The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-05
PETER COoPER's PANAcEA.

PETER COOPER'S PANACEA.
AN OPEN LETTER TO PRESIDENT HAYES ON THE
INDUSTRIAL CoNDITIoN OF THE COUNTRY
GOVERNMENT LABOR FOR THE UNEMPLOYED,
SILVER AS LEGAL TENDER AND AN INCREASE
OF THE CURRENCY RECOMMENDED
Mr. Peter Cooper has written open letter to Pres
ident Hayes He commences by q review OF the pres
ent Industrial condition OF the country OF which ne
gives the following description
Our manufactories are many of them, closed. or
running at loss. or giving starvation prices to ther
operatives Our merchants are demanding the reduce
ton of their rents, dIscharging many of their en-
pIoycs, and such as are In debt are fast going INTO
country on winch the income and the employ
ment OF SO many thousands depend, are last
succumbing 10 the general failure IN tue
finances OF the country, so that their stocks have
become appreciated or worthless, and their employees
discharged or mntinous on account oil reduced wages:
Real estate has deprecated TO less than hall oil what
II would have brought four years ago. much OF II can
hot be sold for any price, and mortgages vi one
quarter its value If iorecossd swallow up the whole
The thriving and ontcrprising farmer OF the West
especially ees this In the value oil money, as COM
pared with labor or property win tho hardy ton OF
years he has opened and improved his farm, and the
comparatively small loan, which laid but light
weight III the resources Of his land IN prosperous
times, and with sunciency OF money, Is now threat
cnipg 10 swallow up the labor OF ILLS life. Even the
banks and the loanng institutions not being able 10
barrasssd both sides-the failure oil their debtors,
that throws many OF the securities on lher hands
market" and the difficulty OF making any new loans
or nyestments-so that money 'goes logging" At
one and q half and two per cent
THE CURRENCY.
Iu stating his views on the currency Mr.. Cooper
says -
people, as currency sos per head IN 1873 The cur
rcncy OF ali kinds was only little more than sl7 per
head. You may call this currency vast debt OF the
people as IL was incurred BY the government save
The lie OF the nation. But u was moncy-svery dol
lar o. T. It was paid by the goyernme.t .'l"r value
TO the value OF their property, and, rs your
present Secretary Of the Treasury said IN his seat IN
the Senate, 'every citizen OF tue United states had
concrmsd his business TO tho lsgal tender cause"
This currency also the creaturs OF law. anG under
the control OF the government, but held IN trust
for the beuent OF tue people, as arc all It's functions
Was either just or humane 10 allow ST. 100 600 600 81
this currency, "A large part bearing 10 interest,
but paving LABOR and ruc,ying every business
prise, absorbed into bonds III the OF eight
years, beariug heavy interest, OF which the BOND.
holder bore sharcY (See Spauding's "Hislory Of
the Currency.'o Tho government seemed TO admin
lister this currency AS If there were but one m
the nation to be promoeu and that tho profit
OF tLose who desired to fund their money VITA tile
greatest security, and 10 mako money scarce and OF
high OF INTEREST," This ID the issue OF Inc hour;
this the battle of the people, and tor tho people ia
which the present administration Is called upon 10 de-
clare which side 1t Will take II this policy was I'M
lust ruinous at the nrst It is unjust and runous
II II has led US from prosperity into adversely
the only course rs TO retrace our steps, TO stop tus
funding any longer, ana give The people back Their
money, justly earned and hardly won by the tolls,
pers and sacrifices oil the people.
PROPOSED REMEDY.
Mr. Cooper concludes his letter by submitting tho
following policy for consideration and adoption by tho
government
But as this vast and life giving currency mas now
gone rretrevabiy into bonds and the BONDS have gone
largely abroad Tor inportaons that have stu Iurther
depressed the industry oil our people by buying abroad
a l.v N han
would respectfully suggest the following policy Tor
Administered on In The present emergency and Tor
first-Let the government give immediate relief TO
unemployed labor eitur through definite methods OF
help given to settlers OF unoccupca lam IS IN the Vest
by great and obvious public improvements watch
to be necessary 10 Tho prosperity aud safety
OF the country-such a. northwestern aud south.
western railroad Both these methods mi hit be usod
in view Of the great distress now OF the laboring
classe Tho railroads Will invto settlements project
tho country from indian wars. costly tuan the
railroads themselves, and givo employ ment the
money which will enable the poor man 10 settle the
lands Evon State and municipal help might be
evoked to this END of employing labor by issuing cur
for tho bonds oil States and municipalities that
could employ labor prohtaoy IN any local Improve
ments.
Second-Resore the silver coinage as a legal tender,
and while II swells the currency 1t may made AS
lgut paper, Tor transportation, ny "bilis OF ex
Change" or BY a currercy that represents silver,
The decentralization oil silver was trek oi the enc
mics OF the poor mans currency. The remooelza-
ton OF silver will be great relief now, in tue deprcs
Of all business, II not the inai and best measure
Thiyd-Lct US adopt permanent policy OF public
finance that shall hereafter control both the volume
and the value OF the national currency ~ the interest
OF the whole people and rot OF class. Let US have
national currency fully hoDored by the government,
and MOI az now, partially demoneiiZcd-thc sole cur.
rency and legal tender OF the country taken iUr all
duties and taxes and interconvcrtDe with The bonds,
at u low but equitable rate of Interest. THIS VIII for
take the creation of currency and lis extinction
out OF the hands ut banks and those Interested IN
making II and high and put II completely under
the control Of law aud the interests OF the people.
Fourth--Lct US promote ana instruct industry all
the land 0y founding, undcr natoua, Stale and
municp pal encouragement, INDUSTRIAL schools OF every
kind that can advance sH in labor. The rich need
the literary and professional school and colleges and
they should have them Uut the poor need tue indus
trial school OF and science and II nhouu he made
The duty the local governments to provide pricti
cal education for the mass OF the people US the best
meth OF guaranteeing to every State republican
form OF government"
ETfh-The government can do much toward pro-
noting the Industry Of this people and encouraging
capital 10 enter upon works OF manufacture by u
judicous II upon all inportations OF which We have
tue material III abundance und tho labor ready 10
be employed In the production. IL Is no answer 10
said before, 1--WE cannot, MS nation, buy anything
cheap that leaves our own good raw materials unused
and our own labor unemployed"
Srth--Lct US have Il civil service as we'll organized
and specific the military or naval service. Let
take tue civil OF mere political craftsmanship
AMI put such appointments upon tue ground OF non.
esty capacity and oducat onul Illness that no nun
can mold his Office and receive It's emoiuments without
faithful discharge of the duties prcsci bed by the
law. The noble and efficient recognition that YOU
have already given to this principle, IN dvorcing
politics iromshe ordinary clerical and civil service OF
tho country, entities you TO the thanks OF every
citizen.