New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-03
JACKSONS FINANCIAL RECORD.
FAR FROM RESTORING THE GOLD CURRENCY"
HE DID MUCH TO DEBAsE THE CIRCU-
LATING MEDIUM.
TO the Editor OF The Tribune.

To the Editor Of The Tribune
Sir: When did President Jackson "coura geously
restore the gold currency" as Josiah Patterson
maintained In his address last Saturday at the Re-
form Club dinner? He President from March
4, 1920. to March g. 1897 during which time he pur-
sued relentless. II not venomous, crusade against
the most solid financial institution in this country
that period. The United States Bank, at Pha-
delphia-Ncholas Biddle, president-wth its paid
up cash capital Of $O.c0,OOO or more, then, when
there were few railway and no Geographic means OF
communication between most distant commercial
points and when I'm all the States there were numer-
Gus irresponsible banks OF issue, regulated the
general currency circulation 10 keep the pre-
vailing rates OF exchange between New-Orleans ana
other Southern cities and the North low and COM
paratlvely uniform from season 10 another
That crusade, encouraged 1t was by the crafty
influence Of Van Buren-the supporter, II not the
originator. OF the NewYork State Safety Fund
system'-was ostensibly because such banking
power Especially under Wing and not Democratic
control in itself dangerously nimical TO the
liberties OF free people.
At length By exciting the most virulent Demo-
cratic partisan support, the crusade was success
full in terminating the existence of the bank, and
hence of its several branches in the cotton States.
though these had been alone instrumental In ar
resting the ad lbitum note circulation OF the nun
dreds Of unsound State and local banks OF ISSUE
throughout the Union
This unrestricted issue and circulation OF IRE.
with what finally developed into the VIGOROUSLY
worthless wild Cat money" and shin Plasters
The consequent extreme imitation or ruling prices
generally, up the close OF 1886 occasoned IN turn
extreme imitation Of all kinds OF business ior inc
time being and the unprecedented increase In i'm.
portatons. meanwhile, of foreign productlons not
ONLY by our home merchants but by foreign houses
Far their own account. The latter threw them freey
on the market in competition for the highest OBJ
t1inabe prices convert the proceeds INTO sPecie
for immediate exporta: i3n thus taking me oyster
and leaving Yankeedom the shells All tnese
things conspired bring about the great reVulslon
beginning in 1887 and reaching It's lowest point
ahou, lSi3 so crushingy disastrous to every innus-
trial mercantile and commercial interest through
ont the land parayzng all legitimate business pur.
eui,s throwing labor generally out Of employment
oDd entaillng widespread ruin. poverty and suffer-
ing through a Ions series OF years ,,. -,
flow then could It be said with any sennoatce ~ Ua
truth that jackson courageously resoreu h, tIS
g,id currency" when he struck the greatest Do"
at healthy prosperity that any TSe
-,.or I,ved and worried through the entire perlod
rnfnrred TO- and knows whereof he ailrnS I, lev
ntbers now living having the like knowledge DeHio.
cratic partisans usually too prone 10 ignore te
tru'h VI me- 0ITOGENARIAN NEW-YORKER.