San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-05-11

Thomas Jefferson was patriot and
statesman of the highest order. 1t is
proper for all true democrats to cele-
brate his birthday April IL, and to
commemorate 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 i'll his writ
ings or his conduct to indicate that he
would have been cheap money or re-
pudiatiol democrat?
In 1888 Mr.. Jefferson wrote:
1.-THE proportion between the value of
gold and silver is a mercantile problem al
together Just principles viii lead
US to disregard legal proportions altogeth-
err 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 a letter to Mr.. Hamilton IN Feb
ruary, 1892, Mr.. Jefferson expressed his
opposition to cheapening the dol
lar or reducing the monetary unit. He
said of the dollar:
81 very much doubt right now to change
the value, and especially to lessen it. 1t
would lead to so easy mode Of paying off
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
ver' was effected by the following or
der from Thomas jefferson:
Department Of State, May ?, lS06-Sir:
In 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
1t Is probable further purchases and eX-
portations will be made, the president
CThomas 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 LOCO 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. lie seems to have
had an instructive fear that people who
wished an easy mode Of paying oil
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 40, writ
ten in 1873 or 1884, when he suggests
that the committee of the states be in
structed:
TO appoint also proper persons to in.
qulre what are the proportions between thu
values OF line 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 a prone
proportion here, having regard to the av
erage OF their values at those markets anC
to other circumstances, and to report tn
same to the committee, by them to be lai,
before congress"
Jefferson framed and had passed b,
the Virginia assembly law by whicl
the value of the paper money of Amer
lea was settled Gin sterling money o
the lawful money of England"
If Jefferson had been compelled t
choose between the two metals, h
would undoubtedly have taken gold. L