Kansas City daily journal., 1896-09-06
GIVE Us THAT HISTORY, MIR. rELLE


In his recent keynote speech at Denver.
Senator Teller says: ST don't care who it
is that says the coinage Of silver will
drive out the gold. To him I say that
such person denies history. If you give
all the forms Of money, the greenback,
the silver. the gold dollar, all the same
functions they will all remain side by side.
and one will not depreciate until all do.
But have said enough of that"
No. senator. not enough. Stick to that,
and prove it, and you have won your
cause. 1.-THE great majority in this coun-
try" says Mr.. Teller. 'are In favor OF
binetallism.' Correct. This can be abun-
dainty established from the Congressional
Record. public documents. party plat
forms. and from the partisan and nom
partisan press. But it is real, not NOM
inal bimetallism this nation believes in.
It is a bimetallism that will keep 1.-The
greenback. the silver and the gold dollar
side by side" in circulation so that 'one
Will not depreciate until all do" Now If
Mr.. Teller will prove that free coinage at
16 20 l will SO link the three kinds of
money together that "one will not depre-
ciate until all do" he will win this fight.
However. he must furnish proof, not
prophesy. After twenty years of thought
and study 1t may be presumed Mr.. Teller
is prepared to prove wherein he who as
serts that free coinage Of silver will
drive out gold denies history" The sem
ator Is aware that some very prominent
statesmen and practically all students of
political economy, bimetallists and mono
metallists, assert that the Is to 1 ratio of
1892 kept gold out of circulation; that the
16 to ratio of 1854 drove out silver; that
the law of 1853 initiated the English law of
1916 in the coinage Of fractional silver on
government account at less ratio than
Is to !. and limited legal tender; that be-
tween 1858 and 1873 there was no full legal
tender silver in circulation; that silver
bullion was worth more than silver dollars
and did not come to the mint while the
free coinage of fractional silver had been
suspended by the act Of 1853; that our his
tory is but a repetition OF financial his
tory that the cheaper coin drives out the
dearer. And, therefore, these men. whose
learning and sincerity cannot be ques-
toned, say that to coin silver at 16 to 1
while the market ratio is 81 to will drive
out gold. Are they mistaken? Do they
deny history?" Demonstrate that this
idea, that gold will be driven from circu-
lation denies history" and the cause Of
free coinage becomes invincible. The peo-
pie are not unreasonable. They even take
some things for granted. But when Mr..
Teller proposes to coin at is to I while the
market ratio is 81 to 1, and asserts that
those who say this would drive gold from
circulation ''deny history" he assumes
the burden Of proving it. If it is still
maxim in political economy that the less
valuable will drive the more valuable coin
from circulation, in the light of our expe-
rience, could any other prediction be made
than that so cents worth Of silver bullion
coined into a dollar would drive out gold? /?
Let us have the proof that gold would
not be driven out. Let US know wherein
those who prophesy the outflow of gold
are mistaken. It may suit Colorado to
say, 'If we have to go on one metal, then
let it be silver" but the United States
doesn't want silver monometallism, though
Teller and Bryan may choose to call it
bimetallism.