Opposing “the Democratic Silver Scheme”
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Representative James Garfield writes to Samuel Ruggles, a New York lawyer, Canal Commissioner, and businessman regarding monetary policy. JAMES A. GARFIELD.
Manuscript Letter Signed, to Samuel B. Ruggles, Washington, D.C., August 12, 1876. 2 pp., 5 x 8¼ in.
“I owe you an apology for not sooner replying to your interest lette rof the 24th ult but I have been so overwhelmed with work that I have hither to been unable to keep up with my correspondence.
We have thus far successfully resisted the Silver Scheme, but the Democrats renew the fight every day determined, if possible, to carry it through. We have succeeded in getting in some good debate on the subject which I think will help to correct the public mind."
The Coinage Act of February 12, 1873 brought an end to the minting of certain silver coins, including the standard silver dollar, causing the demonetization of silver. Democrats later advanced legislation allowing the unlimited coinage of silver dollars in an effort to re-monetize silver, sometimes motivated by the suspicion that the Act was a criminal conspiracy to adopt the gold standard.
Very good. Tape stain at top.