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 1868.
THS CURRENCY AND The BALANCE OF TRADE


ieu.al party expected this morning people were
,hs streets to see the train welcome the
cn,sf Mseistrate Tho Reception Committee, consist
Ing OF Governor Pnlsoury, Ex-Governor Sioicy ana
Mayor Dawson the special car bringing 'he ffss'
sent and party Chicago, at Hudson, WIS, on Inc
chicago and Northwestern road, and escorted 'hem
10 the city, reaching here at quarter OIL SIX O'CLOCK
Presidential salute from guns stationed on the ouns
yas the only formal reception AS the party passed.
through the 1t appeared as though the CITY was
HOLIDAY attire to welcome the distinguished guests
The streets were gay with flags ana bunting
.hird street spanned with ies'oons
s.arnc the portrait of the President and
IN the reverse the words '.Union Forever" On the
,ides werc SIN aIler shields bearing the words mo
North, No sonth. Ne East, No West" Further
H. near Bridge square was Lofty arch, highly
decorated bearing Inc motto est Paul, the Meirsp-
,Iis of the Northwest, welcomes tho President"
stiii further up before the Metropolitan Hotel, was
another arch with the motto, 'Welcomo TO AL"
The party passed quietly up tho streets IRON Inc
train The President and family and General Le Duo
md family breakiasted with Governor RAMSEY and
The rest Of the party at the Metropolitan Hotel As
be day advanced the streets began 10 fill with ex
uec,ant Gro d. and ong before tho hour arrived tor
,tartng the procession for the fair grounds the side
walks and windows along tho proposed route were
filed with people. ~
~ THE JOURNEY TO GROUNDS.
The hour for forming the procession was fixed at
npo o'clock but spite of careful arrangements It
wps halrpast ten O'Clock before the start was made
As the procession passed slowly through the crowded
streets TO the depot assembled thousands eheered
Tho President aud the disng gsn,lemon who
ssmpanied him. Arriving At the depot OF the ST. Paul
md Paciuc Railroad Company, which runs branch
10 the Fair GrouEd this week. another large crowd
was assembled to SEQ tho President The companies
forming escort separated to ailew tho carriages
conveying the party pass through and the nrst 10
inter the the President and his party Pres
ldent Hayes bowing ne stepped on the platform IN
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 10
and other dis,u xuished citizens and guests. More
DELAYS occurred, and IL was quarter past eleven
Pollock before train started tor the fair grounds,
rome two miles from the city, reaching It's desina-
lion at about a quarter to twelve. Hero another
great crowd waiting 90 greet the Presidential
party The party aghted and pressed its way through
The throng to stand prepared for speaking, which
was opposite the grand OF the course Tho
hitter WAS flied with people. who also filed all tho
standing room far beyond reach Of the Presidents
voice. The arrangements were perfect. and the
rrammo arranged was promptly carried out. The
President stepped to tho front OF the platform and
was ,a,roa Deed by ex-Govcrnor sibsy He then s.
dressed the vast assemblage.
rnR PRESIDENTS sPEEcu.
President Hayes was In oduccd and spoke at length
as foliows:-
! Fx,rov CITIZENS OF MINNESOTA II wish TO make
nv ,incere ackno wicdginents 10 The Governor OF
Mipncsots, Governor Pispurv, TO the Mayer OF ST
Paul Mayor dawson, TO the PRESIDENT OF the Minnc-
sota state Agricultural Society, Mr. George French,
OF this State whom they sfsseDt for their kino and
wARv all nat nnfh Inn
San do or say VIII be fttiDg ana adequate return for
your Dess out honestly desire 10 say somshng
touching tao material interests OF the country which
viIl teni at ieust to encourage those who need
couragemeng, and to give increased hope TO those
who are already hopeui.
, Fellow cit,zeus the most Interesting questions
An public arsIrs which now engage the attention OF
,hs people United States those which relate
10 the financial condition oil the country since the
panic ana collapse, hvo years ago, capital and
labor ana busness capacity nave iouna IL nard 10 gei
monty and properly known as hard .iines In such
s,incs men naturally ask, what can be doneY How
long is rms siagnaon vi business TO asf Are there
any fncss which indicate an early return 10 better
Iirnesf wish to ask your attention for u Few min
MES while l present some facts and hguros which
Ibow progressive Improvement In the financial con-
ditsn OF the general govsrnment IL Will be Tor you
10 consider what differences may iarly be- drawn as 10
tbeir bearing the question OF revival OF business
throue hout the country Tho financial con-
u,tiou of tho govern United States shown
bv ria debt its receipts ana expenditures, the
currency and the state Of trade Win foreign counries
PUBLIC DEBT.
Let us consider present state OF Tho pubic debt
"a. .sc.ytainea debt reached its highest po soon
alter close OF war; IN August 1862 ana amounted
10 60 1851 81 AZ In To TINS was estimated
that tnero enough unsdjustsd claims against tho
government OF unquessoned validity TO swell the
Total DEBT 10 49, 0OV 600 o00 How to deal with this
great bur deu was Ihe gravest questions which
or essed Tor decision ss result OF tho war IL viii
DO that in important speeches and In the
public press the opinion was confidently declared
that the could never De paid that great nations
mover did pay their war debts that our debt would
be like that OF England-permauent, and burden
upon ourselves and our poseriiy for all time some
mos. aso vino thougnsa national wasa national
blessing. Fortunately, however, tho ointment gen
tleman at toe head OF The treasury Mr. hugh NC
and tho people believed, that the dcot was not
blessing, but a burden, and that ought 10 be and
could be honestly paid. The policy adopted was TO
reduco INC debt tHareby sirens then tho public
credit 40 refund the deb: AZ lover rates of intsr-
est And now give you tho rcsuits.
Tne debt has been reduced untii now II Is only
a. O35 $50, 324 S. This is reduction as compared
with The ascertaiued debt thirteen years ago Of
x7a2 100 2ss S. More than oue-iourth OF tho debt
has been paid OH In thirteen years. III we compare
the present debt with actual debt thirteen years
saopIac,ug the actual debt 81, 600 600 oooths
auction amounts TO about sloo0,D00o QUO, or one-thrd
debt. Thus has been oemonstrated that
abe United States and viii pay tho national debt.
rHE ISTzREsr QUESTION.
Encouraging az are thess iscis, they 40 not July
sbov inc made relieving tue country IRON
INC burden OF us war debt. All who nave TO borrow
money TO carry deots know the importance OF tho
question of interest. The total nount OF interest
bearinr debt at time 1t reached it's highest point
the 3lst Of August, lso5-was as lollows:-- -
-Four Dor cont bonds. s6ls, III os
Eve mar cent bopds......-........ 2U9, 7z7 rs
~. ner cen, bon ds.....-........ 1o64, ia 21g 80
"a Irn,ted States bends........ $50. 600 900 90
interest notes, six per cent 27,024 100 on
Total bearing debt. 3sl $40 2ea 81
Phe total annual interest charge
smoupted to..................... l50,eJ. ,0g7 ~
This was an oppressive ourden. For interest alone
wa were paying more than double the total current
OF the government In anyy of peace pr,e
20 ,be war for the Union. With such burden io
,tarest IL Is not strange thai many besvcd that Tho
aaht could never be paid But, as we bnvc sccn,
h.,,er opinon prevailed. Those VITO believed tba
~ he tue national credit tho rates OF inter
a., might be reduced were sustained by tho public
't.ssmsnt The ability and tho purpose 10 pay
inc debt according to iis letter and sprl
were demonstrated IL was seen that inc success
iuterost 70 be paid; that reduction oil 1 per Geo
on our whole Interest bearinE debt would DO ycMl
saving in interest OF over 80 ,ns o