Year: 1879

COMMERCIAL cRIsEs-LEcrURE BY pARKE GOD.


WIN BEFORE THE FREE TRADE cLUB-RE-


MARKS OF PETER COOPER.


A lecture was delivered last night before the New
York Free Trade Club. at its rooms, No. 81 West
Twenty-fourth street. by Mr.. Parke Goodwin. on the
subject Of Commercial Crises" At its conclusion
Mr. Peter Cooper made some very interesting re-
marks ON financial questions.


In opening his address hIr. Goodwin declared that
commercial crises turning points in business oc-
Cured in regular sequence. following natural law.
general rise of prices invited speculation cities
and towns became centres of activity. and equilib-
rum was destroyed between those industries which
provided for the great primary wants of society
and those which provided for its secondary wants.
This fictitious concentration Of trade brought with
it outthroat competition. reckless venture and
great extravaganza. When the elimination Of the
upward movement reached the distress of the
middle classes was taken advantage OF by the rich
to buy up what they were forced to part
with and get into their own control all
tho banks aud railroads and manufactures
Of the nation. When the collapse came all kinds Of
enterprises stood still. The OF such crises
were to be found in the banking credit system which
or dorsse e Of %
in proportion to tho whole amount that its
fluctuations were practically nought. But credit
money might vary. not merely by the demands
Prices depended upon the more or less OF
money available to effect exchanges It was Just
here that credit money came in us disturbing ee-
ment. There was q wonderful coincidence between
the movements Of bank capital aud Of trade.
While the deposits and circulations of the
banks were always going up. those OF the
metallic reserve were going down. The reserves and
liabilities of the banks therefore had most intimate
relation to these crises. The metallic of the
banks the very balance wheel of the whole vast
mechanism. One study Of the econom lists therefore
should be to learn the supreme Of this coin in
economy


Mr. Peter Cooper, who had remained very atten.
tive listener to the lecture, called upon by
President Deming to give the assemblage the benefit
OF his views on the question. Mr.. Cooper said that
ject, except by observation. Paper money. when
forced into circulation. 9would only benefit the
debtor class The speaker believed thnt the
first duty Of the government was parental-to insure
the establishment OF justice, secure domestic tran
guilty provide for the common defence, promote
the general welfare and the blessings of lib
erty for posterity. The government had failed in
this duty. 1t had been clothed with the power of
coming money and was bound to use 1t. It should
in the beginning have fxed the rate of interest
SO low as to keep pace with tho annual progress OF
the wealth Of the nation. The constitution made IL
the duty Of furnishing to the people the most con-
venient currency that could be devised for it. Such
money carried Rome to the zenith of her power and
downfall began. That would be the fate of the
United States II the people failed to learn wisdom
from the history of the past.


Mr.. Cooper attributed his success In life to his
into his business. He believed low tariff placing
the list the smallest number of articles .that
would yield the required revenue. Norhing
could be bought cheap from foreign country
which was bought at the expense of leaving our own
raw materials unused and our own laborers idle and
we'd.