The Maryville times. (Maryville, Tenn.) 1884-1944, 1897-07-24
WHAT JACKSON DID.
CRUSHED BANKS IN ORDER TO RE.
STORE GOLD TO CIRCULATION.
Changed Ratio From Fifteen 10 Sixteen to
One to Bring Gold Back-was One Who
Thought That ALI Mankind Had u Pred
Election For Gold-Siivcrites Who Eulo-
giss jackson Should Read History.


giss jackson Should Read History.
The silver Democrats have been I'M
usually profuse this year in eulogies OF
Jefferson and Jackson. They have at
tempted to make it appear to those
with Democratic instincts that it has
been the regular thing for 100 years for
Democratic statesmen to champion sill
yer and cheap money. Jefferson's oppo-
sition to cheap money and reputation
of debts, and his advocacy Of coinage
ratio which should always be kept close
to the natural or market ratio, has been
made clear during the last few months.
The appeals of the silver Democrats
to General Jackson are meeting with
the same fate. In a recent speech
ex-Congressman Josiah Patterson of
Tennessee, after calling attention to the
fact that previous to 1875 no American
statesman of any party approved of the
absurd doctrine that government can
maintain bimetallism regardless of nat
ural ratios, spoke at some length upon
Jackson's position on money and cur
rency. Here is what he said:
Nothing within the range of po-
litioal absurdity could equal the spec
tacle presented by the followers of Bry-
an when they met OH the 9Th of Janua-
ry to eulogize Jackson, who courageous
ly restored the gold currency.
Have these gentlemen ever paused
long enough in their assault On the pros
perity of the country to inquire why it
was during Jackson's administration
the ratio was changed from 10 to 16 to
1? If, as they teach the people, we had
the concurrent circulation of gold and
silver from the passage of the act of
1892 down to the suspension of the coin
age of the silver dollar in 1878, why
was this change made? Are they igno-
rant, or do they disguise the fact that
after the act of 1893 gold relatively to
silver was undervalued and went out of
circulation because it was worth lit
tie more as bullion than as money? Do
they forget or do they suppress the fact
that gold remained out of circulation
for more than 80 years prior to 1884?
Are they uniformed, or do they
conceal the fact that statesmen illustri-
Gus in Democratic annals for many
years prior to the administration OF
jackson advocated the restoration of the
gold currency? Have they never read
history, or do they withhold the truth,
when they ignore the fact that the bank
of the United States selfshly opposed
the restoration because the people would
prefer its bank notes to currency sc
bulky and inconvenient as silver? II
was jackson who saw the necessity fol
action, and who struck the blow which
crushed the bank and brought HARD
money to the pockets of the people. II
was Thomas H. Benton, speaking fol-
the administration Of Jackson, who de.
clared in the senate that the only way
to crush the power of the bank was tt
restore gold TO circulation, Here was
the necessity and the only reason fol
the passage Of the act of 1884 establish
ing the ratio Of 16 to 1.
THE similarity between the discus
sion which took place in 1884 and tn,
discussion which took place in 1896 il
striking and instructive. Hard money
Democrats, in supporting the policy o.
Jackson, advanced the same arguments
which the sound money Democrats ad
vanced in supporting the policy O.
Cleveland. If the hard money Dem
ocrats insisted that the undervaluatiol
of gold by the act of 1892 forced it on
Of circulation, the sound money Dem
ocrats insisted that the proposition il
the Chicago platform to overvalue sill
yer, if carried into effect, would brinl
about the same result
If the hard money Democrats recog
nized that the act of 1892 had no per
ceptible influence on the commercial
value Of either gold or silver, and tn
only way to restore gold to circulation
was to change the ratio. the sound mon
ey Democrats recognized that the fire.
mintage of silver at the ratio Of 16 to
when the market ratio was 80 to
would result inevitably in silver mono
metallism. If the hard money Dem
ocrats contended THAT all mankind ha,
prediction for gold," the sound mon
ey Democrats contended that a gol
standard was preferable to a silve
standard. II the hard money Democrats
in order to maintain the gold currenc,
when restored, undervalued silver b,
making the coinage ratio 16 to whe
the market ratio was 1858 to /, tn
sound money Democrats resisted tn
scheme to overvalue silver so as
force the retirement of gold. II the har
money Democrats, after the passage c
the act of 1884, pointed with pride an
exultation to the prosperity which TO
lowed the restoration of the gold cul
rency, the sound money Democrats hav
never faltered in warning their cour
trymen of the disaster which would TO
low its retirement.
The truth is the country is indebte
to the hard money Democrats, of whol
Jackson was the chief, for the gol
standard. could go on and show ho'
the act Of 1884 had an effect exactly OF
posite to that of 1792, how under til
operations of the same inflexible eot
nomic law gold went out Of circulatio
under the one and silver under the otl
er, how congress in 1853, on account I
the retirement Of silver, was forced
coin it as subsidiary money in order
supply the people with small chang
and how the silver dollars ceased
fow from the minis and gold was coil
al l.. <=.aa4 aaA.4.aa R=k thsa 10 IL,