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Updated: May 6, 2025
The almost simultaneous discovery of such large abundance of gold in so many quarters of the world led some nations so much to dread an enormous depreciation of this metal, that they ceased to make it the standard of value Holland for instance did so for a while, though she has since changed her mind; and it has been found convenient to invent a word, 'to demonetize' to express this process of turning a precious metal from being the legal standard into a mere article of commerce.
Gold was more common than iron. Every government was compelled to demonetize it, for when once gold had fallen into contempt it was less valuable in the eyes of the public than stamped paper. For once the world had thoroughly learned the lesson that too much of a good thing is worse than none of it.
When Grover Cleveland called the Fifty-third congress into extraordinary session, the object being to repeal the Sherman act and utterly demonetize silver, thus completing the vast robbery of 1873, he knew that there was a pro-silver majority against him, but he knew also that he held the handle of the patronage whip in his fat beer-swelled hand and that his slaves would troup to do his will at the first crack of its lash.
The Republican party which advocated international bimetallism in 1884, condemned the Democratic party in 1888 for trying to demonetize silver and endorsed bimetallism in 1892, favored "sound money" and international bimetallism in 1896 and renewed its "allegiance to the principle of the gold standard" in 1900.
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