Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1897-04-30
THOMAS ~JEFFERSON
TAs oaleiAAr ngMpNErazAT,oN Of
SILVER WAS REJECTED BY;
OBSERVATION-DISCLOSURES ID

S'evNs VNS =
JeFFGRsoMspRDER.
He was at All Times Opposed 20 Cheap
Money and Reputation. ~ Dsbts-Bs-
lievsd That Coinage Ratio Should Stick
Close to.the Msrket Eatio-Favored Use
OF both Metals. but showed q Moderate
Preference For ~Gold-Ceuid Not Have
Stood on the Chicago PLATFORM.
Thomas Jefferson was a patriot and a,
statesman of the highest order. 1t is
proper for allStrue Democrats to .cele-
brate his birthday, April IS. and to.
commemorate his many excellent quail
titles. 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. Jetferson's
name: Is there anything in his writings
or his conduct to indicate that he would
have been % cheap money and repudia-
ton Democrat?
In 1883 Mr.. Jefferson wrote:
The proportion between the value of gold
and silver is a mercantile problem altogether.
80 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-
from them.
Does this sound like the silver plank
Of the Chicago platform?
In o letter to Mr.. Hamilton in Feb
ruary, 1892, MI. jefferson expressed his
opposition to c%heapening the dollar or
reducing the monetary unit. He said of
the dollar:
I very much doubt q right now to change the
value. and especially to lessen it. 1t would
lend to SO easy o mode of paying off their
debts " Should 1t be Thought, however,
that congress may reduce the value of the dol
lar, l should DO for adopting for our unit, in.
stead of the dollar, either ono 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 characterization of sill
ver'' was effected BY the following Or
der from Thomas jefferson:
DEPARTMENT. OF STATE, May g, 1900.
SIR-In consequence of q representation from
kAAS W WIZ ANtA4ih Vi III j kDlAlSSo
that considerable purchases have been made
of dollars coined at the mint for the purpose
of exporting them, and as it is probable fur
tfler purchases and expectations will be made,
the president tTliomas Jcfferson) directs that
all silver to he coined mt the mint shall be of
small denominations, So that the value of the
largest piece shall not exceed half a dollar.
JAMES MADISON.
oBERT PATTERSON, esq.
Director CT 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 their
debts" would attempt t fix our coin
age 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 ra-
ito between gold and silver and adopt
that as the legal ratio is shown again
in his supplemental notes, Works, edi-
ton Of 1858. volume l, page 11O, 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 of
the several countries with which we are or
may probably be connected in commerce., and
h would he n proper proportion here. hav.
ing regard to the average 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 a law by which
the value Of the paper money Of Amer
lea was settled "in sterling money or
the lawful money of England"
If Jefferson had been compelled to
choose between the two metals, he
would undoubtedly have taken gold. In
his "Notes" he observed that the high
price which Spain paid for gold had a
tendency to draw away gold and to
leave us only silver. He thought, there
fore. that I'VE might with safety lean
to a proportion somewhat above par for
gold"
Free silver Democrats are not Jeffer-
son Democrats. They should either
abandon their false doctrines or worship
at another shrine.
Good Money IL Good Anywhere.