The Monitor-register., 1897-05-14
THOMAS JEFFERSON.
THE ORIGINAL DEMONSTRATION OF
SILVER WAS EFFECTED BY
JEFFERSON'S ORDER.

He Was at All Times Opposed to Cheap
Money and Reputation of Debts-Be-
lieved That Coinage Ratio Should Stick
Close to the Market Ratio-Favored Use
of Both Metals, but Showed a Moderate
Preference For Gold-Could Not Have
Stood on the Chicago Platform.
Thomas Jefferson was a patriot and a
statesman Of the highest order. 1t is
proper for all true Democrats to cele-
brate his birthday, April 13. and to
commemorate his many excellent quail
tiles, but why should those who voted
in 1896 to repudiate debts and to cheap
en- u 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 writings
or his conduct to indicate thaS he would
have been a cheap money and repudia-
tion Democrat?
In 1888 Mr.. Jefferson wrote:
The proportion between the value of gold
and silver is a mercantile problem altogether.
*** just principles will 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 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
ruary, 1899, Mr.. Jefferson expressed his
opposition to cheapening the dollar OF
reducing the monetary unit. He said of
the dollar:
1 very much doubt a right now to change the
value, and especially to lessen it. It would
lead to so easy a mode of paying off their
debts = = Should it be thought, however,
that congress may reduce the value of the dol
lar, 1 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
keep the unit of money q part of the system
of measures, weights and coins.
The original characterization of sill
yer" was effected by the following or
der from Thomas jefferson:
DEPARTMENT OF STATE, May 2, 1906.
SIR-1n consequence of a 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 be made,
the president (Thomas Jefferson) 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'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 wish
ed an "easy mode Of paying off thei1
debts" would attempt to fix our coin.
age system independent of the worlds
markets. His policy at all times was te
stick close to the natural ratio.
His desire to ascertain the market "a,
tic between gold and silver and adopi
that as the legal ratio is shown agair
in his supplemental notes, Works, edi-
ton of 1868, volume I, page ITO, 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 o.
the several countries with which we are Oh
may probably be connected in ant
what would be a proper proportion here, hav
ing regard to the average of their values al
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 a law by which
the value of the paper money of Amer
lea was settled Sin sterling money Oh
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 hat the high
price which Spain paid for gold had
tendency to draw away gold and tc
leave us only silver. He thought, there
fore, that 1--WE might with safety lear
to a proportion somewhat above par fol-
gold"
Free silver Democrats are not Jeffer-
son Democrats. They should either
abandon their false doctrines or worship
at another shrine.