The New York herald., 1878-09-13
SENATOR BLAINE.

A FINANCIAL SPEECH AT An AoRICULrURAL
FAIR-THE oREENBAcK IN ITS GLORY AND
DRcADENcE-DEFENCE OF NATIONAL BANKS.
[BY TELEGRAPH TO THE HERALD
OGpEssBUEG, N. Y, Sept. IL. 1873.
Senator Blaine arrived here last evening from
Maine and was enthusiastically received by promi-
ncnt rep ubicans OF S. Lawrence county and became
the guest OF Judge A. B. James. h- c. This forenoon
most OF tho prominent men OF Northern Now YORK
and Canada called upon him. At eleven O'Clock A. NJ
the party proceeded In carriages 10 the grand stand
OF tho Agricultural Grounds, where fully twelve
thousand people awaited tho Msine statesman.
TIE ADDRESS
In his aaorsas the Senator discarded at once
all thoughts OF agriculture ana proceeded to
discuss the grsenback issue. For hour
ana fifteen minutes-much OF tho time while
rain was faliing-he held tho closest attention OF his
audience. 10 gave the history of the gresnback and
justified its creation the ground of necessity He
said when man found himself bcsot by highway
robber murderer he had right to seize tho
club or othcr weapon and strike down the assaiant
Before the grcenback issued the government had
issued demand notes. and The first day they pre-
sentc redemption its ability to pay Overtaxed
and its paper went to protest. Government to save
itself from collapse and death had put the green
back He illustrated the value OF this KIND OF cur
rency by showing that when there was but OOo
n
10000, 900 they were worth bus $l46.o0oo COO In
gold.
THE NATIONAL BANKS
He discussed fully the national banking system,
explaining the basis upon which 1t stands, and COM
banks which II superseded. The old State currency
had 70 DO traded half dozen times In going from
more now than genuine notes State bank. He
prono1nced the notes OF our national banks as well
received any currency in the world, not excepting
those OF Great Britain.
TAXATION on BONDS.
To the greenbacker's cry, 'Tax government bonds"
he said government bopds were us we'll taxed as any
State municipal bonds. Many towns borrow
money on condition that thcir bonds shall not be
taxed. They got money at the lowest rate OF
interest thereby The principle IS the same with
government benda They are taxed In advance in
the lower rate OF interest that IN psid. Now the
national debt being funded four per interest
England Is the only country that can go one better
of interest would DO impossible II the bonds wero
taxed Give any State authority TO tax government
bonds and you give 70 run me credit o. inc nc
the government by funding the debt a; lower rates.
This Is IN reality direct tax to that extent When
the bonds subject 10 taxation sevon per cent
tereat is demanded, and then nine-tenths Of them
escape taxation Five years from to-day there Will
not BE- government bond in existence drawing moro
than Jour aud half per cent.
FOR best.
Ho1nated that what the country needs most Is rest
The present agitation Is hurtiu letting alone will
do the good. The people are capable OF settling
the currency question correctly they arc not inter
football Of politicians and fanatics.
TIE CANADIANS.
Many Canadians wcre present, ana Mr. Blaine called
their attention TO tho iac that In gaining her own In
dependence the United States made Canada and every
other English colony from Labrador 10 Van Demaa Is
Land tree. Had we been free at the time OF The
revoluuonas Canada is now there would have becn
no revolt Ho concluded by eulogizing the English
speaking people Al tho time OF our revolution there
we're only 1S00O,O IN the world; now 100, 600 600
speak that tongue. The time will come when they
will overshadow The world with progress OF liberty
and CIVILIZATION.
prominent Canadian proposed three cheers,
which were given with will, amid which Mr. Blaine
took q carriage for the train going East.