The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-04-19
THE CURRENCY QUESTION.
Peter Cooper's Financial Views.

The following address was prepared by
Pet .r Cooper for delivery at the meeting of the
Union League Club recently, but no favorable
opportunity offered for the presentation of his
sneech. it frst appeared in recent number Vt
the New York Tribune. 1t contains full ex-
position OF his views on financial questions.
Mr. PRESIDENT AND GENTLEMEN OF THE
UNION LRAGus CLUB: | find myself impelled
by an irresistible desire to call and fix the at
tention OF every lover of his kind and country
on those appalling causes that have SO effect
ualIv paralyzed the varied industries OF our
people. Those causes have b en- sufficient to
sUrink the real estate of the nation One-half
the amount it would have brought three years
ago; and that without having sshrunk at tbs
same time any of the debts that had been con-
| tracted by the use Of money authorized by the
Government of our country. There is nothing
that can be more important than to find out
and remove the causes that are bringing bank
ruptcy and ruin to the homes OF millions OF
the most industrious men of our nation TIL
national policy that has brought this frightful
calamity on our people should receive the most
thorough investigation and the most decided
action by the government of our country.
There is but one way to relief out OF all this
tional trouble and sorrow. The people them
selves must enforce upon the administration
the obligations laid down in the constitution
"to establish justice and thus secure the gen.
eral welfare of the nation" To do this, let US
take it out of the power OF States or corpora
tions to make or unmake the money OF the
country. It's tine sole duty of the government
to coin money, as the Co stitution requires.
Let the Government itself, through its Admin
istration. be restrained from meddling capri
ciously with the currency, and only under
permanent laws and a we'll understood and
pre- determined policy always having reference
| to the GOOD of the people.
4srxa nj sy,axy ,r.,I r1ln
| ly by the authority and supported in circula-
| ton by the taxing power and the solvency OF
our Government. Such a currency should be
| Fl xed in volume, per capita, to the amount OF
the people. money actually found in circula
ton at the close of the war, and it should be
made as certain and as permanent in value in
its measuring power as the yard, pound, and
Sushel, by its being made redeemaole for all
| Government taxes, duties, and debts, as we'll
| as legal tender for all private debts. This
currency must always be interconvertibew with
| Government bonds q. low rate Of interest, as
/ compared with active investment. 1t should
be- currency which bank or corporation can
not rightfully issue, enlarge, or Contract in Its
| own interest, and VIII CHI cannot be taken from
the hands of the people by the "ever-shiltlno
balances of con modltie," between nations
as is the case with gold and silver when used
as money. 1t will not be subject to any sud-
den contTactions or expansions. but will b:
regulated by established law, based on scien-
tilc facts and principles OF a just system ol
national finances. The greenback can be mad.
just such currency. Ibis CT Jrency can al.
| ways be- kept Oh ali average par with & Id Of
the currency of any other country by the en-
couragement and the support which it vii
give to the industry and productiveness of ths
country. II will increase indefinitely thu
country's exporting power. We will then pay
our "balances" with other nations with on
surplus products and have but little occasion
for the use o. gold and silver to pay balances
of trade. We csn in no way become an ex
porting nation except by stimulating our owl
productiveness, diversified and enlarged il
every direction Of human industry, in which
our materials are as good and abundant a
those of other nations ana the labor and ski
are ready for use if properly encouraged. F0
this purpose / believe it will be wise for Us Il
remove all internal taxation, and rely solely
on sufficient revenue tariff to meet the ex
penses of Government. This subject is yer,
! much misunderstood or misrepresented by on
own advocates of free trade. 1t is the surplus
productions of foreign countries mostly tina
reach cur shores as imports, and it is also tn,
surplus capital of the importers and the for
eignors that is employed to bring them here
Hence it is bat right to tax this 'ssurplus'' TO
the absolute wants Of our own domestic indus
try and capital. This is precisely u hat taril
accomplishes. It taxes the importer and tn
; foreigner chiefly who must find market some
whre, and those Of our people who will bu,
and use foreign products, who leave eur owl
good raw material unused and our own domes
tic laborers unemployed. This is violating tn
first law OF nature-self- preservation. Let q
take care OF our own people here at home =
the int duty OF our own Government. AM