The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-07
JEFFERSON, JACKSON AND BRYAN.

The demagogy of Mr. Bryan would be
disgusting If not stale. 1t is simply stale
when he assumes, as he does in his letter
to Tammany Hail. that both gold and sill
yer can be coined in our minis and circu-
lated as money at the ratio of IS to l. when
the commercial ratio is 80 to l. He ignores
the experience of the world and common
sense. The same is true of his constant
chatter about IAN American system of
finance" and Of the "crime" of the effort to
force upon this country a foreign monetary
system. He seems to assume that this APP
peal to prejudice will make votes for the
silver mine party.
1t is "a fact of history that both jefferson
and Jackson, whose names Mr.. Bryan uses
in his letter, favored d worldwide mon
etary system. If Mr. Bryan or any of his
friends who can understand a statement
in plain English will read and candidly
weigh what Jefferson has said on the ratio
for coinage they will see that the one thing
which he desired to ascertain was the mer-
camille ratio of the two metals in the mar
kets of the nations with which the United
States had commercial relations. 1t is not
fresh quotation to those who have read the
authorities. On the contrary, it has been
published by the advocates of sound money
time and again. 1t reads as follows
The proportion between the values of gold
and silver Ghe coinage ratio) is a mercan-
tile problem altogether: just principles VIII
lead us to disregard the legal proportions
altogether to inquire into the market price
OF gold and silver in the several countries
with which we shall principally be con-
nected in commerce and to take an average
of them. Perhaps we might with safety
lean to a proportion somewhat above par
for gold, considering our nelghborhOOd
and commerce with the source of the coins
and the tendency which the high price OF
all that of their mines, leaving silver prln-
cipally for our and other markets. 1T Is not
impossible that 10 for l may be found an
eligible proportion.
There never was an American more jeal-
Gus of foreign influences and dictation than
Jefferson, but when he was seeking to find
a ratio for the coinage of gold and silver
he declared, first that the legal ratio must
conform to the market price," second,
that the legal ratio must conform not to
the market price in the United States, with
an idea of an independent monetary sys-
tenn, but with 1.-The market price of gold and
SILVER IN the SeV6ral countries Will WHICH
we shall principally be connected in bust
ness" Thus Jefferson was an advocate of
that foreign system of money which Mr..
Bryan goes up ard down the country de-
nouncing. 1t may be added that one of
the leading achievements of Jacksons adj
minstration was to correct the coinage ra-
ito from Is to l to 16 to / in order to make
it conform to the commercial ratio as es-
tablished by the market price of the two
metals.
And now, ignoring the facts of history
that both jefferson and Jackson strove to
put the United States in monetary accord
with the commercial world, this man Bryan
has the effrontery to urge an Independent
system of coinage on basis which Jeffer-
son emphatically condemned and in the
same breath to. implore Tammany Hall to
stand by the principles of Jefferson and
Jackson! One would search the world in
vain for such another example of audacious
effrontery.