Contemporary American History, 1877-1913Beard, Charles A. (Charles Austin)
History
Contemporary American History, 1877-1913
Beard, Charles A. (Charles Austin)
United States -- History -- 1865-1921
The money question bulked large in the platforms, but until 1896 there
was nothing like a clean-cut division.[27] Both parties hedged and
remained consistently vague. The Republicans in 1888 declared in favor
of "the use of both gold and silver as money," and condemned "the policy
of the Democratic administration in its efforts to demonetize silver."
Again, in 1892, the Republicans declared: "The American people, from
tradition and interest, favor bimetallism, and the Republican party
demands the use of both gold and silver as standard money, with such
restriction and under such provisions, to be determined by legislation,
as will secure the maintenance of the parity of values of the two
metals, so that the purchasing and debt-paying power of the dollar,
whether of silver, gold, or paper, shall be at all times equal." The
Democrats likewise hedged their profession of faith about with
limitations and provisions. They declared in favor of both metals and no
discrimination for mintage; but the unit of coinage of both metals "must
be of equal intrinsic or exchangeable value, or be adjusted through
international agreement or by such safeguards of legislation as shall
insure the maintenance of the parity of the two metals." Thus both of
the platforms of 1892 are paragons of ambiguity.
FOOTNOTES:
[24] See below, p. 130.
[25] Below, p. 133. The tenure of office law was repealed in
1887. The presidential succession act was passed in 1886.
[26] A judicial order to all and sundry forbidding them to
interfere with the movement of the trains.
[27] See below, p. 119.
CHAPTER V
TWO DECADES OF FEDERAL LEGISLATION, 1877-1896
_Financial Questions_
It was inevitable that financial measures should occupy the first place
in the legislative labors of Congress for a long time after the War.
That conflict had left an enormous debt of more than two billion eight
hundred million dollars, and the taxes were not only high, but they
reached nearly every source which was open to the Federal government.
There were outstanding more than four hundred millions of legal tender
treasury notes, "greenbacks," which had seriously depreciated and, on
account of their variability as compared with gold, offered unlimited
opportunities for speculation and jugglery in Wall Street--of which Jay
Gould's attempt to corner the gold market and the precipitation of the
disaster of Black Friday in 1869 were only spectacular incidents.
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