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

but burden, and that it ought and could be
honestly paid, applause and cheers.I and &C.
cordlngly he entered upon policy, the object
credit, so az to refund the debt at lower rates
of interest; and do that. the first thing was to
establish and to demonstrate that the people
could and 1co,tld honestly pay it all. lap
plause. And SO he went on, and now we have
the results.
REDUCTION OF INTEREST.
Look at the interest. Then we had an in
terest-bearing debt of $780, 10000; large part
OF it bore interest at the rate of z $40 per
cent. per annnm, another large part of it 6
per cent, a small part of it per cent, and
none down to per cent, and where are we
now! Not dollar do owe on which we
pay any such interest as 7 3-10p per cent. Our
creasing amount ~ and every day and every
month {$2G, QUO, 600 last month"; is refunded at
4 per cent Applause and cheers. All of you
who have debts to carry and interest to pay
know the Importance of the question of inter-
est, and fear that here, as everywhere good
many know the importance of interest. APP
plause and laughter.I Well, my friends, the
progress then is an improved and streng thened
credit. And what does that mean? The credit
of the nation. as we have found out. is its
right arm IN war. l might name the nations
now that have come out of recent wars not SO
satisfactorily as they could wish, from the
lack of the credit that we now fortunately
have. Well, the interest bearing debt then was
DOC, 0uO to-day it is 81 1909 600 900 near
ly 5000, OO.O0U decrease in the interest bearing
debt But better than that, the interest on our
whole debt in August 1866 was $l5l, 00O, 900 Il
year. To-day our interest on all our debt is
only S95. ON0, 900 year. lapplauseI decrease
OF over 500 OO0, 600 interest year to be paid by
the people of the United States.
BRINGING HOME THE BEBT
But again, seven years ago, our debt was
owned abb Dad; our interest went abroad; that
is to say, a large part of it was owned abroad.
Perhaps $500, 100000 was owned in Europe, and
fifty or sixty million dollars a
year went to. Europe for interest. How
is it to-day? Only one-sixth of our debt is
owned abroad. and the rest is owned at home
We send abroad but Sl2, 100000 or SIS, 900, 600
a year of interest now, and the rest is paid
here. Applause. So much for the condition
of the debt, my friends.
REDUCED TAXATION.
Now take taxation. Then we were taxed
(the first year of peace) after the
war was all over, in 1866, $448 900 900
year internal revenue taxes and customs To-
day it is $24O,00O, 900; that is to say about
$3.50, 600 900 less than it was in 1866. Expen-
ditures Il will give the figures to the gentle
iiCu VI uuo pIcSS) nave Deen reduced muCl IN
the same proportion.
OUR CIRCULATING MEDIUM.
Then, my friends, we come to the currency.
We had at the close of the war, of national
bank notes, of fractional currency, of green
backs, something like $685., 100000. There
may have been in circulation as currency, it is
estimated, about $l00,000,OOO more-interest
bearing notes. Now, what was the currency
h. n 1nr1o ovo RI
OF the amount Of currency that we have now;
that it Is not sufficient for the
wants of trade. But how does it compare with
thirteen years ago? Then each dollar was worth
leach paper dollar 69 cents on the dollar. That
was its purchasing power. That was about
the average, but it went up and down from
month to month, and week to week, and day to
day, and the effect of that upon legitimate
industry and labor was this: The middIe-man
everywhere must provide against the losses by
shifting standard value, and it must come
out, at least, of the purchaser. the man of in
dustry, and the laborer,- the tickle standard of
value must be made good by extravaganza
in prices. Noao, how is it? our money, our
paper money, is abreast with gold-991a cents,
and John Sherman in fifteen minutes can wipe
out that half. (Laughter) Not only is it
ninety-nine and one-half, but it stands as
steady at ninety-nine and one-half as these
level fields. For five months it has not varied
more than the fraction of n cent In value.
7 The quantity we now have is about $3.50, 0OO,-
200, and that is worth ninety-nine and one-half
cents. That is to say, our whole currency to-
day, dollar Tor dollar for dollar, In the aggre-
gate is worth $l75,0OO,O 600 more than our cur
rency was worth in 1866. Such is the state Of
the currency.
Take another thing in which you IN Mime
sofa are largely interested our foreign trade,
our exports and our imports. We are sending
t(t EurOYle t0-Nay nf al
of every sort that grow abroad than ever be-
fore; more of manu- featured products than ever
before. In the ten years from 1863 to 1873 the
average range of imports in excess Of exports
was from 600 to $50, OOO 600. Tie. three
years before the panic the average wass over
we sent abroad. How is it to-day? The last
two years, the lowest, s257, COX, 900
in our favor-more than s4O,OoO.OOO
better than the last year before
the panic. Now this is progress, aud the bal
ance of trade Il don't propose to go into phil
osophica1 Discussion of the question, but it
does mean something) are better to have in our
favor than against US. In the last resort, the
balances have to be paid in cash. and the bal
ance being against u.s. whatever it is, that
much cash goes out and across the water, and
away from us. Now it comes to us, and not
from us.
go WEST, YOUNG MAN"
There is another interesting subject that is
worth giving attention to, and think is en-
couraglng and full of hope. The surplus popu-
lations Of the Atlantic slope of States finding
their way as they never have done before, to
these beautiful States and Territories at the
West lApplause.l And was does it mean?
It means relief for the East. The surplus of
population that goes off gives better eppor-
tunity for employment of labor and industry
there and here, and in the new
States, they are making their homes; and they
are furnishing them; they are furnishing them
. market for the supplies from the old States.
But it has more than double advantage; it has
treble. There are three advantages: It
relieves the old States; it furnishes market
to the old States. and with their products
in the new States, they help to swell the tide of
exports to the old countries. That is what his
chage of population means. You know much
more about it than do. You have lived here
and seen it. sEse
OUR LOCAL GROWTH AND OUR FUTURE.
To-day, in conversation with very young
gentleman, Gov, Ramsey, of Minnesota,
fGreat laughter aud applause. I thought
some of the people would be pleased to hear
me call him $50 young [laughter remembers
about thirty years ago, when in this whole ter
ritory of Minnesota and Dakota, they managed,
by counting half-breeds and all sorts of good
counting to make, in census, $500 people.
In this town Of St. Paul they perhaps had 100
inhabitants; ) down at Minneapolis perhaps 80,
the precise number do not
not million in Minnesota you soon will
l.. O. ~