Smyrna times., 1897-05-12
JACKSON'S FINANANClAL RECORD.
Far From "RestOring the Gold Currency"
He did Much to Debase the Circulating
Medium.
To the Editor of the Tribune.

10 the Editor of the Tribune.
Sir: When did President Jackson
"courageOusly restore the gold cur
rency," as Josiah Patterson maintained
in his address last Saturday at the Re-
form Club dinner? He was President
from March 4, 1929, to March 4, 1887,
during which time he pursued a relent-
less, if not venOmous, crusade against
the most solid financial institution in
this country at that period. The
United States Bank, at Philadelphia
Nicholas Biddle, president its
paid-up cash capital of $50, 900, 900 or
more, then, when there were few railway
and no telegraphic means of communi-
cation between most distant COM
mercial points, and when in all the
States there were numerous irresponsi-
BILE banks of issue, so regulated the
general currency circulation as to
keep the prevailing rates of exchange
between New Orleans and other
Southern cities and the North low and
comparatively uniform from one season
to another. That crusade, encouraged
as it was by the crafty influence of
Van Buren-the supporter, if not the
originator, of the New-York State
Safety Fund system" ostensibly
because such a banking power (especi-
ally under Wing and not Democratic
cOntrOD was in itself dangerously
inimical to the liberties of a free
people.
At length, by exciting the most
virulent partisan support, the crusade
was successful in terminating the exist
ence of the bank, and, hence, of it's
several branches in the cotton States,
though these had been alone instru-
mental in arresting the adlibitum note
circulation of the hundreds of unsound
State and local banks of issue through
out the Union.
This unrestricted issue and circula-
of irredeemable paper currency flooded
the entire country with what finally de-
veloped into the nOtOriOusly worthless
'Wild Cat money and Shin Plasters. "
The consequent extreme initiation of
ruling prices generally, up to the close
of 1886, Occasioned in turn an extreme
initiation of all kinds of business for the
time being and the unprecedented in
crease in importations, meanwhile, of
foreign productions not only by our
home merchants but by foreign houses
for their own account. The latter
threw them freely on the market, in
competition, for the highest obtain
abe prices, to convert the proceeds
into specie for immediate expectation,
thus taking the oyster and leaving
Yankeedom the shells. All these
things conspired to bring about the
great revulsiOn beginning in 1887 and
reaching its lowest point about 1S43, so
crushingly disastrous to every indus
trial, mercantile and commercial in
terest throughout the land, paralyzing
all legitimate business pursuits,
throwing labor generally out of en-
ployment and entailing widespread
ruin, poverty and suffering through a
long series of years.
How, then, could it be said, with any
semblance of truth, that jackson
courageously restored the gold cur
rency," when he struck the greatest
blow at healthy prosperity that any
Administration ever did by ''tamper-
ing with the currency?" The writer
lived and worried through the entire
period referred to, and knows whereof
he afirms, few others now living hav-
ing the like knowledge. Democratic
partisans are usually too prone to
ignore the truth of history.
OCTOGENARIAN NEW YORKER.
NelU- York, april so, 1897.