Year: 1878

Hon James G. Blaine, of Maine, in an
| address delivered in Faneuil Hall. Bos-
ton, Sept "a, thus discussed the question
of abolishing the National Banks:-


The Republican party. itself RESPONSE
BILE for the financial legislation of the
country for the last sixteen years, has
never, in any platform of principles l
have seen enunciated, made itself respon-
sible as a party for the national bank
eystem. But l was in Congress during
the legislation on the subject, and have
never been disposed to shirk or evade
that issue and while l do not pretend
to know enough of the science of finance
to declare that the national bank system
is the end of all wisdom on that subject,
do make bold to declare that there has
never been in this or any other country
a system of banking which gave so much
absolute security to the third party,
which is the bill holder, as the national
bank system of the United States. APP
plause When you talk fippantly in
party conventions and elsewhere OF abol,
ishing the national bank system, | beg
you to reflect moment and see what
will be the effect Of this step. There are
three bills pending in Congress for re
storing the old State banks Do you
want them back? A voice-"No "
They were very good il the men behind
the counters were honest. The Suffolk
system in New England was considered
the safest, but yet. with all its safe guards.
it was simply good ii the men who run
the banks were good If the men behind
the counters were dishonest, it was "a
fraud upon the public. We had epor-
nous explosions among the State banks
Twenty five years ago bank in small
town in Maine tailed. 1t had taken out
$500 900 in bills from the engraver, and
$275 600 of those bills We're out when the
bank failed, and they are vet out. The
losses of the American people through
the failures and defalcations of State
banks annually was far larger than you
can ever make by the system of national
banks, because the people had no mode
of regaining their losses. Ii the Repub-
lican party had no other claim for re
spect upon the intelligence of the Amer
lean people, they would have large one
in stepping forward and saying that these
thirty. ght United States are not going
to have thirty eight kinds Of money, but
one kind, circulated under the authority
of the nation Long applause And
then the Republican party said another
thing Senator Thurman describes the
national bank system as an odious mo-
nopoly.


don't know what dictionary he stud
les In the dictionary | read a monopo-
ly is described as something enjoyed by
an individual to the exclusion of his fel-
lows When the Republican party came
into power it found that the various
banks existed largely by special charter.
They perfected the national bank system.
They said that so far as banking is con-
cerned in this country it should not be a
peculiar privilege for A, B or c, but any
body who chooses to engage in banking
shall have as perfect liberty to do SO as
any other individual, and this is the way
to do it. Any five gentlemen in this
crowd, or any other crowd, who choose
TO organize bank, are at perfect liberty
to do it, with just one simple condition,
and that is very important. The United
States steps forward and says you may
organize your bank, but before you do it
you must step up and put 10 per cent.
| more of United States bonds into the
Treasury than the bills you propose to
circulate; and then, if you propose to
mismanage your bank. we will take your
bonds and pay your bill holders, for you
shan't cheat them.


| A Noice-"Ain't the Government good
for the greenbacks?


Mr.. Blaine-I will answer the gentle
| man. am "illluS 10 answer any re
spectacle gentleman. The State banks
that were abolished had no power TO
make note good scarcely beyond its
own borders You couldn't pass a Bos
ton bank bill in Philadelphia--you never
saw Philadelphia bank bill circulating
in Boston You could not travel to Chi,
cago on Boston bank money You chang


ed it on every State line Yet | want to
say to my friend that whatever the cur


rency OF the country is you will never


get rid OF bank, aud the question l. only
| TO determine WHIST k!nd o, bah rs YOU " i


have


Banks have exsgA ever since cgrc'