The New York herald., 1876-07-26
TIE PRESIDENTIAL QUESTION.
AN oPEN LETTER by PETER COOPER TO THE
CANDIDATES FOR THE PRESIDENCY
Nav YORK, July 25 1876

GE>rLEMES-i md myself impelcd D. an irresistible
anxiety for my country; by The papa5le facts OF dis
tress ana suffering that surround me, aud which |
compelled know pervade the families of the great
our people; by the calls that have been
made to me from all parts of this great country. aud
especially by the solemn and deliberate OF an
earnest and intelligent body of my fellow citizens In
convention assembled Who setting forth clearly their
convictions as to the real cause OF this wide
! spread distress among the OF
counlrymen. have called upon to represent
those CONVICTIONS. and nominated me their chief
! executive TO carry them out BY oil these considcra-
tons feel called upon address a words to you
who now hold the nominations Of tho great organ.
lied political parties in this country for the highest
positions OF responsibility as 10 the future happiness
and prosperity OF this great people
Far be II IRON me TO attribute any want OF patriot
ism any unworthy motive to your honorable selves
! or the leaders Of those conventions which have
nominated you both, respectively, TO the high
! olice OF the President OF the United States
! But the imminent question OF the day, tha, which
I touches the OF the present financial ruin and
suffering Of so many one of such rapate lacs and
simple deductions thcreirom, ths, think there
some mistake in radical principle 10y which these
are viewed by you and the great parties which
you represent find the platforms OF the convcn.
tons OF tho TWO great parties adequate
expression. either Of the facts, the causes
the principles that unccrhe the present great
distress OF nation when thousands OF honest. in
pee pie filled with anxsty for the bread
! of their families suffering already from
adequate supply This the great and para.
noun, question Of the day which chief thought
aud c0iccnt'a on should be directed, aud be-
fore which all other questions should sink into insg-
! uinoancc
What IS tho Of this widespread ruin and pres
eni dis,rcsss ana what is tho immediate rcmedy?
HISTORY
and OF pubic record will show ih,s. According to
spaudings Financial Hls,ory of the War" page POI,
the public debt OF the United States stood the books
I o. the Treasury, october l, 1865, at total of
S., EOS $40. .437 According the author who is
strong advocate Tor specie paymeats, tpage 10, IN
troduction out Of this debt in 1861, 'thc nflltng
paper issues, outstanding, were over sllo0, 0o0
! and geld reached is highest quotation, . s5. Now
be remembered, that althoug few money changers,
spectators and importers we're willing TO give 81 S5 Of
paper Tor 81 in gold yet the people were using this
paper 10 buy hour and exchange their commodities
at prices that were far less than this inflated prlce
OF gold.
in foreign commodities where "balancrs' had TO DO
pad In gold. The naltrade commerce and indus
tres OF The country steadily incrcasns and never
before 50 ioushing as during The tlmc OF this famine
Tor gold. In an evil hour 1t became the policy
&c s and par Value of g Ts
was attempted by The withdrawal OF the paper cur
/ rcncy last pracucaDIe aud by absorbing tue
same by arbitrary Law into debt for much gold
as the face of the paper in the shape OF gold bonds
bearing the yearly interest OF SIX per cent IN gold In
the of less than eight years this change
effected and the peoples money and currency OF all
kinds reduced subsequently, from 81 l92 305, 527
AS represented on the Itcasurers books on Septcm
Der l, 1855, TO the sum OF s6Sl ,4ss.676 ON the
LIST or November, 1873, making reduction OF the
currency eight years Of sl.56l aC6.s5ll (See Con-
gressional Record, March 81, 1874 speech OF john NJ
Breht. oi Tennessee.l THIS brought the panic of
1873 and all our present financial troubles Although
/
drew interest," and, therefore, partook so OF the nature
/ tue Committee OF Banking and Currency said, from
his IN Congress, occasion o Mr. Bright speech,
rhose issues were engraved and prepared IN form Il.
circulate as money and, as matter OF fact, did
CIRCULATE until encr they were funded or 'hc in
terest accumulated so as to make them superior to ths
ordinary class OF currency" But tins supendous de.
IN the peoples moneylhe very tools of their
and enterprises OF every description, The OF
which hey had fairly earned by the blood and sacr
fees OF great war; and the beneficial effects oi which
proven by the great activity IN business and rado
which II engcDdercd as long as II astedthis great
ducion III the money of the people was made by
methods equality unjust as they disastrous to the
prosperity oi the country
THIS paper currency absorbed by interest bear
ing gold bonds, which we're bought by the paper which
III iis turn had been purchased by gold AT ory, hity
and sixty cent discount; thus turning The dctt Of
the country TO ne OF twice ITS valuc In paper, aud
paying Tor tho gold bonds at half their value IN per
This done ut time when this paper currency was
doing the nation all the good that so much gold
could do, Tor our domes.c prosperity and trade
The people we're building up the country
with rapidiiy unexamped before, with this
paper. which, Il 1t had been fully honored
by the government tha issued IT, received Tor all
imports, duties and debts, aud allowed TO be
changed at par Tor bonds at equitable rate of inter-
est, would not have permitted any premium on gold
rnE PANIC OF '7s
and all the consequent distress OF the industrial classes
OF our country aud It's btfled enterprise is distinctly
due to contraction the currency this cnor-
nous extent during The eight years preceding 1873
IL stopped credit, production aud consumption
and made much OF what currency LETT
rush in A panic 10 The head motley ccntrcs--as the
an N <u u--ly
this money is now vanly seeking investment, IN "Irs
class security al 'wo per cent whiIe the country at
large pasied in It's enterprises ana industries
want OF nus very currency. And what was all this
for. TO change the debt oi the country without
! reducing It's real amount, from shape beneficial
TO the people, aud incorporated as an integral
part OF the very lIepood of all their
tins paper currency was turned, almost
with tho suddcnness OF conjuraiion and by the forms
OF arbitrary construction OF law into unoI her shape
! twice IN amount measured by the same paper and
taxing the people interest 1t IN gold, TO
OF ss4, Gs4 269 per year scc statement OF the public
| Most ol this interest is paid to foreign bond
holders, alien to our Institutions aud unintcrcs,cd
our prosperity, except to keep up our ability and
Willingness TO bear taxation.
And what is the specious reason for this changer
"TQr return TO specie payments !"
What this policy result IN but further distress
and mpovershment OF this people and the building up
OF ttc interests OF class, whose business to
vest TO lend money aud whose policy Will DO TO
the highest rate OF interest," such apt TO
that the immediate gain OF snch policy Is far less
than which arises from the prosperity OF the whole
people aud the multiplication of wealth that comes
enterprise unimpeded and industry constantly
poyed We may concedc all that is claimed OF the
/ necessity Of specie payments" aud our currency
being made q par with gold. Hut this disastrous
III judged method of reacrng specie lay nicnis Dy
the past and present contraction oi currency,
cruel to our people, Tor 1t shrunK the
value o all property 50 that II could not BE- sold
mortgages OBTAINED ON itior more than one-halt the
amount same property would have brought ,hrce
years previous aud reduced the OF lsOor
degree. This return to specie payments may
be mase without such injury. by honor'ns
the currency every way by making
exclusively the money as well The legal
tender OF The country; ny receiving Tor all lorms
taxes, duties, tebs to government, well as The pay
OF all private debts by establishing It's value
a irm basis at liked ami equitable oi interest,
whtcn Il may always hud in an ntcrcouyertblc bond,
nd bv lrtcr of tLc