The New York herald., 1876-02-11
HOUSE OF REPRESENTATIVES,.

wAsHINeroS Feb 10, 1876
The Speaker presented a memorial from citizens
ofLouisaua praying for relief against certain political
evils existing in that State Referred
The morning hour having been dispensed with the
House, at twenty minutes past twelve, went into
Committee of the Whole Dir Hoskins, of New
York, in the chair, on the Consular and
Diplomatic Appropriation bill, and was addressed
by Mr. Hale OF Maine, and Mr. Lynch, OF Mississippi,
IN opposition to the bill
Mr. BLAINE Crep.) OF Me-, then rose and proceeded
to address the committee every seat in the House and
galleries being occupied, and the closest attention
being given 10 his remarks. He said:
BLANE's SPEECH.
Mr.. CnAIRMAS-rhe honor Of the national govern
and the prosperity OF the American people
alike menaced by those who demand the per-
petnation of an rredeemable paper currency. For
from prostraton in business confidence returns but
slowly; trade revives only partially and today with
capital unprOductive and labor unemployed, find
ourselves in the midst Of an agitation respecting the
medium with which business transactions shall be
carried on Until this question is definitely adjusted
IS ldie TO expect that iul measure oi
prosperity to which the energies Of people
and the resources Of the land enttle
of the democratic pariy-possibly its controlling
power stubbornly stands to-day. The republicans,
always true TO the primal duty or supporting the
tions credit have now cast behind them all minor diff
ferences and dssensions the financial question and
have gradually consolidated their strength against IN
fation The currency therefore, becomes necessity
prominent political issue, and those democrats who
favor OF honest dealing by the government and
honest money for the people. may be compelled TO act
they did in that still graver exigency when the
istence of the government itself was at stake
While this question should be approached in no
spirit OF partisan bitterness, il has yet become
tangled with party relations that intelligent discus
sion Of it be had without giving its political his
tory; and If that history bears severely the demo-
cratic party its defenders must the facts and
not quarrel with their presentation Firmly attached
TO political party myself, firmly believing that par
ties in free government are as heathul they are
inevitable, ] still think there questions about
which parties should agree TO disagreoand OF
these the essential nature and value Of the
lating medium. And it Is a fact of especial weight and
significance that up to the paper money era-whch
was precpiiated upon during the rebellion
OF wars ineXorabe necess ties-there
never political party in this country that bar
leved in any other than the specie standard for our
currency. If there any principle that was
and grounded IN the minds carrier states
men IL was the evil OF paper money, and no candid
man Of any party can read tho constitution of the
United States and not be convinced that its trainers
intended to protect and defend people from the
manifold pers OF an irredcemable currency Nathan
iel hacon-onc of the purest and best of American
statesmen, himself solder OF the Revolution and a
member of Congress continuously durng the admins
tration OF first six Presidents embracing in all
period OF nearly forty years-expressed the whole
truth when he declared IN the Senate that ''this
a hard money government founded by hard money
men, who had themselves seen and felt the evil OF
paper money and meant TO their postcrty from
It." To this uniform adherence 10 a specie standard
the crisis OF the rebellion forced an exception
Mr.. Blaine then proceeded sketch the condition OF
affairs which compelled the issue Of legal tenders
which the ablest lawyers found for in the
text OF the constitution, and which placed on the
ground Of absolute overwhelming necessity" He
then referred the Of the democratic party
which, he said irreconclaby hostile to the issue
of legal tenders when that OF credit was neces-
sary for the salvation OF the country and as
the country was saved conceived a violent love for
them. Continuing he said
THE FINANCIAL CONDITION
As said at the outset OF my remarks Mr.. Chairman,
the country suffering under OF those periodical
revulsions In trade common 10 al commercial nations
and which thus far wisdom Of legislation has been
able avert The natural restlessness of people
alive and alert as looks for instant remedy and
the danger in such condition OF the public mind is
that something may be adopted that wlli ultimately
deepen the disease rather than lay the ground
work for an efectual Naturally enough IN such
time, the theories for relief are numerous. and we
have marvellous recipes offered whereby the people
shall be enabled 10 pay the dollar they owe with less
than hundred cents; while those who are caught with
such deuson seemingly forget that even Il this be
30 they must likewise receive less than hundred
cents for the dollar that Is due them. whether the
dollar that they today or the dollar that Is due
them To- morrow will have the greater less number
OF cents depends the shifting OF which they
can neither control oresce; and therefore all GER
n calculation In trade rs set at dehance, ana 'hose
Dianches Of business which take on the form OF gam
most promising
Uncertainty TO the value OF the currency from
Gay 70 day is injurious all honest industry. And
whhe that which known as the debtor interest
h.s. ~ laI'y ana generously considered 10 ihe
thapns OF measures for specie resumption, there IS no
lusuce IN asking for imitation us behalf Rather
.he.e .ne grSyest Injustice; for you must remember
tnat tneIe large class OF most deserving persons
VINO would be continually remorsecssy robbed by
such pocy mean the labor Of tho country, that IS
comIeneo 70 i've from and by its daily earnings The
SAVINGS oanks which represent the surplus owned by
inc laDorers OF the nation, have deposits to-day
exceeding 100 600 OO0more than the entire capital
stock and deposits OF tho national banks. The pen
siOners, VINO represent the patriotic suffering Of the
country have capitalized Investment of 5000 600 600
anything but instant and lasting injury from Inaaton
whatever lmpars TIC purchasing power Of the dollar
corespondngy dcceases the resources OF tho savings
bank .depositor and the pcnsioner Tho nonsioner q
loss would be absolute but IL probably bc argued
that the laborer would receive compensation by his