The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-10
JACKSON VERSUS VOORHEES,.

If it had occurred to the Democrats in
this part of the country to have cele-
brated Jacksons day by recalling his
record on issues which are pertinent to-
day it would have proved an instructive
occasion. For instance, If they had read
those chapters of history bearing upon
"Old Hickory's'' views and action on the
coinage question they would have been
detected to see how far they had wan
dered from the path which Jackson
blazed more than sixty years ago. That
such Democrats as seek light and joy in
the columns of the Journal may know
Of this matter the following extract from
the excellent history of the United States
written by President Andrews, of Brown
University, in Rhode Island-a Demo
Gratis given:
An important measure touching the hard
money system OF the country was passed In
q large part through the influence OF Jack
son. By the mint law of 1892 our silver
dollar was made to contain 3I1A grains OF
fine silver, or 416 of standard silver. The
amount of pure silver In this venerable coin
has remained unchanged ever since; only,
in 1887, by reduction Of the alloy fraction
to exactly one-tenth, the total weight OF
the coin became what it now is. 412!a grains.
given the gold dollar just one-fifteenth the
weight of the silver dollar. This proportion,
which Hamilton had arrived at after care
full investigation, characteristic Of the man,
was exactly correct at the time, but within
year. as is now known, on account OF
the increase in the relative value OF gold.
the gold dollar at Is to became more val
liable than it's silver mate. The consequence
was that the gold brought to the United
States mint for coina age fell OF ,H1o year by
been almost zero. Gold money had nearly
ceased to circulate. Jackson resolved to re-
store the yellow metal to daily use. The
so-called gold bin was carried through Con-
gress in 1884, changing the proportion OF
silver to gold In our currency from 10 to
to 1s to l. 1t should have been dn, lSi1 to L. !;
that the silver gradually ceased TO circulate,
as gold had ceased to circulate before. The
result was made worse after ls4S, when
there was still further appreciation of sill
yer through the discovery of gold in Cali
forna and Australia Silver dollars did not
aTain circulate freely in this country until
1878.
There is nothing new in the foregoing
extract, but 1t is a singularly clear and
accurate statement Of the action of Con-
gress in 1884 and the ground upon which
it was based. Attention is called to it
because President Andrews. who wrote
1t. is a jealous bimetallist, which means
that he is not in favor of the free coin
age of silver by the United States alone,
for IL he were he would be silver mono
metallist as are Senators Voorhees, and
Turpie 1t shows how Democrats may
differ.
The point, however, to which atten-
ton is called is the action of Andrew
Jackson as President. Gold did not cir
culate in the United States at that time,
but General Jackson was so much of a
gold bug that he urged legislation
which would cause gold to seek our minis
and to circulate as money in the coun-
try, because he desired to have the stock
of the Nations metal money increased
Andrew Jackson had not read many
books on finance, but he had been about
the world and knew that no one would
take gold bullion worth los cents In the
worlds markets to a United States mint
to be coined into a hundred-cent dollar
If any Democrat like Senator Voorhees,
had gone to Jackson and tried to con-
vince him that piece of gold bullion
worth 100 cents in the worlds markets
and a piece of silver bullion worth "a
cents could both be stamped lone dollar"
and made To circulate side. by side, year
after year. that practical but emphatic
old man would have removed his cob