The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-02-15
blaine ON the Currency.

Mr.. Blaine's speech made in the House
OF Representatives last Thursday, on
the subject Of resumption and the cur
rency, will command no small degree OF
public attention. The topics themselves
are ofa nature SO practical that, united
with Mr.. Blaine's past experience and
present position before the country, they
can not fail to receive more than ordin.
AIRY degree Of study as presented in the
speech alluded to. The speaker had
evidently prepared his argument with
great care; and has succeeded in con.
densine his views within a brief com
pass, without sacrificing clearness OF
statement or rosiIiveness of opinion.
In passing Mr.. Blaine's speech under
review, it is not necessary to our present
purpose to take any note Of those parts
or passages that are of a partisan CHAR
acter. Like all politicians, he must
needs. do his, endeayor to place his oppo-
nents in the wrong in relation to the
matter under discussion. And what
ever may be- the measure of success ac-
corded to his speech in this regard, 1t
seems. evident that Mr.. Blaine himself
had little love for its partisan features,
for, at. the outsetot his speech, he says
"Flrmly attached to one political party my
selt firmly believing that parties in free gov
einment are as hcaithful' as they are inevita-
BILE, still, think there are questions about
which partit s.sh0uld agree never TO disagree;
Anit Of these is the essential naturei and value
Of the circulating Medium"
The opening sentence of: the speech Is
the syllabus to, Mr.. Blaine's whole opin-
ion and doctrine, 1.-THE honor of the Ma
uonal Government and the prosperity
Of the. American people are alike men.
aced' by those who demand the perpetua'
ton. Of an. irredeemable. paper curren'
cy.". From this proposition the speaker
proceeds to sketch the history ofthe
greepback currency, in which nothing
new nor specially forcible represented
The point referring to the; effeotsi ol
Initiation upon tire Labor OF the country
MI. Blaine presents with much force
and, power OF illustration. AS to- this hi
said,--
ssUncertainty as to the value Of the currenc,
from DAY to day is injurious to all honest In
dussry. Andwhile tl,at which sknown as Jh,
dsDtor interest should be fairly and generously
considered. in tue shapip ipg OF measures. fo
speceresumption, there. is no Justice 10. ask
ing for imitation on its behalf, Rather there is
the gravest injustice; for you must remember
that there is large class Of most deserving
persons who. would be- Continually and re-
morselessly robbed by such a policy. mean
the LABOR of the country, that is compelled II
live1rom and by It's daily earnings. The say.
ings-banks, which represent the eaurplus owned
by the laborers OF the nation, have deposits to-
Gay exceeding eleven hnndied millioni
OF dollars - more than. the entire cap'
ital stock and deposits Of the ma
tional banks. The pensioners, who, repre-
sent the patriotic suffering OF the country, hay'
a capitalized investment OF six hundred mill
IONS of dollars. Here are seventeen hundred
millions 0fmOney' incapable Of receiving any
thing but instant and lasting injury from in
fation. Whatever impafs the purchasing
power Of the dollar correspondingly decreases
the resources OF the savings bank depositol
and the pensioner The pensioners loss would
be absolute, but it would probably b,
argued that the laborer woult
receive compensation BY his nominally large
earnings. But this would prove totally de.
lusiye, for no possible augmentation Of wage
in time Of iHAation will ever keep pace witt
the still greater ipcrease OF price In the com
m0dities necessary to sustain life, except-an,
marx the exception--under the condition wit
messed during the. war, when the number Q
laborars was continually reduced, by the de
nand for men to serve IN the Army anu Navy.
In this .cQnnsction, Mr. Blaine give
prominence to a. matter that has to
often been permitted to drop out OF cor
sideration by public men in their dis
duisitions upon this subject, viz: tn
effect of the changed condition of societ
ppon.business relations as between tn
conditions Of war and peace. He show
that no small proportion Of the publ
uneasiness and dissatisfaction with th
dullness OF the times proceeds from cor
trasting the driving activities Of we
with the comparative inactivity OF peael
He says:
'Those honest-minded people who recall u
sstartliBg activity Of trade and the large prof
during the war, and attribute both W an II
hatcd cur ency, commit the error OF leavin
out the most important element OF the calci
lgtion. They forget that the Governments WI
a customer for nearly four years at Q rate
two or three millions OF dollars p'
day buying couatless Quantities
ali staple srtiGlesi they ferg
'.Ls. e ile .-,mber OF copsuEaers was tiHpai