he demand, with the result that silver
has greatly declined in value as compared with gold. In 1871 the
government decided to use silver for small coins only, and not to allow
silver to be offered in payment of a larger sum than five dollars. This
was called the "demonetization of silver." In 1878 a small but earnest
band of advocates of the free coinage of silver secured the passage of
an act of Congress for the coinage of two million silver dollars each
month. The silver in each one of these dollars was only worth in gold
from ninety to sixty cents. In 1890, Senator John Sherman of Ohio
brought in a bill to increase the coinage of these silver dollars which,
in 1894, were worth only forty nine cents on the dollar in gold.

[Sidenote: Business depression.]

[Sidenote: Cleveland elected President, 1892.]

467. Election of 1892.--One result of this great increase in the
silver coinage was to alarm business men throughout the country.
Business constantly declined. Every one who could lessened his expenses
as much as possible. Mill owners and railroad managers discharged their
workers or reduced their wages. Harrison and Cleveland were again the
Republican and Democratic candidates for the presidency. As is always
the case, the party in power was held to be responsible for the hard
times. Enough voters turned to Cleveland to elect him, and he was
inaugurated President for the second time (March 4, 1893).

[Sidenote: Scarcity of money.]

[Sidenote: Repeal of the Sherman Law.]

[Sidenote: Wilson tariff.]

468. Silver and the Tariff.--In the summer of 1893 there was a
great scarcity of money. Thousands of people withdrew all the money they
could from the banks and locked it up in places of security. But
Congress repealed the Sherman Silver Law and put an end to the
compulsory purchase of silver and the coinage of silver dollars. This
tended to restore confidence. The Democrats once more overhauled the
tariff. Under the lead of Representative Wilson of West Virginia they
passed a tariff act, lowering some duties and placing many articles on
the free list.

[Sidenote: Chicago Exhibition, 1893.]

469. The Chicago Exhibition, 1893.--The four hundredth anniversary
of the Columbian discovery of America occurred in October, 1892.
Preparations were made for holding a great commemorative exhibition at
Chicago. But it took so long to get everything ready that the exhibition
was not held until the summer of 1893. Beautiful bu