Sound Money
life insurance policy would be paid at a discount of fifty per cent. At such a prospect of repudiation and disaster the nation revolted and the Democratic ticket was overwhelmingly defeated. The Republican party saved the nation from financial dishonor and ruin just as truly as it had saved it from secession and dissolution a generation before.
Following this the Republican government in March, 1900 passed the Gold Standard act, which made gold the sole monetary standard and stopped the coinage of silver dollars. That practically ended the silver controversy and won the fight for sound money. In 1900, it is true, the Democrats perfunctorily repeated the demand for the free and unlimited coinage of silver at 16 to 1, while the Republicans unequivocally denounced such proposals and reaffirmed their allegiance to the gold standard; but that campaign was fought on other issues. Finally in 1904 the Democratic platform was silent upon the subject, while the Democratic candidate in accepting the nomination for the Presidency explicitly declared his acceptance of and adherence to the Republican principle of a gold standard for the money of the Nation.
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