The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1878-09-12
ADDRESS Or PRESIDENT HAYES.
Delivered Before thu Minnesota HtFee AZ
ricnlsuFal Society, September 3, 1873.

xELLOW CITIZENS:
desire to make my sincere acknowledge !
ments to the Governor of Minnesota, Governor |
Pilisbury, to tho Mayor of tho city of st. Paul, |
Msyor Dawson, to the President OF tho Agricul- |
tural Society Of the State Of Min
nesots Mr., Geo. r. Finch, and the
gentlemen associated with them ofao-
cislly, and all tho people OF Minnesota
whom they represent. Tor the very t n ano
that is with mo and to myself, and would be
elad if could say something in return for tho
kindneas that would be worthy Of tho occasion
and of the audience, but 1 suppoae must be
content with simply undertaking to cay few
words in regard to tho material inter-
eats and condition of our country.
which may bring encouragement TO
those who need encouragement and
hope to those who are perhaps already
hopeful.
our FINANCIAL CONDITION..
think that all recognize tho fact that the
most interesting questions in our public Affairs
to-day are those which relate to the financial
condition of our country. Now I do not pro-
pose to enter at all upon the province Of parti-
sanl politics, but I trust may give you, and
properly give you, = few facts and few figures
relating to the financial condition OF the gov
eminent of the United States, showing
the progressive improvement of the last
few years in tho financial condition
of our government, leaving it tn you. my fell
low-citizens, to consider what bearing, II any,
these facts may have on tho general progress
and improvement of the country.
Now the financial affairs of tho government
consist of our debt our taxation, our expenses,
our currency, our trade, with foreign countries.
All these are connected with the financial af-
fairs of the government. And first n to the
debt, and here let me warn you my friends not
to be too impatient. shall try not to weary
YOU with any very lengthy detail, giving you
Their resuits. When the war closed our debt
reached iN highest figure. Our ascertained
debt in August, 1865, was about ~, $50 0OO, OOO,
but the actual debt was considerably larger.
There were payments to be mnde to sOldiern
and for arms and supplies to the army, about
which there was no dispute, but not included
in this general statement, and perhaps tho best
estimate made of the actual debt of the county
in 1865 was So, 600, 0OO, 600. Now how 10 it to-
day2 To-day the debt of the country is about
e2,003, COX, 0UO, diminution-a decrease from
the ascertained debt OF thirteen year~
ago-of over a72O, COO; morn than
one-fourth Vt the debt paid in tho thirteen
years, lapplausel and the actual debt, 49, 0O,-
WO,O00, the reduction il 81 200, O0O, 0O0-one-
third paid to-day. Applause.
WE SHOULD PAY THE DEBT.
Now, my friends we all remember how,
when the war was closed, important speeches
were made, able editorials were written and
published, declaring the opinion with conf
dence that that great mass Of debt could never
be paid. You remember we were told that war
debts of great nations were never paid; that
our debt was to be like the war debt of Eng
land and France entailed upon upon VI and our
pohterity forever. There were some who
even advocated reputation then, and
there were many who feared reputation.
There we're also those who said that = national
debt was . national blessing, and therefore
might well be perpetuated. Fortunately, how
ever, the able inancier at the head Of the treas
ury department. MIR. Hugh Mccullough, did
not entertain these views. He believed, and
the people of the United States supported him
in that belief, that the debt was not blessing.
but burden, and that it ought and could be
honestly paid, (applause and cheers. and &C.
cordingly he entered upon policy. the object
credit, SO a. to refund the debt at lower rates
of interest; and do that, the first thing was to
establish and to demonstrate that tho people
could and 1r0uld honestly pay it all. APP
plause. And SD he went on, and now We have
the results.
REDUCTION OF INTEREST.
Look at ii, interest. Then we had an in
erest-bearing debt of 90, $50, COCO; large part
of it bore interest at the rate of $40 per
cent. per annum. another large part of it 6
per cent, small part of it per cent. and
none down to 4 per cent, and where are we
now? Not dollar do we owe on which we
pay any such interest as 7 $40 oer cent. Our
highest is 6. large amount down to S, an in
nd n nj
month (32U, 600 600 last monthly is refunded at
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, rs everywhere, good
many know the importance of interest. Ap-
plause and laughter. Well, my friends, the
progress then il an improved and strengthened
credit. And what does that mean? The credit
of the nation. "a we have found out il its
right arm IN war. might name the nations
now that have como out of recent wars not so
satisfactorily "a they coold wish, from the
lack of the credit that we now fortunately
have. Well, the interest bearing debt then was
$2,3SO ,OoO; to-day it is 81, 800 00O OOO near
ly *6OO, OOU.OOU decrease in the interest bearing
debt. But better than that, the interest on our
whole debt in August 1865 was el5l, wv, OOO u
year. To-day our interest on all our debt is
only 500. OK, O0O year, lapplauseI = decrease
OF over $55, 0OO wv interest year to be paid by
tue people OF Inc United St3tcS.
BRlNo1Na HOME THE BEET.
But again, seven years ago, our debt was
owned abroad; our interest went abroad; that
Is to say, large part of it was owned abroad.
Perhaps $500, OO0, 100 was owned in Europe, and
htty or sixty million dollars .
year went to Europe for interest. How
owned abroad, and the rest is owned at homo.
We send abroad but $l2 OOO, QUO or 3l5,OuO, 00U
year OF interest now, and tho rest is paid
here. Applause. So much for tho condition
Of the debt, my friends.
REDUCED TAXATION.
Now take taxation. Then We were taxed
(the hrht year of peace) after the
war was all over, in 1866, $448O 600, QUO
year internal revenue taxes and customs. To
day it is $24O, UOD, 900; that is to say about
e25O. 0OO, GU less than it was in 1866. Expen-
d'tuses Il will give the figures to the gentle
men Ut the press) have been reduced much in
tho same proportion.
OUR CIRCULATING MEDIUM.
"hen, my friends. We come to the currency.
We had ut The close of the war, of national
bank notes, Of fractional currency, Of green
backs, something like 8635, 10000 There
may have been in circulation ~ currency. it il
Estimated, about $lOOOOO,OOO more-intercst
bearing notes. Now, what Was the currency
worth! We perhaps are disposed to complain
OF the amount of currency that we have now;
that It is not sufficient for the
wants of trade. But how does it com pare with
thirteen years ago? Then each dollar was worth
leach paper dollar) 96 cents onthe dollar. That
va" its purchasing power. That was about
the average, but 1t 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 middle-man
everywhere must provide against the Losses by
shifting standard value, and it must come
out, at least. Ut the purchaser, the man of in.
dnstr>, and the laborer,-the tickle standard of
value must be made good by extravagance
In prices. No1o, how il it? our money, our
paper money, il abreast with gold-99h cents,
and John Sherman in fifteen minutes can wipe
ont that half. (Laughter). Not only il it
nlnety-nine and one-half, but it stands n
steady ut ninety-nine and one-half a. these
level fields. For i've months it has not varied
moro than the fracti,n of . cent IN value.
The quantity we now have il ah6ut A64O mn