The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-24
The National Finances. from
the Venerable Peter Cooper.
NEW YoRK, Feb. 10. 1874

NEW YoRK, Feb. 10, 1874.
Hon. RoScoe Gonkliag, Senator United
States, Washington, D. O.:
My DEAR sn-Allow me to ask youl
kind attention to few thoughts that,
believe, will Hhow that Washington de-
clared o truth in answer to . member o.
the Maryland Legislature, when he said
that people always mistake as to the
amount Of money necessary for q circu-
latiDg medium. Washington said 1t ID
not the amount Of money in q country
that makes 1t plenty, but the rapidhy and
the certainty with which 1t passes the
round Of circulation; in exact proportion
as we alloy the precious metals, or pour
paper money into the circulating medium,
Just IN that proportion will everything in
Q country rise, and labor would be the
last that would feel II. He concluded by
saying II will not benefit the farmer or
the mechanic, as 1t will only benefit the
debtor BY enabling hum to pay his debts
with q shadow instead Of o substance.
It 10 q fact, as declared by Washing
ton, that everything In o county Will
rise In price In exact proportion as we
alloy the precious metals or pour paper
money into the volume Of circulating me.
dium. This fact makes II equally aS GER
tain that, In exact proportion as the cur
rency ol the country 10 contracted by an
act OF the Government, Just In that pro-
portion 1t becomes In effect govern
mental order on every man who b in
debt 10 give more property or labor TO
pay his debts, and that Notwithstanding
his means Of paying viii be rendered
more difficult In proportion as the con-
traction Of the currency will depreciate
the value Of all the property and labor
on which he has depended to pay his
debts.
Our Government having been compell-
ed, In order 10 save the nations lie, to
resort 10 forced loan, or the issue Of pa
per money, with which they have con.
trolled all forms Of the peoples property,
the Government cannot now contract
their paper money without violating the
first duty enjoined by the Constitution.
The Constitution requires the estab-
lishment Of justice as the only means by
which the general welfare can be pro-
NOTED. The Government may, and
should, determine that they will not alloy
the precious metals, or increase the vol
ume OF paper money only as per capita
with the increase OF the inhabitants Of
the whole country. The Gosernment Is
bound by the Constitution tomake every.
thing that 1t allows TO pass as money %
b a just means Of ceighin9 and neGSur.
ing The values Of al property and labor
that are constantly being exchanged 6y IT..
use. Nothing could be more unjust or
unwise than Tor o Government to enforce
q contraction Of the currency as means
Of securing specie payments after having
been compelled to expand the use OF paper
money 10 save the nations life until the
whole property Of the country has been
measured by It, and debts contracted by
its use, to an amount equal to one-halt
the value Of all the property In the
country. For the Government to con-
tract the paper circulation to a specie
standard would be in effect an order for
all persons now in debt to pay an amount
in addition to their present debt equal 10
the depreciation on all the property OF
the country occasioned by the contrac-
ton Of the currency. Il never can be
shown to be just for 0 Government to
adopt policy Of contraction that must
inevitably bring ruin to millions Of the
most enterprising part Of the people be.
fore II will be possible to arrive at and
maintain specie payment by contracting
the circulating medium Of the country.
II i am not mistaken, q thousand mil
lions in value has been lost to the coun.
try by the government, In having failed
to make all Its paper money legal tender
in payment Of all debts and duties due
the government and individuSls, by sim
ply adding an amount in currency equal
to the average premium that gold has
borne during the month preceding the
maturing oi the contracts.
Such q courSe would make 1t the inter-
est Of all to arrive at specie payment as
soon as it 10 possible to maintain It, by
bringing the balance Of trade in favor Of
onr country. Yours, with great respect,
PETER COOPER.