Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-29
LETTER FROM PETER COOPER
The Venerable Philosophers Financial
VleWs-He Believes In 6reenbaeks,
and Plenty OF Them.
Money, the Sinews OF War, the Tools
OF Trade, should be Left with the
People TO Deal with as Necessity
may Require.
To the Editors and Legislators of my native

To the Editors and Legislators of my native
city and country:
An inextinguishable desire to do what
l can, in this the eighty-fifth year Ofmy
age, impeIs me to call and fix the atten-
ton of the American people on the APP
pallipg Causes that have so etfectually
paralyzed the various industries of our
country. This destructive cause has al
ready shrunk the value of property In
less than three years to condition
where real estate cannot be sold or mort
cages obtained on it for more than one
half the amount it would have brought
three wears ago. There is nothing that
can be more important than to find out
and remove a cause that is bringing
bankruptcy and ruin on millions OF the
most industrious and enterprising men
of the American people. The national
policy that has brought the frightful
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 uDderlies this whole
question, and to indicate what appears
to me as the principles and the
lust methods that ought to act
uate the people in their exercise
of power through the government and
the remedies which that government
ought to devise. For it must ever be
borne in mird that the government and
its policy in this country is just what
we, the people, make it. 1t is our duty,
therefore, at all times and in every way
to enlighten and exhort the people and
to trust to such appeals rather than any
immediate criticism or appeal to the gov
eminent 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
to all concerned, or means OF tyranny
and Injustice, and for the exercise OF
greed or selfishness. To fix upon an ar
bitrary and fluctuating standard, such as
the worth or exchaDgeable value OF q
gold dollar, to indicate the exchangea6le
power Of q paper dollar is as uncertain as
to take any other permaL ent product OF
human labor, such as bushel Of wheat
or a pound of cotton. Nor can any
standard be fixed for the value OF cur
rency, because the uses and demand OF
currency is a f1uctuating want itself.
Now the xchaDgeable value OF any
thing depends upon lts con-
variability into something else that has
value, at the option OF the individual.
The rule applies to paper money as to
anything else. We must require the
government to make its currency at all
times and at the option of the individ-
nal convertible. But the currency must
be convertible into something over
which the government has entire con-
60 ryl1 inh q nnf1n1fn
as well as permanent value. This is
its own Understanding bonds. Instead
of this, what do we find the government
doing? Resolving that at certain fu-
ture time, in 1879, the currency shall be
convertible into gold! Why did not our
congres smen proceed to resolve that by
that time there should be gold enough
in the country to absorb all the currency
that foreigners might wish to be con-
verted into gold? Even Ricardo, the
high-priest of bullionists, the father OF
the present British system, says:
"a regulated paper currency is so
great an Improvement in commerce that
1 should greatly regret if prejudice
should induce Us to return to system
of less utility. The introduction Of the
precious metals for the purposes OF
money may with truth be considered as
one of the most important steps toward
the improvement OF commerce and the
arts OF civilized life. But il is no less
true that, with the advancement OF
knowledge and science, we discover that
! it would be another improvement to
Danish them again from the employ
ment to which, during the less enlight-
ened period, they had been 80 advan'
! tsgeously applied"
| / believe / have shown that the policy
adopted by our government to hasten
return to specie payments has rendered
the attainment OF that object more dis
tant and difficult than it was at the Close
| of the war of the rebellion. lam now
convinced that an opposite policy, ONT
that would have legalized all the gov
eminent money In circulation at the
war, making it convertible into interest
bearing bonds, and recoverable into
currency at the will Of the holder, would
have established justice between th'
people and the government, and would
have caused our currency to appreciate
to the value of gold long before this. L
would have left the money, the sineW
of war, the tools Of trade, in the hand
of the people, to enable them to NEE
the expenses incurred, and make tn
necessary provisions for the hundreds
thousands of disbanded soldiers throw
back on their homes to find employment
or starve. In conclusion, would So.
that We have every reason to hope 10
our country. But we must no
trust in the amount of our gold or othe
riches, but in the principles Of our con
stitution as free people, and in the fire
development Of all our magnificent re
sources. We must turn the tide OF i'm
migration which is now leaving GU
shores. We can do this, rs in the past
by continuing to offer better rewar
for labor, and cheaper land for settle
ment, by faithful administration
our laws in the interests of the peoPl
and not Of classes or monopolles, an
by trusting in all questions OF none
and currency to the integrity and poWe
of our government, and not placing oul
selves at the mercy Of foreign capitalist
nor submitting tamely to that war
commerce which every nation is willlD
to make upon US, if we do not take e
! fectual means for our own self preserv'
ton. PETER COOPER.