True Democratic Doctrine

Jefferson, in 1783, wrote: "Just principies will lead us to (lisregard legal proportion altogether, to inquire into the market price of gold in the several countries with wtóch we shall prineipally be connected in commerce and to take an average from them. I very much doubt a right now to change the value, and especially to lessen it." The house committee, in 1821, reported: "It is sufflcient to know, by j unhappy experience, that its (ratio of 15 to 1) tendency is to rld us of a gold currency and lea . nothing but silver." The .house committee, in 1834, reported: "The desiderátum ia the monetary system is a standard of uniform value. We cannot ascertain that both metáis have ever circulated simultanousty, concurrently and indiscriminately in any country where there are banks or money dealers, and we entertain the conviction that the nearest approach to aa invariable Standard is ita establishment in one metal, which metal shall compose exclusively the currency for large payments." Andrew Jackson, in 1836, wrote: "There Is no fraud in gold. It is unchangeable and win do its office everywhere and at all times. Labor imparts an invariable value to it." Benton, in 1834, said in debate: "It (gold) has an intrinsic value, which gives it currency all over the world to the full amount of that value without regard to law or circumstances. It has a uniformity of value which makes it the saflet standard of value of property which the wisdom of man has yet discovered. Ite Buperiority over all other money gives to its possessor the choice and command of all other money." Pollowing this debate the act called the "administration gold bill," intended to put the country on a singla gold standard, was passed, 145 to 36 in the house and 35 to 7 in the senate and signed by Andrew Jackson, president. The house committee, in 1853, reported: "Gold is the only standard of value by which all propty ie now measured. It is virtually the only currency of the country. We desire to have the standard currency to consist of gold only, and that these silver coins shall be entirely subservient to it, and that they shall be used rather as tokens than aa standard coins."