The New York herald., 1878-09-25
The Senator Delivers a Financial
Speech in Faneuil Hall.
POLITICAL CURRENCY EVILS.
Merits Of the National Bank
ing System.
HARD MONEY AND PROSPERITY.
[pr TELEGRAPH TO TUE HERALD

BosToS, Sept. "a, 1873.
The audience which assembled in Faneuil Hall TO.
night to greet Senator Blaine and ratiy the Worcester
nominations large respectable ana as enth
as Boston audiences usually are. liberal number OF
ladies occupied tho galleries. the Boston Cadet and
enycned the scene with choice music. At abou. half
past seven O'Clock Senator Hoar Collector Beard ex
Collector Simmons General Banks, Minister Russell,
with several other prominent republican politicians
took seats on the platform. Simmons and Banks re-
ceived perfect ovation rs they crossed the PLATFORM
The meeting was advertised to begin at hal!-past
seven, but II was quarter TO eight before
even the speaker Of the evening appeared Walbrdge
II. Field presided, ard introduced Mr.. Blaine who
made strong speech In favor OF hard money and 70.
sumption. Three cheers wore given Tor Blaine fol-
lowed by three cheers tor Butler, the latter being
mingled with hisses. AS soon Mr.. Blaine got to
the words ''Fellow citizeus somebody shouted from
the lower OF tho hall sMulligan" which brought
out some laughter.
EVILS OF A POLITICAL CURRENCY
The speaker began by saying that tho American
people were engaged in the present campaign IN
task which never ought 10 be- laid upon them, tho
settlement OF their currency. One of tho worst
things. bo said, for tho people OF The United
States, the one thine which Is blight the people,
is TO have political currency The people
OF the United States 40 not want republican
tutona money for all parties, good for all the people,
The tendency OF q Of the financial question
he claims was to give that worst of all curses on
people, political currency. Tho spoake: then re-
viewed tho history Of our paper currency, the war;
the needs of the government, tho forced loans OF
1862, 1868 and 1864 and tho legislation OF Congress
which authorized the issue OF the grecnDack ana tho
circumstances thcn existing. Tho great campaign OF
1854, in which Grant, Sherman aud our other great
generals crushed tho rebellion, which closed at Ap-
poma,ox, was carried on by q loan OF over
$1,000, GOO borrowed ta,th Of tho govern
mcni. Tho who loaned that money
in tho dssaa ssh sd srugIss ,nss of the
to take out rags. They gavo money and they
ought to get money. In order to secure money for
for those who came to tho ths nation
pledged its honor solemDly and that pledge Is as
binding on the people OF this conntry the dying in.
rency should never exceed s400 100000 That limit
must not be exceeded.
BUrLERtTEs INTERRUPT THE SENATOR
AT this point II became evident that tho hall con-
talned liberal sprinkng Of grcenbackers democrats
ana bIiea M men M s.no Was piled win questions
people could regulate tho Issue OF paper oney when
once that barrier was , broken down voice rs.orted
Congress s the body that CARLOS out tho provisions
OF the constitution" But" SAID another, "what
about the frauds that havo been discovered In Con-
grcss?" N.aughtor ana hisses.)
PRAIsiaG THE NATIONAL BANK SYSTEM.
Mr. Blame next cnme TO consider the national bank
Ing system. That system, he said created by
republican party, and, said tho speaker do not want
There has becn In this country or in any other
country system that has given much security TO
me .n,ra o,ss inc ol holder, as the national bank
State banking system, which was result OF the Intro.
auction OF the national bank. He argued that there
other institution which much dis-
ress and loss did the State bank through d0faica
uons and failures, Thcfc was no security. Tho
that this country did not consist of thirty,
with thirty y-cght different species OF money so that
II u man had to travel from Boston to Chicago he
o wOua ~, S' oSSea 70 bis money At state
TO Colorado. lie explained tho organization Of a
national bank. For every dollar that Is issued
by tno bank tbero Is 81 10 security In Tho Treasury
vauits of the nation security that II tho cashier
runs away with the funds of tho institution the biil
holder to the United States and got his money
dollar tor dollar. (Appiause ana cheers
THE GOVERNMENT BOND.
The next clement OF tho financial question n
sdcrcd was tho government bond. Tho grcenbackor
says the government bond TO DO taxed as well
any other species OF property. Mr.. Blaine agreed
NO property IN This country, national bunk stock
aono excepted, paid larger tax than the natien's
notes The bond pays four per cent interest while,
city and State bonds Will pay seven per cent,
ana the holder of the iai,cr Is not IN
his purchase. Thoktax Is taken out OF the govern
ment bond In advance. The chances OF any tax be-
II had bcon frequently said TINT tho panic OF 1873
caused by contraction OF thceurrency Mr. Blaine
oenied that, and asserted In support OF his position
that on the day the pan,c struck thcre was larger
circulation OF paper money In the country than at
any lims since the war, with ono exception
GOLD SILVER, GREEABACRs.
Tho speaker held up grccnbick--a United Statcs
notea piece OF gold and p'sce Of silver and called
attention to each In succession. Gold silver wcro
money the notes were nero promises to pay money,
coin Their value consisted only In tho promise,
based the faiih of the pooplo In tho
ats ability & oi INC t,,o,o nation to pay. Tho nation
day. II did not know what entertainments might
result from the war; but said to tho holder of every
dollar bill. 1--WE will pay dollar" Alter ten years
had elapsed Congress said the bill hodors we will
pay you iu coin for every bill you hold on
January /, 1879" Then, of course, said Mr.
ret It. The argument is made by the grccnback-
crs That tho govern cannot resume that day
becnuse hore Is not enough coin IN the Treasury to
do II. But do they expect that on New Years
ing every man, from Colorado to the Gulf and from
Name to the RIO Grandc Will bo at tho Treasury door
waiting TO got mis- coinY
POINTED ARGUMENT.
a Portland democrat answered grecnbnck friend,
when the same diicuty was presented In tho course
the city OF Portland, are there not2" Eyes, |" snid
tho grccnbacker. "Wcti they will all want coll MS
the course ot nature, won't they 2" "Yes" "rben
do you keep 10000 collins on banG2" lie argued
was tho greatest curse a people could have. what
wo want Is economy Tho war destroyed 5000 000 900
worth OF property ana must get that loss by
cconomizpg. We want as large currency as tho de-
msnds OF trade require, but when Ind II exceeding
tho rodeemnble point too large We have beon going
on he said IN the direct linc OF prosperity havo
reached tho borders OF the promised land But
the grcenbacker invites to our
steps and 20 back with him to the wilderness. The
speaker closed by urging every honest man who be-
hcved IN Keeping tho nations pledges TO vote tor
sound currency and That would bring pros pcrty
into tho country AS soon as we began to use II as
circulating medium, and by economy and goat judg-
mont we should repair the damages sustained Dy tno
war aud tho era oi imitation.