Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-17
Imm nse Crowd aud the Great
est In husiasm.

Tue Erlhdest pOhllcal demonstration ever held
in u hall IN Augusta, occurred last evening on
the occasion Of Senator Rlaines discussion of the
Financial Question. Not only IN regard to the
character OF the aS-emblage, but also of the
questions involved, it was Que of the most impor.
tant gatherings ever b, ID here Long before the
hour OF beginning, the hall was crowded, and by
the time the Senator Appeared upon the platform
an sssemblage was present TO greet him with
applause, such As any man would be proud to adj
dress. Every seat was fled, the door, in the
galleries, and on the stage, and the aises were
packed with earnest, thoughtful men eager to hear
discussion of the pending issues of the campaign.
1t indeed audience that did credit to the
intelligence Of the men aud women of our fair
city. Hundreds went away from the hall door,
unable to gain admission.
Mr. George F. lIawes presided and introduced
the speaker.
Mr. Blaine received with the greatest Gu
thusiasm, and proceeded at once to address his
audience the question OF Finance.
lie SAID the question are to discuss i, one of
facts and not OF theories Thirteen y, ats after
the war are suddenly piecIrltated into di.-
cussion that goes 10 the very root of the whole
matter-what is money, and what shall constitute
our circulating medium This agitation has
given rise to absurd theories, which centre around
what i known as tbs greeuback movement. Mr..
Bldu said that he Was IN Congress 10 vJte for
oil the legal tender acts except one, and II
occurred to any body then that were making
money by printing greenhacks. They were issued
because the country had no money. II was Rcasc
of necessity. We could mt stop to palter ovor
theories or discuss questions of huanee. We took
your sons and tut them IN the army; we took
YOUR property by TAXATION. We had 10 have mol-
ey. We had to Issue greenbacks to paw our sold
IL nd 81 We "A lepa ten Ter
for all He then referred 10 uetsl to tue different
issues Of greeubacks AID the effect of these Is
sues. He said that ii was found increased
the am unit we deprecated It's value. This de-
probation became serious. II we kept on issuing
currency of this kind, we found we should DE
unable TO borrow money either flom our own
people from the people OF Otner nations. Ii
was said that our bonds would become worthless.
The credit of the nstiOu was in perllDus condl-
ton. Its credit lost, the struggle would soon be
over, the rebellion would be successful and the
nation lost. Both democrats anu repu blicsns in
Congress then SAID If you will sustain us in this
great struggle we will reCay every dollar; and To
avoid ISSUING any more paper money both partie',
with division united III the passage OF the Act UI
June 30 1864 which provides that tue to al OF treas
urv notes shall not exceed tour hundred millions
nor the total amount OF L. ). notes issued VI 10 be
issued ever exceed four hundred millions, with
such additional sums, not exceeding hity millions,
rs may be Temporarily needed.
This was an act Of national faith. Ii b nds the
honor
to maintain a good currency, and pledge not TO
initiate. We cannot disregard 1t. The speaker
said that he did not mean u say that II we could
get rid OF the pledge II would be good to Issue
what may be called political currency; to have
one Congress for Initiation and another for con-
traction. With the currency AS u bone of con-
tentment and dragged hitner and thither, no man
could regulate his business. We can never have
prosperity without a stable currency.
Ii we don't have greeubacks where are we to
Of
National banks. Now what are National banks;
aud what kind OF institutions did they take
the place of: The speaker here referred to the
report of the Bank Commissioner of the state for
1857 IS giving the number OF banks III existence
then the amount OF their capital and their cl:cUla
ton. Their capital was required to be paid IN
gold and silver. THIS statement. Mr.. Blaine fan
cied, would bring a smile tue face OF ali tue
old bank directors present. The capital was
really largely paid notes OF toe directors.
la turning over the report he came upon the
Lumbcrman's Bank of Odtown. This bank
seemed 10 be largely made up of Smiths. Three
Smiths were connected with It, and one-Joseph
l.. Smith-ra9 the band 1t was known as Joe
Smiths batYk. Joes bank had capital OF S3O,-
600 1t had circulation OF S36,5OO, and It had
on hand of gold in which to redeem this clrcua-
ton 50 200 about one dollar TO redeem twelve.
Bills from the engtaver to the am)Lnt Of $780,
900 were laying around loose really TO he signed
when Joe had use for them. Joe and his friends
had taken S32, 900 of the $50, 900 circulation.
w hen ANYBODY came lOf nOuct W carry On
beriug or other operations Joe signed what bills
were required, and issued them. Were they any
better than the individual notes of Jos. l.. smith
Mr.. Smith was known to be a responsible man,
and the fact that his notes were good was all that
made these notes good. They circulated up aad
down the Penobscot valley as money.
Now we have sixty national banks with
capital Of Sl0,3O0,0OO piled up 10 Washington in
bonds, and circulation OF D., l00OOO Their
notes bear the signature of the Treasurer of the
United States, which tells you that these notes
secured in Washington by bonds to the amount
of ten per cent. above the note itself. Smiths
bank required special charter, which nad TO be
obtained from the Legislature Any nan can
start a national bank to day who will deposit
bonds to secure the note holders. Banking is
free. Some greenbackers say why not put L. =.
notes in the place OF these national bank notes
If you do that you make u political currency-a
currency that will never be stable as long as there
are political parties We cannot all ord 10 have
republican currency or democratic currency
We must have currency that all the people viii
accept. political currency would take all the
prosperity out oil the most fertile country ON
earth.
lie did not favor further contraction; we have
five kinds of money gold, and displte all that is
said about the beauties OF paper money, there il
nothing like gold; 1t Is something that one can tie
to. The same is true OF silver They are the true
monies recog nzed by the constitution. In regard
to the greenback we propose alter Jan. LIST, 1879,
that anybody with ten dollar note Of this descrp
ton can call at any sub treasury aud get his ten
dollars 10 gold. When he find. that he get
gold he wont want it, but will mold on to the
greenbaclA We have now S346, 900 900 of green
backs aud the mints coming two millions Of
silver dollars each month, and will soon be coming
three millions per month. If any more money is
needed you will find it profitable business to
start national banks. If not you won't. A ma
tonal bank note then exhibited, thus making
three kinds OF paper money, all secured on II sta
Bile foundation, and with gold and silver max
ing up our i've kinds OF currency.
He exposed some of the popular fallacies in re-
gard to the profits of tue national banks Admit
ting for argument sake that the banks had $780,
100000 loaned out at per cent he proved conclu-
svely that their profit circulation would be but
little over per cent. and Will be less when they
come to deposit per cent. bonds IN Washington
instead of their present per cent? few only hav-
ing six per cents. 1t is proposed to do without
banks. How, he asked, can a commercial nation
do without banks There must be some means
of bringing the borrower and lender together.
The National Banks had the past year, paid
$1,000, 900 taxes. In Augusta, the capital in
vested IN the three national banks, amounts to
$500 900, paying an annual tax to the city of about
ten thousand dollars, when would be lost to tue
taxable property, II invested IN bonds which
could be concealed and transferred.
he uue nj tax nj in nj Government bonds