The Providence news. (Providence [R.I.]) 1891-1906, 1897-05-26
WHAT JACKSON DID.
Crushed Banks In Order TO Restore
Gold to Circulation.
Changed Ratio From Fifteen TO sixteen
20 One co Bring Gold Back.

JtHSIsOn auu JdchkOu. lncy nave ht-
tempted TO make it appear to those
with Democratic instincts that IL has
been the regular thing for 100 years for
Democratic statesmen TO champion sill
ver and cheap money. Jefferson's oppo-
sition to cheap money and repudiation
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 arc meeting with
the same fate. In recent speech
ex-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 bimctallism regardless Of nat
ural ratios, spoke at some length upon
Jackson's position ON money and cur
xency. Here is what he said:
Nothing within tho range of po-
litical absurdity could equal the spec-
tacle presented by the followers of Bry-
an when they met on the Sth of Janua-
ry TO eulogize jackson, who courageous
ly restored the gold currency.
Have these gentlemen ever paused
lcng enough in their 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
/? If, as they teach the people, we had
the concurrent circulation of gold and
silver from the passage of the act Of
1893 down 20 the suspension of the coin
ago 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 l792 gold relatively to
silver was undcrvalued and went out Of
circulation because il 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 moro than 80 years prior to 1884?
"Are they urinformed, or do they
conceal tho fact that statesmen illustri-
Gus i'll 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 currency so
bulky and inconvenient as silver? IL
was Jackson who saw the necessity for
action, and who struck the blow which
crushed tho bank and brought hard
money 10 the pockets Of the people. Il
was Thomas II. Benton. speaking for
tho administration of jackson, who de-
clared in the senate that the only way
to crush the power of the bank was to
restore gold 10 circulation. Here was
the necessity and the only reason for
the passage OF the act of 1884 establish
ing the ratio Of 10 TO /.
1.-The similarity between the discus
sion which took place in 1884 and the
discussion which took place in 1895 is
striking and instructive. Hard money
Democrats, in supporting the policy Of
jackson, advanced the same arguments
which the seaHaH fHeHey Democrats adj
vanced in supporting the policy Of
Cleveland. If tho hard money Dem
ocrats insisted that the undervaluation
of gold ly tho act Of 1899 forced it ont
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.
''lf tho hard money Democrats recog-
- ha1
ceptible influence on the commercial
valuo of eitlor gold or silver, and the
only way 20 restore gold TO circulation
was to change the ratio, tho sound mon
ey Democrats recognized that the free
mintage of silver ct the ratio of ] @ to
when the market ratio was 80 to
would result inevitably in silver mono
metallism. If the hard money Dem
ocrats Contcndcd that all mankind had
prediction for gold, the sound mon.
ey Democrats contended that gold
standard was preferable TO silver
standard. If tie hard money Democrats,
in order TO maiutain the gold currency
when restored, underyalued silver by
making the coinage ratio l6 to when
the market ratio was 10 SO to /, the
sound money Democrats resisted the
scheme 10 overvalue silver SO as to
forcn the retirement Of gold. II the hard
money Democrats, after the passage of
the act Of 1884, pointed with pride aud
exultation 20 tho prosperity which fol
lowed the restoration Of the gold cur
rency, the sound money Democrats have
never faltcrcd in warning their coun-
trymcn of tic disaster which would fol-
low its refinement
'"rhe truth is the country is indebted
90 the hard money Democrats, of whom
Jackson was the chief, fer the gold
standard. j could 20 ol and show how
the act of 1884 had au effect exactly op-
posite TO that of 1899, how under the
operations OF tho same inilexible eco
nomic law Pold went ont Of circulation
under the one and silver under the 9TH
er, how congress in 1858, on account Of
the retirement of silver, was forced to
coin il "a subsidiary money in order 20
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