The times. [volume] (Richmond, Va.) 1890-1903, 1897-05-05
Mr.. jefferson and Bimetalism.

i $3.50
| We have heretofore remarked upon the
extraordinary efforts made by the adyo-
Gates OF the Neo-Democracy, according
10 the Bryan disp, Nation" and the reve-
| iatlonS OF the Chicago platform OF 1896. to
make 1t appear that their financial here
sles nave the sanction OF the great name
and authority OF Thomas Jefferson-the
father OF true American Democracy. On
the day before Mr.. Jefferson's birthday.
whlch was oStenfatiously celebrated by
me Bryar Democrats as a sort OF fete
DAY or trcir party We ventured TO en-
| pnaslze by few quotations from Mr..
| JeneTson's own writings the wide antago-
| nism between his views and the modern
| doctrine o. "tbe free and unlimited coin
age OF silver at the ratio of 10 TO /, with
out waiting for the concurrence OF any
other nation. This and nothing less than
| inns. IL Will be remembered, is the doc
trlne or the Chicago platform and the po-
siton assumed by its champions during
| the late campaign.
| A CORRESPONDENT who writes from the
| Eastern Shore of Virginia and who claims
| by virtue of the fact OF his having been
reared In Albemarle and Nelson counties.
va. among men who sat al the feet OF
| Jefferson and from having made a life
long study Of his writings exceptional
| opportunities for knowing Mr.. Jefersons
| opinions. takes serious exception TO the
| conclusions drawn in our article from
| the quotations given. and especially from
| tary Of State. Mr.. Madison. in 1906 sus-
| pending the coinage Of silver dollars. Our
| correspondent. whose communication IL
| is unnecessary to print in full lays stress
| upon Mr.. Jeffersons Endorsement upon
Alexander Hamitons report upon the es-
Enlistment of the mint. favoring dou-
| bic standard. II concur with you that the
unit must stand on both metals"
Our correspondent utterly ignores how
| ever, not only the facts and conditions OF
hA I-ff ..s.f.s
| piicit declarations as to how the ratio of
value between the two metals ought TO be
ascertained. Not only had he said that
| the proportion between the values OF
gold and silver Is a mercantile problem
altogether" but In his Notes on the Es-
| Enlistment Of a Money Unit and OF
| Coinage for the United States" he wrote:
Just principles will lead us TO disre-
gard legal proportions altogether. to In
quire into the market price OF gold in the
several countries with which we shall
principally be connected In commerce and
to take an average from them" This was
in 1888 or 11S. In some supplemental
notes. printed in the complete edition OF
his works. Tedition OF 1853. vol. |. page I'D.
he further wrote: II observed i'm the pre-
ceding notes that the true proportion Of
value between gold and silver was a mer-
camille problem altogether and that per-
haps Is to I might be an eligible proper
ton. The F'inancier CMr Robert Norris.
is so good as to inform me that this
would be higher than the market would
Justify. Confident of his better informa
ton on this subject. | recede from that
idea"
In February. 1922. Mr. Jefferson wrote Ia
Mr.. Hamilton in regard TO regulating
he value OF the dollar: 81 very much
doubt right now to change the value.
nd especially 10 lessen IT, II would lead
70 so easy a mode OF paying Off their
debts. Should II be thought. however,
that Congress may reduce the value Of the
dollar. 7 should be for adopting for our
unit. instead Of the dollar. one ounce OF
pure silver or one ounce of standard sill
YER so as to keep the unit OF money a
part Of the system of measures. weights
and coins
In point of fact, the act of 1872 adopted
the then existing commercial ratio Of
fifteen to one. enacting that 'the proper
tonal value Of gold TO silver I'm all coins
which shall by law he current as money
within the United States shall be as fif
teen to one. according to quantity In
weight OF pure gold or pure silver: that j.
to say. every fifteen pounds weight or
pure silver shall be of equal value In all
payments with one pound weight OF pure
gold" At that time. and for hundred
years before. the.c had been no very
great huctuation in the relative value Of
the two metals In 1887 the ratio was
1874 in 1890 it was 15.O2 and in 1896 II
was Is. inst what IL was in 1888. In l1S
as Mr.. Jefferson was correctly Informed
by Mr. Npiris the ratio OF II TO | slightly
overvalued gold, the actual commerciai
ratio i'm that year being 1iis. Mr.. JEFF
ferson however. as his writings abund-
antlv show. was In favor OF giving more
than the market price for gold because OF
it's superior convenience in transporta-
ton" and 10 keen II in the country.
So I'm 1906 and 1896 the legal ratio still
remaining in this country at Is TO |. while
the commercial ratio in the former year
was 1919 and in the latter 15.52. and our
silver began to be exported. Mr.. Jefer-
son who was then president. issued the
order to the director OF the mint, sus-
nending the further coinage of silver
dollars. and from 1906 until 1896 not
silver dollar was coined at the mints.
although manv millions continued to be
coined in half dollars. quarters and dimes
Our Virginia CORRESPONDENT refers tri-
umphantly 10 this continuance and in
crease IN silver subsidiary coinage dur
ing the subsequent years OF Mr.. Jener-
sons administration and later as conciu-
sive proof that his order of May l. 1906.
did mot demonetize silver" and was not
intended to do So OF course not. Silver
never has been demonetized I'm this coun-
try Tire act of 1873 the crime OF that
wear as the Brvanites describe II. which
again susnended the coinage of silver dol
lars until 1873 had no effect upon the
coinage 81 subsidiary silver unless possi-
hiv to stimulate IT, the amount OF such
coinage IN 1875 being slS3il l57N or more
Than double fhat or any preceding year
since the establishment OF the mint. The
statistics only make stronger and clearer
the truth NJ our assertion that II the sus-
nension of the coinage OF silver dollars
by act of Congress i'm 1873 was 'demone-
fization OF silver" and "a crime" then
q rrecedent for such crime IS 10 be found
IN the action OF President Jefferson in lO6
who did the same thing precisely by n
Treasury order. and without waiting for
an act OF Congress. which was not passed
until nearly seventy years afterward.
n Is In vain TO invoke the authority OF
Jefferson for the coinage OF ffty-cent dol
lars or any other debasement OF the cur
rency. our "neo-democratic" friends II
thev wish to vindicate their claim to the !
title OF "old-line Democrats who have !
Jefferson for their father. will have 20 I
abandon their idea OF free coinage ~ the I
ratio OF l6 10 /. or any other arbitrary /
rate: but. II they will have double /
standard. make II 80 TO 1. In order 10 be /
honest in the payment OF debts and. to /
conform to the actual ratio I'm the value I
OF the two metals in the markets OF the /
world IL being as Mr. Jefferson saws, /
"a mercantile problem altogether. "-Balti- !
more Sun.