The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-07-31
PETER coOPER's OPINION.

nancial problem.
The bank organs have been sorely puz-
zled by this letter. They could not charge
that Mr. Cooper was a communist, neither
could they make it appear that he was an
ofiice-seeking demagogue, and finally after
resorting to every imaginable dodge, they
have settled down upon the conclusion that
he is an old man in his dotage, whose opin-
ion is entirely worthless and yet, Mr..
Cooper is as shrewd and careful business
\, iser AS can be found in New York city.
His arguments cannot be answered, and
the editors of the bank organs know it.
The first column and half is devoted to a
statement Of the theory Of exchanges, and
of money After clearly enuneiating which
he gives US the following conclusions as to
our monetary wants
FIRsr-We must put this whole power Of
coming money or issuing currency, as Thomas
jefferson says, where, by the Constitution,
it properly belongs entirely in the hands of
our Government That government is re-
public hence, 1t is under the control Of the
people Corporations and States have hith-
erto. in some form or other, divided this
power with the Government. Hence come
the embarrassments and fluctuations, as may
be easily shown.
But now we must trust our Government
with this whole junction Of providing the
standards and measures of exchange, as we
trust it with weights and measures of all
trade. SO far from putting the people in the
power of our Government aud at the caprice
Of parties in power, l contend, it will bring
the Government more under the control of the
people and give a check to mere party rule.
For the more stake the people have in the Wis
dom and honesty Of the administration of the
Government, the more watchful and firm they
Will be in its control.
SEcoNDLY-We must require the Govern
ment to make this currency. at all times, and
at the option Of the individual, convertible
Rut the currency must he convertible into
something over which the Government has
entire control and to which it can give def
mite as well permanent value This is its
own Understanding bonds. These are in
fact, mortgage upon the embodied wealth
Of the whole country The reality Of their
value is as sound and as permanent as the
government itself, and the degree of their
value can be determined exactly by the
amount of interest the Government may
think proper to fix.
This will always keep check,
both on the amount of currency and the
amount of bonds that may be called for at ary
time for the bonds are property, creating
income, and the currency is merely the meas
IRE Of property and the means of exchange.
If currency swells in the hands Of the people
it will show that business is active, exchanges
numerous and Investments profitable. If
currency shrinks and bonds increase, it Will
only be to the extent of those natural fuctu-
ations which seasons and times bring upon the
productive energies of mau But at no time
will either the bonds or the CURRENCY he a
mere drug upon the market, for they will be
mutually convertible.
When We look into the history of the past
for the real cause of those periodical panlcs,
that have brought financial ruin on many
of our people, we find that on all those occa-
-sions, as in the present paralyzed condition of
the trade and commerce Of the country, the
main difficulty has originated in the unfortun-
ate financial policy adopted by the general
Government policy that Is producing for
our people what the policy of the British Gov
eminent has brought about for the people of
that country, where the real estate OF the
whole Of England has, in a comparatively
short period, been transferred from l65, 900 Of
ent. And this, where the most rapid increase
Of wealth, perhaps, in the world, is also at
tended with the worst and most unequal dis
trlbution; and where, instead Of a ditfused
happiness and universal prosperity, the rich
grow richer and the poor poorer, by constant
yaclllations IN the measures Of value.
Instead of the government taking the
circulation in its own hands it has dele
gated this power to over :, 900 national
banks. The bankers taking advantage of
the necessities Of the war, compelled the
government TO exchange 90 bonds for
the promises to pay of these banks at such
rates as to secure nearly double the ordin-
airy rates Of interest upon the loans thus
made. This undue advantage was the re-
suit Of military necessity, an after the
war the system should have been abrogat-
ed. The import duties should have been
made payable in greenbacks, with the gold
premium added. The bringing of all
prices down to a gold basis is unjust to
the furtherest degree Through the agency
Of the specie basis, one nation has the
power to disarange the entire business Of
another nation, whenever and wherever
balance Of trade that must be paid in gold
arises or exists. Mr.. Cooper quotes the
opinions of Thomas Jefferson, Benjiman
Franklin, John C.. Calhoon, Herbert
Spencer, Ricards, Henry Garry Baird and
Wallace u AID oInuaa H.
following paragraphs
1t appears by speech of w. W. Allen.
Esq, that there had been drawn from the
people, in the shape of taxes and duties dur
ing eight years between the 3lst of August.
1865, and the LIST of Nov. 1873, inclduing the
amount of 1868 ass, 677, max ng a reduction
of the national debt in eight years Of S73I,-
4SS.6 showing that an annual amount of
SlS5, ll3, 355 has been drawn from the people
in the shape Of taxes and paid towards the
extInguishment Of our national debt. This
amount was over and above the amount drawn
from the people to pay all the expenses Of the
Government in addition to the amount re-
CURED to pay the interest on the national
debt.
Such a rapid withdrawal Of the peoples
means from their ordinary business is quite
sufficient to account for the ruin now brought
on untold thousands of the American people.
For our Government to continue such
policy and go on drawing taxes from the peo-
pie as they have done, to extinguish the ma
tional debt before it is either due or wanted
by those who hold it, is about as wise as it
was for Pharaoh to expect his people to make
bricks without straw
The people could and would willingly have
paid the So interest ON every hundred dollars
of the national debt. They could have paid
the interest on the debt with enough of the
principal to show that they honestly intended
to pay the whole amount
This they could and would have done if
they had been permitted to retain the tools
of their trades the amount of currency on
which they were compelled to depend for
their ability to pay the taxes On the cost of
the war.
l believe l have shown that the policy
adopted by our Government to hasten q re- |
turn to specie payments has rendered the at |
tainment Of that object more distant and diff |
ficnlt than il was at the close az the WAR of |