Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1899-08-31
jefferson No Monometalist.

The phrase single metallic stduudIu'
or monometaliSm, never had place In
jefferson s vocabulary In Washington s
Cabinet in 1892 called to frame mint
bill under that provision of the Consti-
tuition giving Congress the power TO
'coin money, regulate the value there
of. and Of foreign coin" Jefferson used
the following language. In clear and
unmistakable terms he declared en-
phatically to the other members OF the
Cabinet, and to General Washington,
the President. that
Neither of the precious metals should
be used singly as standard of value Tor
the basis of our currency, for the simple
reason that corrupt combination OF
capitalists could control the one metal
and give it an artificial or arbitrary
value, TO the material injustice and de-
probation of the other metal, and TO the
inevitable ruin Of the debtor whose OBJ
legation was contracted previous to the
appreciation of the favored metal, and
to the great loss of those who may now
be i'm the possession of the metal we
would depreciate and debase by the
adoption of one metal as our standard.
But to use both metals combined as a
standard of value, each metal would
work a salutary and wholesome re-
straint upon the arbitrary purchasing
power of the other.
When asked q think ii was by Hamil-
tom how he would form single standard
consisting of both metals, he replied as
with a gift of prophetic inspiration
I'VE will form a unit which shall con-
sist of 100 cents, and both metals shall
conform TO it at relative purchasing
power or value let the relative purchaS-
ing power of the two precious metals be
the parity, and let the parity be about
as now, l5S grains of silver to one grain
of gold, and 4l2t grains of silver shall
equal the unit, and PSF grains of gold
with sufficient alloy to harden the metals
for commercial use be equal to the unit. y
The members of Washington S Cabi-
net were divided in opinion as to which
of the two sovereign metals should be
made the standard of value. Hamilton
was Secretary of the Treasury, Jefferson
was Secretary of State. 1t was Hamll-
tons business TO frame the mint bill IN
accord with the provisions of the Con-
stitutiOn. After ardent and anxious de-
votion to the subject, Jefferson was con-
suited as to his deliberate opinion and
Judgment as to the standard TO be adopt
ed when he replied in the language
above quoted, that neither OF the pre-
cious metals Singly should be used as
standard of value, for corrupt comol-
nation of capitalists could control either
metal singly, but combination of the
two precious metals at a fixed parity or
purchasing power attached TO each as
our standard at a ratio of l5.S grains Of
silver to one grain of gold shall be the
parity, and 100 cents shall be one unit
or dollar, and 4l2t grains of silver or 25B
grains of gold shall equal one unit, and
each metal will always work salutary
and a wholesome restraint upon the ar
bitrary purchasing power OF the other,
and while this parity is maintained in
the basis or standard of our circulation,
no matter what may be the difference
in the annual product of these two pre-
cious metals, the Comptroller Of the
Currency can always regulate the per-
capita to the necessities Of the people,
and no matter what may be the designs
of intrigue or corrupt combinations of
capital TO control the currency to their
interest, or the wild schemes Of com
mercial speculation, the bullion value
Of the two precious metals the world
over would always revert to the ap-
proach of the coinage value, less the
cost OF mintage.
Why should we not follow Jefferson 5
advice in the regulation Of our none
tary affairs Those who claim him as
a monometalist but perpetrate travesty
upon his character. What has made the
United States the most prosperous and
powerful of all nations The wild
schemes of speculation and the ravenous
greed of the mOney-changers have but
little 10 their credit in the greatness Of
our country; Washington valor pa
triotism and virtue relieved us from the
thraldom and oppression of tyranny,
andJetfersOn S inspired wisdom made the
United States Of America the home of
both political and religious liberty. Pre-
viOus to their time, the masses of the
people had for ages grOaned under the
oppression of imperialism and tyranny,
and religious liberty had been only the
deferred hopes of an irideSCent dream.
The intolerable oppression Of imper-
ialism and tyranny compelled our an
cestors to flee the old countries in search
Of freedom, and they found it in a will
derness Washington and jefferson were
their most wise and accomplished pion-
GERS, who left legacy to their posterity
Of Liberty to Enlighten the World. -
have one question for the people {?
Will you basely surrender the inestima-
BILE inheritance that Washington and
jefferson bequeathed you, and basely
hug the chains that the Gold Trust and
imperialism are now zealously endeav-
oring to rivet upon you, or will you fol-
low the glorious example of our sires of
l116t L. F.