The Washington herald., 1910-04-10

of these shall we adopt? To which state
give the pre-eminence Of which all are
so jealous? And on which impose the
difficulties Of a new estimate for their
coin. their cattle and their other com
modities. Or shall we hang the pound
sterling as common badge around their
necks? This contains LISA grs pure
silver
Condition Is DepIorabIe.
Notwithstanding the comprehensive re-
ports Of Morris and Jefferson. Congress
took no definite action in the matter of
a system of coinage until the country
came to a deplorable financial condition:
echoes Of the embarrassment are found
in many letters of the day. Madison
drifting to Monroe in 17s5 asked. do not
Congress think Of a remedy for these
evils?' Washington also expressed him
self and in no uncertain terms; az fol-
lows. The proposition respecting a
coinage of gold, silver and copper has.
/ in my opinion become indispensabIy
| necessary. Mr.. Jeferson's ideas on the
subject are plain. simple and well adapted
10 the nature Of the case Without
coinage or unless some stop can be
put TO the clipping of money. our dol
lars, pistareens, &c, will be converted as
| league says into Eve quarters. A man
must travel with a pair Of scales in his
pocket or run the risk Of receiving gold
at one forth less than its count
Jefferson gave no preference 10 the
coinage Of either gold or silver when
he wrote the first report for his COM
mittee. but some ten years later when
Hamilton recommended that the metals be
coined al a ratio of Is TO 1 Jefferson
wrOte-"I return your report On the mint
which l have read over with great
deal OF satisfaction. I concur with you
in thinking that the unit must stand on
both metals. and that the alloy should
be the same on both. also in the proper
ton you establish between the value
Of the two metals" This seems TO in
dicate that Jefferson had changed his
mind as TO what should constitute the
money unit, for he first favored a single
unit which should be the silver dollar
for he approved one gold piece at this
later writing equal 10 the tenth Of the
eagle, which shall be the unit or dollar
Not proposing that they shall be numer-
Gus but 10 have a sensible object in that
metal-gold-as well as in silver, TO ex-
press the unit"
HOW Theory Works Ont.
Hamilton's theory Of Is TO I in which
Jefferson concurred SO fully was sup
posed 10 work out after this fashion.
two nuggets one of gold and one Of sill
Yer each Weighing q pound, the gold
would bring fifteen times much as the
silver. But If the silver weighed fifteen
pounds they would have been OF equal
value on the market This theory seemed
sound but a pound of gold was worth
more than fifteen pounds OF silver in
the markets Of the world so gold was
more valuable as bullion than to have it
coined.
When the matter Of designs for the
proposed coins was up all the prominent
personages Of the day seemed TO have
suggestions TO offer. One crusty old
politician desired a motto on the coins
and his selection was mind your own
business" Probably the first suggestion
as 10 inscription came from Ben frank
lin. he was early on the field certainly
EtA az NADAt III 4fst llgiH EGsS4r IN.
was three years before Morris report
was written; Franklins suggestions all
had a poor Richard flavor though he
was modest enough to ascribe some
glory to Solomon. Franklin declared that
he had heard that there was some talk
Of striking copper coin and he would
ike 10 suggest that if this was done
that instead of repeating continually on
each half penny the dun story that
everybody knows, land what would have
been no loss 10 mankind If nobody had
ever known that George the Third is
King. &c. TO put on one side some
proverb Of Solomon. some pious. moral.
or prudential comment, the frequent in
culcation of which by seeing it every
time one receives a piece of money might
make an impression on the mind and
tend TO regulate the conduct" The sug-
gested texts make one wonder what size
the proposed coins were TO be. for il
would take a pie-plate to accommodate
some of them, for example He who
buys what he has no need of. will soon
be forced to sell his necessities" nice
effect on trade that would have;-"He
that by the plough would thrive himself
must either hold or drive"
No Dollars for Years.
The story of American coinage is in
teresting in its vicissitudes,- how for
thirty years not silver dollar was
struck by the government, because they
we're being sent out OF the country in
exchange for the Spanish dollars. and
that was the only way to check the
custom How for two years no eagles
We're minted. how one of the Presidents
had TO recommend the discontinuance Of
all small coins for a time How Morris.
Jefferson. Washington and Hamilton
abored for ten years before there was
any realization Of their well-thought out
plan for the financial relief of the country
1y tho introduction of uniform coinage.
But the elimination OF these protracted
Efforts was reached at last and though
III records show that the most able meu
Il the republic were interested In the
solution of this early problem, the ef-
'orts Of Thomas jefferson seem TO have
been the most persistent and practical
IF all; so when we throw away dime
Te have jefferson TO thank that the
amount is not two cents larger, for it
would probably have been six pence.
lad he not brought his intellect 10 bear
IN the matter.
HEAR MAP TALK ON ICELAND.