National Republican., 1878-05-10
MONEY FOR THE PEOPLE.

A correspondence has recently occurred
between the Secretary of the Treasury and
PETER COOPER, the greenback apostle of the
present day, on the subject of furnishing
"all the money required by the business
"of the country" which developes q differ
ence Of views between them. Mr.. COOPER
contends that public confidence is the
proper basis for our financial system, while
Secretary SHERMAN proposes that 1t shall
be based upon specie, the money of the
world. We are inclined to the opinion that,
abstractly, Mr.. COOPER has the best end of
the question. Public confidence may be re-
garded as the handspring Of our business
prosperity. Money we must have to GER
tain extent; but it is wcll-known fact in
the business history of this country that
money is but small factor in the conduct
of business affairs The very heaviest
transactions are made purely upon the con-
fidence that exists between operators, with
scarcely q show of absolute money
Checks and drafts are the exchang.
ing mediums by which heavy pay.
ments are made and they are essentially
matters Of confidence. So also is the green
back currency of the country made useful
and valuable in proportion as there is O
settled public confidence in the good faith
and ability OF the nation to keep its engage
mcnts us set forth in its promises to pay.
Secretary SHERMAN, as appears from this
correspondence, proposes to allow green
backs and gold and silver to circulate inter
changeably side by side. That is, he woult
simply add S3OO,OOOOOO of specie to the
greenback circulation of OO,0OOO00. Thi,
would give total circulation Of 100000,
900; to which should be added coin certifi
Gates varying in amount from 800, 100000 t.
$500 100000. We would then have tota
circulation in specie and gold and silver Ger
tiiicates and greenbacks varying from 81 900,
600, 600 to S1,2OO,OOO,OOO On the face o
this proposition the sum named by the Sec
retary would undoubtedly subscrve tn
wants of business and trade, and put tn
country on the high road to business pros
perity. The next question in order is, cal
this volume of mixed circulating medium
be maintained? Will coin circulate at pa
with so large an amount of paper? This
q question to be considered with some solici
tud" and care. Why mix the currency b.
sending gold and silver among the peopl
rs factor in cur circulation whc
greenbacks arc far more convcnien
and under public confidence are equal
valuable for such q purpose, instead O
leaving gold and silver in the vaults of tn
made for it in exchange for greenback
when coin becomes q matter of absolut
necessity for domestic or internatiOni
business purposes. Let the coin go TO til
Treasury vaults, and its place besupplied b
an equal amount of greenbacks, as n matte
alike of convenience and confidence. Will
out public confidence, national papt
money, which is only a promise to pa!
would be as valueless as an individual not
+ for negotiation when confidence in til
maker had departed. Nobody would war
it, neither would anybody want greenbacL
. after public confidence in their eventual r'
q dempton in specie had been dcstroyct
They would not pass as money any MOI
than the bills of the Confederate govern
ment do to-day. Hence we recoi
nize good deal of force in the position q
r this question assumed by Mr.. COOPER.
y 1t is noticeable that the Secretary max,
no reference to the circulation of the n;
q tional banks, and hence we conclude infe
, entially that he is altogether in favor of IL
= proposition that the Government shall iss,
, all the money needed in this country Il
q business purposes. This, indeed, is what
has contracted to do, and what it shoul
do. Hence we have never been able to di
q cover either the wisdom or economy of Il
national banking system. We do not ST
. why the Government should delegate
others what belongs of law and right I
:, itself to do. So long as it has contracte
n with the people of the country under Il
Constitution to furnish and does furnish
portion of the circulating medium, wi
should il not furnish all?