The revenue question in this campaign was not a little complicated by the existence of numerous and powerful Trusts, which anti-protectionists believed to be fostered by our high tariff. The Trust System arose about 1876, and in the course of a few years almost every great enterprise in the land was carried on under the form of a trust. The principal corporations or men engaged in an industry would enter into combination, more or less informal, for the regulation of production and prices. Usually the result was an elevation of prices, and where the trust constituted a necessary monopoly this rise might be indefinitely perpetuated. High tariff as well as low tariff newspapers made great outcry against these monopolies. The latter urged that a reduced tariff, forcing these businesses more into competition with corresponding producers abroad, was the only thing needful to break their solidarity and consequent power. Advocates of high tariff denied this. The old silver dollar, "the Dollar of the Fathers," had, until 1873, never ceased to be full legal tender, although it had since 1853 been too valuable as compared with the gold dollar to circulate much. In 1873 a law was passed demonetizing it, and making gold the exclusive form of United States hard money. The new German Empire did the same this very year. There at once began a great apparent depreciation of silver in comparison with gold at the historic ratio. For a long time this change involved no decrease in the value or purchasing power of silver even in the form of bullion, but consisted rather in a rise of the value of gold. In view of this, as all the Government bonds outstanding in 1873 had been made payable in coin, it was as good as universally believed in most sections of the Union that the demonetizing of silver, if persisted in, would work hardship to taxpayers in liquidating the national debt. A bill was therefore brought forward, and in 1878 passed, restoring to the silver dollar its full legal tender character. In this legislation, however, so great was the then disparity in value between gold and silver at the ratio of 16 to 1, Congress did not venture to give back to the white metal the right of free coinage, but instead required the Secretary of the Treasury to purchase monthly not less than $2,000,000 worth of silver and coin it into dollars.