Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-02-09
THE FINANCIAL QUESTION.
Peter Cooper's Letter to Senator
Beck.
The Defeat Of Sherman's Refunding
Bill Demanded.
The Cheap Transportation Question
Settled.

The Cheap Transportation Question
Settled.
The Kind Of Democracy the People
Demand.
SENATOR BECK-My Dear Sir: / see
that John Sherman is making a des.
perate effort in the senate, to force a
vote on his 8 per cent funding bill, at
as early day as possible.
The people of this country who have
given some attention to this financial
question are watching with deep inter-
est the discussion that is taking place
n reference to this bill. This bill can
not be regarded in any other light by
intelligent minds than an effort on the
part of those who advocate it, to fasten
a portion of the public debt upon the
people, so that it cannot easily be paid,
and to perpetuate the existence of the
national banks.
Senators who support this bill, will
not, as l believe, in the future, be sup
ported by the people.
sincerely hope that you will make
one of your ablest speeches in opposi'
tion to this bill, and in favor of abol-
ishing bank currency as fast as the
characters of these banks expire, This
whole system of issuing money and
making it gratuity to rich bankers, is
one of the most infamous frauds ever
perpetrated upon this people.
Now, can any plausible reason be
given why the government of the
United States should issue 1852, 100000
of notes, and endow such notes with
the function of money, and practically
make them free gilt to rich bankers,
while the masses Of the people have to
work for every dollar of this money
that comes into their possession?
Why, sir, if this volume of currency
was issued in the form of legal tender
notes, the working classes Of this coun-
try would supply for it, the labor and
material requisite to build two lines of
double track railroad from the Atlantic
to the Pacific coast, and fully equip
those roads, and in addition thereto,
construct fifty frst-class ocean steam
ers, by which the question of cheap
transportation, both at home and abroad
could forever be settled in the interests
of the people.
Railroads built in this way would be
owned by the people, and through them
they could interchange their poducts
without having more than half of them
consumed in paying large dividends on
watered stocks, and hired interest on
preferred stocks, in fact, without pay
ing interest on any stocks or bonds
whatever. Why not introduce bill
that shall make provision for retiring
bank currency as the bank charters ex.
pire, and to substitute for the notes OF
the expiring banks, treasury notes made
legal tender, and at the option of the
government redeemable in coin, or in a
three per cent inter-convertable bond
and put the treasury notes thus to be
issued in circulation by providing cheap
transportation routs for the people, as
/ have here indicated?
Why should the people who create
the wealth of the nation, be compelled
to contribute the largest share of that
wealth to the owners Of the money
and the owners of the transportation
lines, the medium through which
the products of the peoples labor are
interchanged?
Why should Messrs Gould, Wander
bilt, Sage, Miller, Huntington, Crooker
and few other railroad managers, ant
a few hundred bankers in New IorE
be permitted to accumulate the hun
dreds of millions of dollars, by simpl.
controlling the money and transporta
tion, that should belong to the who'll
peoplep
Is it not because we have men o
John Sherman's stamp in the Unite
States senate and in congress who ar
legislating in the interests of thes
partiesP
Is it not about time that such mel
Should step aside and the true repre-
sentative of the peoples interests shoul'
step to the front and pass measures TO
the benefit of the people, and not sclel,
for that of rich bankers and railroad
magnatesp
IF this 3 per cent funding bill o
John Sherman's should pass, the bond
it provides for issuing, would comman'
premium in one year of four or tiv
per cent which would be two or thre
times the amount of the interest save
over the 81 per cent.
Besides this with our surplus reVen
ues, it would only require about 8
years to pay off every one of the 81 pc
cent bonds.
This cry Of Mr.. Shermans of "say
ing interest" is just pretense on hi
part; the real object of the bill is t
perpetuate the public debt, and by tina
mems to continue to issue bank cul
rency. The whole system of issuin
cur mcy by banks, whether they ar
private, state or national, is one tina
will bring panics, and widespread
bankruptcy and financial ruin.
1t is a perpetual scheme for inhatio
and contraction, for sending the price
of property up, and sending them dowr
for permitting people to get in debt o
bank paper and forcing them to pa
these debts in coin for selling propert
when it is high, and buying it on fore
closures when it is low.
About every ten years the bushes
men Of this country are forced throug
bankruptcy, and their property is al
sorbed by bankers and money lender
through the process.
I send you, herewith, some docl
ments which contain tables, take
fr'w the finance report which wi
s..Jw you how imitation and contra
ton was carried on under the old stat
bank system; and also show what
system Of legallzed fraud the presel
system Of national banks would becon
il the legal tenders were destroye,
and the tax on bank circulation r
moved.
also send you copy of my letter
Secretary Folger, reviewing his last r
port.
/ trust you will examine these doc
ments carefully. and that your vol,