The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-05-12
WHAT JACKSON DID.
CRUSHED BANKS IN ORDER TO RE-
STORE GOLD TO CIRCULATION.

| OHOoHEC oSNNo IN ONDcH ~ Ne
| STORE GOLD TO CIRCULATION.
changed Ratio From Fifteen 10 sirtesn 10
One 10 Bring Gold Baek-was Ono VINO
Thought That All Mankind Had Pred
| neotion For Goid-silveritas Who Eulo-
gizo jackson Should Road History.
The silver Democrats have been un-
usually profuse this year In eulogies of
Jefferson and jackson. They have at
tempted to make IL 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 a recent speech
ex-Congressman 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 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-
litical absurdity could equal the spec
taole 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 in their assault ON tho pros
perity Of the country to inquire why it
was during Jackson's administration
the ratio was changed from is 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
ago of the silver dollar in 1878, why
was this change nader Are they igno-
rant, or do they disguise the fact that
after tho 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 uninformed, 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 its bank notes to currency 30
bulky and inconvenient as silver? It
was 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. II
was Thomas II. Benton, speaking for
the administration Of Jackson, who de-
clared in the senate that the only way
restore gold to circulation. Here was
the necessity and the only reason for
the passage Of the act of 1884 establish
ing the ratio Of 10 to /.
Tho similarity between the discus
sion which took place in 1894 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 monty Democrats ad-
vanced in supporting tho policy Of
Cleveland. If the hard money Dem
ocrats insisted that the differentiation
of gold by the act of 1909 forced it out
of circulation, the sound money Dem
ocrats insisted that the proposition in
the Chicago platform to overvalue sill
yer, if carried into effect, would bring
about the same result.
III the hard money Democrats recog-
nized that the act Of 1893 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, the sound mon
ey Democrats recognized that the free
mintage of silver at the ratio of 16 to 1
when the market ratio was SO to
would result inevitably in silver mono
metallism. II tho hard money Dem
ocrats commended THAT all mankind had
q prediction for gold, the sound mon.
ey Democrats commended that q gold
standard was preferable to a silver
standard. II the hard money Democrats,
in order to maintain the gold currency
when restored, undervalued silver by
making the coinage ratio 10 to when
the market ratio was 1853 to 1, the
sound money Democrats resisted the
scheme to overvalue silver 80 as to
force the retirement Of gold. II the hard
money Democrats, after the passage Of
tho act Of 1884, pointed with pride and
exultation to the prosperity which fol-
lowed the restoration of the gold cur
rency, the sound money Democrats have
never faltered IN warning their coun-
trymen Of the disaster which would fol-
low its retirement.
1.-The truth is the country is indebted
to the hard money Democrats, of whom
jackson was the chief, for the gold
standard. could go on and show how
the act of 1884 had an effect exactly op-
posite to that of 1893, how under the
operations Of tho Same infexible eco
nomio law gold went out Of circulation
under the one and silver under the 9TH
Or, how congress in 1858, on account Of
the retiremert of silver, was forced to
coin it as subsidiary money in order to
supply the people with small change,
md how the silver dollaSs ceased to
low from the mints and gold was coin
I'd in great quantities. But this is for
,ign to my text.
my purpose is to show that the ad-
7ocates of the Chicago platform have
10 right to conjure with tho name Of
Andrew jackson. That platform has no
precedent in the history and traditions
# the Democratic party. 1t promises q
lew dispensation in monetary science
never dreamed of in tho philosophy Of