the cleveland era-第22章

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he　poll。　His　supporters　contended　that　he　had　really　been　elected　but　had　been　counted　out；　and　this　belief　turned　their　attention　to　the　subject　of　ballot　reform。　To　the　agitation　which　Henry　George　began；　may　be　fairly　ascribed　the　general　adoption　of　the　Australian　ballot　in　the　United　States。

The　Socialist　propaganda　carried　on　in　large　cities　and　in　factory　towns　hardly　touched　the　great　mass　of　the　people　of　the　United　States；　who　belonged　to　the　farm　rather　than　to　the　workshop。　The　great　agricultural　class；　which　had　more　weight　at　the　polls　than　any　other　class　of　citizens；　was　much　interested　in　the　redress　of　particular　grievances　and　very　little　in　any　general　reform　of　the　governmental　system。　It　is　a　class　that　is　conservative　in　disposition　but　distrustful　of　authority；　impatient　of　what　is　theoretical　and　abstract；　and　bent　upon　the　quick　practical　solution　of　problems　by　the　nearest　and　simplest　means。　While　the　Socialists　in　the　towns　were　interested　in　labor　questions；　the　farmers　more　than　any　other　class　were　affected　by　the　defective　system　of　currency　supply。　The　national　banking　system　had　not　been　devised　to　meet　industrial　needs　but　as　a　war　measure　to　provide　a　market　for　government　bonds；　deposits　of　which　had　to　be　made　as　the　basis　of　note　issues。　As　holdings　of　government　bonds　were　amassed　in　the　East；　financial　operations　tended　to　confine　themselves　to　that　part　of　the　country；　and　banking　facilities　seemed　to　be　in　danger　of　becoming　a　sectional　monopoly；　and　such；　indeed；　was　the　case　to　a　marked　extent。　This　situation　inspired　among　the　farmers；　especially　in　the　agricultural　West；　a　hatred　of　Wall　Street　and　a　belief　in　the　existence　of　a　malign　money　power　which　provided　an　inexhaustible　fund　of　sectional　feeling　for　demagogic　exploitation。

For　lack　of　proper　machinery　of　credit　for　carrying　on　the　process　of　exchange；　there　seemed　to　be　an　absolute　shortage　in　the　amount　of　money　in　circulation；　and　it　was　this　circumstance　that　had　given　such　force　to　the　Greenback　Movement。　Although　that　movement　was　defeated；　its　supporters　urged　that；　if　the　Government　could　not　supply　additional　note　issues；　it　should　at　least　permit　an　increase　in　the　stock　of　coined　money。　This　feeling　was　so　strong　that　as　early　as　1877　the　House　had　passed　a　bill　for　the　free　coinage　of　silver。　For　this；　the　Senate　substituted　a　measure　requiring　the　purchase　and　coinage　by　the　Government　of　from　two　to　four　million　dollars'　worth　of　silver　monthly；　and　this　compromise　was　accepted　by　the　House。　As　a　result；　in　February；　1878；　it　was　passed　over　President　Hayes's　veto。

The　operation　of　this　act　naturally　tended　to　cause　the　hoarding　of　gold　as　the　cheaper　silver　was　equally　a　legal　tender；　and　meanwhile　the　silver　dollars　did　not　tend　to　pass　into　circulation。　In　1885；　in　his　first　annual　message　to　Congress；　President　Cleveland　mentioned　the　fact　that；　although　215；759；431　silver　dollars　had　been　coined；　only　about　fifty　million　had　found　their　way　into　circulation；　and　that　〃every　month　two　millions　of　gold　in　the　public　Treasury　are　paid　out　for　two　millions　or　more　of　silver　dollars　to　be　added　to　the　idle　mass　already　accumulated。〃　The　process　was　draining　the　stock　of　gold　in　the　Treasury　and　forcing　the　country　to　a　silver　basis　without　really　increasing　the　amount　of　money　in　actual　circulation　or　removing　any　of　the　difficulties　in　the　way　of　obtaining　supplies　of　currency　for　business　transactions。　President　Cleveland　recommended　the　repeal　of　the　Silver　Coinage　Act；　but　he　had　no　plan　to　offer　by　which　the　genuine　complaints　of　the　people　against　the　existing　monetary　system　could　be　removed。　Free　silver　thus　was　allowed　to　stand　before　the　people　as　the　only　practical　proposal　for　their　relief；　and　upon　this　issue　a　conflict　soon　began　between　Congress　and　the　Administration。

At　a　convention　of　the　American　Bankers'　Association　in　September；　1885；　a　New　York　bank　president　described　the　methods　by　which　the　Treasury　Department　was　restricting　the　operation　of　the　Silver　Coinage　Act　so　as　to　avoid　a　displacement　of　the　gold　standard。　On　February　3；　1886；　Chairman　Bland　of　the　House　committee　on　coinage　reported　a　resolution　reciting　statements　made　in　that　address；　and　calling　upon　the　Secretary　of　the　Treasury　for　a　detailed　account　of　his　administration　of　the　Silver　Coinage　Act。　Secretary　Manning's　reply　was　a　long　and　weighty　argument　against　continuing　the　coinage　of　silver。　He　contended　that　there　was　no　hope　of　maintaining　a　fixed　ratio　between　gold　and　silver　except　by　international　concert　of　action；　but　〃the　step　is　one　which　no　European　nation。。。　will　consent　to　take　while　the　direct　or　indirect　substitution　of　European　silver　for　United　States　gold　seems　a　possibility。〃　While　strong　as　to　what　not　to　do；　his　reply；　like　most　of　the　state　papers　of　this　period；　was　weak　as　to　what　to　do　and　how　to　do　it。　The　outlook　of　the　Secretary　of　the　Treasury　was　so　narrow　that　he　was　led　to　remark　that　〃a　delusion　has　spread　that　the　Government　has　authority　to　fix　the　amount　of　the　people's　currency；　and　the　power；　and　the　duty。〃　The　Government　certainly　has　the　power　and　the　duty　of　providing　adequate　currency　supply　through　a　sound　banking　system。　The　instinct　of　the　people　on　that　point　was　sounder　than　the　view　of　their　rulers。

Secretary　Manning's　plea　had　so　little　effect　that　the　House　promptly　voted　to　suspend　the　rules　in　order　to　make　a　free　coinage　bill　the　special　order　of　business　until　it　was　disposed　of。　But　the　influence　of　the　Administration　was　strong　enough　to　defeat　the　bill　when　it　came　to　a　vote。　Though　for　a　time；　the　legislative　advance　of　the　silver　movement　was　successfully　resisted；　the　Treasury　Department　was　left　in　a　difficult　situation；　and　the　expedients　to　which　it　resorted　to　guard　the　gold　supply　added　to　the　troubles　of　the　people　in　the　matter　of　obtaining　currency。　The　quick　way　of　getting　gold　from　the　Treasury　was　to　present　legal　tender　notes　for　redemption。　To　keep　this　process　in　check；　legal　tender　notes　were　impounded　as　they　came　in；　and　silver　certificates　were　substituted　in　disbursements。　But　under　the　law　of　1878；　silver　certificates　could　not　be　issued　in　denominations　of　less　than　ten　dollars。　A　scarcity　of　small　notes　resulted；　which　oppressed　retail　trade　until；　in　August；　1886；　Congress　authorized　the　issue　of　silver　certificates　in　one　and　two　and　five　dollar　bills。

A　more　difficult　problem　was　presented　by　the　Treasury　surplus　which；　by　old　regulations　savoring　more　of　barbarism　than　of　civilized　polity；　had　to　be　kept　idle　in　the　Treasury　vaults。　The　only　apparent　means　by　which　the　Secretary　of　the　Treasury　could　return　his　surplus　funds　to　the　channels　of　trade　was　by　redeeming　government　bonds；　but　as　these　were　the　basis　of　bank　note　issues；　the　effect　of　any　such　action　was　to　produce　a　sharp　contraction　in　this　class　of　currency。　Between　1882　and　1889；　national　bank　notes　declined　in　amount　from　356；060；348　to　199；779；011。　In　the　same　period；　the　issue　of　silver　certificates　increased　from　63；204；780　to　276；619；715；　and　the　total　amount　of　currency　of　all　sorts　nominally　increased　from　1；188；752；363　to　1；405；018；000；　but　of　this；　375；947；715　was　in　gold　coin　which　was　being　hoarded；　and　national　bank　notes　were　almost　equally　scarce　since　they　were　virtually　government　bonds　in　a　liquid　form。

As　the　inefficiency　of　the　monetary　system　came　home　to　the　people　in　practical　experience；　it　seemed　as　if　they　were　being　plagued　and　inconvenienced　in　every　possible　way。　The　conditions　were　just　such　as　would　spread　disaffection　among　the　farmers；　and　their　discontent　sought　an　outlet。　The　growth　of　political　agitation　in　the　agricultural　class；　accompanied　by　a　thorough…　going　disapproval　of　existing　party　leadership；　gave　rise　to　numerous　new　party　movements。　Delegates　from　the　Agricultural　Wheel；　the　Corn…Planters；　the　Anti…Monopolists；　Farmers'　Alliance；　and　Grangers；　attended　a　convention　in　February；　1887；　and　joined　the　Knights　of　Labor　and　the　Greenbackers　to　form　the　United　Labor　party。　In　the　country；　at　this　time；　there　were　numerous　other　labor　parties　of　local　origin　and　composition；　with　trade　unionists　predomin