The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-10-02
BLAINE IN IOWA.
A SPEECH ON THE CURRENCY AND FINANCIAL
QUEsTIoNs-AN ERA CT PROSPERITY FORE
sHADowED

oUEsrIoNs-AN ERA CT PROSPERITY FORE
sHADowED.
BY TELEGRAPH TO The HERALD
BURLINGTON, Oct ], 1878
Senator Blaine, OF Maine, reached hero this morn
Ing and was handsomely received. Later in tho day
be spoke to large audience Dir. Blame reviewed at
some length the origin and tho history OF the legal
tender notes. showing That they resorted TO by
the government not as necessity Of creating money,
but the most expeditions and certain mode OF
ing credit in the absence OF money. In other
words tho government did not issuo the notes
for money but Issued them because IL did not
have the money AS paper currency they had
proved OF inostimabe service. even when tar below
par In coin, and they would prove OF immeasu raby
greater service when they were made absolutely
equal TO exchangabe for it at the viii OF the
holder. The honor OF originating tho gre.nback Tor
its great and patriotic service belongs TO the republic
can party, and to that party will belong the sim
greater honor OF making every note as good as the
coin itself. That equality with com and ex-
cnangability with It can b, easily maintained
by the government oil the Unnsd States sim
ply keeping its pledged and pIighted faith
Tho people OF this country arc u truth
observing, honor abiding, promise keeping people,
ana whom they pledged TO the whole world that they
would than $500 O00 900 Of legal
notes they meant what they said. They maintained
this pledge when In tho opiaion OF many, there
temptation to disregard IT, and they will surely not
vioiae il now when thcre Is both honor and benent
in stanaing by II.
THE NATIONAL BANKS.
Mr.. Blaine then discussed The national banks at
some length declaring that the republican party had
made the bank system part OF It's poiticui
creed and yet declaring that In this country had
never before enjoya system OF ban King that SO alb
soiutcly protectod the unolder as tho present ma
ti0na banks. Banks ol some kind are u necessity
where tho borrower Of money eau meet tho lender IN
n cam Crv
out tor the destruction OF Inc national banks
Ii better could be found be would chccrfuy sup
port y, but he certainly did not Wish revival OF the
old State banks which had Tor SO many years cursed
this country with AN always reliable ana
worthless paper currency. Bills now pending IN
Congress TO permit State banks to DO organized with
the m0cratc cry Tor the tho Of
the national banks had the ghost OF the old state
banks rising behind II.
COOP TIMES COMING.
Mr.. Blaine devOted consideraSie time to the taxa
ton OF United States bonus and all the Questions
connected herewith reviewed tue state OF our foreign
and domestic trads, ana demonstrated how the coun
Try was slowly. YET surely, coming into an era Of
solid prosperity based tho best OF foundations
and promising the most enduring existence
1--WE have" SAID Mr.. Blame IN conclusion, 'neariy
$500 000 600 OF paper money IN circuation and tho
entire volume has already reached practical equality
with coin the difference beng only the minor
traction OF the dollar No in Inis vast
audi0ncc-and there are many hero who ,were
piobesrs of your great Stase-no among you all
ever paper. money IN Iowa since II was hrst
gan,xsd as a Territory float standard OF
gold coin AZ This whole mass OF $500 00OO 600 loas
day; and II this Is not enough do the OF
the country you nave only wait and silver by
the OF millions and gOd by hundreds millions
added 10 the circulating medium 0i the country;
and under these circumstances, with paper cur.
rency capable OF enlargement through the system Of
FREQ banking far and last the demands The
most expansive traas may require, meet n
proposition from new political party to
d.oass our paper currency arvs gold and silver
first ont circulation and then tho country,
leaving US only 10 usc irredecmabio paper currency,
whose value woui1 depreeMto Ia = ratio ihrceiold as
rapid as volume Increased. Measures debase
the have been carried countries, but
never without dishoDor and dsaster; and 1t Is
served for this country in time Of profound peace,
discuss measures looking to the permanent rxpul-
sion OF coin from the country, and thence the
lasting and hopeless debascment OF paper
rcncy ami the consequent dcstructon Of All stability
In business. Tho question Is which reaches
tho doorsi ana tho hearIhsIono OF every and
homo In the land and tho discussion must 60 on
until sale conclusion Is reached rcmemt ering al.