The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-12-01

wages Of laborers just in the ratio Of such
imitation; and, on the other hand, il we con-
tract the volume Of currency, we diminish
prices in like ratio.
Such being the fact, is it not apparent that
the National Banks, having power to initiate
and contract the volume of currency, also
have the power to control the prices Of
property, the wages of the labOrers, and to
make business prosperous or bring on bank
ruptcy and business disaster at their pleas
ure? Did they not give US striking eXhi-
bition of this power near the close Of the
last session of Congress, during the discus
sion of the Refunding bill, when. with
view of intimdating Congress. they retired
S1S,OO0,OOO of their circulation Had not
the Secretary of the Treasury came to the
rescue of the people, by putting out more
Greenbacks, they would have brought on a
fearful panic among business men, and
greatly prostrated the industries of the Ma
tion.
Neither the business men nor the laborers
realize the Importance OF the currency
question or to what extent 1t affects their
personal property. The individual proper
ty of every man, as well as business in gen.
eral, depends upon the volume and stability
Of our currency. We shall never establish
justice and secure continued prosperity
until we secure uniform currency with
volume regulated in such way that it can.
not be suddenly inflated or contracted by
any power. Initiation is always detrimental
to creditors and those living on fixed sal
aries and incomes, while contraction is ruin
Ous to the debtors. As it is usually the
business men who are most in debt. If we
bankrupt business men we necessarily pro-
duce stagnation in all industries, forcing
labOrers into idleness or causing great re-
duction in the wages.
CLOSING SUGGESTIONS.
Let me impress upon your assembly the
importance of having the currency, whether
metal or paper, issued by the Government,
and that 1t be kept as uniform in volume as
ossible. i hope you will adopt as one OF
the fundamental principles OF the Anti Mo-
nopoly movement the statement made by
Thomas jefferson, one of the founders Of
the Democratic party, when he said bank
paper must be suppressed and the currency
must be restored to the Government, to
whom it properly belongs. But am max
ing this communication much too long for
the occasion. Yet there are many other
important m0nopolies that L have not re-
ferred to that also need your earnest con-
sideration. will only add that If the Anti
Monopoly party that is now forming will
take up these great questions as here indi-
Gated it will render an immense service to
the country, and will certainly obtain the
| support of the masses of the people and
| will, you may rest assured, receive my
| most hearty Endorsement.
| Give the people National Government
currency made receivable for all forms OF
| taxes, duties and debts, kept uniform in
| volume and on a par with coin at its present
rate, weight and fneuess, and give the
people cheap and convenient transportation
| for the products of their labor, and keep
them actively employed, and you will do
more to promote their happiness and pros
perity than any political party ever yet has
done. Add to these measures post-ofice
savings banks, cheap telegraphs, cheaper
postage and cheaper eXpressages, and you
will promote still further the prosperity OF
| our country.
Hoping that you will be instrumental in
organizing a party that will not only enlist
the services of the honest men in the Tam
many Society, but all political parties, am
your earnest well Wisher in the cause Of po-
| litical reform. PETER COOPER.