The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-31
A NARRATIVE or INTEREST
Democratic Policy on Baking and Specie
CURRENCY,

| To THE EDITOR OF The SUN-Sr: l nave
personally attended all the Democratic Prcsi
dental Conventions. except one. since my
eighteenth wear. | began with that 81 1874
and may SEQ NV twelfth one nj Chicago. oi
juno II. Having outliNcd my political genera.
ton. 60 10 thcsO gatherings 10 longer as Il
delegate. but rs Il mere iutcrCs tod luOkcr-un
| In that capacity on" can SEQ many things.
II has been an inirxhlr rul" of each oi those
Conventions to lay down its platform. that
Is. to adopt It's resolutions. before making
nominations The Committee on Resolutions
| has ALWAYS consisted Of unr mCmbOr from each
State and TERRITORY. appointed hv th"ir re-
srcctivc 'lcratiUns SO soon ~ the Convention
is permanently organized. This wear such a
rommittc" would bc composed ui forty eight
or nifty members.
Next month. one most important subject TO
be- considered Nv this committed will loo tho
question whether The now suspended cuinag"
oi silver should he resumed in the Government
minis upon the same terms as that OF gold.
that is tO say. free.
The Democratic Iurty organization. since it
began to dcclnro its attitude upon Federal
issues hy means "f Presidential Conventions.
beginning in 1875. has thus far dealt with
three great questions Of currency and finance.
l; is now called upon To- deal with II fourth.
Thinking that the declarations vi these gath
beg leave to recall them to- recollection.
During tho first period. from 1885 to 1856
| inclusive. II struggled against II United States
| bank and demanded the separation of the
Government moneys from all banking institu
| tons. During tho second period. namely. in
ana during the campaign Of 1858. it advocated
issues of Government Treasury notes. or
| Ercenbacks. and implicitly opposed u ma
| nonal bank paper currency. During tho
| jrl ori, t.. =. Had e.,
specie payments. and demanded coinage Of
| gold and silver. presumably upon the basis
and ratio of tho coinage act signed by Prcsi-
| dent Andrew Jackson in 1897. 1t has now
| reached fourth period. when 1t must approve
| or disapprovc OF the renewal If the coinage of
silver with or without conditions.
Soon after Van Burcn's nomination for Pres.
| idcnt by the Convention of 1850 the agitation
"f the specie currency question was begun by
the faction known as the Equal Rights party. or
| Loco Focos. who. although supporting Van
Buren,. seeded from Tammnny Hall. They
held state Convention AT Utica in 1895. where
| they took this position:
| W" declare unqualified hostility to bank notes and
hMGer none As |rc4latinT medium, heeanse god
| Tho bank notes thus denounced were prom
iSrs t" ray issued by State chartered banks.
| These w"in tho only paper currency in use.
i W. nad n3i vt inyent"I tn" promises t" pay
| as "gr""nnacks." nor he crtifcatcs If deposit
Of gold and silver, nor the national bank prom.
| isnS To- pay, Tho platform of the Loco Focos tuf
which platform my father was one Of tn" chief
authors dealt with tho evil present in that
| paper currency. fell back upon gold and silver
~ the only safe medium In. October. 1897.
aI the " s aaS"a 'a% hSGo f9 G" W.T. s
wan. They had been Eneied by the passage
fhS law V a i %P" Of h Las, ats
ara silver i,ilar was ordered coined at the
irLn nnrt bamnnro.in 'prosilo,,i,, f,l,,,,,.,
ton. in 1910. which renominate Martin Van
Buren,. was evidently imhued TO some degree
with Loco foco sentiment:
E,'olr.t. That Congress has power TO charter a
m% e, s,n,es Sank tns we believe such an institution
Try dangerous to our republican institutions and
Of p GT & to "re the S9s
money power ANA above the laws anu the viii OF the
h,,,, Thai The separation Of the moneys Of the
tgh's OF the people.
These, same resolutions again appear. word
upon which james X. Polk was nominated
!. In 1919. when Lewis Cass was, nominated.
demanding the separation of Government
moneys from banks. was reiterated; but the
United States bank: Vas dropped. T RI; Bank
was dead. the Sub Trcasury system had been
Fanin r@rc W"s nom
ToGtasrins was the SANG as lSS Tha
rant 'n% % Of s 1sh.ssg W. With amg q s
Federal Government banking In 1850. the
year Of that great Democratic schlsm which
war. th"r" were two rival Democratic Convrn-
tions and two Demnrratir candidates for Pres
id"nt. Douglas and breckenridge The plat.
forms Il both dealt only with sectional cues
tons: they wcr" absolutely silent upon iinun-
" "tf "n "p n sa, H so was tn"
which hh Gr"rsr D. Mcclellan wa? nominated.
,h I'M nv war icing "vr thr mblin H"bt beam"
clarr rr"mp!y in favor Of having Ing the be- Whole ,
debt IN Er""nbncEs. and against funding the
lS S Un E"tfoTm ""pte1 at the
PAYMENT OF tn public debt rapidly as possible all
moneys drawn from III" PEOPLE hy la<ai"n except 50
rg"omrmly Hdntn.t"r.. being honesty applied to
1Hs & M" ~ Watt ,s p VI" G Ins a ." Of %r
mnd.r When ,hyy Mr." .,a'd dor. MOI provide 'Ga,
III to =" .,A IN IT, aMf,! mo,sy Of d" tinted
pie. the Inbpr"r and the bondhoider
But the voters did not approve Of tho rapid |
paym"nt Of ,he public debt in erfSontaacks. |
whose first Official act was to sign lazy max; |
!nE the w1oI ~ puH asbt pnyatiS sSp
Drm9craii" hostility to public debt and bank
c!TGulnt!"n o.,,., ,,,,
the neino.rats in 1877 Of Horace. Greeley as
their candidate. and. with him. his Liberal Re-
puh!!ran platform. to wit:
Til" publ" credit rust be sacrcd.y maintained. We
d"nounrc reputation in every form ana gu.sr 4 |
speedy return 10 specie payments.
Some declared. at the time. that sacred
maintenance OF tho public credit meant an
approval Of the cOin-paving act Of 1859; and
that IN" dcnuncation Of "repudia'iOn " was
aimed at tho GrcenhackI. Tho Democrats
were again beaten. however. Grant was re-
elected, and he signed as Pres idcnt the coin
age act of 1873. by which the standard silver
dollar was stricEen from .eN ist.nrr, an! tho
paying OF the bonds in ""oin" became. OF
course their payment in gold, Then cam" III.
RESUMPTION act 81 1879. which III" Democratic
Convention 81 $50, III nominating samuel j.
Tili"n, opposed in these worh~:
We dcunance til" nuanrtl mhcriiir, which, during
e.r, Ell years at peace. mas lt'r toward
sun on IN preparation tor Tuif -uf, w,lla
annually protesting I" IN end :; ctN r'i.U fp"nl"
PAYMENTS. has Annually enacted i''sr han frances
thereto ~ such \ h,nlrtlrr " q nr.i"o tie re- |
sumption clause Of the act "t $50 an! Ne here dc.
mhnt its reirn'.
BIT when the next DomonT'i" Convention
met. in 1880, the resumption act ha! not only
Hal