Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-09-20
apotI,er Speech by The President.
At Toledo yesterday tho President G2.:FcI'

At Toledo yesterday tho President ce!.'oi'a
G speech il which he said:-
The war made the hard tinCs, Is war ai%sys
does. What is var? We know what It /. now
When that war began We were throa!enca WY! W.
it's effects-with its results. remember DILL
liant writer in Cincinnati, where resided 10
1860, who said Why. this country can't &?
IN war He said that the people OF CINCINNATI
live on the business 10 the South. let US 70
to war and in six months the grass vii! grow ID
your byways and streets. Did it? Why, my
friends the war hadn't been prosecuted n'nety
DAYS until every man saw what mistake 1t vas,
and that every street was buster than before. Il
million of men 10 the South we're taken from
the ranks of industry, aud instead OF making
property, they became dcstr0yars and cUusuu'
ers of property. So it was IL the North but
every man who had wheat or corn OF coal or
labor found, when war came, that lie had bet
ter customer than ever betore-a customer that
wanted all he had got and wanted 1t lmmeci,
ately; customer 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 long time, increased 10 value day by day.
The result of it then was we made money fast;
we made it easily. We could afford to borrow
at high rates Of interest, because our invest
ments were sure to be profitable. Oar trading
and fast living were the result OF the var. L
need not enlarge Oh it. Finally, the var ended,
men in the ranks returned to their homes, AMI
the material needs of tho Government began TO
20 down. You lost your best customcr--the
United States. 1t didn't want to buy. Ii
wanted to sell. Now, every wiso man knew No
a., /,c n,R ns
times of war we're to be followed by hard times.
the cause. Now, my friends. it is sufficient TO
say that it is written III tho laws ct political
economy that wars arc followed by hard times
and panic,. Tie ooIy mystery in the whole
thing is that the hard times did not como be-
fore they did. Now. We have got the cause,
what is the effect? The moment We began to
have hard times wo began to rctTcnoh, every
man 10 cut his expenses down and to curtall his
Expenditures. Each man in little while began
to tiud himself little better oil than lie was.
1t may be long time, one year. two years, live
years, but when it docs get 10 Lhe end, and the
majority get their expenses less than their re-
ceipts, then we arc ell better of. The Gov
crnment of the United States is The people CT
tho United States. When you gre al cStraVa'
When you are all getting to watch yourselves,
to watch each PARTICULAR point, you ser your
officers to watching more particularly. sihen
the war ended We had u debt ct 81, 1JO, uGu, GOO
on our shoulders, upon which VIC were paying
seventy. three per cent. interest. Oar taxes
were raised to nearly $j00000,OO0 10 tlu1c CT
profound peace. Our currency was worth sixty
or seventy cents Oh the dollar. 10 cur foreign
trade the balance was against Us nearly
$l00,000,000 year, and low how ard Tel
The debt is reduced nearly third. lloW many
wise man shook his head at the close OF the war
and said the people can never pay that doht.
Why, we have got third OF it paid eli al
ready. Tha: iuteres! which you paid Is re-
duced from $40, 900, 900 to $4,000, 900. we
no longer pay scven.,hrcc per cent. Interest,"
We can get all the money we want at touT per
cent What does that mean fo7 you and L? -
Those who borrow money know that when the
Government pays seven per cent 1t Viii cost
them twelve and fifteen per ccn: and When
the Government pays six and four 1t Will 20
down for US, and so as the credit OF the Coy
eminent grows better, your credit and mine
grows better. We arc down to four per cent
on interest; and now az to the currency. 1t
was currency worth sixty cents OF the dollar
on one day, but did not stick at that price,
You never could tel! on Monday what It would
be on Saturday. Who lest By the tickle
standard Of value? Always the laborcr aud
producer. Why? Simply because the middle
man, being a business man, understands that
tho standard value is likely to 60 up or to 10
down TO his disadvantage, Therefore, when
he sells be does it having reference to the tact
that the standard Of value may change, and
consequently he charges enough to make
himself safe, and the consumer heal5 the loss:
That is tickle standard OF value. Applause.
Now, my friends, how 90 you see it to-day!
The currency has been going up. up, uaIlE II is
ninety nine and half. 1t is as u0changcabl, ~
Lake Erie. 1t does not 60 down at all 1t
is steady 1t is no longer yard stick, that Is
one foot in March, three feet in May, sud SIX
feet in July. It is three feet all the time
Tremendous applause Now, my friends,
that is the currency. as to our balance OF!
trade. Before the panic the balance of trade
was against US 500, 600, 900 year-that Is to
say, we bought abroad that uucn more than
we sold abroad How is it to-day? We arc
selling moro produce than ever t:ciyrc IN cur
history, more cOru, more wheat. We have
even COMO so far IS to take watches MADE az
Elgin, Ill.,, and mado in New E2gaud. and
carry them right over to the loot or the ALPS,
where the people have been making |at5lts
for three hundred years, aud selling the watches
to those people. Now, my friends, os sai3
before, We ere sailing S2U7, 100000 { year
abroad more than we are buying abroad. Hnw
does that operate2 Like every mad who solis
more than be buys-he is getting rich. So It
is with the United States. You, cach Of you
are getting out Of the panic, We are all get
ting out of the parlo, aud nothing but our own
unwisdom will get US Toto it sgaio. v hat DO
We want? We want confidence. Don't ca
courage your Legislature Or your Congress to
legislsto too much. l. was flv0rlie maxim
with jefferson that the world was governed
too much. Too much legislation Ga financial
subjects is tho bane of our times. My friends,
Jet US all hold up our hands in favor Of letting
we'll enough alone, and Ssandius firmly ty orr
present Constitutional currency, that ;lestro3a
no man.
The Indians.
OMAHA, NEB., Sept. 20.-News has been
received here Of sharp fight with the Bannocks
in the cxtrema northeastern corner OF WyO