No 36 C. New York Feb 9' 1861 Hon John Sherman Dear Sir I am in receipt of your kind favor of 8t inst - I infer from its contents that there is much doubt that an arrangement will be made in time to secure the adhesion of the border states - I am surprised and astonished when I see how little our Republican friends are aware of the widespread ruin that must attend a breaking up of a government, when all its parts must be thrown into the greatest possible doubt and uncertainty about the mode by which an reorganization can be effected - This will be rendered doubly ruinous and difficult in a country like ours where there quarters of all the property is subject to mortgage and entangled with debt - Unfortunately the people of our country have been led into this entanglement of debt by the facility with which they have been enabled to borrow paper money of banks, whose business has always been to live upon the interest of what they owe - The great facility of borrowing paper money together with the constant transplantation of imigrants and foreign capital to purchase farms, lots, and stocks, has led our people to a degree of prodigality and extravigance in living never before witnessed by any nation - From such a height of prosperty our fall as a nation must be terrible - Plunged as we will be into a constant apprehension of internal war and all this to prevent slaves from going where experience has shown that they cannot be used to advantage - Having myself voted for Fremont and also for Lincoln I have felt exceedingly desirous that our Republican friends in Congress would pursue such a course as will maintain the good opinion of the thousands of Democrats who like myself desire to secure the best interests of our common country - For one owing nothing to banks and having no mortgages on my property, I am able to speak without prejudice when I assure you (from what I believe to be reliable authority) that a loan of five millions could not be taken at 30 percent in the City of New York, if prepositions are not made to the border that will show that every thing has been done that could be done with honor to secure our union with the border states - I fear you will be entirely disappointed in having large sums taken up in small subscriptions - It should be remembered that nearly all who holds or own small sums keep them in savings banks, where they rest on State & United States securities which must be thrown on the market and sold in order to take other and further loans - This cannot be done at such a time without loss is fearfull to contemplate - Yours with great respect Peter Cooper [docket] Peter Cooper New York Feb 9/61