Middletown transcript., 1897-05-22
WHAT JACKSON DID.
CRUSHED BANKS IN ORDER TO RE-
STORE GOLD TO CIRCULATION.

Changed Ratio From Fifteen TO Sixteen TO
One TO Bring Gold Back-was One Who
Thought That All Mankind Had Pred
Election For Gold-sf1veritee Who EuIo-
gize jackson Should Read History.
The silver Democrats have been un-
usually profuse this year in eulogies Of
Jefferson and jackson. They have at
tempted to make it appear to those
with Democratic instincts that 1t 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 recent speech
ex-C 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-
htical absurdity could equal the spec
taoie presented by the followers of Bry-
an when they met on the 9Th of Janua-
ry to eulogize Jackson, who courageous
ly restored the gold currency.
Have these gentlemen ever paused
long enough intheir 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
II If, as they teach the people, we had
the concurrent circulation of gold and
silver from the passage of the act Of
1893 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 1792 gold relatively to
silver was underyalued and went out Of
circulation because twas 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 30 years prior to 1892
"Are they nninformed, or do they
conceal the fact that statesmen illnstri-
ous 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 selishly opposed
the restoration because the people would
prefer its bank notes to a currency SO
bulky and inconvenient as silver2 Il
was jackson who saw~the necessity for
action, and who struck the blow which
crushed the bank aud brought hard
money to the pockets of the people. Il
was Thomas H. Benton, speaking for
the administration Of Jackson. who de-
plared in the senate that the only way
to crush the power Of the bank was to
restore gold 10 circulation. Here was
the necessity aud tho only reason for
the passage Of the act Ct 1884 establish
ing the ratiu cf 6to !.
THE similarity Letween the discus
sion which tock place in 1884 ard tie
discussion Y hieh tee L PLACE In 1895 is
striking aud III tructiyc Hard money
Democrats. in Fui rcrting the policy Of
jackson, aGyarefd the same arguments
which he eonrd ncncy Democrats ad
'vanced in surroi ting the policy of
Clevelartl II tie hard money Dem
ocrats Insisted iEat Tie REORGANIZATION
Of gold y tho act Of 1902 forced it out
Of eiitflaistn. The Frpi.d n:cpcy Deni.
ocrats insisted th.t the proposition in
the Chiearo lslitffrnl TO. oeervalGo s;h
YER If carried issn elect. would Ii
about ti;..s ser nit
If sl:;r,i7i:sensJ P,niecr rJteg-
nized that i,.lkf liss had La rer-
ccrtible iilftise u tie een. n.cfcial
value Ct tiilefsd ae silver nnd the
Only way +, rs tssfe sad 70 circulation
was to e.i;a.s s,s ID, tho sound mon
= iDeiaoer...s fsssst sgs.esi t:sat tie free
vi m q Z m - f-s X. s.fs M faJ