Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1878-10-17
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The President On the Hard Times.


The President on the Hard Times.
From his Speech ct Toledo.
One simple acknowledged fact or opi
ion and known to most men, is tn;
the war was the cause Of it. Now. IN
friends. tie c;ruse of that eXtrsordinal
and remarkable event which happened
1873. There is no. mystery in it; it ":
bound TO be sooner or later; you coul
not escape it. This war made the la
times. as war always does. Over-tradin
AMI fast living were the results OF the wa!
need not enlarge on ii. Finally, the wa
ended, men formerly in ranks returned +
their homes, and the material needs OF tn
Government began to deer :isc. IOu los
your best customer-the United States
u didn't want to buy; it wanted to sell
Now every wise man should have
dry Of settlement. Flush times OF war AZ,
to be followed by hard times like these
we have lately known. and there is tn,
cause. Now my friends, it is sufficient e
say that it is written in the laws of po
litical economy that wars are followed by
hard times and pani''s. The only mystery
in the whole thing is that the hard times
did not come before they did.
Now We have got the cause; what is the
effect! The moment We began to have
hard times we began to rctrench; every
man 10 cut his expenses down and to cur
tail his expenditures. Each man in little
willie began to find himself 4 little better
of Than he was. 1t may be long time
one year. two years, five years, but when
it does get to the end, and the majority
get their expenses less than their receipts,
taen we are all the better Oft. Tie Gov
eminent of the United States is the people
OF the United States. When you are all
extIayagant, the Government will he ex-
travagant. When You are all getting to
watch yourselves. to watch the particular
point. you set your officers to watching
more particularly. When the war ended
we had debt of S2.4OO, 100000 on our
shoulders. upon which we wtEe paying
1910 per cent. interest. Our taxes were
raised to nearly S50.000.C0O in time Of
profour.' peace. Our currency was worth
60 or 20 cents on the dollar. In our for
egn trade the balance was against us near
ly SiO0,0Jo.O00 year; and now how are
we! The debt is reduced nearly third
How many wise man shook his head at
the close of the war and said 1.-THE people
can never pay that debt Why. we have
got third of it paid already. The inter-
est that you paid-that is reduced from
SAC. O00, 900 to S95.OOO.OOO We no longer
pay 1910 per cent. interest We can get
all the money We want at 4 per cent. What
does that mean for you and 1? Those who
borrow money know when the Govern
ment pays per cent. it will cost them II .
and ID per cent, and when the Govern
Inent pays 6 and Per cent. the rate of in
'erest will 90 down for us; and so, as the
credit OF the Government grows better,
your credit and mine grows better. We
ire down to 4 per cent. OH interest; and
low as to the currency, ii was currency
worth GO cents on tire dollar on one day,
,nt id not stick at that price. You never
;ould tell on Monday what it would be
Saturday. Who lost by a tickle standard
IT value? Always the laborer and pro-
lucer. Why? Simply because the middle
nan, being a business man, understa dis
hat the standard Of value is likely to 60
p or go down to his disadvantage. There
ore when he sells, he does it having ref
renee to the fact that the standard value
4 ii !nay change. and consequently he
Ian res enough 10 make himself safe-and
he CONSUMER bears the loss. That is a
Ichle standard Of value. (Applause). ,
SIGNS OF COMING PROSPERITY.
Now. my friends. how do you see it to-
~? fbe currency has been going up, up. ,
ntil is 50 IL; it is as interchangeable as
AXE Erie. 1t does not go down at all. Ii /,
steady. 1t is no longer yard-s:ick that {
one foot in March. three feet in May and ,
* feet in July; il is three feet all the time. J
Tremendous applause). II
Now. my friends, that is the currency. 4
s to our balance of trade. before the Z
lnic, that balance Of trade was against
) SloJ.oJo.00o a year; that is to say, we ,
usi,t road that mich more than we
,ll abroad. How is 1t to-day? We IRE
lins more produce than ever before in
az history; more corn, more wheat. We
I'VE even gone SO tar as t. take watches
ade at Elyin, Ills, ard made in New q
ngland, and carry them right over to the :
OF of the Alps, where the people have /"
ZEN making watches for 300 hundred .
,,rs. and sell the watches 10 those people.
Now. my friends. as sand before. We are =
ling S207.0OO.0O0 a year abroad more =
an we ere buying abroad. How does 7
at operate: AS every man who sells y
ole than he buys is getting rich, SO it is ~
th the United States. You each OF you o.
e getting out of the panic; We are ali q
ting Out the panic, and nothing but our u
IN unwisdon will get us into it.
THE NEED or THE HOUR. ~.
Again, what DO We want? We want "
Audience. DO not encourage your Legis- /"
ure or your Congress to legislate too =,
lcll. 1t was = fiyo-its maxim with JEFF -
son, that the world was governed too ~ -
lci,. Too much legislation on financial r; m
,jects is the bane OF cur fimea Ny d.
u Is. let u all hold up our hands in fav- Ia
)f letting well enough alone, and stand 70
ds1nly Dy oar present constitutional r.
reney that destroys 10 naan. (sirse e
'lsuaa.) -