Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1897-07-22


The silver democrats have been I'M
+ usually profuse this year in eulogies OF
Jefferson and jackson. They have at
/ tempted to make it appear to those
I with democratic instincts that it has
been The regular thing for 100 years for
+ democratic suatesn en- to champion sill
ser and cheap money. Jefferson's oppo-
sition 10 cheap money and Reputation
of debts, and his advocacy of coinage
ratio which should always be kept close
10 the natural or market ratio, has been
made clear during the last few months.
The appeals of the silver democrats to
Gen. Jackson are meeting with the same
fate. In a recent speech eX-Congress-
man Josiah Patterson, of Tennessee,
after calling attention to the fact that
previous 10 1876 no American statesman
Of any party approved of the absurd
doctrine that Government can maintain
ometalism regardless of natural ra-
Los. spoke at some length upon Jack
sons position on money and currency.
Here Is what he said:
Nothing within the range of po-
teal absurdity could equal the spec
tacle presented by the followers of
Bryan when they met on the Sth of jan
uary to euiogize Jackson, who coura-
geously 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
al l.. hear 20,
sixteen to one? IT, as they teach
he people, we had the concurrent
circulation of gold and silver
from the passage of the act of
1902 down to the suspension of the coin
age Of the silver dollar in 1873, why
was this chan, made? Are they igno-
can't, or do they disguise the fact that
after the act of 1892 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
Tor more than 80 years prior to 1854?
Are they uniformed, or do they
conceal the fact that statesmen iliustri-
GUS in democratic annals for many
wears prior 70 the administration of
,iaekso 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 selfshly
opposed the restoration because The
people would prefer its bank notes to
i currency so bulky and inconyenient
IS silver? II 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 II. Ben
ton. speaking for the administration of
jackson, who declared in the senate
that the only way to crush the power
81 the bank was TO restore gold to cir
cuation Here was the necessity and
the only reason for the passage of the
act Of 1884 establishing the ratio of
sixteen to one.
"'rhe similarity between the discus
sion which took place in 1884 and the
discussion which took place in 1896 is
striking ard instructive. Hard money
democrats. in supporting the policy Of
jackson. advanced the same arguments
which the sound money democrats adj
yanced in supporting the policy of
Cleveland. If the hard money DEM
ocrats insisted that the underval uation
Of gold by the act Of 1892 forced it out
OF circulation, the sound money dem
ocrats insisted that the proposition in
the Chicago platform to undervalue sill
yer. If carried into effect, would bring
about the same result
III the hard money democrats recog-
nized that the act of 1892 mad 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 six
teen 10 one when the market ratio was
thirty-two to one. would result inev-
itably in silver monometallism. If the
bard money democrats contended that
aEl mankind had a prediction for
gold, the sound money democrats con-
tended that a gold standard was pref
cradle TO q silver standard. 1.-THE hard
money democrats, in order 70 main
uuder,alued silver 10y making the coin
age ratio sixteen to one when the mar
ket ratio was 1855 TO I. the sound money
democrats resisted the scheme TO over
value silver 80 as 10 force the retirement
Of gold IL the hard money democrats.
after the passage OF the act of 1884,
pointed with pride and exnltation to the
prosperity which followed the restora-
ton Of the gold currency, the sound
money democrats have never faItered in
warning their countrymen of the dis
aster which would follow its retire
uent
The truth is, the country is indebt-
ed 10 the hard money democrats, of
whom Jackson was the chief, for the
gold standard. Icould go on and show
how the act of 1884 had an effect exact
IL opposite to that Of 1879. how under