Marietta daily leader. (Marietta, Ohio) 1895-1906, 1897-04-26

uOllluS cCllCi SUI was lu'iiON ohN
statesman of the highest order. 1t is
proper for all true democrats to cele- |
brate his birthday April -, and to |
his many excellent quail
tiles; 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, 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:
1.-THE proportion between the value OF
gold and silver Is a 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
merce and to take an average from them"
Does this sound like the silver plank
in the Chicago platform?
In n letter to Mr.. Hamilton in Feb
ruary, 1902, Mr.. Jefferson expressed his
opposition to cheapening the dol
lar or reducing the monetary unit. He
said of the dollar:
1T very much doubt right now to change
the value, and especially to lessen 1t. II
would lead to so easy mode of paying OF
their debts Should 1t be thought,
however that congress may reduce the
value of the dollar, l 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 the
unit of money a part of the system OF
measures, weights and coins
The original decentralization of sill
yer" was effected by the following or
der from Thomas Jefferson:
Department of State, May ., 1S06.-Sir:
In consequence of n 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 further purchases and eN-
portations will be made. the president
(Thomas Jeffcrson) directs that all silver
to be coined at the mint shall he of small
denomina tions, so that the value of the
largest piece shall not exceed half 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's 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
wished an easy mode of paying of
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 1853, volume l, page no, writ
ten in 1888 or 1854, when he suggests
that the committee of the states be in
structed:
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 will
which we are or may probably be connected
| in commerce, and what would be proper
proportion here, haSing 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 law by which
the value of the paper money of Amer.
lea was settled "in sterling money OF
the lawful money OF England"
If Jefferson had been compelled tc
choose between the two metals, he
would undoubtedly have taken gold. Ii
his "Notes" he observed that the high
price which Spain paid for gold had a
tendency to draw away gold and tc
leave us only silver. He 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.