The herald., 1898-09-29
ESTEE ON SILVER

Four years ago Morris M. Estee wa:
the Republican candidate for governor
of this state, and the platform on which
he ran declared for the free and un'
limited coinage of silver at the usual ra'
tio with gold. A year later Mr.. Estee
wrote and published a pamphlet on th'
subject. From 1t we make quotations
which show what his views then were
and for the further reason that his argu'
ments are unanswerable and can be
used with effect by the friends of silver
He says:
The modern way Of increasing the In
terest on money is to Increase The pur-
chasing power Of the principal sum.
For many years England has done this.
The creditor classes of America are
now initiating her example 1t benefits
the creditors, but ruins the debtors.
Again he says:
Nothing can be truer than that the
financial resources Of this country are
attacked when we attempt to destroy
one part of our metallic money, ror py
this means the value Of products are
lowered, the amount Of our debts is IN
creased, because the purchasing power
of money Is greater as the amount OF
money is less and hard times ensue.
He goes into a discussion of the con-
stitutional aspect of the question, ano
says:
Constitutional law as we'll as the GUS
toms of our country, marks a hnanciai
policy which makes necessary the fui
and free coinage Of gold and silver
money. There are but two international
money metals gold and silver. Colo
being the rarest and most diHicult 10
obtain, is the most valuable. Silver mas
always been used as money, and is the
most convenient for small transactions.
It Is the money of the people, and Is
used alike by the beggar and the prince.
In our own country thousands of trans
actions are made in silver where one is
made in gold.
Continuing he says:
The supreme court has decided that
congress has power to make paper
money a legal tender. The states can
not do this. Congress has no power 10
demoretize any money which the states
may make a legal tender, nor is there
anything in the constitution which
directly or indirectly gives to congress
the authority to demonetze any consti-
tutional coin.
1t will be remembered that the states
can make only gold and silver coins
legal tender. On the subject of the poll
cy Of demonetzing silver Mr.. Estee
says:
AS a question Of national policy there
are many reasons why this should not
be done (meaning the demonetizing OF
silver). The United States produces
more gold and silver than any other
country. and the largest possible use or
both metals encourages production, ana
adds to the stable money power OF the
people. Being a debtor ma tion, we nave
no foreign balances in our favor, and
If our exports do not largely exceed our
imports. gold leaves the country
whether we have free coinage of silver
or not. The question resolves itself
Into this: Shall we have two money
metals or none? We may try to retain
gold but we cannot do so if we demone-
tie silver.
Mr. Estee quotes from Mr.. James
Platt, the great English writer on
finance, who says:
Money is nothing else than form Of
credit a thing whatever its substance,
which men by common consent have
agreed to recognize as a symbol of
wealth.
And then Mr.. Estee adds:
When we Increase the powers Of credit
In this country, we enlarge our business
possibilities, and we accomplish this
by increasing the amount and uses Of
silver money.
Still further he says:
II Is clear that gold is not omnipotent
as money, and II is equally clear that
there is not gold enough in the world
TO stand behind and sustain the worlds
credit, or to transact the worlds busi-
ness. Nor Is there gold enough In The
United States 10 stand behind and sus-
tain American credit. Gold and silver
can come nearer accomplishing this
purpose.
And further on he adds:
Hence the first duty Of this country
would seem to be to build up its own
industries by the wise use of its own
money, then its credit abroad will care
for itself. It is a fact that the value and
amount Of silver money in circulation
largely fixes the value Of commodities,
and thus builds up our business conf
dence.
Scarcely one among the writers on
finance has made more cogent and con-
arguments for silver coinage
phlet to the public and to a re-reading
by Mr.. Estee himself, especially as he
has taken the stump for the Republican
state ticket, which is running on plat
form declaring for the gold standard
and against the coinage of silver. Mr.
Estee will probably be down in this part
Of the state ere long. and 1t might be
we'll to interrogate him on the silver
question-to ask him whether he has
ard If so what has
in him a change of mind?
Mr.. Estee is making the campaign
a gainst the railroad ana for a ticket
which every body knows was slated and
nominated by the railroad push. Mr.
Estee is an amiable gentleman, and pos
sesses more intelligence than acumen.
THE ARMY INQUIRY