Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-09-12
ADDRESS or PRESIDENT HAYES,
Delivered Before the Minnesota Ntrte Az
rAcultural Society, September 5, le5S.

I desire to make my sincere acknowledge
nents to the Governor Of Minnesota, Governor
to the Mayor of the city of st. Paul,
Mayor Dawson, to the President of the Agricul-
,urA Society Of the State of Min
aesotA, Mr.. Geo r. Finch, and the
gentlemen associated with them of6c-
cially, and all the people Of Minnesota
whom they represent, for the very kind and
generous welcome they have given to the party
that is with me and to myself, and would be
glad if could say something in return for the
kindness that would be worthy Of the occasion |
and of the audience, but suppose must be |
content with simply undertaking to say few |
words that may bring encOuragcment-a few !
words in regard to the material inter-
cats and condition of our country,
Sass rSa .a
hope to those who are perhaps already
hopeful.
OUR FINANCIAL CONDITION.
think that all recognize the fact that the
most interesting questions in our public affairs
to-day are those which relate to the financial
condition of our country. Now do not pro-
pose to enter at all upon the province of parti-
SAM politics. but 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 the financial condition
Of our government, leaving it to you. my fell
tow-citizens, to consider what bearing, IL any,
these facts may have on the general progress
and improvement of the country.
Now the financial affairs of the government
consist of our debt our taxation, our expenses,
our currency, our trade, with foreign countries.
All these are connected with the financial at
fairs of the government. And first "a to the
debt, and here lot me warn you my friends not
to be too impatient. shall try not to weary
You with nny very lengthy detail, giving you
rather results. When the war closed our debt
reached it's highest figure. Our ascertained
debt in August, 1865, was about 80, 750 O0O. 900,
There were payments to be made to soldiers
and for arms and supplies to the army, about
which there was no dispute, hut not included
IN this general statement, and perhaps the best
estimate made of the actual debt of the county
in 1865 was $4,000, DOC, 900. Now how is it to-
S2.O0S, 0OO, 900, diminution-a decrease from
the ascertained debt of thirteen years
ago-of over S72O,OOO,O0O; more than
"ne-fourth of the debt paid in the thirteen
years spplausel and the actual debt. SO, 0o0,-
100000, the reduction is $1,000. 900, 600 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
,lence, 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 us and our
posterity forever. There were some who
even advocated repudiation then, and
there were many who feared reputation.
There were also those who said that national
debt was . national blessing, and therefore
might well be perpetuated. Fortunately, how
ever, the able tinancer at the head Of the treas
ury department, Mr.. 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 a blessing
but burden, and that it ought and could be
honestly PAID lapplause and cheers. and ac-
cordingly he entered upon policy, the object
Of which was to strengthen the national
of interest; and to do that the first thing was to
establish and to demonstrate that the people
.ouh and ,rould honestly pay it all. |Ap-
plause. And SO he went on, and now we have
the results.
REDUCTION OF INTEREST.
Look at the interest. Then we had an in
srest-bearing debt of $2,3S0, 0000; a large part
of it bore interest at the rate of Z $40 pei
cent. per annum, another large part of it c
per cent, a small part of it per cent, and
none down to per cent, and where are we
now? Not dollar do we owe on which We
pay any such interest rs $40 per cent. Gu,
highest is g. a large amount down to 5, an in
czeasing amount a =, and every day and ever,
month (52V, OOO, 600 last month"; is refunded at
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. Ap-
plause and laughter::] Well, my friends, the
progress then is an improved and strengthened
credit. And what does that mean? The credit
Of the nation. as we have found out. is its
right arm in war. I might name the nations
now that have come out of recent wars not sc
satisfactorily as they coald wish, from the
lack of the credit that we now fortunately
have. Well, the interest bearing debt then wal
$3.50, 900 0O0; to-day it is 81 1909 600, 600, near
~ $6OO,OOO.OOO decrease in the interest bearing
debt. But better than that, the interest on ou]
whole debt in August 1865 was $l51, 900, 900
year. To-day our interest on all our debt il
of over s55, 600 600 interest year to be paid b,
the people of the United States.
BRINGING HOME THE BEET
But again, seven years ago, our debt wa
owned abroad; our interest went abroad; tina
il to say, large part of it was owned abroad
Perhaps $500, 000, 900 was owned in EUROPE ant
yes2 went to Europe for inte aeear' How
is it to-day? Only one-sixth of our debt i
owned abroad, and the rest is owned at home
We send abroad but $12, 600, 900 or Sl5. 900. OO
. year of interest now and the rest is pai,
here. Applause. So much for the condition
OF the debt, my friends.
REDUCED TAXATION.
Now take taxation. Then we were take,
(the first year of peace) after tn
war was all over, in 1866, S448. 900, OO
year internal revenue taxes and customs. To
day it is S24O, OOO, 900; that is to saw abou
e25O.OOO, 600 leas than it was in 1866. Expen
ditures Il will give the figures to the gentle
men of the press) have been reduced much i,
the same proportion.
OUR CIRCULATING MEDIUM.
Then, my friends, we come toithe currency
We bad at the close of the war, of nationa
bank notes, of fractional currency, of green
backs, something like $685., 100000. Their,
may have been in circulation as currency, it il
estimated, about 800, 100000 more-intercs
bearing notes. Now, what was the currenc,
worth? We perhaps are disposed to complain
OF the amount of cu1aoy that We have now
tnAt Is not sufficient for tn,
wants of trade. But how does it compare will
thirteen years ago? Then each dollar was wortl
leach paper dollar) IS cents onthe dollar. Tha
was it's purchasing power. That was abou
tho average, but 1t went up and down from
month to month, and week to week, and day t,
day, and the effect of that upon legitimat,
industry and labor was this: The middle-mar
everywhere must provide against the losses b,
shifting standard value, and it must come
out, 1t 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. No.c, how il it? our money, ou1
paper money, ia abreast with gold-991 cents
and John Sherman in fifteen minutes can wine
out that half. (Laughter). Not only is Il
nlnety-nine and one-half, but it stands az
steady at ninety-nine and one-half as these
level fields. For five months it has not varied
more than the fraction of cent In value.
oo Inc quantity we now have il about e63O, 900,
GOO, and that is worth ninety-nine and one-hsi1