The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-27
THE WARNING OF EXPERIENCE
IGNORED.

1t would seem that Democratic leaders
might learn something from experience,
even upon the subject of money. When the
Lincoln government found it necessary to
issue the legal tender known as the green
back, every Democrat in Congress opposed
the scheme and the party declarations were
hostile to the greenback. When the war
was over, many Democratic leaders be-
came the champions of the greenback and
declared for sufficient issues to redeem the
outstanding bonds, payable on their face in
coin. This would have been a serious issue
in 1868, had not the settlement Of the issues
of the war overbalanced everything else.
Later, when schemes to bring the country
to specie basis were under consideration
in Congress, the Democratic leaders from
all except the Eastern States were radically
opposed to every proposition of that char
acter. The resumption act, passed in Feb
ruary 1875, had no Democratic supporter.
At that time Samuel ]. Tilden dominated
the Democratic party as it's probable can
didate, else the Democratic platform would
have declared against specie resumption in
cratic nomination for President Mr.. Tilden
favored specie payments, but opposed the
methods provided by the resumption act.
Governor Hendricks, in his letter of ac-
ceptance, expressed the general Democratic
sentiment of hostility to a return CT specie
payments In the year which followed the
presidential election of 1876 the Democrats
in the Western States assailed specie re-
sumption and forced their opposition to the
front as an issue. In Congress their efforts
were directed to the repeal of the resump-
ton act. 1t was pushed to the front and
made to take precedence of all other mat
ters In the Republican party in the West
many thousands of Republicans were cap
tured by the opposition to specie resump-
tion This opposition put specie resumption
in grave doubt and prolonged the depression
which began in the fall of 1874. If conf
dence had not come with the resumption of
specie payments, Jan. l, 1872 bringing
general revival of business and industry, the
foes of resumption, led by Western Demo-
Gratis would have turned the country over
to imitation by the issue of fiat paper mon
election of 1880 to the Republicans. But for
the distrust of the conservative element of
the country in Democratic leadership be-
cause of it's monetary heresies, that party
would have carried the election in 1880. -Four
years later Mr.. Cleveland came in because
he was an avowed sound money man. Had
he been otherwise he would have lost New
York and the election.
Not profiting by these experiences the ag-
gressive element of the Democracy con-
troIled the Chicago convention and COM
mitted the party to the half and half fiat
ism of 16 to l. They made the campaign on
that issue, paralyzing business, and lost
Just now it seems as if these leaders would
not profit by defeats due to monetary here
sizes which have been condemned by all ex-
perience but will make another campaign
for the benefit OF the silver-mine trust and
the detriment of every other interest. They
must know that such a campaign in 1900 will
disturb the business of the country. Many
of them, because they are men of intelli-
gence and experience, must know that a
party success upon such pledges would in
volve the country in such financial panic
as the world has never known, yet they
seem willing to pursue any course which
will give them national control. They seem
not to have profted by the defeats of their
predecessors because of their devotion to
financial heresies.