Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-09-20

T.
he THINKS THERE is TOO MUCH FrNANcrn
LEGISLATION.
The President and Mrs. Hayes and Webb
Hayes arrived at Toledo, Ohio. yesterday
and reception committee. and the 18th regi.
ment, o. \. g., proceeded TO the fair grounds
where fully 5000 people assembled. As the
national salute was fired by the ith battery, o.
N. G. President Hayes was welcomed in
speeches by Mayor Jones and President
Baumgardener, of the Tri State Fair AsSocia
ton, and in response he spoke as follows:
M Friends and Fell0,c- -CIttzens:-Theth three
states of Michigan, Indiana and Ohio, it is safe
TO assume, are each numerOusly represented
fortunate in their history, i'm their geography.
in their soil, in their climate, and in their peo
pie. A part, and very important part, of tn
Sia Son ~ fb that & oesStu re
given to the United States by the state of Vir-
glnia in l1S7, and Organically devoted to free
dom dom and and freemen forever. tApplausel Ani
now you have to day assembled to show what
the productions of your barns, your shops ami
your mines have to exhibit. Naturally, one
addressing an audience assembled for such
purpose is mainly turned to the material
interests of this important part OF III,
United States, and during the very few minutes
tnat lt IS proper for me to detain you /
propose to call your attention only briefly TO
the subject OF our material interests Geo
graphically, the future fortunes of these three
states are alike, and equally great. They are
Il
mate at all seasons of the year Men can work
standing under and i'm the sun that shines on
thelr land without injury, and in the winter
ne ne can work again. We are midway between
the great east and the great west, and as we
are midway between New York and Chicago.
and San Francisco between London ani
emma, II IS across this country that the com
merce OF the world must travel. We are for
tunate in our soil. Every great valuable crop
OF the temperate zone can be successfully GU
tlvated here. Hay, corn, wheat, cattle, all the
nj lCFrin
here be successfully cultivated. The wealth
OF the mines We have, and coal in abundance
sulilclent to supply the whole land, and iron
and copper. say, my friends, that in mate
rial wealth We have ali the essential eIementS
and yet il is In your thoughts, can almost
read Il In your faces, that for five years past
there has been Stagnaii0n in business and the
depression still seems TO exist. Now, the few
plain words that i desire to say on this sub
lect are: first, word or two as to the cause.
Inc Inc opinion known to most men is that
friends, what was the cause of that
extraordinary and remarkable event hap
pening In 1873? There is no mystery in
You could not escape il. See this line of sol.
diers marching along. was delighted to have
them as my escort this morning, dressed in the
them. The war made the hard times as war
always does. What is war? We know what i'd
is now. When that war began We were threat
member s!a S N fS resnt re-
resided in 1860, who said Why, this country
can't go to war. He said that the people of
Cincinnati live on the business of the south
Let us go to war, and in six months the grass
will grow in your byways and streets. Did il?
Why. my friends, the war hadn't been prose
cuted ninety days until every man saw what
mistake it was, and that every street was
buster than before. A million of men i'm the
south were taken from the ranks of industry,
and instead OF making property they became
destroyers and consumers of property So it
was in the north, but every man who had
wheat or corn or coal or labor found when
war came, that he had better customer than
had got and wanted it Immediately; a Gus
tcmer who would not haggle about the price.
That customer he had in the person of the
United States, and business, instead of being
depressed, began to revive. Property, which
had laid on the shelves of the merchants for a
long time, increased i'm value day by day. The
made 1t easily. We could afford to borrow at
high rates of interest, because our investments
were sure to be profitable. Our trading and
last living were the results of the war. fneed
men in the ranks returned to their homes.
and the material needs of the government
began to go down; You lost your best Gus
buy. 1t wanted to sell. Now, every wise man
knew We should have day of settlement
The flush times Of war were to be followed by
and there is the cause. Now, my friends, it is
sufficient to say that it is written in the laws
OF p0jltlcal economy that wars are followed
in the whole thing Is that the hard times did
not come before they did Now, we have got
the cause, what is the effect? The moment
we oegan 10 have hard times we began to re-
trench, every man to cut his expenses down
and to curtail his expenditures. Each man in
a little while began 10 find himself little bet
ter Ter on than ne was l. 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 receipts,
then we are better off. The government OF
States. When you are all extrayagant the
government Will be extravagant When you
are an getting to watch yourselves, to watch
watching more particularly. When the war
ended we had debt of s. 0o,Goo,00) on our
shoulders, upon which we were paying seven
raised to nearly $5OO,OOOOOO in a time of pro.
found peace. Our currency was worth sixty
or seventy cents on the dollar. In our foreign
eo,G9 year, and now how are We? Thedebt
is reduced nearly third. How mauy a wise
man shook his head at the close of the war
apd MSn said I'D the people can never pay that debt.
mat interest which You paid is reduced from
$l4O,GO O.00O to S95,000,C0 We no longer nav
seven-three per cent. interest. We can get ali
the money we want at four per cent What
goes that mean for you and l? Those who
n0rfow money know that when the Govern
ment pays seven per cent. it will cost tn em
tWtlVe ana nIteen per cent, and when the
Government pays six and four it will 20 down
for US. and SO as the credit of the Government
grows better, your credit and mine grows
better. We are down TO four per cent. on in
terest and now as to the currency. 1t was
currency worth sixty cents on the dollar on
one day, but did not stick at that price. You
never cOuldte on Monday what it would be
on saturday. Who lost by the tickle standard
OF values? Always the labOrer and producer.
Why? Simply because the middle man, being
a business man. understands that the standard
9f value Is likely to 60 up or to go down to his
does it having reference to the fact that the
Quently he charges enough to make himself
safe, and the consumer heals the loss. That is
tickle standard of value. tAppiause.t Now.
my friends how do you see it today The
currency has been going up, up, until it is
ninety nine and a-haf 1t is as unchaugeable
as Lake Erie. 1t does not 60 down at all It is
steady. 1t Is no longer a yard stick, that is
one foot in March, three feet in Nav. and six
feet in July. 1t is three feet all the time Tire
mendous applause Now, my friends, that is
the currency. As to our balance of trade. Be
fore the panic the balance of trade was against
us $lO0 OoO, 600 year-that is to say, We bought
abroad that much more than we sold abroad. |
How is it to-dayP We are selling |
more produce than ever before In our |
history, more corn. more wheat We |
have even gone so far as to take watches /
made at Elgin, ILL.,, and made in ew England, /
and carry them right over to the foot of the |
Alps. where the people have been making /
watches for three hundred years, and selling |
the watches to those people. Now, my friends, |