Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-22
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iailu SsnneHst Journal
SENATOR BLAINE IN BIDDEFORD.

J BDDEFORD, August Il. As was expected the
Cry Hal was one dense Of humanity to-
night, gathered for the purpose of listening to
/ "Maine's idol son" Senator Blaine A good de-
gree Of euthus was manifested which was
heightened by the spirit stirring drum and full
compliment of brass instruments.
r. NJ. Chapman Esq, presided at the meeting
and in few r.mak ks presented the speaker Of the
evening.
The Sena'or said that be not in good con-
diion ply ,icaiy owing to a recent accident, aud
! after taking seat table, spoke clearly and
I logically for about one hour and half, holding
the closest attention of his audience, follows
BY common consent the currency question is
the great question before the people. Thi, re.
greet, b. il there is one thing the people can
not afford, it is to have political currency ques-
ton. Let us settle it aud settle it right. Let us
review the circumstances that brought US where
we are now.
Ia 1861 an extra session of congress. was called
and it authorized the treasurer to borrow $780,
600, 900, as there was no money in the treasury
Fifty millions dollars of demand notes were also
authorized, and when congress assembled after
the Christmas holidays, they assembled with an
empty treasury. la this particular strait the gov
ernment provided for the issuance of one hundred
and fifty millions legal tender notes That was
measure OF absolute necessity. 1t was useless to
stand upon very fine drawn points at such time.
1t was question of life. We declared the notes
legal tender.
Before another year had expired we were called
to issue another one hundred and fifty millions,
and when congress assembled In December 1868,
the report of the secretary of the treasury
brought before us a very embarrassing condition.
Cover nment was without currency again. We
were at that time appealing to every civilized
ton of the world for money. Forty or fifty mil
lions were due the army, and without relief, ready
being demanded. Out of this strait of affairs
came the loan act, which really supplied the funds
that were necessary for the salvation of the ma
ton. This loan act had not only the authority Of
law but in peculiar and strong sense 1t is bino-
ing upon us.
In this act was provso as follows That the
total amount OF those notes issued and to be issu-
ed shall never exceed four hundred million dol
lars" 1t was the price which in the extreme ur-
geucy we pledged ourselves to, and if there is any
honor in the American people, they would as soon
sign away their bnth-right as violate this pledge.
The most fearful thing that could happen to this
country would be the issuance of an unlimited
amount of currency. How are you gong to con-
troll the currency Do you want republican mon
ey or democratic money! Do you not want the
! constitutional money of the people Whatever
else the American people do with the currency,
let me say to you that there Is no body of men SO
little competent TO determi inc the question of mon
ey as congressmen | voted u congress for the
greenback bill | voted that greenbscks should
not be contracted.
The greeuback people say that should not
have any banks. For seven hundred years we
have bad banks and we could not conduct the
business OF this county for minute without the
banks. Why are banks a necessity. A bank is a
place where the borrower of money meets the
lender. Where the surplus money is deposited,
Suppose a man wants to borrow ten thousand dol
lars TO 90 into bus ness WI tn, greenbackers would
send him all over the country borrowing fifty dol
lars here and fifty dollars there.
There are at the pr. sent time three bills 10 Con-
gress for resuIrectDg State banks. New England
Ell loved under the old system the best banks in
the county, but they owed their reputation to the
personal integrity Of the men, who stood behind
the counter, aud tue speaker APPLY illustrated the
be man bank, which might be said to have been
owned by tue present gIeenback csnd idate for
Governor. THIS bank had capital Of fifty thou
sand dollars, but at lime they had on hand
unsigned bills TO the amount OF $4,000, which
would be signes as fast as anybody wanted them.
In fact the old system of banking wa. based upon
the personal notes of stockholders. If you have
banks, then, what kind will you have, response
BILE or irresponsible
| The National banks are perfectly free for every
man to engage in. with just one little condition
that government insists upon-that you shall not
issue any bills until you have put in the United
States tr, asury amount equal to ten per cent
additional, to protect the bill holder. If you hold
a Natioual Bank bill you don't care whether the
bank is burst or not.
In regard to taxing bonds the greenbackers say
| Here is an exempted class" The only man in
the United States who pays absolutely full tax on
his property, is the holder of government bonds
For instance, A invests ten thousand dollars in
government per cts; invests equal amount
10 Maine State skies, and invests a like amount
in Name Central seven per cents In the first
case the investor in government bonds pays his
taxes in advance. But in the case of the other
bonds is IL within your experience that the hold
ers thereof flock TO the assessors ofice asking to
pc taxed Facts show that but very small por-
ton of such bonds are taxed. 1t is the easiest
thing 10 the world for your brother who is in Cal
ornia to Own them; your uncle in some other
part of the country. Then why delude yourselves
with the idea that if you taxed government bonds
they would be any more likely to tutn up for tax
att IN than those State and railway bonds
If you succeed in taxing the bonds you merely
place upon your shoulders an additional burden
of forty million dollars. Government bonds new
er could nor never shou Id be taxed There are
FIVE kinds of money that the United States stands
sponsor for gold and silver, and gold IS better than
silver.
Moses in the second chapter of Genesis tells us
that gold is good. and it makes no difference
whether il is stamped by the United States or
Vent zuela.
Then there is the old fashioned, war honored,
| natIiotic prrenback. that did such a gre NJ work