Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1876-02-16
BLAINE on FINANCE.

uAA ou1y, ~ biiO AA0o~~
sentatives. 1T is quite too long for
publication, put contains some points
worthy of special attention.
Mr.. Blaine deprecated the fact
that the.culreHy had become . po-
litical issue. There has never been
opposition Il hard money until re-
Gently. Both parties were always
in favor'of il. Now the Republican
party is almd st unit on the subject.
It's net national platform will advo-
cate RESUMPTION, as matter OF
course. A large, if not dominant
element of the Democracy favors in
fation. AS loyal Democrats were
obliged during the war to cooperate
with the Republicans, so, perhaps,
hard-snoney Democrats will be OBJ
liged to support the Republican par
ty in the approaching political cam
paign, if they would not stulNfy
themselves.
1 The second point made by Mr..
Blaine was that the Republican Con-
gress of le62adopted the greenback
policy at the dictate of absolute ne
cessity, and justified it only as
war measure, finding its warrant in
military exigency, and not in the
Constitution. The Democrats OPP
posed it then, under the lead of Pen
dleton, since become the high priest
of imitation. Since the war, espec-
tally in 1868, the Democracy was
committed to a policy which, il
carried ont, would food the country
with irredeemable paper money.
From all this, Mr.. Blaine claimed
that the financial record of the Re-
publicaR party is guarantee for ats
future tlvlstworthiness, while the
course of the Democracy, "of both
wings and all shades, is menace
and warning to the people"
Mr.. Blaine defended the national
bank system against the trite as
saults of demogogues. We say dem
agogues, because no intelligent pub
lie man can believe that the interest
of the people demands it's abolition.
But the main point of the speech
was the reply to the objection that
the country could not maintain its
paper money at par with coin. He
pointed to the example Of California
and Canada, and especially to the
experience of the nation as whole
in the period of its infancy. On
this latter point he gave some fresh
and highly interesting facts. We
present the statements and argu-
ments given in this connection
When the National Government was organ
lied in 1882 the most liberal estimate of the
property of the entire thirteen States placed
II at 5000 600, O00-less than the wealth of Ros
ton or of Chicago to-day. The population was
100000, showing property of $50 to each
inhabitant. BY the census OF 1870 our popu-
lation had increased to 100000 and our
wealth to $50 O,o00,0oo showing &ou1 per
capita for the whole people. Our population
has increased in the eighty intervening years
not quite tcnfold, but our wealth has increased
fifty fold The patriots of 1890, with their
national debt of 500, 100000, being more than
one seventh OF their entire possessions, and IL
never occurred to them that an abandonment
of the specie basis would make their burden
lighter, They knew from their terrible expe-
rience with Continental currency that all their
evils would be painfully increased by a resort
To paper money. Aud in their poverty, with
no accumulated capital, with manufactures
in feeblest infancy, with commerce undevel-
opcd, with low prices for their agricultural
products, they maintained their gold and silver
standard they paid their great debt, they
grew rich in the property which we Inherited,
but far richer in that bright, insullicd light
which, they also bcqueathed us.
To-day the total debts which the American
people, national, State and municipal, are not
so large in proportion to already acquired
property as was the national debt alone in
1890. And when we take into account the
relative productive power of the two periods,
our present burdens are absolutely incousder-
able. When We reflect what the railway, the
telegraph, the cotton gin, and our endless me-
chanical inventions and agencies have done
for us in the way of increasing our capacity
for producing wealth, We should be ashamed
10 pretend that we cannot bear larger bur
dcns than our ancestors. And remember, Mr..
Chairman that our wealth from 1870 TO 1870
increased more than FIVE times as rapidly rs
our population and that the same develop
mcnt Is even now progressing win continu
ally aecelemtng ratio. Remember also, that
the annual income and earnings of our people
are larger than those of any European country
--hrger than those Of England, France, OF
| Russia on the German Empire. The English
! people stand next to MS, but We are largely in
/ advance of them, The annual income of oui
/ entire people exceeds 5000, 100000 in gold
/ and, despite financial rcvcrScs and revulsions
| is steadily increasing.
1 IL. ,sp ,f E,pfS II ,yp4,'A ha a
\ douahle moral weakness in our pcople-alway'
heroic when hcrujsm is demauded-to doubt
/ their own capacity ta maintain specie pay
/ mcnt lam not willing, myself, 10 acknowi
/ edge that as people we are less honorable
] less courageous. or less competent than were
/ oar ancestors in 1920 still less am | ready t,
/ own that the people IL the entire Union hav,