The Cape Girardeau Democrat., 1897-05-29

usually profuse this year i'll eulogies of
Jefferson and Jackson. They have at
tempted to make it appear to those
with democratic instincts that it has
been the regular thing for 100 years for
democratic statesmen to champion sill
yer and cheap money. Jefferson's oppo-
sition TO cheap money and reputation
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
Gen. Jackson are meeting with the same
fate. In :, recent speech eX-Congre.
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
bimetalliSIn regardless of natural ra-
tios, spoke at some length upon jack
sons position OH money and currency.
Here is what he said:
Nothing within the range of po-
litical 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
| the ratio was changed from fifteen to
sixteen to one? If. as they teach
the people. we had the concurrent
circulation of gold and silver
from the passage of the act of
1892 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 1912 gold relatively to
silver was undervalued and went out of
| circulation because it was worth n lit
| tie moro rs bullion than as money? Do
they forget or do they suppress the fact
| that gold remained out Of circulation
for more than so years prior TO 1894?
Are they uniformed, or do they
conceal the fact that statesmen iliustri-
GUS in democratic annals for many
years prior 70 the administration of
jackson advocated the restoration of
the gold currencY? Have they never
read history, or % they withhold the
truth when thry igucrc the fact that
the bank of the United States selHshly
opposed the restoration because The
people would prefer its bank notes to
currency so E!:!:.y and iGcOnvenient
as silver: 1t was Jackson who saw the
necessity for acti.'- ard who struck the
blow which cr"y'.y.i the bank and
brought bard nun.y 10 the pockets
of the people. /! i.a& Thomas II. Ben
tor. speah ing for : ~ administration of
Jackson. who declared in the senate
that the only Wy to crush the power
Of Tbr l,ank was to restore gold 10 cir |
cmla;iun. Here was the necessity and !
The only reason for the passage Of the
act of 1851 establishing the ratio of |
sixteen to Ur".
The ::f.11.rifr hc:wecn the discus |
aiCn wbi.: .ori: place in 1877 and the [.
discussion W.iirh foc!: place in 1886 is |
striking a.d instructive. Hard money /
democrats. in supporting the policy Of
Jackson. l,!vacced TIE same arguments !
which lhr sound TiCn2y democrats aG- /
rarced in suT porting the policy of /
Cleveland. K the hard Irnucr den
urrats Insisted ta2: tIc uE.!arTa!u2ti-:f !
Of gold BY IN. avi of 122 forced II Ont |
Il circl:la::s'. The sound T2uGry Gsul- I;
ocra1S i:.,,..s,' 5aat the ;..5"cs.ri2n in |
tie Chicago ,.at11rIn to un;!rrValHe .il-
ser. If carried into effect. wouid lr:.r
lhout the s:...r :ns;lit.
If TIE. :..::,l !.:,t:..,y GeI..as--::;; :rrc@-
a:zr:! that fhe acI cf lrg2 mad no per-
ceDtib!r .3.lupn"e or the commercial
value OF either "oid or silver. ard the
only way to restore gold 10 circulation
vas to change the ratio. the sound mon
~ democrats recognized that the fr"'
of silver ut the ratio of sir-
teen TO one when the market ratio WAS
thirty-iwo 10 one, would result inry-
itably in silver mOnOmetas.iSm. If the
bard money democrats contertisd "tha:
all mankind had prediction for
gold" the sound money democrats con-
tended that a gold standard WAS pref
cradle to a silver standard. lf the hard
money democrats. in order to main
tain the gold currency when restored,
undervalued silver by making the coin /.
age ratio sixteen to one when the mar
ket ratio WAS l5.5S to /, the sound money |
democrats resisted The scheme to over
value silver so as TO force the retirement
of gold. If the hard money democrats.
after ,he passage of the act OF 1884.
pointed with pride and eNultation TO the
prosperity which followed the resiora-
ton Of the gold currency. the sound
money democrats have never faltered in
warning tar:r cour;rymen OF the dis
axte, which wou,d follow its retire
;.:ent
The truth is. the country is indrS;- /
ed &c the hard money democrats. of |
whom Jackson was thu chief, for the /
roId standard. could 20 on and show /
hov the act Of 1894 had an effect exact |
Is oppa>i:g 20 that of 1870, how under /
the operations of the Same fnteHihle I,
ccoror;r ,aw gold went on af cfrcGla- /
tion under The oae and silver under the |
other. ::uu vr: @.rSs in 1855. Cn account /
of The retirement of silver. WAS forced /
10 coin il a. subsidiary money in order |
- SUPPLY The Iieopi. with small change. |
4 n