The comet. (Johnson City, Tenn.) 1884-1916, 1895-10-17

institutions, and the whole paper system,
yehemently opposed it, and spared neither
pains nor expense to check its circulation
and to bring odium upon its supporters
jackson and Cleveland.
History is repeating itself. The par
allel between the administration of An
drew Jackson and the administration of
Grover Cleveland is complete. The oppo-
sition to Cleveland is no less fierce than
it was to Jackson Jackson, inspired by
patriotism, followed up that line of policy
which he believed best for his country
with unilaggng courage, and so does
Cleveland. If Jackson, with relentless
energy, insisted on Il restoration OF the
gold currency, Cleveland, with equal en-
ergy, insists ON its retention. IL Jackson
denounced and crushed the United States
Bank, so does Cleveland oppose the gov
eminent remaining in the banking bust
ness, and would retire its notes from cir
culation. Like jackson, Cleveland advo-
Gates system of free banking based on
assets subject to such restrictions and
guarantees as will secure sound cur
rency and adequate banking facilities.
The friends of the United States Bank
were, to man, in favor of the silver
standard. So the friends of fiat money
who now insist on a greenback currency,
are, to a man, hostile to Cleveland and
are in favor of the coinage of silver at
the ratio of 1G to |, Notwithstanding it
will result in silver monOmetallism.
Expulsion of silver.
Immediately after the passage of the
r IL, IN tirn
circulation. As we have already shown,
the commercial ratio was 1888 to l at
the time the coinage ratio was fixed at IL
to 1. This made the silver coins worth
about cents more on the dollar as bull
lion than as money. This was suf-
ticient inducement to the Spectator to
hoard silver and sell it as bullion. Under
the acts of 1892 and 1884 the 80, % 10
and 5-cent silver pieces were coined so
that they would respectively contain one
half, one-quarter, one-tenth and one
twentieth part of a dollar; so that two
> halves, four quarters, ten dimes or TWEEN
ty 5-eent pieces would be exactly equal in
weight to a dollar piece. The result was
that the small pieces shared the same
! fate as the dollar. and all alike were re-
p. tired from circulation,
, There is Il historical incident connected
= with this condition of affairs which
; every citizen Of Tennessee over sixty
' years of age will recall. So completely
was every kind of silver coin banisheC
from circulation that the people in {
few years were without small change
the result was that they had to resort t.
. "shin-plasters" to take the place of small
> coins. The bankers, the merchants, thu
u blacksmths and Others engaged in bust
ness issued their small notes, redeemabl
:, ON demand in money, and these littl
- notes took the place of the small sllye
= coins which had retired from circulation
y Finally it became necessary to do some
y thing to restore small metallic money
> which the people so much needed, and S
, another Democratic Congress passed tn
! act of 1858.
- / have already explained this act il
:, treating of the different kinds of eur
. rency, and called attention to the fac
that it provided for the coinage of smaI
l. silver money at the rate of 34S grains t
e, the dollar, instead of 4121a grains. Thi
ID was done to keep it in circulation. 5
If long as it was more valuable as none
ID than it was as bullion it would renal
e with the people. However, this &C
ID throws flood of light on the conditio
If of the currency. At that time Mr. Dur
s. ham, the chairman Of the committee VIII
N reported the bill, on page 100, appendix q
Of Congressional Globe, second session 9
n the Thirty-sccond Congress, said:
:, IL ~,
DC gather up every silver coin and send
Of to market as bullion, to be exchanged fC
IS gold; and the result is the country
in almost devoid of small change for til
ordinary small business transactions, an
I'd what we have is of deprecated chara
er ter. This does not injure your Wa
to street brokers, wEo deal by Thousands
m they are making profit by it. But it
&c serious injury to the laboring million
rs of the country, who deal in small sums
OF 1t was said that the passage of Il
act would result in the establishment
ge the gold standard, to which Mr. DuI
of ham, on the same cage, replied:
On Another ObjectIOn urged against tn
IT. proposed change j. that it gives us
ok standard of gold only What adyantaI
IN is to be obtained by two metals which
hO not as well, if not rquch better, attaint
ng by single standard, | am unable to pc
Is ceive; while there are very great disa
of vantages resulting from it, as the exp
X rience of every nation which has q
NV tempted to maintain it has proved. |
cy deed, it is utterly impossible that "
should long at time maintain douh
:, standard. Gentlemen talk about u do
g. BILE standard of gold and silver as
80 thing that exists and that we propose
- change. We have had but a single stan
ia ard for the last three or four years. Th
~ has been, and now is gold. We propo
~ to let it remain so, and to adapt silver
- it to regulate it by it,
'se In answer to plan suggested by SOL
on member Mr. Durham, ON the same pas
81 said:
-, 1--WE would thereby still continue t
eu double standard of gold and silver,
ne thing the committee desire to obva
leS They desire to have the standard CT
ic1 rency TO consist of gold only, and til
~ these silver coins shall be entirely 81
eo servient to it, and that they shall
'er used rather as tokens than as standa
'en money"
len Mr.. SHELTON, of New Jersey. in his
$50 marks (see Congressional Globe, volul
~ 26, page 629), said
MS 1.-THE main object of the bill is to 81
ese ply small change--half dollars, quar-
10 dollars dimes and half dimes. The
ey' does not propose to change the value
nd, the gold currency. 1t does not propC
'ad to disturb the standard of value now
Old existence throughout the country. G,
be- is the only standard of value by viii