New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-10-12
HARD MONEY,
If senator Blaine at Faneuil Hal
september 25, 1875.

Oh that should never have been
an them; the settlement, in a polit-
mnaigu, of their currency; for
|. 10 say that if there be any one
hat the people of the United States
stand, if there be any one thing
IN smite and blight the prosperity
neople past recall and past recovery,
! have a political currency. Zap
" | And the tendency of the present
Y 81. the tendency of the issue
"a Ne are met this night to confront,
|oJ bich is upon the people to settle, is
4 rs that worst of all curses, a
Eu i currency. Bear with me while
|es ief review l trace the facts and the
that have brought us face to face
No he issue that we now confront.
bss n you here can we'll remember
he war broke out. We were called
(oO confront q great trial, and we had
Z DIV treasury; and the first Congress
sembled in 1861 upon the call of
|rks ent Lincoln had for its first and
duty to provide the means of
|ols ~ on the war. Their first measure
he end was loan bill, authorizing
|or cretary of the Treasury to borrow
a ndred and fifty millions of dollars,
L ey gave him the right to issue, for
B urposes of circulation, treasury
n bayable, on demand, in coin, to the
|np Of fifty millions of dollers. In the
Ia 1851, the military situation having
|nil out uhfavorably, and the country
|ha threatened with complications with
les Britain, and business being embar-
to the banks suspended, the govern
/, Followed suit and suspended also,
|om Z demand notes went to protest.
bnh less, when it next assembled, found
Ell confronted with an empty treasury
bit iiscredited currency. The situation
d ry serious, and on the twenty-ffth
By &ruary, after considering the matter,
BIRD hess took that step which had never
bit Iaken in this country before, Or I
Ill by any country, to issue paper
IN B on the faith of the government,
on Seclare it to be legal tender. This
Item les then an absolute necessity.
h a he was no time to consider whether
fol b the constitutional power to issue
b raAmoney or not. OF course it would
been mere squeamishness at that su-
bee moment OF peril for the govern
b hstO have hesitated upon the use of
b mower, however extreme. When a
int arrested on the highway by a rob-
|tft is not going TO call for the Revised
y Is or the reading of the habeas cor
tan lis, but be takes the first club and
1Yerest weapon he can get hold Of /;
Ssa bat is what the United States gov
|ns nt did at that time, and issued one
stu lea and fifty millions of dollars.
ycEWent out, aud in few months were
bd ted, and the government was COM
|ext4 TO issue one hundred and fifty mil
|enc nore. When Congress met in De-
i, 1868, the government was again
ly \ BIT means derived from the revenue,
7, hpower TO borrow money was being
It'd and tested to the utmost, and it
|her precisely in this complicated and
|lloV fassing attitude-that if we issued
les money in the shape of greenbacks
Z eli Eoyed cur power for borrowing.
4 ~ the demand for ready cash was SO
I'D hat compromise was effected, and
of then and there agreed that the Sec
p Il Of the Treasury should be empow-
60 forward and borrow as much
RD as was necessary on the faith of
|Con Ternment; and that for ready means
aid have the right to issue another
Ible sd millions of greenbacks, with fifty
0nal millions TO take up the tempo
|dAR pan. Then comes the great loan
PciaH copy of which hold in my hand
that connects itself as Intimately
|ARI the second independence of this
the as the declaration of 1776 con-
itself with the original independ-
las ilhis country. f[Applause. When
urn IN bill was under consideration,
|ked into account this embarrassment, l
bore lween the imminent and terrible
ready cash and the non-ability of
Jenh yernment to issue notes without
its power TO borrow there came
SEQ it the compromise which is EN-
in that act; and that compromise
nd at the Secretary should go forward
brow what was needed on the faith
sdit Of the government; and there
serted prUvso, standing in YOU
sto-day, inserted by the unanimous
H.. both the Senate and the House o.
sntatives, proyiso not voted in by
bicans over Democrats, but inserted
b Democrat and every Republican
and Representatives provisc
is to-day as binding on the honol
. faith and the consciences of thC
ban people as the last words Of {
= ~ mother upon the hlial affection of 8
|obet Applause. That proYiso was
hen this government appealed K
REL rld for its means to carry on thI
|dge' nd the world stood ready, waiting
p its money, saying only, awe
|eptrs some guarantee that if we loar
beds We shall getmoney back; if we put
- we don't want to take the risk O.
,t.ob paid in rags" [spplausel, the gov
mar BIT stepped forward and said, 81
n u loan money to this people, we
F. = you in this great hour of our ma
VI peril, we pledge you with the unan
ans iaith of a great people, We pledg
|Rster ID the solemn vote Of every Senator
IOI sry Representative in Congress, W
18th, you that this proviso shall be in
L ofN# Provided '-aLi evely child 5houli
49,. ght provided, that the amour
.attu OAdlCo uOAOb -Shdb ID
|lAyU. provided that the amount 9
a $50 States notes, issued and to b
|slden shall never exceed four hundrer
L Pu Of dollars. Now, gentlemen ma,
mites and bubble and cavil and disput
barre on to the end of time, but / say
Eeen man and man, that the LOAF
A.. 0usand million dollars, which wa
y :. b the basis of that proyiso carrie
~ : at campaigns under Sherman on
\ RDs the campaigns that ended with th
|ef Co Atlanta and the surrender at AppC
Those campaigns we're fougt
3 Thousand millions that were boz
rom the world, on that pledge 2
|E andation on which the loan wa
And here, speaking to an aud
American people, jealous of thei
mindful of their traditions,
leave it to twelve men here, or i