The New York herald., 1878-09-20
THE PRESIDENT TOUR.
A SENSIBLE SPEECH AT TOLEDO CAUSES AND
cchE Fc. HARD TIMrs--A HOPEFUL VIEW
CT THE FuTERE

CcnE FOR HARD TIMfs--A HOPEFUL VIEW
CT THE FUTURE
TOLEDO, Ohio, Sept. 10. 1878.
The President, Mrs Hayes and Webb Hayes arrived
here from Fremont this morning. spending tho day
In the city and IN attendance aI the State Fair.
After lunch ut the Boody House, at haif-past ten
A. NJ, he proceeded, under The escort oi
Mayor Jones and The Reception Commit.
teo and tho Sixteenth regimcut oN.G., to
tho iair grounds, whore fully scvoutyn7e thousand
people wero assempled As the head oil the process
sion entered the grounds natoual salute was red
BY the Fourth battery, o.NG. President Hayes was
welcomed IN speech by Mayor Jones und President
Baumgardner Of tHo rri-Stais Fair Association, and
In response spoke as follows:-
PRESIDENT HAYES ADDRESS,
My FRIENIs AND FELLOW CITIZENS Tue hree Sta ,es
OF Micnigan, Indiana and Quo, safe assume,
aro each numerousy represented In the audience be-
lore me- These States are fortunate IN their history
IN thclr geography, IN their soil. IN their climate
IN itoH people. They are pari, and u very import
ant pari, OF tho old Nortaw.stern Ter.i:ory-,ha.
bosutiul region northwest OF the river Onio which
was gwen tue Uuiteu States Uy the Stale OF V,r
ginia IN l78s and OrgauicAly devoted freedom ana
frecmen forever tApplauss) And now you have
assembled to-day ~ show what the pro1uction OF
your iArms, your shops and your minds have ex
hibiL
Naturally ono addressing an audience assembled
for such purpose IL mainly turped TO tho ma loria
interests vi hs important part OF the United States,
aud during tue very lew minutes that IL Is proper Tor
mo TO detnin you propose 70 call your attention only
briefly TO the subject oi our material Interests.
Geographically The future fortunes oi these throe
States are alike and equally great. They aro In
temperate zonc, have good working climate ~ all
Seasons or tho year, men can wsrk stanuing under
and In the sun that shines their land without In
Jury, and in tho winter they can work again We ara
midway betwocn tho great East aud the great W est
ana as wa arc midway between Now York and Cni.
cago, aud Sun Francisco between London and China
II Is across this country That tEe commerce OF tho
world must travoL
wo arc fortunate In our soil Every groat valuable
crop Of The Temperate Zone be successfully cul.
tivatod here. Hay corn, wnea cattlc-xll tho great
interests OF agriculture In this zone-can hore be
csssiully cultivated.
The wealth OF the mines We have aso-coal in
abundance sufficient to supply tho whole land, aud
IRON and copper. say, my friends that IN material
wealth We have all Tue essential elemons Aul yet
and yet-it II IN your thoughtsl almost reud IL
In your iuccs-that for i've yours past thero has
been staena.lon III business, and The depression
sun seems TO exist. Now tho few PLAIN words tuaI
dosire 70 saw this subject are:-First, a word or
two AS 10 tho cause. Orc simple, acknowledged fact
or opinion and known to most mon is that the war
WAS the cause OF It. Now, my friends. that - the
cause OF that extraordinary and remarkable event
1t was bound 10 DO sooucr or la.or; you could
cape II. This war made tho hard times, as war
always does; Why, what is war; wo know about
II now. When that wur began were
threatened with ITS results. rome nber briiliant
writer IN Cincinnati, where resided In 1860 who
said :-"Wby, This country can't go to war. The peo-
pio Of Cnciunaii live on the business In tho South.
Let US 30 10 war and IN SIX months tue grass viii
grow in your byways and streets" bid ~ WY.
my Iriends the war had not been prosecuted ninety
days until every man saw what mistake 1t wus and
that every street wus buser than bsioro
were taken from The ranks Of Industry and,
instead oil making property. they became the
sss'soysf. % ana & consumers .. property SO was IN
was expected was this, every man who had wheat or
corn or coal or labor, found that when war came no
had beltor customer than over baiore-a customer
that wautcd u he had got ana wanted It liatcy-
a Gus omcr who would not hagslc about the price
That customer he had IN The Verson or the United
UuSlucSH. on ha,n
10 rovivs. Property which mad laid shelves OF
tho merchants ior long time Increased In value Gay
by day. Tho result or II tben was thut We mado
money fast; we made II easily. We could afford TO
borrow Ut high rates Of interest because invest.
ments wero sure to DO profitable. Overirading ana
last living wsro tho results Of the war mood
not enlarge on H. Finally the war onded; mon
formerly In tho ranks returned 10 their homes, and
tho material needs oi the governmout began TO do.
croasc. You lost your beat cusiomsr-ths United
States IL didnt want to buy; II wanted 10 sell
Now, every wiso man know We should have a duy Of
settlement. Plush times o wsr bo followed by
hard times like these have lately known and ihorc
s tno cause. NOW, my r,eGaf' Is suncient TO say
that wars are followed by bard times and
panics. Tho only mystery IN tho whole
thipg - that the hard times did not be the
did. Now wo have got the causo what 10 the efIeciY
The momeut We began to have hard times we began
10 curiail Ills expenditures Each man ia httlo
while began 70 nud himself tIlo better OIL than no
was. II may 10 y long time. QUO year, two years,
hve years. bot when it doss get to tho ond aud the
minority get their expenses less than Their receipts
thou we are ull better on The govern inenI OF the
Unitod States is the people OF tho United States
When you arc oil extravagant, the government VIII
be extravagant. When you sro all getting to watch
yourscves to watch each particuI lar point YOU SCI
your cfhcers 70 watching more particularly.
THg PuBLic DgDE
Wien the war ended We had aceDt Of 81, 400 600 900
on our shoulders. upon which VIZ wore paying 7.3 per
cont interest Our taxes wore raised 70 nearly
$600. co., 0oO Ia time oil proiound peace. Our cur.
rsucy was worth sixty seventy cents on tho dollar
Io foreign trade balance against US ncarIy
"A wa2
The dcUt Is roduced nearly u third. How
many "a. a WISE I.n % shook his h0ad a.
pooplc mover pay tint debt" Why, wo have got
third OF 4 pad Oh already That iaicrcst thyt You
wo no longer pay 7.3 per cent interest We can got
aii thc money We want at iour per cent. What does
that mean Tor you ana ~ Those who borrow money
know that when the government pays seven Jer
cent VIII cost them twelve or nfteen cent, and
when tho government pays six aud four por cont
tho rate OF Interest Will 10 down for as tho
credit Of the government grows better your credit
ana mine grows better We aro down 10 iour per
cent on iniercat and now as TO the currency. Il
q currcnsy worth iixiy cents on tho dollar ON one
day. but did not yti at that price, You mover could
tell oil Monday what II would DO on Saturday Who
borcr pnd producer. whyY Simply because tn
midde man, being business man, una, r.
!" 60 up or go down TO his disadvantage Thcrs-
lore whsn NO soils, ho does having
10 tho fac, tho STANDARD Of valuo may
change. AID consequently ho charges enough 10
himself saic, and Inc consumer bears tho loss hat
rs u ncklc standard Of value. tAppla.sc.) Now. my
trends nov do you SEQ u to-day Tho currcLcy has
bcen gong up, up, until II y9k IL 10 as unrhsngcd
Lake Erie. IL does not 10 down at all IL Is
steady. IL is no longer yardstck that Is loot
March. throe i,et In May aud icot iu July. 1t
10 th'co iest all tho time. Tremendous applsuse.)
AK IMPROVED CURRENCY
Now, my fricnfs, inat Is tins currency. As to our
balance oi trade UeOre the panic tnat balance trade
was against Us 100000 90 year. That ls TO say,
We bought abroad that much more than sold
abroad. How - II tO-dayY We ure selling more
produce than ever before Ia our history more corr
more wheat We have even gone 80 lar nv to takc
watches made at EiyiD, ILL.,. una made In New Eug-
land. and curry them right 10 tho foot
o, the Alps, wncro the peopls have boon making
watches Tor 800 ycars, and sell the watcnes TO
those people. Now, my iricnus as sa.d bciorc, We
selling <2J7, 0O0 900 ycar abro ID moro than
buying abroad. How does that opcratc2 As tvory
who sells than he tuyr IS getting r,cb. ~
IS WIN tho United states You each OF you are get,
ting out Of the pabic W. are all getting out
oi the panic, and nothing but our own unwis-
dom Will get Us into II ufsiD. What do We wautY
Wo want confidence Do not encourage your Leg
stature or your Congress 10 lcgislale too
M uch. IL a favoute maxim with Jefferson,
tnat the world was governed tvo much Too much
legislation on financial subjects Is The banc OF our
irlouds. "A hold hau "A