New-York tribune., 1877-06-08
PETER COOPER TO PRESIDENT HAYES

AN OPEN LETTER on THE NATIONAL fISANCEs-A
WITHDRAWAL or SILVER RECoNMENDgD-A CUR
RRSCY INTRRCONvEgTIBLE WITH THREE PER
CENT BONDS NECESSARY.
Peter Cooper has just addressed long open
letter President Hayes oriucsng the past nnahcia
policy OF the Government, and also marking out tho
proper course in his opinion TO be pursued IN the future
He begins his lettor with tho following significant words
Allow me to offer you my heartfelt thanks for the wise
and independent course you have adopted In the dis
CHARGE of the responsible and difficult duties that you
have been called upon to perform Tho deep interest
yOu are manifesting in the nations welfare mas aready
sent thrill Of hope and joy into the heartof suffering
millions throughout the country. Your noble
course has thus far inspired tho people with the
hope and trust that you will in the providence OF God
be our countrys Moses lead the people from threat
ened bondage that hangs the liberties and the
happiness OF the American people. This bondage has
its manifold center and Its secret iorce Ill more lnah
1000 banks that scattered throughout the country
Al the banks organized expressly TO loan out ther
own money and the money OF all those who Will ntrust
them with deposits These loans made to men whose
business lives will become dependent ON money Dor
rowed from corporations that have special interest OF
their own Such rOwer Of wealth. under the control OF
the selfish instincts OF mankind will always be able TO
control the action of Government, unless that Gov.
directed by strict principles OF justice ana Gi
the public welfare. Such power should never De al.
lowed 10 20 from the entire and complete c0hol OF
power nrcnohcd in the speca privileges of banks has
been gong from the beginning OF tho history OF inns
country" .,,,.,,
Jeff rson and Calhoun that they dstfuslcd the
banks and continuing says: At the close or the war
cf he rebellion Government found itself incumbeed
with promises ty that which it did not pOsesS ana
could command only the amount could ne drawn
from the people IN form Oi taxation Inc promise
10 pay should never haye been made IL sbOuld nave
been "a promise receive instead ol promise 70 pay
tokens debt which tho Government had teen eoni-
PEELED 10 pay money in Its struggle Tor the h4oh
life The amount currency found i'll circulation AT
the ccso OF the shOuld have been allowed 10
diminish, only IS per capita WIN TIE IhcrcS
the lab.hps OF tie country. SGCn currency ,hOlh
hayo been made receivable All FERNS OF taxes duties,
and debts. oar national currency must be maze re-
ceyae all purposes throughout the country snd ID
teTcOnyertibe with three per cent Government pOH'
Suca a currency would have been worth more 10 me
American people tban all the gold mines lha have ever
been discovered ou the continent OF America
Mr.. Cooper thgu advises tnGt SILVER De NHEurANH
from circulation and used in the purchase OF f9icEu
bonds the fractional aler currency 10 ho revived e
declares that lie believes prosperity NOud return IL
"VcgnIaucDt UHincuatlHg currency, as DcICie staIC'
equal the amount actually found IN clrcldtIon d inc
CiOsg OF war" adopted and II that "3lnOant
sLoa.d never bc increase! diminished only Us per
capita with Tie increase OF ~ inhabitants 81 Ous touN-
try" ina note" appended 10 the letter he points out
the initiation OF Us currency by France and argues nat
its prosperity is due TO tEis policy. He then says: ne
law contracting the currency is taking from the
people their legal money, costing thc Government anu
the people nothing and then converting ths same cur
rency National debt tor winch the people are 10 ne
taxed the next 30 years. Tho people are deprived O
their currency which mad for formed tue ne DiCtu
OF The country" ie closes his letter with another
"nJte in which he says it Il an absurd National loicy
that Yuud IL he AL tile industries OF haiO 10 Hvpi
on an article Ike that o. gold me price OF Whch no
Government individual can control, as IL DriIa "ac
price to-day ANA no man can tell Wnat pllce VIII DC o.
fereu tUr u 10 morrow.