The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-09-29
The Democratic Party Hard-Mon ey Party.

The Democratic Party Hard-Mon ey Party.
I'VE read in Democratic paper the uncondition'
al declaration. The Democratic party Of the Unit.
ed States is Hard Money party and a Free!Trade
party This, however, Is not fact which can be
established by the vociferous assertion of news
thorized declarations OF the party itself, made in
Weekly.
Without more vociferation than is nee
essary to the mere act of speaking out, says
the NY. World, we proceed to verify the as
sertion that the Democratic party of the
United States is Hard Money party by
means of ''the authorized declarations of
'the party ITSELF made in the recognized
''and usual manner"
The Democratic party sprang from the
loins of the old Republican party, which
died in giving it birth. That party was
founded by Thomas Jefferson, in antagon
ism to the Federal party, the leaders of
which were John Adams and Alexander
Hamilton. Washington, who belonged TO
neither party, but imbibed some of the
views of both, was Hard Money man to
the core. He was so from bitter expert
cnce, the source of all his earnest convic-
tons In 1885 Richard Henry Lee, of
Virginia, President of congress, and JEFF
fersonian Republican, wrote to Washing
ton: Is it possible that plan can be
formed for issuing large sum of paper
money by the next Assembly? L do
verify believe that the greatest foes we
have in the world could not devise amore
''effectual plan for running Virginia. To
which Washington replied. Il have new.
''er heard, and hope never shall hear
amy serious mention of a paper emission
''in this state; yet such thing may be III
agitation. Ignorance and design are pro
"ductive of much mischief The former
els the tool of the latter and is often set
ITO work suddenly and unexpectedly. y
Jefferson's views upon this subject were
them with vigor and industry upon the
very soul Of the party which derived its
inspiration from him. In 1913 he wrote
that Every one knows that, although not
literally it is nearly true that every paper
dollar emitted bansbes u silver one from
"the circulation. Il To trade on
equal terms the common measure of val
ues should be as nearly as possible on a
par with that Gifts corresponding natious
whose medium is In sound state that
" is to say, not in an accidental state of
excess or deficiency. Now, one of the
great advantages of specie as medium
is that, being of universal value, it will
keep itself at a general level, flowing out
from where it is too high into parts
where it is lower. The truth
is that capital may be produced by indus
try, and accumulated by economy; but
"jugglers only will propose to create it by
legerdemain tricks with paper.
Instead. therefore, of yielding to the
cries of scarcity OF medium, set up by
spectators, projectors, and commercial
gamblers, no eudeavor should be spared
to begin the work of reducing it by such
gradual means as may give time to pri-
vate fortunes to preserve their poise and
settle down with the subsding medium
In 1887 Mr.. Calhoun, a Democratic lead
err said OF paper money issued by national
banks Never was an engine invented
better calculated to place the destiny of
" the many in the hands Of the few, or less
favorable to that equality and indepen-
dence which lie at the bottom of all free
institutions" In the same year James
Buchanan, another Democratic leader, said,
- The evils Of a redundant paper circula-
ton are now manifest to every eye 1t
alternately raises and sinks the value Of
every mans property. 1t makes beg
gar OF the man tomorrow who is indulg-
ing in dreams of wealth to-day 1t con
verts the business of society into a mere
lottery, while those who distribute the
prizes are wholly Irresponsible to the
people. When the collapse comes, as
come 1t must, it casts laborers outuf en-
,iaNr,,, e, 4
merchants, and ruins thousands OF hon.
est and industrious citizens"
Jackson, in 1888, said that he had asked
congress 50 to organize the treasury de
partment as to dispense with banks entire
ly. jackson proposed also to Danish all
paper money under 500 notes. Thomas
III. Benton said, Il would myself Danish !
all paper money under 500" The Demo-
cratic Reyie,o in 1893 proposed to restrict
all issues of bank bills below so forth
with
The Globe, March 10, 1884, edited by
L. p. Blair, was Jacksons organ, and al
most the official voice of the Democratic
party. 1t said Gold and silver coin is
jackson money, notes with pictures on
them, promising to pay, the bank 5 mou- |
Fey" At the same time General Harri
SOB and his partisans were ''yoclferous
against an exclusive metallic currency,
which, SO the General declared destroying
generosity and noblenesS of feeling by
the great increase and necessary tOlera-
'tion of usury' Van Buren, was a hard. !
money man, and ran for the Presidency as
such, and as being in strict harmony with !
Jackson's views in his letter to Moses |
Dawson Il am, and ever have been, op- |
posed to all kinds of government paper
currency, let it be derived from the ex,
''chequer or otherwise" Van Buren, was
accused of favoring paper money, but
what he really did propose was "a mixed |
currency, composed of well balanced |
and harmonious cn-Operati IA Of the stand 1
lard of value and its paper representa- |
"tlyes' La other words, bank notes re-
deemable III specie, the true currency OF
the civilized world. James X. Polk was
nominated by the Baltimore convention ia |
1914 upon his hard money record made in /
1884, when chairman Of the committee of
Ways and Means. Franklin Pierce was
quite as much a hard money man of the |
school of jackson. Buchanan record we |
have already given.
What the standard bearers of the party /
coDtendcd for, the other leaders ''vocifer- |
lated strenuOusly in advocacy Of VIII |
liam Duane. Amos Kendall, Cornelius and |
VIM. b. Lawrence were all recognized as
hard money men; Silas Wright devised |
the Sub Treasury as check to paper mon
ey; Vim. L. Marcy was stanch upon the
SIDE of specie; Thomas Richie, Lewis
Cas-, Louis McLane, fancy, Vim. Allen,
Levi Woodbury.. and every southern Dem