Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1897-06-03
WHAT JACKSON DID.
CAuSHsD BANKS IN ORDER TO RE-
STORE GOLD TO CIRCULATION.

One TO bring Gold Rack--was Ono Who
| Thought That All Mankind Had n Pred
Election For Goid--Siivcritcs Who Euio-
gisc Jackson Should Read History.
The silver Democrats have been un.
usually protuso this year in eulogies OF
Jefferson and jackson, They have at
tempted to make il appear to those
| with Democratic instincts that it has
heen the regular thing for 100 years for
Democratic statesmen to champion sill.
yer and cheap money, Jetferson's oppo-
sition to cheap money and reputation
of debts, and his advocacy of coinage
ratio which should always DO kept close
to tho natural or market ratio, has been
mado clear during the last fow months,
Tho appeals of tho silver Democrats
to General Jackson arc meeting with
the same fate. In n recent speech
ex- Congressman Josiah Patterson Of
Tennessee, after calling attention to tho
fact that previous to 1876 no American
statesman of any party approved Of tho
absurd doctrine that government can
maintain himotallism regardless Of nat.
ural ratios, spoke at some length upon
Jaekson's position on money and cur.
renoy, Here is what he said:
Nothing within the range Of pc.
| litieal ahsurdity could equal tho spec.
taolo presented by tho followers Of Bry-
an when they met an tho Sth Of Janua-
~ to oulogize jackson, who courageous
ly restored the gold currency.
| Have these gentlemen ever paused
long enough in their assault on the pros
perity Of tho country to inquire why it
was during Jacksons administration
the ratio was changed from 10 to 10 to
]? If, MS they teach tho people, we had
tho concurrent circulation Of gold and
silver from the passage Of tho not Of
17pa down to tho suspension of the coin
age Of tho silver dollar in 1873, why
WIS this change madoS Arc they igno-
rant, or do they disguise the fact that
after tho net Of 1904 gold relatively to
silver was undervnlued and went out Of
circulation because 1t WINS worth u lit
Ito more as bullion than M money! Do
they forget or do they suppress tho fact
that gold remained out of circulation
for moro than 30 years prior to 1892
"Are they uniformed, or do they
conceal tho fact that statesmen illustri-
GUS in Democratic annals for many
years prior TO the administration Of
Jackson advocated the restoration Of tho
gold currency Have they never read
history. or do they withhold tho truth.
when they ignore tho fact that tho bank
Of tho United States soliishly opposed
the restoration because the people would
prefer its bunk notes to u currency SO
bulky and inconvoniont rs silyerS IL
was Jackson who saw tho necessity for
action, and who struck tho blow which
crushed tho bank and brought hard
money to tho pockets OF tho people. 1t
was Thomas II, Benton, speaking for
the administration of Jackson, who do
olared In the senate that tho only way
to crush tho power of tho bank was to
restore gold to circulation, Here was
the necessity and the only reason for
the passage of the act Of 1884 establish.
ing tho ratio Of 10 to /.
Tho similarity between tho discus
sion which took place IN 1884 and tho
discussion which took place IN 1890 Is
striking and instructive. Hard money
Democrats IN supporting tho policy OF
Jackson, advanced the same nrgumenA
which the sound money Democrats htil
vanced in supporting the policy OF
Cleveland II tho hard money Dem
ocrats insisted that tho differentiation
Of gold by tho act Of 1909 forced II out
Of circulation, tho sound money Dem
oorats insisted that tho proposition in
the Chicago platform to oyorvaluo sill.
yer, IL carried into effect, would bring
about the same result.
III tho hard money Democrats recog-
nizod that the act Of l7g2 had no per.
ceptiblo influence on the commercial
value Of either gold or SILVER and the
only way to restore gold to circulation
was to Change the ratio, tho sound mon
oy Democrats recognized that tho FREQ
mintago Of silver at tho ratio Of % to
when the market ratio was 32 TO /
would result inevitably in silver mono
metallism. IL tho hard money Defas,
ocrats contonded THAT all mankind had
upItuliCtlluu lof RoIu, tne hOuDu mOD-
ey Democrats contendcd TINT gold
standard was preferable to silver
standard. II the hard money Democrats,
In order to maintain tho gold currency
when restored, underynlued silver by
making tho coinage ratio 10 to when
the market ratio was 1853 to /, tho
sound money Democrats resisted the
scheme to oyervaluo silver so IN to
force the retirement of gold. II the hard
money Democrats, after the passage Of
the act Of 1894, pointed with pride and
exultation to tho prosperity which fol.
lowed the restoration Of the gold cur
rency, the sound money Democrats have
never faltsred in warning their coun-
trymen Of the disaster which would fol-
low It's retirement.
''The truth is the country Is indebted
to the hard money Democrats, Of whom
Jackson was the chief, for tho gold
standard. could 90 on and show how
the act Of 1884 had nm effect exactly op.
posite TO that Of 1902. how under the