Sound-money Democrats.
One of the branches into which the regular Democratic party split in 1896.
In the
National Democratic Convention in
Chicago, July 7-11, the delegates from the
New England and Middle States were almost solidly opposed to the free-silver movement, and became known as gold Democrats or soundmoney Democrats.
Under the leadership of
ex-Governor David B. Hill, of New York, the sound-money delegates undertook to have the following declaration incorporated in the party platform, but the resolution to that end was rejected by a vote of 626 against 303:
We declare our belief that the experiment on the part of the United States alone of free-silver coinage, and a change in the existing standard of value independently of the action of other great nations, would not only imperil our finances, but would retard or entirely prevent the establishment of international bimetallism, to which the efforts of the government should be steadily directed.
It would place this country at once upon a silver basis, impair contracts, disturb business, diminish the purchasing power of the wages of labor, and inflict irreparable evils upon our nation's commerce and industry.
Until international co-operation among leading nations for the coinage of silver can be secured, we favor the rigid maintenance of the existing gold standard as essential to the preservation of our national credit, the redemption of our public pledges, and the keeping inviolate of our country's honor.
We insist that all our paper currency shall be kept at a parity with gold.
The Democratic party is the party of hard money, and is opposed to legal-tender paper money as a part of our permanent financial system; and we therefore favor the gradual retirement and cancellation of all United States notes and treasury notes, under such legislative provisions as will prevent undue contraction.
We demand that the national credit shall be resolutely maintained at all times and under all circumstances.
The convention ultimately endorsed the free-silver movement, and nominated
William J. Bryan and
Arthur Sewall.
The sound-money Democrats organized a national party, and in its convention nominated
Gen. John M. Palmer, of
Illinois, for
President, and
Gen. Simon B. Buckner, of
Kentucky, for
Vice-President.
In the ensuing election the organized sound-money Democrats polled 132,870 popular votes.
There is no doubt but that a large number of other Democratic voters who favored the maintenance of sound-money standards voted for the
Republican candidates on the national ticket, while supporting their own party candidates on State tickets.
