The daily gazette., 1880-12-02
PETER COOPER'S IDEA.
HE WOULD HAVE THE UNITED STATES
BUILD RAILWAYS IN MEXICO WITH
THE DEPosITs IN THE POSTAL saw
INGs BANKS.


BUILD RAILWAYS IN MEXICO WITH
THE DEPosITs IN THE POSTAL saw
INGs BANKS.
Mr.. Peter Cooper, who has for many
years taken most lively interest in
the development of Mexico, is devoting
what leisure time he has at his COM
mand to writing treatise on the prob
able future relations of Mexico and
this country should Mexico be travers-
cd by a systematic network of we'll
constructed railroads. 81 am," he
said to a World reporter, recently,
"very strongly in favor Of the intro
duction of American enterprise into
that beau tiful territory. But if any
thing is done want it 30 thoroughly
attended to that it will never be ne
cessary to do it over again. There are
so many good for nothing bubbles that
are being started. Take the canals,
for instance. cannot conceive how
the public can be induced to support
The gigantic speculation of III. de Les
seps. 1t is fallacious at the start, for
the wrong route has been chosen. In
Chickering Hall l once gave my earn
est sapport to the San Bias route (80
miles long, as against 46 miles by De
Lessep's plan), and was sooffed at by
the European nabobs. l am afraid
hat De Lessep's route will prevail if
investors are not frightened away by
the enormous amount Of money he is
said to have asked for. Some favored
capitalists and bankers will make
money out of it, but l tremble for the
French people who may be encouraged
| by the glittering prospectus to risk
their hard earned earnings. And SO
if anything is to be done for the bene-
fit of Mexico and this country would
nave it first on practical basis, and
then l would crush any jobbery tLat
might crop up. You see, the beneficial
results of opening up a field for our
mutual benefit are so stupendous that
fair and honest start must be
made"
"What is your idea in regard to the
railroads ?"
"That the United States Government
| ShOlld build them in thorough and
| efficient manner. All that is necessary,
is to obtain the grants or permission,an
the rest is plain sailing. The Govern
ment ought to do something to encour-
age small investors. The redemption
OF bonds by issuing more to retire them,
is wrong, for it cheats the peo lie, who
are compelled to give their labor to pay
the interest on the debt. Now the cur
rency has been contracted, by taking
away the money that rightfully belonged
to the people, and a great many green
backs, as well as coin, are boarded all
over the country. Legal tenders are al
a Premium 1t was only few weeks
that Mr.. Stuart, President of the United
States Trust Company, offered u per
cent. cash in gold, for half million of
money and The offer, which still stands
open has never been taken up. We
ought TO get at the money, laid away In
the stockings OF locked up in his trunk
by the farmer and the laboring man.
There does not exist an implicit conf
dence in the savings banks, for every day
there is report of failure of one or
two in some section of the country
The Government bond does not meet
the difficulty, for the denominations do
| not suit the necessities of the small in
vestor, and then it is unwieldy and COM
| plicated. What is required as first
step is the establishment of postal banks
on the same basis as the popular English
postal savings banks. Our Government
could have all the money it could use IN
few months, and three per cent. inter-
est would be encouragement enough to
induce the poor to place their savings In
such banks. believe that $500, 0,000,-
0O0 would soon be on deposit, and the
Government could forthwith invest the
money in some enterprise that would
improve the condition of the country.
"You would have the government
build railroads in Mexico with the de-
posts in three postal banks ?"
"That is my idea and it is the only
sensible plan. The work could be
done well, cheaply and quickly and
that is what we hope for. l for one
would invest largely if knew that the
money would be used to build railroads
in Mexico or for some other wise pro-
ject' l think that the investment
would pay the Government over pei
cent, and the surplus could be used to
lessen the burden of taxation. 1t is
folly to allow private capitalists to reap
all the harvest. do not want to see
or hear of any bonds or stock, for that
would destroy the value of the enter
prise. The Mexican railroads would
absorb only a small part of what would
be placed at the command of The Gov.
ernment, would 60 further and have
the South improved with internal
navigation. Canals should interseci
the entire Southern country. 1t would
be a grand thing to see steamers navi
eating from all points to New Orleans
In taking care of the savings of the
South by the postal bank system the
Government could do a G eat deal tC
held up the political sores that are said
to exist"
From the Phila. Times. Dec. l.
| Al ~E .