Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1875-08-04
COOPER ON THE CURRENCY.


+ 0oRNAS.
COOPER ON THE cURRENcy.
We have received ty mail letter on
the currency written By Peter Cooper.
This gentleman is man Of great wealth
in New York and philanthropist. who
visely uses his wealth in doing the great
est amount of good he can, TO the great
as. number. In this he is entitled to all
nraiss and commentator. In his letter
be states that he is eighty-fye years old.
and with grent plausibility he demon
strstes that oil the country needs is n
convertible currency. While thanking
Mr.. Cooper for his kindness in remem-
herring MS, we must differ with him in
many Of his statements. In his rather
lengthy and well-written letter he seems
to be Of the idea that he could obtain
this convertible currency by causing
ereenbacks to be convertible into United
States bonds bearing interest. That
might have some bearing on the case,
but when we reflect that those bonds can
be readily turned back into preenbacks
the normal results seems hardly com.
mensurate with the eyertion. Uncle
Sans greenbacks are only species of
Government due bill, dubbed currency
by courtesy and generally accepted as
circulating medium. Uncle Sam him.
self partially repudiates his own paper
by making the interest on his bonds pay
able in gold. Mr.. Cooper deals more
with remedies and effects than he does
with causes. and says, speaking Of the
paper currency, "gold is not it's proper
agent of conversion because il ia uncer.
tain in volume, and is itself subject to
the magnetic attraction Of q foreign trade
that needs it to make mp its balances. "
The uncertainty Of the gold volume will
scarcely form criterion Of judgmen,
in relation to its qualities rs NJ
agent Of conversion, and the "magueti,
attraction of a foreign trade - that b,
speaks Of is more matter of nationa
convenience and international commerc,
than q financial one. though il has q
very important. indirect influence on
this question. Mr.. Cooper is hardly ia
full accord with either party on the cur
rency question; but that is not to be
wondered at, for more active and dea.
trous politicians than the venerable
Peter are sorely puzzled where to stand,
so that amid the shifting sands Of finan-
cial discussion and theory they will find
solid footing on the rock Of resumption
OF hard money, when they find the waves
engulhng their present position. Mr..
Cooper hardly realizes the full effect his
theory would have; the inflationists de.
sire the purchasing power Of the curren-
cy increased. but his theory without be.
ing productive Of any good in that quar-.
ter ignores the more Important recrlire
ments OF the case. II the interest ol
G.sE: TSiIss Nh psysNsss -xvsu6~cs,
at five per cent, interest per niihun'w'
would have con Sertible currency tina
might suit Mr. Cooper and some othe
patrisrchs. but IL would depreciate thu
value OF tho bond to such an extent thai
the mere reflection of the depressing in
fluence OF such action will be sufficient
to repudiate all discussion relative to
that idea. Amid great deal unworth.
Of consideration we find a few statement
deserving partial Endorsement. H
says "the only policy the Government
could adopt TO influence the influx @
gold into this country, aud keep its rela
tons on par with other commoditie
and with the paper currency, would l
that the Government should r,
quire its import duties to |
paid in legal tenders, addin
always the premium on gold to Il
amount as estimated in the paper Gu
rency." There certainly is somethin
in that suggestion, but it is impracticl
BILE, and however commendable, II woul
be impossible to put it into force. Thi
question of currency is now the mo.
important issue that has arisen in th
country for consideration since III
slavery question was settled in such
decisive manner. One result OF the di'
far hao
would-be statesman has come out with
little plan or theory Of his own. PEI
dleton, Judge Kelley aud Ben. Butt,
have all spoken their pieces and said the
say. Now comes Mr.. Cooper. who
though bowed with the cares and siIvere
with the frosts Of eighty-five years ian
amost worthy man). is totally mad,
qua'e to propose any safe and lastin
remedy for this growing evil. The r.
cent legislation OF Congress contain
more elements of reason and true omar
cial wisdom than any project we hay
since heard of. While We admire NJ,
Cooper's patriotism We deplore his Aaar
cial theories and think that crowd;r
himself into the ranks of the blata
mouthers Of the day is like putting
good, honest old shepherd dog to pla
ing tricks and pranks like the mongr
Cur of the streets. Cooper on the c,
reney'' will hardly be referred to
standard authority in any case, at lie,
while more sensible portion Of I
community survives.
The KhediSe Of Egypt is to be col
.mended for his efforts to introduce all I
ad1uncts OF civilization into his countr