Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-06
President Hayes Speech.

AS soon as he had reached the platform, ind
the applause of the populace had subsidized, the
exercises of the day were begun.
The President was introduced by Geo. h.
Finch, the president Of the State Agricultural
society, as follows:
INTRODUCING THE PRESIDENT.
LADIES AND GENTLEMEN: have the honor
to introduce to you our President, and We trust
that you will all be glad t. see him.
SPEECH OF THE PRESIDENT.
Fellow CITIZENS:
desire to make my sincere acknowledge
ments to the Governor of Minnesota, Governor
Piisbury, to the Mayor of the city of st. Paul,
Mayor Dawson, to the President of the Agricul-
tural Society of the State of Min
nesota. MIR. Geo. r. Finch, and the
gentlemen associated with them ofic-
cially, and all the people of Minnesota
whom they represent, for the very kind and
generous welcome they have given to the party
that is with me and to myself, and would be
glad it could say something in return for the
kindness that would be worthy of the occasion
and OF the audience but suppose l must be
content with simply undertaking to say few
words In regard to the material inter-
ests and condition of our country,
which may bring encouragement to
those who need encouragement and
hope to those who are perhaps already
hopeful.
DUB FINANCIAL CONDITION.
think that all recognize the fact that the
most interesting questions in our public affairs
to-day are those which relate to the financial
condition of our country. Now do not pro-
pose to enter at all upon the province of parti-
san politics, but trust may give you, and
properly give you, few facts and q few figures
eminent of the United States, showing
the progressive improvement of the last
few years in the financial condition
OF our government, leaving it to you, my Eel.
l0w-cltlzens to consider what bearing, if any,
these facts may have on the general progress
and Improvement of the country. %
+, Now the financial affairs of the government
consist of our debt our taxation, our expenses
our currency, our trade, with foreign countries.
All these are connected with the 6nanciai af.
fairs of the government. And first Is to the
debt, and here let mo warn you my friends not
70 be too impatient: shall try not to weary
You with any very lengthy detail, giving yon
rather results. When the war closed our debt
reached its highest figure. Our ascertained
debt in August, 1861, was about o., $50. 600, OOO
but the actual debt was considerably larger.
There were ,payments< to be made to soldiers
anQ loI arms ana supplies TO tho army, about
which there was no dispute,f hut not included
in this general statement, and perhaps the best
estimate made of the actual debt of the county
inslS65 was 5000. 900. 900. Now how is it to
day? To-day the debt of. the country is about
~, O03, 0OO, QUO, diminution-a decrease from
tho Ascertained debt of thirteen years
ago-of over &72O.OO0, 900; moro than
One-fonrth Of the debt paid in the thirteen
years, applsusel and the actual debt, 81, OOO,-
UOO, 900. the reduction is Sl.O0O, vOO, 900 one
third paid to-day, LApplause.]
WE SHOULD PAY TIE DEBT. fs,
Now, my friends, we all remember how,
when the war was closed, important speeches
were made, able editorials were written and
published, declaring the opinion with conf
dence, that that great mass Of debt could never
be paid. You remember we were told that war
debts Of great nations were never paid; that
our debt was to be like the war debt of Eng
land and France entailed upon upon us and our
tp.,sterity forever. There were some who
even advocated Reputation then, and
there were & many who feared population.
There we're also those who said that a national
debt was q national blessing, and therefore
might we'll be perpetuated. Fortunately. how
ever, the able fnancer at the head of the treas
ury department. MIR. Hugh Mccullough, did
not entertain, these views. He believed and
the people of the United States supported him