The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-06
PRESIDENT HAYES.
HisArrivaI at st.P Paul Yesterday
An Important Speech on the National
o.. 3. Financial Situation.


: ST. PAU, September 5.-Notwithstand
ing the early hour at which the Presiden
tial party were expected this morning
the people were in the streets to see tn,
train arrive. and welcome. the Chief Magis
trate,of the, Nation. Thc'reception- com
mtttee, consisting OF; Coy; Pillsbury, Ex
Gov. Sibley and Mayor Dawson met thu
spechl car that brought the President and
party from Chicago, at Hudson, Wisconsin
and escorted them to this city, reaching
herea 5:45 AN. The city was in holiday
attire to welcome the distinguished guests
and the streets and buildings bedecked
with flags and notices. The procession
was formed at o O'clock aud moved through
the principal streets to the Fair Grounds,
and 1t was ll:l5 o'clock before the train
was under way to the grounds. On reach
ing the grounds the President and party
made their way to the stand amid a great
crowd of people. After short delay the
President came to the front Of the plat
form, and was introduced to the people by
Ex.G Gov. sibtey, after which lie addressed
the people rs folloys:ai19 lisa yIsi-
THE PRESIDENTS SPEECH.
Fellop- Cai:ens: = The most interesting
questionsin public affairs which now en-
gage the attention OF the people Of the
United States are those which relate to
the financial condition Of the country.
Since the financial panic aud collapse five
years ayo, capital and labor and business
capacity have found 1t hard to get protita-
BILE employment. We have had what is
commonly and properly known rs hard
times. III such times men naturally ask,
What can be done2, HOwlong. Is this stag
nation ofbusine5s to last? Are there any
facts which indicate an early return to
better times? i wish to ask your attention.
fora few minutes while present some
facts and figures which show u progressive
improvement in the financial condition Of
the General Government 1t will be for
you to consider what inierences may fairly
be drawnas 10 their bearing on, the ques-
ton OF revival of business prosperity
throughout the country. sNr- n "a
The financial condition OF the Govern
ment Of the United States is shown by its
debt, its receipts and expenditures, the
currency, and the state oftrade with for,
eign countries.
Let us consider the present state oil the
public debt. Ef=.t
TIE AscERTAISID DEBT -fIy ttrr
reached its highest point soon after the
close OF the War, in August, 1865 and
amounted to S,7551 ,GS9,5Tl 4G In addi-i,
ton to this, it was estimated that there
were enough unadjusted claims against
the Government OF unquestioned validity
to swell the total debt, to $1,000, ,000, 600.
How to deal with this great burden was
one OF the grayest questions which pressed
for decision az a result OF the War! 1t will
be remembered that in important speeches
and-in the public press the opinion was
confidently declared that the debt could
never be paid; fiiat great nations never
did pay their war, debts: that our debt
would be like that OF England-perma:
nent, and burden upon ourselves and
our posterity forall time. Some advocated
and many feared rcputli liation. There wetel
those also who thought 4 national debt,
was n national blessing Fortunately,
however, the. eminent gentleman at the
head OF the Treasury, Mr.. Hugh McCul-
loch, did not hold these views. He be-
lieyea, and Tho people believed that the
debt was not blessing, but burden, and
that it ought, to be and could be honestly
paid. The policy adopted wdsltO reduce
the debt, and thereby strengthen the pub
lie credit, 30 as to refund the debt ut lower
rites of interest. And now give you the
results.
TuE,DEBT: HAS BEEN REDucED
until now 1t is only $, ,035 ,5SQ, ,S24 S.. This
is reduction, as compared with the as
certained debt thirteen years ago, at SI22,-
l09, ,2465S. More than one-tourth OF the
debt has been paid off in thirteen years.
II we compare the present debt with the
actual tlebtthirteen years ago-placing the
actual debt Mt 5000, 600, ,OO0;-1the .reducs
tion amounts tofabout s, 900. 900, 600, or
one.third Of the total debt. Thus it has
been demonstrated that the United States
can and will pay the national debt
Encouraging are these facts, they do not
fully show the progress made In relieving
the country, fromi the burden pl yltsitW ar
debt, All who have to borrow. money to
carry debts know the importance OF the
question ofinterest. ilte bGal 40
THE TOTAL AMOUNT r-iSrRREsr-DEARISd
= - 20 SDEBF--- ~ -
at the time It reached its highest point, the
3lst OF August, 1866, was a. follows'----=--
-Four Pc per Gen sent ,sss sSa' S1s1s5 f 81 6 8
per cent 0St y y
cSmIound aS Interest NOES per cent. slTCs.,iOoOO
Tola uetest hearing debt 81 5si $50 2oi %
The total annunl interest charged aIn. - a. /,
amounted to......,. lOo's't's. -
This was an oppressive burden. For
interest alone We were paying more than
double the total current expenses OF the
Government in any year Of peace prior to
the War for the Union. With such bur-
den for interest, II is not strange that many
believed that the debt could never be paid.
But, as We have seen, a better opinion
prevailed. Those who believed that by
! Strengthening the national credit the rates
ofinterest might be reduced were sustain-
ed by the public judgment, RI.
THE ABILIrY AND THE PURPOSE TO PAY THE
DEBT ACCORDING TO ITS LETTER AND
SPIRIT 0r
were demonstrated. twas seen that the
successful management OF the debt depend
ed on the rates OF interest to he paid; that
a reduction OF | per cent on our whole in'
terest bearing debt would be yearly saw
ing In interest OF over so, ,000, 600; that q
reduction OF per cent in the rate OF in
terest would save to the country over s4O,.
600, 600, which is the interest at I per cent
on 81, ,0O0, ,0OO, 900.
The policy Of reducing the debt and
\ thereby strengthening the public credit
having been adopted, let us observe the
result in the present condition OF the pub,
4 lie debt with respect to interest. The tota
interest bearing debt, August LISTS, wa.
as follows:-I - -S-A. ~ -
Three Per CENT Sayy.PsnslOn Funds, Y go @
Four per cent gs,..., ... lHe9vy
Four and ball ptf een9 y.
Five per e ?ee ss
Six per tens.,s.,,...