The banks of the country, many of them in reckless, speculative hands, were freed by the suspension of specie payment from their just responsibility, and might flood the country with worthless paper which would entail great distress upon the people.
Blaine warns about the dangers of banks flooding the economy with worthless currency due to lack of accountability.
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He had placed himself in a position from which he could not with grace retreat, and to go forward in which was still further to blight his hopes of promotion in his party.
I am in no boastful mood: I shall not do more than I can, but I shall do all I can to save the Government, which is my sworn duty as well as my personal inclination.
In my judgment our sole authority for the acts which we have done during the last four years was the authority communicated to Congress by the Constitution to suppress insurrection.
Emboldened by the support of the National Administration, the Southern leaders believed that they could carry their designs through, and, instead of being restrained by the protest or the advice of Republicans, they chose with apparent…
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