Year: 1876

else that has value al the option Of the i,di-
1id,tdl. This rule applies to paper money
as to anything else. But how shall Gov
ernment give an exchangeable value to a
paper currency Can it be done by a
standard which is beyond its control and
which naturally 1uctuates, while the sign
of exchange indicated by the paper re-
mains the samel


This is the unsound theory which
possesses the minds Of our people and Of
our politicians.


We must cut loose from this unreason-
able theory, or we shall be subject, for all
time, to these p riodic disturbances OF our
currency which bring such widespread
ruin and distress to our commercial in
dustries, and work, ON the pswt of the
Government positire and cruel injustice
The remedy seems TO me TO be very plain.


'FIRsT-We must put this whole power
OF coming money or issuing currency, as
Thomas Jefferson says, where, by the
Constitution, it properly belongs en-
tirely into the hands Of our Government.
The Government is a Republic, hence it
In under the control Of the people. Cor
porations and States have hitherto, in
some form or other, divided this power
with the Government. Hence come the
embarrassments and the fluctuations. as
may be easily shown.


but now we must trust our govern
ment with this icl,Oie function Of providing
the Standards and measures Of exchange,
a. we trust 1t with the weights and meas
ures OF trade. So far from putting the
people in the power of our Governmet and
at the caprice of parties in power. | con-
tend it will bring the Government more
under control Of the people and give a
check to mere party rule. For the more
stake the people have IN the wisdom and
honesty Of the Government, the more
watchful and hrm they will be in its con-
troll.


SECONDLY-We must require the govern
ment to make this currency, at all times,
and, at the option Of the individual, con-
rertibie. But the currency must be con-
vertible into something over which the
Government has entire control, and to
which it can give definite as well as a
permanent value. This is It's own interest
bearing bonds These are, in fact, a mort
gage upon the embodied wealth Of the
whole country. The reality Of their value
is as sound and as permanent as the Gov
ernment itself, and the degree Of their
value can be determined exactly by the
rate OF interest the Government may think
proper to hX.


The time has come when the claims of a
common humanity and all that can move
the manhood Of an American citizen, must
unite III demand for an act Of common
justice now due to the American people
who have saved our country from ruin,
and will, | trust, forever protect IT, The
Constitution has made it the first. and the
most important duty Of Congress "to
establish JItSt,ce, insure domestic tranquil
~, pTorids for the common defence, promote
the general ireitors, aud secure the blessings
" liberty to ourselves and orr Postefity."
To my personal friends need not say
that this sacrifice Of peace and rest, is like
the surrender Of what remnant of life
may have. But to the country at large,
4 will say that ! am willing to stand in the
place where | have been put by the judg-
ment of an intelligent and honest portion
~ my countrymen, to stand with them,
and try before the whole people this cause
Of the peoples money, and the true imam
cial policy OF this Government


Most respectfully yours,


PETER COOPER.