On the record
To make National banking free before compelling the banks to redeem their notes in coin, would have proved a measureless inflation, and the President wisely receded from the position assumed in his annual message.
Source
gutenberg.orgJames Blaine: “To make National banking free before compelling the banks to redeem their notes in coin, would have proved a measureless…”
Editor's note · Context
Blaine discusses the potential consequences of allowing national banks to operate without redeeming notes in coin, emphasizing the importance of fiscal responsibility.
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More from James Blaine
All these provisions are made to protect the States, not to authorize an attack by one part of the country upon another; to preserve the peace, and not to plunge them into civil war.
The States are colleagues of one another, and if some of them shall conquer the rest, and hold them as subjugated provinces, it would totally destroy the whole theory upon which they are now connected.
And if Congress shall break up the present Union by unconstitutionally putting strife and enmity and armed hostility between different sections of the country, instead of the domestic tranquility which the Constitution was meant to insure…
If this view of the subject be correct, as I think it is, then the Union must utterly perish at the moment when Congress shall arm one part of the people against another for any purpose beyond that of merely protecting the General…
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