New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-22
SENATOR BLAINE ON THE CURRENCY.

teen clerks employed, together with large num-
! Der Of folders.
SENATOR BLAINE ON THE CURRENCY.
HE ADDRESSES LARGE AUDIENCE AT BIDDEFoRD,
MAINE-PoPULAR ERRORS ABLY REFUTFD.
BIDpEFORD, Me-, Aug. 21.-As was expected,
the City Hall was dense OF humanity tonight,
gathered the purpose Of listening Senator Blaine
large degree OF enthusiasm was manifested when was
heightened by the sprtstirrng drum aud fun compile
ment Of brass Instruments r. NJ. Chapman, esq.
presided at the meeting, aud In few remarks
presented The speaker OF the evening The senator said
he was not in good condition physically owing 20 re-
cent accident, and after taking seat table, spoke
clearly and logically for about hour aud half hold
ing the closest attention Of the audience. lie said:
BY common consent the currency question - tho
great question before the people. This regret; be-
cause II there Is thing people ctnuot AFFORD. II Is 10
have political currency question Let rs settle ~ and
settle It right let MS review The circumstances that
brought Va where In 1861 extra session
| treasurer TO borrow S4OOOOOOOO. there
money in Treasury Fifty millions of demand notes
were also authorised ana when congress sssenbied
after the Christmas HOLIDAYS they assembled with an
empty Treasury. Ia this particular stT T.6 od tRe
| 600 OF legafteuder notes. That was q measure
OF absolute necessity. 10 Was useless % stand upon
| very fine drawn point AT such One ~ Was question:
| Of life. We declared Tho notes egaltendtI Before
a6 sse another Sib 1 6G an when Conge S S
scrubbed December, 1868 the report OF The Secretary
condition. Tho Government was without cur
reney again. We were at lhat time me. aPnr r,,
| for money. Forty ar INV million dollars were due the
army and ready cash demanded. Ont OF this state
ofaiirs came the Loan Act, which really supplied funds
which were necessary for the salvation OF tho Nation
Tie Ian Aef had moi only tie authority of Jaw but IN
| peculiar and strong sense u Il binding upon US
Ia this act was prOyiSO follows: That tho total
a1Tsr exceed i0o Il was the Prce which in
extreme urgency pledged ourselves 10, aud n there
any honor in the American people they would as soon
sign away their birthlight as violate this pledge.
Inc most fearful tnipS mat could haIPen 70
OF currency How Won going 10 contract the
money, do Jou mott Whatever else American people
do with currency, I"t me say 70 you
little competent to determine the question Of money as
Congressman. 1 voted IN Congress Tor the Grrenback
bill voted that gTeenbaeks should not DO contracted
BANKS INDISPENSABLE.
| Greenback people say that should not have any
banks For 100 years have mad banks and VIC could
| not conduct the business Of the country for a
minute without banks. Why are banks necessity :
A bank Is o place where the borrower OF money meets
the lender where surplus money Is deposited Suppose
| a man wants 10 borrow $4,000 TO go into business.
Greenbaekers would send him all over the country
| borrowing $50 here and $50 there There are at the
present time three Ss ID congress Lor n M
system, the best banks IN the country, but
integrity Of the men who stood behind the
counter The speaker APPLY illustrated the weakness OF
| the system by referring 10 the Lumberman's Bank
which, might be said 10 have been owned Dy pIeseut
| GIrenback candidate for Governor. This bank had
| signed bills to the amount Of $4,000. which
would be signed fast as anybody wanted them. In
fact tic Ola system OF banking was based upon the per
sonal of the Stockholders you will have banks,
then what kind win you hayei ResPonslDe or IRE
every man engage in with Just one little condition
that the Government insiss upOn-that you shall not
issue any bills until you have put INTO the United
States Treasury amount equal TO 10 per cent addl-
uY ~ YOU on hold National bank BILL you don't care
whether the bank Is burst or not In regard to taxing
| class" The only in the United states
who pays absolutely fun tax on his prop
stance invests $4,000 In Government 4 per
cents: inyests an equal amount IN Maine
Maine Central per cents: In The hrst
| bis taxes In advance but tue case OF the other
bonds It within your experience that holders thereof
aock 10 the assessors office asking TO be taxed
Facts snow that but very small portion OF the bonds
h he who rs iD California 10 own them, your
| F0en why delude yourselves Win the ldea tnal
i 20 tTn mn for taxation THAI these State rail-
road bonds II you succeed III taxing bonds you merely
ppnsn So ood Goysrnment bonds never could never
bcnd he taxed There i've kinds OF money that te
ISIted states stands Sponsor Tor; Gold and syer-and
O1 beiter than silver Moses the second chapter
81 Genesis tells US thst gold Is good aud MAKES no
| Ginsrence whether II is stamped by TIE UhitSd
| states or Venezuela. Then there Is the od
fashioned, warhonored patriotic gefnoaGS, tas1 Gg
sncl great work, that says the United STATES wnbay
| si0 or as ii may be, reserying TO the United
States when they would pay. IN 1879 IL alS say Hnen
tbsv would pay viz, January j, 1879; Tue advance
| schSoi of Greenbaekers represented by General
T Rn,cr. don't want this kind Of grcen6ack
| ~ all They want another kind they don't
| az - auvthIng stamped with "prODise To pay.
Tbax want this greenback to say. this Is $40"
| or sny sum such talk Is merely nonsense hhy h ot
sav this u horse" way not MAKE II SlOOV AZ ttaSs
no more paper OF 10 print H. but l. u not % win
| aotd ,,he next Government money IL haIlOhal pahh
ssVI aud lastly the silver certfcates. The contest
an tins district Is between Mr.. Reed ana General Aiue
au Nj Gore l. not this contest for he STANDS Abnut
,nneh chance of an election man does 10 MI me
90 Nth n popgun II We desire money than We
| sa~s let us initiate on gold aud silver
now PEOPLE WERE sKLI-DELUDED.
We fapeied during the greenback craze that we were
oil getting rich. In 1873 found out We had been
buying SsOOOoO00O more than We were
seIling. There Is nothing so mysterious about
| National finances The same principles arc