Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-09-27
THE PRESIDENTIAL PAurY.


ANOTHER SPEECH ON THE FINANCES.
TOLEDO. Ohio, Sept. l9-Tho President
and Mrs. Hayes and Webb Hayes arrived
lrcm Fremont this morning, spending the
day in attendance at tho state fair. After
lunch the parry was escorted by the mayor
and the reception committee and the six
tenth regiment to the fair grounds where
fully seyenty-ive thousand people assem-
bled. As the procession entered the
grounds national salute was fired. The
President was welcomed in speeches by the
mayor and president of the tri-state fair
association, and replied as follows:
My friends and ielow-citizens Three
states. Michigan. Indiana and Ohio lit is
safe to assume, arc each numerously repre-
scented in the audience before me. These
states are fortunate in their history,
geography, soil, climate and people. You
have to-day assembled to show the produc-
tions of your farms. shops and minds.
Geographically, the future fortune Of these
three states are alike and equally great.
They are in temperate zone and haye a
good working climate. Ii is across this
Country that the commerce of the world
must travel. We are fortunate in our
soil. Every great and valuable crop Of the
temperate zone can he successfully culti- |
waited here. The wealth OF mines we have |
also. There is coal in abundance, sufficient |
to supply the whOle land and IRON and cop |
per. | say, my friends, that IN material |
wealth We have all the essential elements,
and yet 1t is your thoughts can almost |
read 1t in your faces-that for five years
past there has been stagnation in BUSH
ness and depression still seems to exist.
Now, lew plain words, desire to say on
this subject arc, first word or
two as to tho cause. One simple, acknowl- |
edged fact, known to most men, Is that war
is the cause OF it. Now, my friends, what
is the cause Of that extraordinary and re-
narkable event happening in 1873? There
is no mystery in it. 1t was bound to be |
sooner or later. War made hard times, as
war always does. Why, what is war; We |
know about it, now. | remember a bril- |
liant writer in Cincinnati. where resided |
in 1860. who said: "Why this country |
can't go to war;" lie said, THE people of |
Cincinnati live on business in the south |
Let US go to war and in six months the |
grass will grow in your byways and streets"
Did it? Why. the war hadn't been prose-
cuted ninety days until every man saw
what a mistake it was, and that every
street was buster than before. A million
men were taken from the ranks of industry
and instead of making property they be
came destroyers and consumers of il. SO it
was in the south. But where it made diff
ference from what was expected was this
every man who had wheat or corn or coal or
labor found when the war came he had bet
ter customers than ever before. The Gus
toner that wanted what he had, wanted it
Immediately. The customer who would not
haggle about the price, that customer he
had in the person OF the United Ste ties.
Business instead of being depressed began
to revive. Property which had laid
ON the shelves OF merchants increased in
value day by day. The result was we made
money fast. We made it easily. We could
afford to borrow at high rates Of interest,
because our Investments were sure to DO
profitable. Our trading and fast living were
the result OF war. | need not enlarge on il.
Finally the war ended. The men in the
ranks returned to their homes and the ma
terial needs OF the government began to go
down. fou lost your best customer-the
United States. 1t didn't want to buy-it
wanted to sell. Now, every wise man knows
we should have a day of settlement.
1t is sufficient to say that it is
|
economy, that wars are followed by hard
times and panics. The only mystery in the
whole thing is that the hard times didn't
come before. Now VIC have got tho cause,
what is the effect? The moment we began
to retrench-every man to cut his expenses
down--each man soon began to find him
self no better off. 1t may be long time
one year. two years. five yesrs-but when it
does get to the end and the majority get
their expenses less than their receipts then
we are all better off. The government OF
the United States is the people of the United
States. When you are all extravagant the
government will be extravagant. When
you are all getting to watch yourselves,
you set your officers to watching more par
ticularly. When the war ended we had
debt of s., 400. 900 600, upon which We were
PAYING per cent interest. Taxes were
raised to nearly $500, 100000 liz time of
profound peace. Currency was worth sixty
or seventy cents on the dollar, and our for
eign trade balance was against Us nearly
s 100 100000 a year. Now how arc We p?
The debt is reduced nearly third the in
terest is reduced from SliO, 900, 900 to $685.
100000; We no longer pay : per cent-we {
can get all the money We want at per ,
cent. What does that mean for you
and me? Those who borrow know
|
per cent it will cost them twelve and fifteen, a
and when the government pays six and four
it will 60 down for US, and so as the credit
1t the government grows better your credit
and mine grows better. We are down to c
Jour per cent on interest. And now as to
Ii was q currency worth sixty
cents on the dollar one day. but did not
tick at that price. You never could tell l
Monday what it would be Saturday. Who i
$ the loser by tickle standard OF value? 7
Always the laborer and producer. Why?
simply because the middle man being a =
business man understands the standard of v
'alue Is likely to 60 up or to 90 down to b
lis disadvantage. therefore when he sells he
loes it having reference to the fact that
he standard value may change and conse- u
Iuently he charges enough to make himself
afe. and the consumer feels the loss That n
8 how tickle standard of value works Ap- =
'lause. Now, my friends, how do you see I
{ to-day? The currency has been going r,
Up, up. until it is SO and one-half per cent v
{ is as Interchangeable as lake Erie 1t docs
lot go down at all. 1t is steady. 1t is no
onger ysrdstick that is one foot in March a
hree feet in May and six feet in July. 1t
> three feet all the time. Tremendous ap- NJ
lsuse Now, my friends, that is currency. y
Is to our balance of trade, before the panic II
he balance of trade was against us $780, o.
90 900 year. That is to say, We bought %
bout that much more than we sold abroad.
low is it to-day? We are selliug moro u
reduce than eyer before in our history Sc
lore corn, more wheat We have even pl
one so far as to take watches made in e. p
in and made in New Eng gland, and carry
hem over to the foot of the Alps, where Ut
be people have been making watches three pt
undred years. and sell watches to those SC
eople. Now. my friends, as said before, i,
70 are selling S207 .0OO,0O year abroad -
lore than we are buying abroad How 81
Oes that operate? Like every man who -
Ills more than he buys-he is getting rich
D it is with the United States. You, each ce
f you. are getting out Of the panic, and la
othing but our own unwi>d0m will get us
Ito it again. What do We want? We want 10
,nfdence. Don't encourage your legisla- vi
ire or your Congress to legislate too much. no
was iav0rite maxim with Jefferson that a.
le world was governed too much. Legis- u"
ton on financial subjects is the bane of to
IT times. My friends, let Us hold up our sel
.nds in favor Of letting well enough alone mr.
I'd standing firmly by our present consti ~
Itional currency. that destroys no man. ca
treat applause. iul
Chief Justice Wait then addressed the ms
ldience. combining his speech entirely to be
,al topics. hs