Year: 1871

10 public debt was soon paid OF. Snd prosperit,
became universal.


Bv degrees between 1ss4Hnd 1s4s, the tariff wss
.o,in repealed. : The ziills were again stopped.
furnaces siosed lands fallen TO hsprice, tho sher-
if at work, States repudistins their debts. the
Treasury unable to borrow at home or abroad, and
bankrupt laws passed by Congress- In 1S42 tho
true American System was again tried and In Less
than Ave years the production Of iron alone rose
from 200 900 tuns TO 100000 tuns. Prosperity was
sg.in universal, mines were opened, mills were
built and money plenty, and the public and private
revenues greater than ever. Once more, In lS40 fne
British policy Of Free Trade was adopted BY repeal
inU our tariff and notwithstanding the discovery OF
yold In California, money was a. high 90 over briS
ian iron came In, and gold went out. In 1857. tho
cnlmination was reached, and crisis osme on. Inc
Treasury was again nearly bankrupt In tnreo
years, emigration fell below the point on !" yoafs
hefor, and our own exports fell Oh TO mere
noth;no such have been the effects Of yielding to
. noBcv recommended by men and nations having
interests to thst are as war Win AL 'no oo"'
interests Of our own country.


A war Of commercial interests Is not peculiar to
ENGLAND alone. II has been the habit Of all trading
n.tions since "naught said the buyer." They will
all continue TO buy In the cheapest market and sell
IN the desrest as long as men do not love their
neiahl,ors "a they do themselves. There are thou
sands Of those now engaged In foreign trade whose
fortunes depend on filing the country with foreign
Goods, There are other Thousands who are holders
Of mortgages, who hope to buy in the property 1or
the face Of their mortgages, or for half is present
value And that they triH do a. soon a. mes can w
duos our Government 70 thy another experiment " ~ao'
tAey eau free trade The policy OF these persons
who are all clamorous for free trade, would deprive
millions of men Of their means Of living by mecnan-
ical employments, and drivsthem into competition
with the farming and agricultural interests OF tne
country. making the mechanics competitors OF tne
farmers instead of consuming. as they now DO, ten
times as much Of the agricultural product OF the
country Is is now sold in all Europe.


II would be as unwise for our country In time OF
var to govern the movements OF armies by the ad-
vice of our enemy as it would be for our Government
to allow our national policy to be controlled by the
advice Of the trading nations of Europe, who wlli
always consult their own interests, entirely lnde
pendent Of any interests Of ours. 1t 10 well to re-
member that there Is nothing that can be said to be
purchased cheap Of foreign countries that must be
bought at tho expense Of leaving our oWn LABOR "ne-
pIoyed, and our own good rGw materials unused
advocate the cause Of our manufacturing In
terests because they secure to the farmer his sur
est and best market for the agricultural product
of the country, and because experience has demon
strated the fact that the surest way to maintain our
independence and cheapen goods to the consumer,


Is to foster the home productions OF our country and
give diversified employment to our people. And 1
advocate an American system. because L desire the
political power and tho financial honor Of the nation
TO be maintained and vindicatsd before tho world.
This can be most effectually accomplished by max
ing ourselves Independent far our own soil and
climate and good raw materials viii enable Us to
produce the articles we need and this they do with
as small an expense of labor ID would require TO
produce tho Same articles In any other part OF the
world. advocate policy that will maintain the
National Government and pay the nations
debt out Of duties on imports. The heav-
lest duties should be laid ON all articles
of luxury and the hghtes duties on all articles that
will aid in securing diversified employment to our
people.


There is nothing else that our Government can
do that will so efeotuaily stimulate and develop
all the best energies of free people as will the
adoption Of Just, uniform. and snysLdias system Of
MONEY scigh, and measures. II Is greatly to be TO
gretted that our Government failed In its worry COM
to perform the most important duty en-
Joined by the Constitution. They should never have
allowed the individual States to issue paper money





the initiation Of paper money that has 90 raised the
price of all property and labor chat we now tempt
the world to sell US everything, and we have made
everything with us too dear to sell with profit IN re-
turn. Free Trade with foreign nations must, where
all things have been made unequal by the use Of
paper money prove in tho future, as it has in the
past, delusion and snare. 1t must in the future,
it has in tho past bring panic pressure, and ruin.
to untold thousands made bankrupt by the change
Of value In all kinds Of property. This must be the
result of leaving our own labor unemployed
and our own good raw materials unused. The
high price of labor and of all the products Of
labor has made tariff Of duties ON imports abso-
lutely indispensable to enable the Government to
pay the National Debt. The duties must equal in
amount the full extent of the increase in the price
Of property and labor by the use and the imitation
Of paper money. Washington declared a fact when
he said that In exact proportion we either alloy
the precious metals, or pour paper money into the
volume Of the circulating medium just in that pro-
portion will everything in country rise, and labor
will be the last that will feel it. 1t will not benefit
the farmer or the mechanic. as it viii only enable
the debtor to pay his debt with shadow instead of
substance" PETER COOPER


Ne~ York, Oct. Z, 1871.


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