The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-06
Enthusiastic Reception by the
People of Minnesota.
4 SPEECH ON THE FINANCIAL CONDITION
Reduction OF the Debt and In
terest Since 1858.
THE CURRENCY AND The BALANCE Oh TRADE
ST.. PAUL, MINI. sept. ., 1875.


ieua party was expected this morning, people were
IN streets to see the arrive and welcome the
rn,sf Magistrate. Tho Reception Committee, consist
Ing of Governor Pnlsoury, Ex-Governor sioiey anu
Mnvor Dawson the special car bringing 'he res
aent and party IRON Chicago, at Hudsoo WIZ On INC
chicago and Northwestern road, and escorsoa 'nem
IN the CITY, reaching here at quarter OF SIX O'CLOCK.
Presidential salute from guns stationed on the ouns
yss the only formal reception As the party Pas"oo
through the streets appeared MS though the CITY was
. HOLIDAY attire to welcome the distinguished guests
The streets were gay with hags ana ouh''ng
,hird street spanned with iestoons
..apnr the portrait of the President ard
an tho reverse the words 'Union Forever" On the
,ides verc SIN aller shields bearing the words mo
North. No Sonth. Ne East. No West" Furtner
H. near Bridge square, was lofty arcn' h'shiy
decorated bearing Inc motto, est Paul. the Metrsp-
,lis of the Northwest. welcomes tho President"
stu further up, before the Metropolitan Hotel was
another arch with the motto, WELCOME 10 All"
the party passed quietly up tho streets IRON the
train. the President and family and General Le Due
md family breakiasted with Governor Ramsey and
he rest Of the party at the Metropolitan Hotel Az
mo day advanced the streets began 10 hl with an ex-
peo,ant Gro d. and rng before tho hour arrived for
tart,ng the procession for the fair grounds the side
walks and windows along tho proposed route were
filed with people.
i-a THE JOURNEY TO THE FAIR GROUNDS.
The hour for forming the procession was hxod at
npc o'clock but in spite OF careful arrangements u
wns ha.past ten O'Clock before the start was made
As the procession passed slowly through the crowded
the depot the assembled thousands eheered
Tho President the gentlemen who ac-
,smpanied him. Arriving At the depot OF The ST. Paul
md Pacific Railroad Company, which runs branch
10 the Fair Ground this week. another large crowd
was ssse mbIod to sec tho President The companies
forming the escort separated TO aew tho carriages
conveying the party pass through and the nrst 10
,p,sr tho train was President and his party Pres
dent Hayes bowing ne stepped on the platform IN
OF the cheers OF citizens and The es-
rort drawn up in line. Next came Governor Ramsey,
Ex-Governor Sibley, President Finch, Of the State
Agricultural Society, whose guest the President H.
and other dlstn guished citizens and guests More
delays occurred, and Il was a quarter past eleven
o'clock before the train started tor the iar grounds,
nome two miles from the city, reaching It's destina
zion at about a quarter to twelve. Hero another
great crowd waiting 90 greet the Presidential
party The party aghted and pressed It's way through
he tbrong to a stand prepared tor speaking, which
was opposite the grand stand OF the race course The
latter was flied with people. who also filed all the
standing room far beyond reach OK tho Presidents
voice. The arrangements were perfect, and tho pro-
uammo arranged promptly carried out The
x.s ,n,roa Deed by Ex-Governor Sibley. He then Z,
dressed the vast assemblage. =
rnK PRESIDENTS sPEEcx.
President Hayes Introduced and spoke at length
as foows:-
FELLOW CITIZENS OF MINNESOTA II wish 10 make
my sincere ackno~iodgnents 70 we "ovsrnOf o.
Minnesots, Governor PIlispurv, 10 the Mayer OF 81
Paul Mayor dawson, 10 The PRESIDENT OF the MIME
sofa state Agricultural Society, Mr.. George French
and 10 associated wtA them and 70 inc people
Of this state whom they rGprescD Tor Their XII AND
generous welcome. Know very we'll that nothing
can do or say win be ttipg ana adequate return Tor
YOUR oess out honestly desire TO say some'ning
touching material interests Of the country winch
viii tena at least to encourage those who need en-
couragement and to give increased hope TO those
who are eady hopeful
a, 'nnc. mar, which now engage the st.snton Of
ih psope United States those which relate
10 the financial condition Of the country since inc
labor busboss capacity nave found II bard TO get
profitable employment We have had what Is COM
monty and properly known hard tiines In such
smcs men naturally ask, WHAT can be done? How
long is slagnaion oil business to asr Are there
Iimesf wish to ask your attention for u few min
utss while / present some iacts and hgures which
lbov n progressive Improvement IN the financial con-
allan OF the general government. IL will be Tor you
10 consider what nfercnces may LARRY DO drawn as 10
tner bearing on the question OF revival oil business
nrosrer,y hrouc the country. Tho financial
nion tho government OF tho United states Is show
by lis debt, its receipts and expenditures, the
cy and the Of trade with foreign countries
THE DEBT.
Let us tho present state OF tbe pubic DEBT
yhe debt reached It's highest point soon
sor tne close OF war August 1863 ana amounted
10 81 1871 $50 AZ In addition To tins 1t was
that there enough unadjustsd claims against I'M
sovernment OF unquesaioned validity TO swell the
total DEBT 10 So 0OO 600 How TO deal with thie
great bu rden was one The graves qussiions which
creased ior decision as a result OF tho war. II will
Be remembered that in important speeches and In Inc
nubI,n press the opinion was confidently declared
,ba Inc debt could never DE paid that great nations
mover ana pay their debts; that our debt woult
be like that OF Engand-permaoent, and burden
Ton naato
advocated and many fssrsd reputation. There were
Ihose also theuent-a national debt wasa nationa
bosstnx. Fortunately, however, the ointment gen
tleman at toe head OF The Treasury. MIR. Hugh Nc
Cullocn, did not hold these views ho believed
and tho people believed, that the doos was not
hiess,ns but a burden, and that 10 ought 10 10 ant
could DO honestly paid. The policy adopted was tt
r.St 40 as TO refund the debt lover of inter
est And now give you tho rcsuits
AZ O35 $50, 324 SIS This Is reducsion as compared
with the ascertained debt thirteen years ago o
4722 los, 2A6 5S More than one-fourth OF Tho deoi
has been pad of In thirteen years. III we compare
the present debt with the actual debt thirteen year.
ego-pacing the actual debt A. 600 ooo-ths 70
auction amounts about or one-thirs
OF the total debt. thus IL has been demonstrated tina
abe United States and will pay tho national dobt
THE ISTEREsr QUESTION.
Encouraging as are thess iscts. they do not fully
sbov INC progress made relieving TIE country frou
me burden OF us war debt. All VINO pave 10 oorr o..
question Of interest. The total amount oil interest
bearing debt tho time reached It's highest point
,ne aIst of August, 1s65--was as lollows-
Tn,r No, cept bonds s6ls, 12T o.
Five psr cent bonds. 2oe, ~
-, ~ can, bon ds..........-... 064, Tl2 259 8
IN Irn,,ed States bends........ $50 900, 900 O
nd notes, ak per cent 27,O24 l60
To..i -bearing debt. S. 3s1 800 2ss
fhe total annual interest charge
Smousses an onrress,yc ouraen. For ,n,eres, soe
40 were payiug more than double the total currcn
expeoses OF the government IN anyye Of peace pre-
70 the war Tor the Union. with such burden 10
,arest IL Is not strange thai many believed that tn
dahl could never be paid But. as We bavc seen,
bstter op,nion prevailed Those who beiieved tbi
tne national credit tho rates OF into
al might be redu ccd were sustained by tho publ
indement Tho ability and tho purpose 70 pa
ne debt according to lis letter and spir
ws,. DEMONSTRATED IL was seen that tho sueccs
ful management OF the debt depended ON tho rates
interest 70 be paid; that reduction OF 4 per &c,
IN our whole IN terest bearing debt would DO ycar
.inn In intnrrst of over 40. 900 600; mat redu