound like the silver plank
Of the Chicago platform:
In a letter to Mr. Hamilton in Feb
ruarv, 1892, Mr.. Jefferson expressed his
opposition to cheapening the dollar or
reducing the monetary unit. He said Of
the dollar:
very much doubt right now to change the
value and especially to lessen it. 1t would
lead TO SO easy a mode Of paying of their
debts Should it be thought, however,
that congress may reduce the value Of the dol
lar, should be for adopting for our unit, in
stead OF the dollar, either one ounce OF pure
silver or one ounce Of standard silver, so as to
OF measures, weights and coins.
The original decentralization of sill
ver'' was effected by the following or
der from Thomas jefferson:
DEPARTMENT OF STATE, May ., 1906
sIR-ln consequence of representation from
the directors of the Bank of the United States
that considerable purchases have been made
of dollars coined at the mint for the purpose
of exporting them. and as it IS probable fur
ther purchases and expectations will he made
the president Thomas Jeffersonl directs that
all silver to be coined at the mint shall be OF
small denominations, so that the value of the
largest piece shall not exceed half a dollar
JAMES MADISON.
ROBERT PATTERSON, Esq,
Director of the Mint
Except 1000 pieces, no more silver
dollars were coined till after Andrew
Jackson retired from the presidency.
1t is clear from jefferson writings
that he favored the use of both metals,
but only at their natural ratio in the
worlds markets. He seems TO have had
an instructive fear that people who wish
ed an easy mode Of paying of their
debts would attempt to fix our coin
age system independent Of the world s
markets. His policy at all times was to
stick close to the natural ratio.
His desire to ascertain the market ra-
tic between gold and silver and adopt
that as the legal ratio is shown again
in his supplemental notes, Works, edi-
tion of 1858, volume l. page 10, written
in 1888 or 1884, when he suggests that
the committee of the states be instructed:
To appoint also proper persons to INQUIRE
what are the proportions between the values
of fine gold and fine silver at the markets of
the several countries with which we are or
may probably be connected in commerce, and
what would be proper proportion here, hay
ing regard to the average of their values at
those markets and to other "a ,umstances,
and to report the same to the ,t1mmittee. by
them to be laid before congress.
jefferson framed and had passed by
the Virginia assembly a law by which
the value of the paper money of Amer
lea was settled lin sterling money or
the lawful money of England. -
If Jefferson had been compelled to
choose between the two metals he
would undoubtedly have taken gold. In
his Notes" he observed that the high
price which Spain paid for gold had a
tendency to draw away gold and to
leave US only silver. He thought, there
fore, that 1--WE might with safety lean
to a proportion somewhat above par for
gold.
Free silver Democrats are not Jeffer-
son Democrats. They shou1d aitber