The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-09-28

Europe should not be allowed to get
territory on this side under any form
or pretext or by conquest cession or ac-
quisition. 'or in any other way" II
that language did not cover every
way In which territory could be acquired
what words would have done so?
When John Quincy Adams added the
word "colonize" he simply supplied a
specification which had already been COW
cred by the general declaration
Mr.. Madison's letter on the same sub
| ject advises President Monroe to agree
to the proposed British alliance for the
purpose of sustaining the South Ameri-
| can states In their independence, but it
takes no such bold stand for the general
principles that Europe must hands off
the new world, as does the letter of
Mr.. jefferson.
In the presidential message December.
1928 President Monroe followed counsel
of Mr.. Jefferson and proclaimed what is
now known as the Monroe doctrine.
Under this celebrated new law In the
information code, the South American
republics were saved then, Mexico res
cued in the COS and Venezuela saved from
dismemberment in 1895.
There has been so much debate con-
corning Mr.. Jefferson's financial views
that 1t may be proper to state them brief
ly. He was a bimetallist. believing IN
the full equal use Of both gold and sill
yer.
In 1906 he ordered tho mint to cease
coming the silver dollar. The silver In this
coin being worth moro than a dollar
measured by gold, exporters sent 1t
abroad to get the proft-hence as fast
as the silver dollars left the mlnts they
became merchandise to be shipped away
from the country. The law authorizing
the coinage was neither repealed nor
amended. The mint officers were simply
directed to use the silver bullion in the
coming of other kinds of silver money,
to-wit: half dollars, quarter dollars. dimes
and half dimes
These smaller silver coins. like the sill
yer dollar. continued to be full legal ten
der. The mint continued to coin them
so that between the years 1892 and
1853 the output was $1,000 ooo-not
counting 3-cent silver pieces.
In silver dollars only Sl8oooooo We're
coined from 1892 to 1873. Ten days be-
fore closing the mint to the silver dolIar
Mr. Jefferson had approved an act OF con
gress which gave the legal tender quaII'y
to all foreign gold and silver coins. me
Spanish milled dollar was already le-
gal tender.
He not only had absolute confidence IN
the government to create It's own paper
currency independent of banks, put ne
contended that in no case had the paper
money of any of the colonies 1alled TO
keep on a par with gold and SILVER "hen
such colonies provided, at the same time
the paper was issued, a tax to redeem H.
He gave US a reason why the contihehtIl
currency failed the want Of power III
congress to provide for its redemption
Another reason was that the continental
notes were not money; they were not
legal tender and they only gave to the
holder the right to go to the treasury ana
swap paper for coin--if the coin was
there. AS the coin never was there' ''lo
paper was only paper.
Rag money Is the favorite sheer OF
the academic historian. yet the very book
he writes is paid for with rag money
whose virtue and credit is based upon
another rag. The governments pohd -
q rag the national bankers note issued
on the bond is a rag-but how glad the
academic historian is to get it,
Suppose the government should put the
banker aside, call In the bond and issue
the note itself. putting behind 1t the
same law and credit which upholds l"e
bond and the bankers note; would ire
note of the government be less valuable
than the note OF the banker?
Mr. jefferson thought not. So VIII
every other citizen who will consent 10
use his own eyes, his own brain
Another principle with Mr. Jefferson
was that legislature should encourage the
equitable distribution OF wealth. Tho
he
DISCOURAGED Taxation should exempt all
below a certain limit, and upon the larger
pronerties the tax should be assessed by
n geometrical ratio. the tax growing
heavier as the property grew larger. Leg
slators could not invent too many devices
for subdividing property and thus pre-
venting the misery which flows from
enormous inequality.
A few months before he died he wrote
r strong letter to William Il. Giles dc
nouncing the tendency Of the general gov
eminent to usurp the reserved rights OF
the states. Such a consolidation Of pow
ers he viewed with extreme alarm The
manner in which congress. by means OF
tariff regulation, took money out OF the
nockets of the agriculturist and gave 1t
to the manufacturer he considered
shameful violation of the constitution.
The
upon the general welfare clause made
the remainder Of the instrument blank
paper.
should the issue come between the two
evils-dissolution of the union or submits
sion to a government Of unlimited powers,
there could be no hesitation in choosing
the former as the smaller Of the two evils.
To this desperate counsel had the steady
increase the federal aggressions driven so
conservative a statesman!
The manner In which the agricultural
states were being systematically plumber
ed nv the manufacturers under forms OF
law were as apparent TO him then as
they became to McDufie, Calhoun and
Stephens when the cruel results of federal
fayoritis1n had fully developed.
MANY of Mr. Jefferson's declarations
n1-ior to 1925 can be quoted in favor of
moderate encoura cement of infant indus
tries until such infants could get some OF
the strength Of life in them; but his
latest deliverance upon that subject was
in december. Il 1926, and was made in the
toht of the tariff system as it then stood
Realizing the trend of this legislation, IL
was Mr.. Jeffersons final and deliberate
opfuion that it would he better 70 dlS-
solve the union than to submit to a gov
eminent which recognized no limits TO It's
mowers and no restraints of justice or
shame In building up certain classes ana
sections Mt the expense Of others
Mr.. Jefferson believed that economy
was one of the greatest virtues of a re-
public government and that a public debt
was one of the greatest dangers to be
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