The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1897-05-28
WHAT JAC EsON DID.
CRUSHED BAN J. IN ORDER 70 RE-
STORE GoL< - CIRCULATION.

STORE GoLf ~ CIRCULATION.
chansed Ratio FROM Fiftsen TO sixteen 70
one 70 Brine Gold Back WAS One Who
Thought ma, All Mankind Had > Pred
ileetion For cold -siiyerites who Enio-
eize Jaeksea shouid Read History.
The silver Democrats have been nm
usually profuse this year in euIogies Of
Jefferson and jackson. They have at
tempted 70 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 cheap money. Jeferson's oppo-
sition to cheap money and repudiation
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 General jackson are meeting with
the same fate. In q recent speech
ex-Congresaman 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 bimetallism regardless Of nat
ural 1atios, spoke ut 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
tacle presented by the followers OF Bry-
an when they met on the 9Th Of Janua-
~ to eulogize jackson, who courageous
ly restored the gold currency.
Have these gentlemen ever paused
long 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 10 to
/? II, 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
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 1899 gold relatively to
silver was undervalued and went out Of
circulation because it was worth a 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 selfisbly opposed
the restoration because the people would
prefer its bank notes to currency so
bulky and inconvenient as silver? 1t
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. 1t
was Thomas 81. Benton, speaking for
the administration Of jackson, who de-
clared in the senate that the only way
to crush the power of the bank was to
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 l.
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 sound money Democrats ad-
vanced in supporting the policy of
Cleveland. If the hard money Dem
ocrats insisted that the differentiation
of gold by the act Of 1899 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
IF the hard money Democrats recog-
nized that the act of 1899 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 10 to
when the market ratio was 80 to
would result inevitably in silver mono
metallis1n. If the 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 i6 to when
the market ratio was 1858 to !, the
sound money Democrats resisted the
scheme to overvalue silver SO as to
force the retirement of gold. II the hard
money Democrats, after the passage of
the 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-
trynen 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 OPP
posite to that of 1892, how under the
operations of the same intlexible eco
nomic law gold went out of circulation
under the one and silver under the 9th
er, 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,