Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-09
BLAINE on THE FINANCES.
What He Says about Greentacks and The
H7,eenbdckers.

BLAINE On THE FINANCES.
What He Says about Greeabacks and tho
Greenbaczsers.
Following is the full text of Senator
Blaine's remarks at the recent Maine con-
vention:
The people of Maine are distinguished, I
think, for two characteristics; one isl a high
sense of honor, ard the other is strong COM
mon sense. Applause.] They do not pro-
pose with high sense of honor to repudiate
any obligations. They do not believe, with
their strong common sense, that stamping
piece of paper creates value. And they re-
member lesson which can never be forgot
ten, o single incident which covers in its
scope and its meaning the entire greenback
discussion. When I had the honor to enter
Congress from an adjoining district, their
were 100000 of legal tenders in the
country, and they were worth $147, 100000
in gold dollars. / staid there myself, voting
for legal-tender bills until we had $45O,OOO,-
600 of legal-tender and they were worth
$145, 100000 in gold. We had three times
as many paper dollars, and the aggregate
was worth $2,0oOOO0 less than when we
began, and if we had doubled the amount
they would not have been worth anything at
all.
/ do not, however, with all due respect to
my honored, valued, and eloquent friend,
have the slightest apprehension of the re-
pudiation of the greenback dollars of this
country, not the slightest beg to say dis
tinctly that there is nothing in the situation
to-day. If he will pardon me for differing
from him, to create an apprehension. with
sound common sense governing US, that we
are to travel the road with the national
legal-tender note, that was travelled by the
continental currency of the revolution. Our
| forefathers issued $241 OOc 900 of legal
tender paper, and they did not have over
$3.50, 100000 of property in the entire thir-
teen colonies. Applause.] To put us on
the same perilous edge we would have to
put out $6,000,000 900 of legal-tender paper
before we got to the point they reached.
Suppose the continental currency had only
reached the aggregate of $4,000 600, is
there man here who believes that with the
victory and peace of 1888 there would have
been solitary dollar left? There would not
have been a dollar of it left behind. So that
while agree, and am sure that the great
mass of the people of Maine agree, that al
enlarged and inflated issue of paper money
in time Of peace is not only unconstitutiona]
but is wild and visionary, and would end in
the destruction of the whole mass, I do no!
believe that with a property running up tc
$4,000, 100000 this day, the United States
are IN the slightest danger of repudiating 8
solitary penny of the $341 100000 that is
stamped upon their honor.
Mr.. Barker-Suppose they initiate?
Mr.. Blaine-Ah! says the chairman, sup
pose they initiate. That reminds me tina
when we had reached the point in 1864, Of
$500, 100000 legal tenders in circulation ane
$5O,O00,O00 of reserve, and the danger O
rapid depreciation was such that we were OF
the road toward the continental result of til,
revolution, the Congress of the United State
speaking for you and in your name, speak
ing to its creditors of both continents ant
all nations, said, and put on your statute
book, that the amount of legal-tender notes
issued and to be issued should never excee,
$4OO,000,000, and I charge the greenbacl
agitator not only with standing on an absur'
and visionary theory, not only with flying il
the face OF the experience of all nations il
all centuries, but charge him with a sti
more serious and still more fagltious cours
of action. charge him with inviting yo
and me to violate solemn and repeated an
emphatic pledge given by this nation 4
7 0rtacUto naurtas, as we then feared, give
with as sacrsd a will as the man who il
drowning, to save himself from destruction
beneath the waves, should say, ':Save m
and will keep this PLEDGE
! The United States, in its hour of peri
said to the whole world, we want your treas
ure, we are in struggle for nationality, an
existence;'we will give you our bonds, an
we pledge you on the honor of this gref
nation, speaking with unaninlity throug
. both branches of Congress, all parties an
all sections, we pledge you we will so entirel
protect the currency in which our obligation
:, shall be paid, that we will never permit til
amount of legal-tender currency to be issue
to exceed $40o,o0o,00o. charge the greer
back agitator, standing safe on the soil of til
country, beneath his flag, saved by an hor
orab|e pledge, that he to-day asks you an
2 me to join with him in violating that pledg
t Robert Martin-We shan't do it.
( Mr.. Baine-The people of Maine wi
t never do it-neyer, never, never.