The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-08-16
PETER COOPER.
The Venerable Ex-Candidate OF
the Independent Party Writes
an Open Letter to Mr..
Hayes on the Cur
reucy Question.
rency Question.

nv heartfelt thanks for the wise anu
;ndenendent course you have adopted
in the discharge of the responsible ana
difficult duties that you nave peen
called upon to perform. Inc u5op ~
torast Won are manifesting IN the ma
tion's welfare has already sent thrill
of hone and Joy into the heart OF SUI
ferinp million throughout our coun-
try. They are looking to you WIN
anxious hope that you will urgently
recommend and insist upon the 'es-
tablishment of Justice in the dealings
IF the government with the people, as
that is the only possible way by "hicn
the general 'Welfare or the haCloii
can be promoted.
Your noble course has thus 1ar III,
spired the people with the nope, anu
trust that you will, in the providence
of God. be our country VS. Moses, to LEAD
the peoDle from threatened bondage
that now hangs over the liberties ana
the happiness of the American repuo-
lie
This bondage has it's manifold center
and its secret force in more than Two
Thousand banks that are scattered
through the country. All these banks
are organized expressly to loan OUT
their own money and the money OF all
those who will entrust them with de-
nosits. These loans are made TO men
whose business-lives will soon become
dependent on money borrowed from
corporations that have a special inter-
est of their own. Such a power OF
wealth. under the control OF the sell
fish instincts of mankind, Will always
be able to control the action OF our
government, unless that government
is directed by strict principles OF JUS
tice and of the public welfare. me
banks will favor a course or speclal
and partial legislation IN ORDER 10 ~
crease their power--s'for even the
rood want power they will never
cease to ask for more, as long as there
is more that can be Wrung from tne
toiling masses of the American people.
Such apower should never be allow
ed TO 90 out from the entire and com
plete control of the peoples govern
ment. The struggle with this money
power. intrenched in the special PRIV
ileges of banks, has been going on
from the beginning OF the history OF
u
tentiOn of our Wisest and most patrl
otto statesmen, Franklin. Jefferson
Webster, Calhoun. Jackson, nave al
spoken of the danger of such power
and the necessity of guarding against
it.
In the opinion of Thomas Jefferson
the constitution has made this subJec
clear. plain and positive. He says
Bank paper must be suppressed, ant
the circulation must be restored to thu
nation, to whom it belongs.
The great delusion and the snare o
the bank is "a specie convertible p;
per-" which they can never CONVEX
when the specie is most wanted. y
this point Benjamen Franklin declare
that national paper money, well
founded, has great advantages owe
gold and silver, being light and easy
handle in large sums, and not likel
to have it's volume reduced by demand
for expectation. son the Whoie,
he saws. "no method has hitherto bee
dissolved to establish medium
trade equal in all its advantages
bills of credit made a general lega
tender
John G.. Calhoun declares that, LATTE
bestowing the best reflection / ca
give the subject, that no convertlb
paper is suitable for currency. 1t
the form of credit proper In prlva'
transactions between man and MAJ
but not for standard of value,
perform exchanges generally whic
constitutes the appropriate functlo
of currency, or money. Ihen
page 81. he says: mo one can doul
but that the government credit
better than any bank-more sable an
more safe. Bank-paper is cheap
those who make. but dear, very dea
to those who use it. On the oth'
hand, the credit of the government
while it would greatly facilitate i
financial operations, would cost not
ing, or next to nothing, both to 1t al
the people, and would of course, &C
nothing to the cost of productlo
which would give every branch OF OF
Neutrality-suspicious. CONNER
and manufacturers far as its c1rc
latiOn might extend, great advantag
both at home and abroad; and no
undertake to affirm without the lea
fear that can be answered, that a =
per issued by government. with q
simple promise to receive it for all |
dues, leaving its creditors to take it.
gold or silver, at their option, woul
to the extent it could circulate, for
aperfect paper circulation which cou
not be abused by the goyernmel
that it would be as uniform in val
as the metals themselves. And / sh
be able to prove that it is within t
constitution and powers Of congress
use such paper in the manageme
of its finances, according to the mt
rigid rule of constituting the constl'
ton.
The present secretary OF the ire
ury, speaking in the senate. when
subject of regulating the curren
was under consideration, declared
to be fact that s.every citizen OF I
United States had conformed his D
mess to the legal tender clause
That senator further declared. as
pears by the congressional rec0rt