Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-07
NEWS BY TELEGRAPH
IT rHh-
lallu Kennehse 5ournal
FIFTH DISTRICT REPUBLICAN
CONGRESS IONAL CONVENTION.
Hon. Eugene Hale Re-Nominated.
speech by Senator Blaine-iInrd Money
ResoI rtiOns Adopted.

BELFAST August G. Tie republican conyen-
ton Of the fifth district was held 10 Belfast to-
day. Judge Downes of Calais was chairman
Two hundred and forty-two delegates were in at
tendance. Hon. Eugene Hale was nominated bv
| reclamation. Speeches were made by Blaine aud
Hale. Hard money resolutions were adopted
At the meeting this afternoon, Mr.. Blaine's
speech was devoted to the financial question. He
first spoke of the importance of the question and
showed how it concerned the people to have good
reliable money. The inquiry what money they
| should use was profitable one for the people to
make. He spoke of his connection with the legal
tender acts. He said in or on; of congress
thought they were making money by the issue of
government notes. The government needed the
money, could not get enough and did as all men
did who owe and cannot pay. The government
gave its notes and made them legal tender, that
all should iare alike and get the same currency
The first issue of SljO,00D,0 600 would buy
Sl47, 100000 Of gold coin. Government kept on
issuing bills ill had out 800 900 900. But the
whole amount then would buy no more than the
first issue
lie spoke Of the pledge given by Congress, in
| which all parties united, that the entire amount
lssued OF to be issued should not exceed $780,
100000. This pledge binding.
He alluded to National banks and compared
them with the old State banks they succeeded.
Showed the condition of the State bank that Jos
l.. Smith, the greenback candidate for Governor,
u run before the war. He conrasted the security
and safety of the present system with the old.
Replied to the demand that the government should
issue the bills, by showing the mischievous results
of making the amount Of currency the foot ball
of Congress.
Banking was now absolutely free. The amount
o. currency would be according to the need. We
must have banks. There must be places for loan
ing money. lie alluded to the matter of taxation
of bonds. Said no government allows its secure
ties to be taxed. No government could concede
that with safety. If our bonds could have been
taxed fatal stab might have been gwen the pub
lie credit by hostile legislation during the war.
He then asserted that government bonds were
in fact taxed more than all others. The tax is in
the shape OF low interest. Ii they were subject
to tax the interest would be higher, and yet they
would escape taxation. as our State and railroad
oVhu- uo' liz suOWGu uON olhlc duu fallIOdu
bonds now owned within this state escaped taxa
ton.
he closed by expressing hi, firm conviction that
the people of Maine would never embark upon
that of imitation that had 20 bottom and whose
shore was beyond our horizon.
Mr. Hale followed MIR Blaine. IL, was proud
Of the honor conferred upon him of another nom
natioD. There was need Of abiding to his
record. He had been partisan, bat he hoped an
honest one. We had new questions to meet that
should not be made party questions. They were
questions that affected our honor. He spoke of
these questions and said that they were not only
threatened with imitation and reputation but with
greater dangers.
la took up the speech of their leading orator
and showed It's communistc tendencies How it
attempted to array lass against class Democrats
as well as republicans interested in these at
tempts 10 bring about National dishonor and to
break down all the safeguards
The democrats had seen their leaders one after
another forsakipg the standard of honest money
Their platforms in many cases rivalled the green
hackers. Some of these leading greenbackers
had formerly denounced the green back. He
spoke particularly of the former ntterances Of
Ladd, Chase and others.
lie spoke in refutation of the charge of great
contraction of the currency and showed that we
had less currency during the years of great pros
perty, SO called, than since. He went over in de-
tail the various amounts outstanding at different
periods as shown by treasury reports, and rd-
culcd the statement OF greenbackers that tn re
ha1 hppn a rp1upfInu frnu tNa hilliou In hmm.
dred million pillars.
He said our good times from 1865 to | - was
not owing to the amount Of the currency then
outstanding, but to the movement of this curren-
cy. Government was the great consumer and the
demand brisk for all articles of use and for
labor and services Money kept moving.
Activity of capital is now needed There is
money enough, but the continual agitation of
these Initiation and repsdation theories preve nted
men from making active use of it. The panic
still had its effects, because confidence was dis
turbed, and these agtators prevented its restors.
ton. If our bonds were out of the way capital
would seek foreign bonds and securities.
He referred to the charge Of TO lber legislation
and showed that legislation had reduced the ma
tional debt and the taxes and at the same time
had reduced the rate of interest government was
paying it's boudholders. The bondholder suffered
by this reduction. HIS per cent. bonds had to
be given up for per cents. Banking was free
snd no more greenbacks could be retired If the
schemes advocated by greenback leaders were
adopted and further issues made money
would be debssed. Who would lose from this de
probation more than the laboring class He
spoke Of the Ilaytien and Buenos AyIes money
and asked If we wanted such as that.
He concluded by expressing his conviction that
the people of the fifth district would in the future
as 10 the past demand honest money and fulfll-
emf of all our national obligations.