The Republican journal., 1876-02-17
Blaine on the Finances, and a Few
Remarks from Tarbox.

Ex-Speaker Blaine delivered on the 10th his
long contemplated speech in favor of specie re-
sumption. The occasion drew a large audience,
every seat on the floor and in the galleries being
filled. We give a synopsis:
After discussing the financial situation of the
country at great length, he said that the shock to
confidence by the panic OF lh13 was so great that
many commodities and especially many tabrcs are
below their normal price, and nrm, clear, decisive
step the direction OF sound rcdtemabie curren-
cy imparIing stability to our financial system, and
confidence 10 the people would, in the judgment oi
our best merchants and manufacturers, be followed
hy rise in prices, by quick and widespread de
ul;lud for Labor and by generous and general re
neWal of trade and business throughout the country
and beyond that We should enter upon an export
trade ol our fabrics such We have not dreamed Of
iu the past. The time is ripe for it. Outward cir
cunstances are all propitious, and only remains
1ur Congress give To the country steady curren-
Cy ana tht enterprise Of our people Will do the rest
lhere is Il cotton plantation in the South,
grain or grazing farm i'll the West, not coalpit OF
Iron furnace in Pennsylvania or OHIO, not a manu-
factory in New England, not shipyard on the At
lautc coast, not a lumber camp from the Penobscot
10 the Colunbla, not a mile OF railway between the
Two oceans, that would not feel the quickening,
saintul influence OF final and general acquiescence
IN measures looking to specie payment
The Republicans mediate no harsh or hasty or de
structNe policy on This question, but one that will
still toe firm, considerate and conclusive. The De
lnOcracy, by refusing to cooperate in the good work
can keep the matter in agitation and prolong the
era of dullness and inactivity in the country; hay
lng Stubbornly refused to vote for legal tenders
when the salN alton OF the Union demanded them
that party can now ittingly complete its financial
record by refusing all honest efforts to restore the
specie standard to the people We told, how
ever, in tones OF most solemn warning that the
country Is not able 10 maintain its paper money at
par with coin. | reject the insinuaton with scorn
and II seems to me II | could be pursuaded OF It's
truth, i should be ashamed to rise the American
Congress and proclaim it, Here is California one
o1 our youngest States, thirty members of the IL
'"n being Nrnlor to her, with vast territory and u
parse population, able to maintain coin payment
Aud maintaining ii through financial storm OF ter
rhle force and 10y reason of it regainiug position
~ splNtuey aud safety with rapidlty and certain
~ 10 which tht paper ha5ls affords no parallel but
uulv 4 contrast. Here the north OF Us hes the
dominion OF Canada, stretching from Ncwtouud
i;nd 10 tie borders Of Alaska with inhospitablt
climate, "a sul il great degree inferior to ours
commerce checked and suspended hall the year by
frozen rivers manufactures scant, crude and unde
Neoped with 1t population throughout the wholt
territory not large that OF the Stale of New
urk with wealth greatly inferior to that OF the
Empire state with debt rs large, in proportion to
the people, production and property, as our own
ana ycI Canada finds no difficulty aintainiua
specie payment and Al Toronto, Montreal and Hal
max the American tourist is Knocked and made
ashamed by ae sight Of coin dollars and gold eagles
ron oar own mint, circulating as freely currenc!
among people whose wealth and resources but
incon- idcrable traction of own magniiicrn,
inheritance and possessions.
lie discussed the position held by the egal-ten
drrs, aud considered that they should be funded
Lut whether shall succeed shall fail in restor
"lth which they were originally endowed, | mus
here record my earnest protest against the policy
rcptaHlg the legal-tender clause, which has giyeI
10 these notes ther great strength circulating
medium. cannot see how the Government cal
consistently deprive these notes of their legal-ten
der quality until ii is ready to redeem them in con
ON presentations, and when il is so ready to redeem
them what need or advantage will there be in rails
my the question: and have never heard any argu
ment Al all satisfactory to my mind that the rclea
ut the legal tender clause would tend % make re
sumption easier ON the contrary, il seems to Int
that 1t would render resumption tar more difficult
than il would otherwise be. All wise Legislation
toward resumption will take that no needles.
burden bt thrown on those who have debts to pay
ana mat III the transition the banks shall be kept il
such Il condition rs viii make them as helpful as
possible to the business community. But ths pol
lcN would drive the banks into struggle for self
preservation. in which debtors would necessarily bt
saCilhCeu. Ii l correctly apprchend the sound pub
lie judgment on this question, there is no desire. IL
destroy the Icgaltender character Of the note but
settled determination to bring il to par with coin
ANA py thls means bring every bank note to the
same standard. HIS policy VIII restore the COIN OF
TIN. country, of which we producing over eight,
millions per annun, to active crculation in the
cHahfitls o1 trade, ana Will result not only in max
my our money better, but assuredly more plentiful
among the people. 1t is Il Illuminating fact that nro
ducing. as We do, Il far larger amount Of prccou.
metal Ihan all the rest of the world beside we drive
II INTO export, because will create a denant
1Or II ut nome, ana the mines of the Pacific solt
are furnishing the circulating medium for every
country OF thr Nllzed word except their own
whose financial policy to-day outlaws and eyIatri
att7 the product Of their labor.
The act providing for resumption in 1879 realIires
III lHc Judgment OF the Secretary OF the Treasury
>one additional legislation to make il practical and
effective As ii stands it fixes date, but gives no
adequate process, and the paramount duty of Con
gIe93 10 PfoNide process, and i'll all legislai IN
looking to that end ii must be borne in mind that
unless We move in harmony with the great business
interests OF the country We shall assuredy fail The
specie pay ymcnt can only be brought about by wise
and wellconsidered legislation, based on the expe-
rtncc OF other nations embodying the Inatured wis.
lN
Innate business and carefully avoiding cytrvthInu
mat may tend to create fear and distrus among the
people, in other words, what we most need "A, the
outSroWth OF legislation is confidence, public and
private general and undivided. To-day we are sut-
lerlhS from 1llnldty OF capital, and long as an
era Ol doubt and uncertainty prevails that timidity
VIII continue and increase. The steps towards in.
hAtion will make it chronic; unwise steps towards
resumption VIII not restore it. We will have dis.
charged our full duty in Congress if we can mntur,
ii measure which will steadily advance our currency
TO the specie standard, and at the same time work
III harmony with the reviving industries and great
commercial wants of the country.
IN any event, Mr.. Chairman whatever we NAV do
OF Whatever we leave undone IN this whole financial
question: let us not deludc ourselves with the belief
that We can escape the specie standard. 1t ralcs US
Today, and 1t has ruled us throughout the Whole
fg0-tehdcr period just as absolutely rs though We
were pawn ana receiving coin daily Our work.
our fabrics, our commodities all measured bv if
anu 80 long as we cling to irredeemublc lippr
we have all the burdens and disadvantages Of The
god Standard with none Of its aids and gains and
prohts. me thing which hath been is that which
snail be-. The great lawgytr of antiquy records in
tht very opening chapters Of Genesis That III,
gold OF the land Of iiavah is good" Mr. Blaine
concluded as follows And with another urecou,
metal it has maintained its rank TO this day No
nation has ever succeeded in establishing anv othe
STANDARD of value. No nation has ever mad, The
experiment except great cost and sorrow and
the advocates of irredeenable money today are bun
asking us to travel the worn and weary road travel
''o 50 many Times III disaster, and often in dis grace