The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1897-05-26

Gize jackson Should Read History.
The silver democrats have been un7
usually profuse this year i'll eulogies of
Jefferson and Jackson. They have att
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 sil'
yer and cheapmoney. Jefferson's oppo-
sition to cheap money and reputation
of debts, and his advocacy of a 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
Gen. Jackson are meeting with the same
fate. In recent speech eX-CongreSs'
man Josiah Patterson, of Tennessee,
after calling attention to the fact that
previous to 1876 no American statesman
of any party approved of the absurd
doctrine that government can maintain
bimetallism regardless of natural ra'
tios, spoke at some length upon jack
sons position on money and currency
Here is what he said:
Nothing within the range Of po;
litical absurdity could equal the spect
tacle presented by the followers OF
Bryan when they met on the sth of Jani
uary to eulogize Jackson, who coura1
geously restored the gold currency. !
"Have these gentlemen ever paused
long enough in their assault on the pros,
perity of the country to inquire why il
was during Jackson's administration
the ratio was changed from fifteen to
sixteen to one? 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 1873, why
was this change made? Are they igno-
rant, or do they disguise the fact that
after the act Of 1892 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 selfishly
opposed the restoration because The
people would prefer it's bank notes to
a currency so bulky and inconvenient
as silver? twas Jackson who saw the
necessity for action, and who struck the
blow which crushed the bank and
brought hard money to the pockets
of the people. 1t was Thomas II. Ben
ton, speaking for the administration of
jackson, who declared in the senate
that the only way to crush the power
of the bank was to restore gold to cir
culation. Here was the necessity and
the only reason for the passage of the
act of 1884 establishing the ratio of
sixteen to one.
"The similarity between the discus
sion which took place in 1884 and the
discussion which took place in 1896 is
striking and instructive. Hard money
democrats, in supporting the policy of
jackson, advanced the same arguments
which the sound money democrats adj
vanced in supporting the policy of
Cleveland. If the hard money dem
ocrats insisted that the undervaluation
of gold by the act of 1902 forced it out
of circulation, the sound money DEM
ocrats insisted that the proposition in
the Chicago platform to undervalue sill
yer, if carried into effect, would bring
about the same result.
eff the hard money democrats recog-
nized that The act of 1902 had no per-
ceptible influence on the commercial
value of either gold or silver, and the
only way to restore gold to circulation
was to change the ratio, the sound mon
ey democrats recognized that the free
mintage of silver at the ratio of six
teen to one when the market ratio was
to one, would result inev-
itably in silver monometallism. If the
hard money democrats contended that
all mankind had a prediction for
gold" the sound money democrats con-
tended that gold standard was pref
cradle to silver standard. If the hard
money democrats, in order to main
tain the gold currency when restored,
silver by making the coin
lge ratio sixteen 10 one when the mar
ket ratio was ! 5.5S to /, the soundmoney
democrats resisted the scheme to over
of gold. If the hard money democrats.
after the passage of the act of 1894,
pointed with pride and eXultation to the
prosperity which followed the restora-
tion of the gold currency, the sound
money democrats have never faltered in
warning their countrymen of the dis
aster which would follow it's retire
ment.
"The truth is, the country is indebt-
ed to the hard money democrats, of
whom jackson was the chief, for the
gold standard. could go on and show
how the act Of 1894 had an effect exact
ly opposite to that of 1870, how under
the operations of the same infexible
economic law gold went out of circula-
ton under the one and silver under the
other, how congress in 1853, on account
Of the retirement Of silver, was forced
to coin it as subsidiary money in order
to supply the people with small change