Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-09-27
OK NATIONAL FINANCES.
ANOTHER SIEECH BI PRESIDENT HiIES
Delivered at the Tri-state Fair at To.
Ieho. Ohin. Lat Wool.


joyed by the three states of Michigan, Indiana
and Ohio, represented at this fair, in their ge-
ographical position, their soil, their climate
and their people, the President said -
say, my friends, that in material wealth
we have all the essential elements, and yet it
is in your thoughts | can almost read it in
your faces, that for five years past there has
been stagnation in business, and the depres-
sion still seems to exist. Now the few plain
words that l desire 10 say on this subject are,
first, a word or two as to the cause. One sim
pie, acknowledged fact. known to most men,
is that war is the cause of it. Now. my
friends, that is the cause of that remarkable
and extraordinary event happening in 1873.
There is no mystery in it. II was bound to he
sooner or later you could not escape it. See
this line of soldiers marching along. | was
delighted to have them as my escort this morn
ing, dressed in the old uniform. There was
no nonsense about them. Did not that por-
ton of our country that made the war neces-
sary cause the hard tines applause Do
l make mistake? a voice. Mo- This
war made the hard times, as war always does.
Why, what is war! We know about it now.
When that war began We were threatened with
its effects with its results. | remember
brilliant writer in Cincinnati, where l resided
in 1850 who said ''Why, this country can't
go to war. The people of Cincinnati live on
the business of the South. Let MS 90 to war,
and in six months the grass will grow in your
by-ways and Streets Did it! Why. my
friends the war hadn't been prosecuted 30
days until every man saw what a mistake it
was, and that every street was buster than be-
fore We had a war. A million of men were
taken from the ranks of industry in the North
and, instead of making property, they became
destroyers and consumers of property. And
so 1t was in the South. But where it made
difference from what was expected was here
Every man who had wheat, or corn, or coal,
or labor. found, when the war came, that he
had better customer than ever before-a Gus
toner who wanted all he had got, and wanted
it immediately customer who would not
haggle about the price That customer he had
in the person of the United States Business,
instead of being depressed, began to revive.
Property which had been laid on the shelves
of the merchants for long time increased in
value day by day. The result of it then was
that we made money fast. We made it easily.
We could afford to borrow at high rates of in
terest because our investments were sure 10 be
profitable. Our trading and fast living were
the results Of the war. 1 need not enlarge on
it. Finally the war ended. The men in the
ranks returned TO their homes, and the mate
rial needs of the government began TO go
ed States 1t didn't want to buy it wanted
to sell. Now. every wise man knew we should
have a day of settlement. The flush times of
war are to be followed by hard times like these
we have lately known, and there is the cause
Now, my friends, it is sufficient to say that it
is written in the laws of political economy
that wars are followed by hard times and pan
les, and the only mystery in the whole thing
is that the hard times didn't come before they
did.
Now we have got the cause, what is the eff
feet? The moment we began to have hard
times we began to retrench, every man to cut
his expenses down and to curtail his expendi-
lures. Each man in little while began to
find himself a little better of than he was. II
may be long time, one year. two years, five
years but when it does get to the end, and the
majority get their expenses less than their re-
ceipts then we are all better OH. The govern
ment of the United States is the people of the
| United States When you are all eXtrayagant
the government will be extravagant. When
you are all getting to watch yourselves, to
watch each particular point you set your of.
| ticers to watching more particularly.
When the war ended we had a debt of 81.
100 600 900 on our shoulders, upon which we
were paying $40 per cent. interest; our tax.
es were raised to nearly $500, 900, 600 in Il
| time of profound peace. Our currency was
worth GO or 20 cents on the dollar; in our for
| eign trade the balance was against MS nearly
| 500, 900, 600 year. And now how are We
| The debt is reduced nearly third. How
many a wise man shook his head at the close
of the war; and said, The people can never
pay that debt" Why, We have got third OF
it paid off already. That interest which yor
paid is reduced from $40, 600, 600 to 500, Ouo.
600. We no longer pay $40 per cent. in
| No act all tho wa a
1 per cent. What does that mean for you ant
me? Those who borrow money know that
when the government pays per cent, it vii
cost them - and Il per cent, and when thu
| government pays and f. il Will so down foi
us and so as the credit of the government
grows better your credit and mine grows bet
ter. We are down TO per cent on interest.
And now as to the currency. 1t wa
currency worth sixty cents on TIL
dollar on one day, but did not stick a
that price. You never could tell on Monday
what it would be on Saturday. Who lose b,
a tickle standard of value Always the la
borer and producer. Why: Simply bocaus
the middleman, being business man, under
stands that the standard of value is likely t
60 up or to 90 down to his disadvantage
Therefore. when he sells, he does it havin,
reference to the fact that the standard of val
ne may change, and consequently he charge
enough TO make himself saf,, and the consu
mer bears the loss. That is a tickle standar,
of value (Applause.) Now, my friends
how do you see it to-day? The currency ha
been going up, up, until it is 994. 1t is a
interchangeable rs Lake Erie. 1t does not g
down at all. 1t is steady. II is no longer
yardstick that is one foot in March, three fee
in May. and six feet in July. 1t il three fee
all the time Tremendous APPLAUSE
Now. my friends, that is the currency. 4
TO our balance of trade, before the panic tn
balance of trade was against us 800, 600, 90
a year that is TO say, We bought abroad tina
much more than we sold abroad. How is
to-day; We are selling more produce thai
ever before in our history more corn, NOR
wheat We have even gone so far as to tax
watches made at Elgin, ILL.,, made in Nel
England and carry them right over to tn
foot of the Alps, where the people have bee
making watches for 300 years, and selling til
watches to those people. Now, my friends
as / said before, We are selling S207 200, 90
year abroad more than we are buyin
abroad. How does that operate; Like ey
cry man who sells more than he buys; he
getting rich. SO it is with the United States
You each OF you are getting out of the panic
We are all getting out of the panic and notl
ing but our own unwisdom will get us into
again.
What do we want We want confidence
Don't encourage your Legislature or your Cor
gress to legislate too much. 1t was a favol
tie maxim with jefferson that the world wa
governed too much. Too much legislatio
on financial subjects is the bane of our timei
My friends, let us all hold up our hands
favor of letting well enough alone and stant
ing firmly by our present constitutional Gu
p rency That destroys no man. Great al
plause.)
, st, John, ~ b., so recently deyastato
q by great fire and itself the recipient of he'll
| Inns contributed .S3nnN 10 the Yellnw feYer ~