The price of silver
as compared with that of gold had been constantly falling
for several years past. This was attributed to the effect
of the legislation which demonetized silver except to a limited
amount. Several eminent Republicans, both in the Senate and
in the House, as well as many others in private station, left
the Republican Party on that issue. Several States that had
been constantly and reliably Republican became Democratic
or Populist, under the same influence.
The Democratic Platform of 1896 demanded the immediate restoration
of the free coinage of gold and silver at the present ratio
of 16 to 1, without waiting for the consent of any other nation.
That doctrine was reaffirmed and endorsed in the Democratic
National Platform for 1900.
There were two theories among the persons who desired to maintain
the gold standard. One was entertained by the persons known
as Gold Monometallists. They insisted that no value could
be given to any commodity by legislation. They said that
nothing could restore silver to its old value as compared
with gold; that its fall was owing to natural causes, chiefly
to the increased production.
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