The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-09-06
HAYES ON THE HARD TINES.
THE SUNNY PTCTURE TH.fT NE DREW
EOR CITIZENS or ST. ram.


rnrty arrived here carly this morning, and
were taken 90 the fair grounds. two miles from
tho city. where th"y arrived ut about noon.
The stand prepared fer the speak ing was OPP
positc the grand stand Of the rnrc course. and
to this the guests male their way slowlyt through
the thiong. Hayes stepped to the front of the
platform. md was introduced by cx-Gov.
Sblcy. He said:
FELLOW CITIZENS: Tho most interesting qucs-
tions in pubic affairs which now engage the
attention " the people NJ the United Stnios are
those which relate h. the financial condition "
the country. Sine the financial puni' aud cn
lupsc five years ngo. cnpial and luhor and hus
ness capacity have found it hard to i,rt profit
able employment. We have what is commonly
and properly known ms hard times. In such
times men naturally ask Whnt can hc done
How long II TINS slngnalon of business to last
A.rr thrt' any aus Thirh ipdirni" an rnry re-
ton for q few minutes while ! present some
in''s and figures which show "a progressive inn
Irov"mrnt ia tn" financial condition ~ tn" gum
rral Government. II viii BE- for YOU To- consider
what infcrcnccs may fairly hc drawn ms to their
bearing on tho question Of revival OF business
prosperity Throughout The country.
The financial condition ~ tn" Govornmcnt ~
The United states Is shown 10y it, debit. It's r.;
c"pts and expenditures. III" currency, and
The state 81 trade with foreign countries.
=, Let Us consider the present state OF tile pub
The asccrancd dent reached its highest
point soon after the close - tn" var. In August,
lSdj, ana amounted To- $40. $50 51li3. In nd-
enough unadiu-trd claims against tue Govern
mcnt of unqurstioncd vs. idity To- swell the total
debt tn $4,000 900 Ou1. How to deal with tins
great burden was ono az the gravcst questions
which pressed for decision as "a rn~Glt pi tho
war II VIII -" r.neWner"d thnl in important
spec hes md in the public press the opinion was
confidently declared that The drhi could mover
ho paid that great nations never did pny their
war debts that oar dclt would be- like that oi
neutrality-suspicious. and "a burden upon our
selves ana our p0srrltN for all tirlc. Some ;lt-
vocutcd and many feared reputation. Their.
tlts.la ul-p who fhttlrlIf "A f.tfful
was national blessing. Fortunately. however
IN" rinn"ni c'nilrnun NJ the h"nd ui On" Cr"ns-
views He believed and the people believed
that the debt was not blessing. hut burden.
and that IL ought to be- and could lc honD -ily
pnid. me policy adopt.d WIS To- rrdur" NJ
debt; and thereby strengthen the public credit.
So As 70 refund the debt At lower rites Of inter-
est And now glv' YOU the results.
The debit has hcen r.duc,d until now it is
only s2.o35 $50 32lS5. This is a reduction. a-
compared with the nsrertaincl debit thirteen
years ago. ~ s722 100 24C.jS Moro than one-
fourth Of the debt has been paid off in thirteen
years. II we compare the prcscn, dch; with Tie
actual dcht thirteen years aco-placng the a.
tual debt ut s3OpOOOO OOO-the reduction
amounts to about : 600 ooo.qop or onc.ihiri 81
that the United States can and will pay tue ma
tionul debt.
Encouraging us arc these facts they DO not
fully show the progress mnl' IN relieving n.
country from the burden Of IL war dft. Al
who have o. borrow money To- cnrry d'lis know
the importance of the GA, -tion oi Interest.
The total amount % Interest bearing dl''' NJ
the tim" = reached H. highest point. iAe Jl-t oi
August 1850. was as follows
Five ~ cont tois.. ................ ee.l7ll- g,
eN , r' e..,.' '''''''''''''. co..
''''''""' ''''''' nov .''''''''''..
Total interest bearing debt ... s.,a~ioan -pi ,.i
I.r i",N annual interest 'ha'-' ,-,,--,.,- -,
Observation-Disclosures. r.i.......
/ alone wo were paylnx NOR" tNhn double ih"
! total current expenses oi Oh" Government ln
| I!N Se"IyLh TH,n iIblvrri.' y" w. lH', ~ h.
~ .ir,n'., mn n,onv blinval ,i,,. t III,
| ',i ,r h .,', ,,,i In. n. ,,. i", .,n
L n,,,u.r n,,,t '' I,'r,.yoii"I .
! NM hv s,r,.n,,,t.ntm,, fie ngfio,nl .rs,ii ,t,
, ~, ~ -, T., h ri,.j ,,.r ,,
tainsd he He nnHlin ildrm,nt.
tn nhili,v 'nnd H. mira, 4, my tho lei,
according To- its letter and shirt were demon,
| strnied II was seen that the su,c,-sful man
oy.mcnt ~ Tho dnbt dnn"nind "n 40 r,ins ~
interest 10 be- pHid: that a reln'tion II / prr
| cent on our whole Notwithstanding drht w,uli
l variy envin.. in interest II "t"rsao ,nN On
| that n r,,iucti,n III prr cont i'm tnrratsnf in.
! 0nlu0o
/ The roii.y II rcIuoinc tho ,olt ana tlcr.lv
/ .trrucih.niuc Tho uul IN. crclf h.i,.n- h.,.n
n,inriri lr ne .i-,r,',th, r,-p., In ti. rr, .ri
| condition ~ ihr public lrli with respect go IT,
is7s. was AZ f5i,Uws: " eve '''' ''''' 90
rh-..ei..rcy..t n,yy r'n'.on uud..... ii,,t,'n5
/ , li .l ,,r, '''''''.'' 81. %, 1871,
/ i,e f,r .cn., .......... .t-..o..
Observation-Disclosures .i.-o,,7l,o
I9g interest on wair amounts 20 me sun 81
tint in thirteen ycnr. ths Interest ,,nrrs dGN
| ou'p' WV u ENlii ,4-,,c- ,ot 1.. 90 "' '"''-
The r,ducton Of The annual interest charge
! is SO 1nf 500 81. moro than 30 Der cont. OF
VIM We now. now ray ~ t.' Tpu,.'n H., a.nu ~
! f,nr cent interest Wouil ttty of tho whole