The New York herald., 1875-12-02


States The bulk Of said debt is in hve-tweniy bonds
tsix per cent god or seven per cent currency nyov
ing the annual outflow OF $3 600 900 for interest," MANI
festly we are paying than double what England
pays for her enormous debt which Is funded at three
per and h6d AZ home. Were our debt funded at
a65 per cent per annnm, ana brought nome,
| gl7 o00, 900 would be annually saved In interest,
while the other $1,000 600, being IN circulation
would be invaluable IN banishing hard times.
REMEDIES AND REASONS.
REroRTER-Bul what would you have the govern
ment do in reference 10 iis present poiIcyH
Mr.. Co0PER-The course is PLAIN Let the govern
mont issue not only all the legal tenders, but all that
passes in the shape Of money-all should have the
'rmage and superscrpton" OF the government,
whether II be coin or paper Let the government
start irom fact that there has been, and Is now,
through is fundamentally and necessities many
millions OF legal tenders and bank paper or currency
set ahoat which with the government bonds now out
represent so much credit resting the honor and
ability Of the government TO pay, but furnishing also
the basis for great amount OF credit in the financial
system OF the country On this the country has been
depending, and with this il has been at work all It's
industries and trade since the credit paper came into
existence.
THE PEOPLE DO NOT WANT SPECIE
They want the credits already gwen them not to be
Withdrawn; they want their labor and material freely
given to the country, TO build up be valued
by the standard as that by which measured
when they began to work The moneyed class obvi-
ously want scarce money and high rates of interest
This gives them more power and less expense. But
the advantage Of the whole people, including this very
moneyed class, If their interests rightly under
Stood is TO have credit easy the Industrious, the
honest and the enteprsng, and the interest Of money
low
ADVICE TO CONGRESS-
REPoRTER-What would be the policy you would
recommend for the action Of Congress?
Mr. CooPER-At present Congress has devised
better plan for the financial policy OF the country than
this-Congress has passed law that specie payments
for all currency shall be resumed in 1879 and to provide
for this 1t has authorized the Treasurer of the United
States to withdraw currency until the present volume
shall shrink from $500, 100000 to $500, ,ooo, 900;
he Is further authorized TO sell bonds
at four four and half per cent interest to
the amount necessary TO get the specie wherewith
sumo payments. AS the five per cent bonds outstand
ing only At par now, think the prospect is very
poor for selling the four four and half per cent
without ruinous discounts and large addition to the
debt of the nation II the banks also made to do
business and issue their notes only specie basis
instead Of bonds, now, IL will shrink their currency
SO as TO bring another panic. Now, would have Con
gress
REPEAL THIS LAST ACT CONTRACTION
OF the peoples credits the shape OF currency, while
il expansion OF credits the moneycd class in the
shape of bonds. would have Congress pass act
that should make all currency that Of the government
bank currency giving these institutions the option
OF doing business only on legal tenders; these they
may secure at any time, by simply giving up to the
government an equivalent amount of government
bonds, whose interest thereafter stops until
bought up again by legal tenders This will
extnguish the interest bearing debt of the
country in part by not bearing interest Secondly
to start all fairly and justly, would have Congress
pass an act restoring the currency in volume 10 the
condition in which IL at the close of the war, or
soon after; when, peace being declared the whole
nation sprang to the arts Of peace with the energy of
necessities of the government had furnished the
price of the nations life, and began to build up the
country still securely in the wealth and products
Of my yrad- handed industry" when their hopes and
their faith stimulated to life by this mighty
credit poured into the circulation of the country and
all the property OF the country and its products
measured and exchanged by the new standard; when
found idle except the shiess and those who
sought ideness when factory stopped Its pro-
for want of consumers, for all We're consumers
because all were producers. Iwoud have ali that
rency restored TO the country, and not withdrawn
thon
it, but allowed to remain till IL had produced it's
equivalent by the industry and products which 1t
brought into existence.
BONDED DEBT.
No vested rights stand in the face OF the public well
fare; and statute law recognizes this principle.
Hence all vested rights can be repealed by the lawmak
Ing power that conferred them. Under this principle
private property can be taken for public and all
corporate rights can be abolished that stand in the way
Of public weltare-but without proper compensa-
ton to thepaties that may be losers, and Of this the
public administration must appoint the means and
provide the regulations. But propose TO change the
character Of the bonded debt by voluntary process
FirSt-Whoever needs currency must give up the
government bonds for IL. The compusion here is in
making every one do business and pay debts in legal
tenders and the principal reason for their excu-
siyely is that the public welfare admits Of other
money.
.Second-Whoever desires to fund the currency
shall receive bonds lower OF interest than that
which legitimate business now gives, but which is
higher than the average yearly increase Of the whole
property OF the country. This would hx upon the
of the bonds; it is about three per cent
whole country pays the interest on the public debt
just only that amount Of interest should
be paid which the increase in the public wealth justi
les, and This great bonded debt of the coun
try would really become the refuge and security of the
widow and the atherless and those poor and ignorant
people who invest their little savings in legiti-
mate business even through Others because they
trust them and have ability 70 watch the safety
protect the and return of their money. The
public debt would become the poor mans savings
bank instead of being as now, the exchequer OF the
rich and the means OF pampering wealth and ideness
Benevolent Institutions, churches and college endow
would seek 1t for the same reason because OF
its perfect safety and even the same funded interests
OF Europe would seek investment in this country for
security, and would gladly pay gold for all the bonds
they could buy, at little higher interest than their
own countries could afford
REPoRTER-But what about the gold all this me-
which is very much mixed up with this question
OF 6nance because it is universally the legal tender
of civilized natonSf
Nr CooPER-I would have it part OF our legal tender
still France makes gold, silver and paper all legal
tenders. Why cannot we? But If any one wants gold
commodity let him buy It, any other commodity,
at the market price. Let such exchange currency
any other commodity tor gold, their convent
ence and the state of the market which no govern
ment can control without tyranny and interference
with private rights. That whole subject will take
of ITSELF and the whole circulation OF the world will
naturally mngle and interchange with our national
circulation the outer air minges and interchanges
with the air Of the room If passages are left free.
GIsr OF THE ARGUMENT.
REPoRTER-I understand you, then, Mr. Cooper, that
you regard this whole contest about the currency
conflict between the vested rights Of the whole moneyed
class and their interests but lily understood" and the
rights and interests OF the whole people; that you re-
gard the whole legislation OF Congress this subject
with little exception made in the interests or class
special and partial legislation, which has been thus far
the banc OF republican institutions, because,
under forms OF law, it sacrifices the people
of special privileges and understand your
present remedy for all the present evils and all the f
ture that likely occur from system OF finance
is that government alone issue all currency and what
ever crculates money aud make this currency inter-
convertible with bonds, which the government can
control and not with gold, which IL cannot control;
and further that the government start in the present
emergency from precisely that volume Of credits In cur
rency and in bonds that aoat by the irresistible
necessities Of the for the Unior that this volume
should sustained substantially II soon after
the close of the war when TO its maximum, and
be made the Of all values and the means Of
changes for all coming time, subject only so the slow
increase Of volume which statistics shall justify the
increase OF population and It's ratio, per capita 10 the
currency2
Mr. CoopER-That ls precisely what propose.
LET TRUTH AND JUSTICE PREDoMiNArK.
REPoRTER--But 1t appears TO me, Mr.. Cooper, you
place great power In the hands OF the government by
such a policy. Some administration may ride again
finally all he co