The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-11
part OF the presidsns's speech at st T.
paul. .s

En,,ou. L ,stizens OF Mfnnesota,- WISH 70
Size my sincere acknowledg mcnts 70 the
1snrernor OF minnesota Governor Yiils-s
S,,rpa IN the mayor OF st. Paul Mayor
nawsnnS 90 the president Of the Minnesota
state Horticultural Society (Mr. George.
Frsmcbl. and to these associated with them
md 20 the people OF this State whom they.
represent, for their kind and generous well
come. know very we'll that nothing Whicn
/ can do or say will be fitting and adequate
return for your kindness, but honessly
desire to say something touching the ma,
tional interests OF the country, Wnicn VII,
terd at least to encourage those VINO neeu
encouragement, and to give increased nope
to those who are already hopeful.
The most interesting questions in pubic;
atfairs which now engage the attention OF
the peop!e OF the United States are those
which relate to the financial condition OF
the country. Since the financial panic and
collapse five years ago capital and labor and
business canacity have found it hard to get
profitab,e employment. We have had what
Is commonly and properly known as hard
times. In such tines men naturally ask
what can be done? How long is this stag
nation OF business to last? Are there any
facts which indicate an early return to bet
ter times? I wish to ask your attention
FOR few minutes while present some lacts
aad figures which show a progressive I'M
proyement in the financial condition OF the
General Government. It will be for you to
consider what differences may be fairly
drawn as to their bearing on the question
CT revival Of business prosperity through
out the country.
The financial condition OF the Govern
ment OF the United States is shown by It's
debt, Its receipts and expenditures, the cur.
-rencv. md the state Of trade with foreign
countries. Let us consider the present
state OF the public debt. The ascertaiDed
debt reached its highest point soon affer I'd :
close OF the war, in August. 1850, anu
amounted to 81, Isl, 6S9, 571.4S. In addition
to this, it was estimated that there were
enough unadjusted claims against the GOV,
eminent OF unquestioned validity to SVEN
the total debt TO $4,000, 100000. How 10
deal with this great burden was one OF tne
gravest questions which pressed LOT deci-
sion as a result OF the war.
It will be remembered that in important
speeches and in the public press the opln.
io.i was confidently declared that the deDt
could never be paid, that the great nations
never did pay their war debts, That our dept
would be like that OF England, permanent,
and burden upon ourselves and our pos
terity for all time. Some advocated and many
feared reputation. There were those also
who thought national debt was national
blessing. Fortunately, however, the eminent
gentleman at the head Of the Treasury, Dir.
Hugh McCulloch, did not bold these views.
He believed, and the people believed, that
the debt was not blessing, but burden,
aud that it ought to be, and could be, honest
" paid. The policy adopted was to reduce
the debt and thereby strengthen the public
credit So as to refund the debt at lower
rates OF interest. And now give you the
results:
The debt has been reduced until now il
is only $2,035, 5S0, S24.S5. This is reduc-
ton as compared with the ascertained debt
thirteen years ago Of 1922, 100, 246.58; more
than one fourth OF the debt has been paid
of in thirteen years. II we compare the
present debt with the actual debt thirteen
years ago, placing the actual debt at So, 00O,-
100000, the reduction amounts to about
s.. ZOO, Q00, 900, or one third Of the total
debt. Thus it has been demonstrated that
the United States can and will pay the ma
tional debt.
Encouraging as these facts are, they do
not fully show the progress made in relieV-
inc the country from the burden of its war
debt. All who have to borrow money to
carry debts know the importance OF the
question OF interest. The total amount OF
interest bearing debt at the time it reached
its highest point-the 31st OF August, 1860
was as follows: