The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-07-31
THE MONEY QUESTION.
PETER COOPER ON OUR NATIONAL
FINANCES.
SOUND ADVICE FROM A VETERAN oBSER'
yER-THE DEMOCRATIC POSITION
FULLY SUSTAINED. -
rrrxs on The CURRENCY.

LETTER on tbs CURRENCY.
ITO the Editors and Legislators Of my nance
City and Country:
Am inextinguisbabic desire to 90 WoaI l.
can, In this the eishty-ftth year Oh nS
600 ;mnpls me to csll and nx toe
attention of the American people VI
tho annallipg causes that have so enectuailS
naralvzet the va led industries OF the conn-
frv This destructive cause mas a'seaay
sbrnnk the value of property IN less tnan
three wears TO a condition where real estate
cannot be sold or mortgages Obtained on II
for more than one.half the amount IL Wouio
have brought three years ago.
There is nothing that can be more I'M
portant than to find out and remove cause
that is bringing bankruptcy and ruin on
millions Of the most industrious ana enter
prieing men of the American people. Inc
national policy that has brought this fright
full calamity to our country should receive
the most thorough investigation and the most
decided action Of our Government. :.
propose to show the true public policy
that underlies this whole question, and TO IN
Gicate what appears TO me as the pr'nclpies
and the just methods that ought to actuate
the people 10 their exercise OF power through
the Government, and the remedies Which
that Government ought to devise. For IL
must ever be borne in mind that the GOV
eminent and it's policy 10 this country is just
what we, the people, make 1t. Ills our duty,
therefore. at ali tunes, and in every way, to en-
tighten and exhort the people, and trust to
such appeals, rather than any immediate
criticism or direct appeal to the Government
itself.
The whole question of the currency and
money arises from the necessity Of trade or
exchanges among men in the products OF
their industry, and the causes and methods
that make these exchanges fair, just, and
beneficial 20 all concerned, or means OF
tyranny and Injustice. and an occasion LOT
the exercise of greed ana sefishness. ga
false balance is an abomination TO the Lord,
but lust weight is His delight This pro-
verb contains the secret Of all unfairness in
the dealings between man and man. JUS
tice and truth are at the bottom of all fair
exchanges that are beneficial to both parties;
but false balances and urjust weights are the
means by which the strong and tile insncere
oppress or deceive their felOH-lnen.
Let ne, then, trace. in some simple way, this
necessity Of exchange among men, and the
process by which Injustice first creeps in,
and the best method OF keeping the true
halance and the just weight" in toe cX-
change of one equivalent for another.
Suppose community or race OF men to
have passed that point in their progress when
simple barter is 20 longer toe suthclent
means Of exchange, when some easier ana
more rapid method must be devised. The
first thing selected for this purpose is con-
centrated and valuable form o! labor-the
most portable, durable, and susceptible Of
- fopn he rppnr6
of its value. Such Is gold and silver money.
It's value is two-fold-it Is both intrinsic and
representative. But it is its representative
value that makes it money, or conventional
sign and record of exchanges. So far rs It's
intrinsic value is concerned, the exchange OF
q piece of gold for anything else is simple
barter. But it holds the "balance" even,
and It gives just weight for whatever Is eX.
changed for it, because it has cost labor to
prodnce it.
But there comes q time, in the complex
and numerous exchanges that take place be-
tween men in higher state Of civilization.
when even the barter Of gold and silver for
other products, concentrated and portable as
is their intrinsic value, becomes too cum
brous method and too slow to effect these
exchanges fast enough, and to keep the
rec ord OF them in the most convenient shape.
For this purpose the intrinsic value of the
means of exchange Is superseded entirely 10y
the representative. The record is taken for
time; for the transaction itself, which,
however, is assumed to take place iDfallibly
and in order to secure real result of the eX-
change of values, which at first are the
subject of promise and record merely, there
must be some real or assumed ability on
the part of the one who makes the prom
Use that he can and will make THAT
promise good. This is the origin Of pa-
per money. The value Of this paper money,
although not intrinsic, as that of gold and
silver, yet is no less real, provided the eX.
change of values it is used TO record can I'D
any way be made certain; it must hold an
even balance" and be sure give "Just
weight" in the end. But here 10 the point
where deceit and injustice may creep IN. The
paper money is always representative OF
value, and a mere sign OF real exchange OF
values to take place at some future time.
may hence be falsi6ed or trusted bliDdly, and
IN insufficient grounds. The selfishness and
greed of men, or even their groundless hopes
and miscalculations, may give temporary
value to this promise to pay which 1t can
not sustain. This is the secret of panics, re-
WILSON'S in business, and prostration OF
credits. The lie comes to the surface sooner
or later, and the credulous find themselves
in the snare.
This liability increases in proportion to the
want of integrity and commercial intelligence
in individuals and communities where such
methods of exchange take place. individuals
are less to be trusted with such vast interest
as the power Of making paper money than are
corporate bodies Of men; and these, in turn,
are less to be trusted than well-organized 60.
yernments. Governments themselves differ
very much In this respect, in proportion as
they are responsible to the people, and easily
held In check or rectified by the demands OF
public interest. Hence a true republican
government Is the safest agency in the world
to entrust with the power Of making paper
money. .a
A semi.barbarous government, like the
Turkish, will from time 10 time even call IN
all the coin Of the country and reissue it again
in q deprecated condition and value. So,
paper money is subject to great fluctuations
in value II there be any uncertainty in the
real and permanent integrity of the power
that issues the paper, or capricious use OF its
authority in determining Its standard of
value.
Experience has shown that individuals
cannot be trusted with such power. Even
large corporatioDs cannot be trusted with the
common welfare involved in this privilege !;
and while Governments are the safest deposi
tories of this power, they must be sucn as
are not subject either to revolution or to any
radical changes Of policy,'or to any irrespon'
sihle exercise Of power. This, it.apptsrS to
me, is now the con dtion of our Government.
Its credit has been and is DOW. the support
Of one of the grea est bonded deb 5, by means
OF which the life and the perpeluity Of the
Union has been secured. The faith Of this
Government now gives value to an immense