Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-06-16
ON BIMETALLIsM.
the Presence OF Cheap COrDOra-
taOn Bank Paper.

A correspondent who has read a mis-
leading article on Jefferson's views of
bimetallism, asks for information as to
what they really were:
They can be found in his letter Of
February, 1872, to Alexander Hamil-
tom Il concur with you," he says,
that the unit should stand on both
metals; that the alloy should be the
same in both, and also in the proportion
you establish between both"
He added further, that once fixed,
the ratio should not be changed, and
that as a unit of value, he thought we
| might we'll adopt lone ounce of pure
silver or one ounce of standard silver,
so as TO keep the unit of money part
of the system of measures, weights and
coins
Thus it appears that though declaring
for both metals, Jefferson wished the
fina! unit to be silver instead of gold.
He wished to use the ounce or some
other exact weight of silver, so as TO
avoid the uncertainty of weight attach
ing TO the use of the word dollar"
He also wished, in fixing the ratio, to
consult the relation of value set on sill
yer by the useage OF other countries in
coinage; but that he wished to coin at
what is now called 1.-The commercial
ratio" he repudiates in declaring for
dollar of a fixed weight-an ounce. as
he suggests, so as to avoid commercial
fluctuations. In doing this, he dis
poses of the idea that he was absurd
enough TO wish 10 change our standard
with every wind of speculation and
every auctuation of fictitious value
created by it.
These points. however, are of minor
Importance. Jefferson made no stand
on them. He never felt the need of
aggression in connection with them.
But he did make one of the great fights
OF his life for the same principle for
which the Chicago platform has now
declared-that of the right of the peo-
pie TO control the currency and issue it
through their government.
jefferson never believed there was an
issue between gold and silver, because
he knew. as every sensible man knows
now, that the supply of both metals is
still short of the minimum commercial
demand for money. He saw the real
issue was between money of the minis
and corporation paper.
He fought the free coinage of corpor-
alton paper with all the strength of his
great mind. His position then was that
of the Chicago platform now-that the
hanks must go out of the governing
business.
They had to do it in his day, and they
viii have TO do it now. Every dollar
of bank paper that is coined and put
into circulation is a dollar of debt
infa ton, driving cash (both gold and
silver) out of circulation and forcing
panic. Gold and silver cannot circu-
late in the presence of cheap corpora
ton paper. The free coinage of cor
poration paper means final collapse for
business now, as it did in Jefferson's
day. Every evil of our financial sys-
tenn is due not to the quantity of cash,
not to gold, not to silver, but TO watered
paper, representing debt and debt in
hation. Jefferson denounced the theory
that the private debt of banking cor
porations can be made public bless
ing by printing it on silk paper TO cir
culate in place of gold and silver. 1t
is not less absurd, not less dangerous
now than it was in his day-Mississip
pi Valley Democrat.