Daily Kennebec journal., 1876-02-11
up pt.tyE on THE FINANCIAL SIT
NO. r. TID1.

our columns this morning. 1t is speecn
which will be perused with greater salts
faction by the friends of sound currency
than any previously uttered upon that
subject. 1t is clear, ringing. mastery
effort. upon one of the most important
subjects engaging the attention oil our
statesmen and people.
Starting with the declaration th'' Tue
honor of the government and the prosper
ity of our people are menacFd oy 'hose
who demand the continuation OF an ''re-
deemable paper currency. he goes on to
show what the attitude of parties Is now
and has been in the past in relation to the
currency. by what authority legal tenders
were issued and how they came to be dep
reciated as they are, what was the effect o'
their inconvertibllty upon buslness. ana
what ;s the course to take in order TO re-
store a sound currency. This covers Inc
whole ground for discussion.
The historical and political facts in the
first part of the speech are admirably pre-
sented. The democrats are sharply re-
minded O. the Inconsistency of their record
upon the currency question, whether they
90 back to the days of Andre jackson,
or to the time OF the recent rebellion
Originally hard money party, as were
all parties at the formation OF the gov
ernment. the democracy under modern
leadership have apostatized from the
faith of the founders of the party, until II
is controlled BY the idea that irredecmable
paper money is the best currency in the
world. The republicans are the only par
ty which in its integrity tavors sound
currency. Legal tenders were issued as
war necessity, the only resource OF the
government to raise. clothe. equip. feed
and pay the Union armies. In the great
crisis when the nations life hung in the
balance, when the Treasury was empty
and nothing but the credit of the govern
ment stood between it and destruction. the
democrats opposed to the bitter end the
issue of legal tenders. The war being
over, and there no longer existing any ne
cessity to justify farther issues of govern
ment promises to pay, the democrats are
found clamoring for imitation. What they
rejected and spit upon when needed to de-
feat the assassns seeking the destruction
of the Union, they now desire to have per-
petuated to overwbelm the nation in uni
versal financial ruin.
Passing to the discussion OF the more
strictly financial aspect of The subject. Mr..
Blaine presents the evils that result from
an irredeemable currency, and its opera
tion upon different classes in community
To the industry of the country he regards
ii as especially hurtIul, to honest trade
disastrous, to sound business perpetual
menace. The proposition made in some
quarters to abolish the national banks and
have the government issue legal tenders
to take the place of the bank circulation is
ness exposed in very convincing man
ner.
The West and South. the great grain
and cotton producing sections. where in
fation has its strongest foothold, are
warned that their interest lies in having
sound currency, rather than new and
larger issues of that which we have. SO,
too. the shipbuilder; give him stable
currency, based on specie, and he can defy
competition from other countries. Mr..
Blaine admits that no positive and vigor-
Gus measures have been taken to restore
the specie standard, principally because
there seemed no pressing necessity for
such steps, but with the experience of the
financial difficulties expressing the coun
try there is reason enough to take earnest
measures for specie resumption. 1t is
what is needed before all things to restore
health and activity to the business of the
country. The idea that we cannot resume
and maintain specie payment Mr.. Blaine
regards as absurd, and adduces facts to
prove our ability to do so.
The first step which Mr.. Blaine would
have Congress take in the way of bring
ing about resumption Of specie payments,
would be to restore the provision for fund
ing which first attached to the legal tend
ers, but which by mistaken policy wa.
repealed at the request OF Secretary Chase.
With the funding privilege restored the
work of resumption would follow. To
the repeal of the act for resumption in
1879 he is opposed. Alter reading this
speech no one can doubt where Mr.. Blaine
stands upoE the currency question. A
more earnest, sincere and able plea for
specie resumption has not been made.
Let our readers give the speech careful
perusal, since no ab>trac, Of il can convey
but an imperfect idea Of the speech itself.
4 UNION SOLDIER CP0N THE LETTER
OF JEFF DAVIS.
TO the Editor of the Rsnnsbee .Jop,na{,
l have js,t this moment read the notorious let
ter purporting to have been written by Jefferson
Davis in reply TO ex-spesker Blaine. The mask