The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1897-09-30

ito should Stick Close to the Mar.
kct Ratio-Favorcd Use of Both
Metals, But Showed a Modera te Pref
erence for Gold-COuld Not Have
stood on the Chicago Platform.
Thomas Jefferson was patriot and a
statesman of the highest order. 1t is
proper for ell true democrats to cele-
hrate his birthday April 10, and to
commemorate his many excellent quail
tiles; but why should those who voted
in 1896 to repudiatc debts and to cheap
ell our dollar by attempting to fix an
artificial ratio between gold and silver
widely different from the market ratio
meet to honor, or dishonor, Jefferson's
name? Is there anything in his writ
ings or his conduct to indicate that he
would have been a cheap money or re-
pudiation democrat"
In 1888 Mr.. jefferson wrote:
''The proportion between the value of
gold and silver is mercantile problem al
together. Just principles will 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 COM
mcrce and to take an average from them"
Does this sound like the silver plank
in the Chicago platform?
In letter to Mr.. Hamilton in Feb
ruary, 1902, Mr.. Jefferson expressed his
opposition to chearening the dol
lar or reducing the monetary unit. He
said of the dollar:
II very much doubt right now to change
the value. and especially to lessen 1t. 1t
would lead to 80 easy mode of paying off
their debts. Should it be thought,
however, that congress may reduce the
value of the dollar, should be for adopt
ing for our unit, instead Of the dollar,
either one ounce of pure silver or one
ounce of standard silver. so as to keep tho
unit Of money part Of the system Of
measures, weights and coins"
The original "demonetization of sill
YER" was effected by the following or
der from Thomas jefferson:
Department Of State, May ., 1SO6.-Sir:
In 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
foF the purpose of exporting them, and as
It Is probable further purchases and en-
portations will be made, the president
(Thomas Jcfferson) 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 dollar.
JAMES MADISON.
ROBERT PATTERSON, Esq, Director
of the Mint"
Except 1,C00 pieces, no more silver
dollars were coined till after Andrew
Jackson retired from the presidency.
1t is clear from Jcfferson's writings
that he favored the use of both metals,
but only at their natural ratio in the
worlds markets. lie seems to have
had an instructive fear that people who
wished an easy mode of paying off
their debts" would attempt to fix our
coinage system independent of the
worlds markets. His policy at all
times was to stick close to the natural
ratio.
His desire to ascertain the market
ratio between gold and silver and adopt
that as the legal ratio is shown again
in his supplemental notes, Works,
edition of 1858, volume /, page ITO, writ
ten in 1888 or 1854, when, he suggests
that the committee of the states be in
structcd:
I ITO appoint also proper persons to In
quire what are the proportions between the
values Of fine gold and fine silver at the
markets of the several countries with
which We re or may probably be connected
in commerce, and what would be a proper
proportion here, having regard to the av-
erage Of their values at those markets and
to other circumstances, and to report the
same to the committee, by them to be laid
before congress"
Jefferson framed and had passed by
the Virginia assembly Il law by which
the value of the paper money of Amer
lea was settled "in 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
tendency to draw away gold and to
leave us only silver. lie thought. there.
fore, that 1--WE might with safety lean
to proportion somewhat above par for
gold"
Free silver democrats are not Jeffer-
son democrats. They should either
abandon their false doctrines or wor-
ship at another shrine.