The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1878-09-28
HARD TINES.
Their Cause Explained and . Remed.
Suggested-PresiientH ayes's Speoch q
the Toledo (O.) Tri-State Fair.


three States of Michigan, Indiana and Ohio.
IL Is safe to assume, are each numerously
represented in the audience before me.
These States are fortunate in their history, in
their geography, in their soil, In their climate
and in their people-a part, and very i'm
portsnt part. OF the old Northwestern terri
River Ohio which was given to the United
States by the State of Virginia in 1851, and Or
ganically devoted to freedom and freemen
forever (app'auseJ; and now you have TO- day
assembled to show what productions of your
farms, your shops and your mines yon have
to exhibit. Naturally one addressing an
mainly turned to the material interests of
this important part of the United States, and
during the very few minutes that 1t is proper
attention only briefly to the subject Of our
material interests. Geographically the fea-
lures of these three States are alike, and
have good working climate at ali seasons
of the year; a man can-work standing under
and in the sun that shines on this land with
out injury, and In the winter he can work:
East and the great West, and as we are mid
way between New York and Chicago, and San
Francisco between London and China, it is
across this country that the commerce of the
world must travel We are fortunate in
our soil; every great valuable crop of
the temperate zone can be successfully cul-
tivated here-hay, corn, wheat, cattle, all the
great interests OF agriculture in this zone can
here be successfully cultivated; the wealth
of the mines. We have also coal in abun.
iron and copper. 1 say, my friends, that is
material wealth. We have all the essential
elements, and yet 1t is in your thoughts, 1
years past there has been stagnation in bust.
ness. The depression still seems to exist.
Now, the few plain words that desire to say
's as to
my opinion, and known to most men, is that
war is the cause of it. Now, my friends. that
is the cause OF that extraordinary and re-
markable event happening in 1873. There is
no mystery in it. 1t was bound to be sooner
or later. You could not escape it. See this
line of soldiers marching along. was de-
lighted to have them as my escort this morn
ing, dressed in the old uniform. There was
no nonsense about them, for holiday play is
best of all. When you were marching along,
and the time You took the route step and
struck up the old songs, then, indeed, you
reminded me of this fact. Did not that por-
ton of our country that made it necessary,
make q mistake?
A voice. This war made the hard times
As war always does. Why, what is war? We
know what it is now. When that was begun
we were threatened with its effects, with its
results. 1 remember q brilliant writer in
Cincinnati, where resided in 1850, who said,
WIN. Why: this country can't go to war. He said
ness in the South. Let us go to war, and in
six months the grass will grow in your by
ways and streets. Did it? Why, my friends,
until every man saw what n mistake It was,
and then every street was buster than before
we had war. A million of men in the North
should be taken from the ranks of industry,
and instead of making property, they became
destroyers and consumers of property, and
SO It was in the South; but where it made a
d1nerence from what was expected was this:
Every man who had wheat or corn or labor
found when the war came that he had a bet
ter customer than ever before-a customer
that wanted all he had got and want
vbn
would not haggle about the price-a
customer he had in the person of the
United States. Business, instead of being de-
pressed. began to revive, property which had
laid on the shelves of the merchants for a
long time increased in value day by day The
result OF it then was we made money fast
we made it easily. We could afford to Dor
row at high rates of interest, because our in
vestments were sure to be profitable. Over
trading and fast living were the results of
the war. need not enlarge uponft. Finally
the war ended. Men in the ranks returned
to their homes, and the material needs of the
Government began to go down. You lost
didn't need to buy; it wanted to SELL Now,
every wise man knew we should have a day
of settlement. Flush times of war are to be
followed by hard times like these we have
lately known, and there is the cause Now,
my friends, it is sufficient to say that it is
written in the laws of political economy that |
The only mystery in the whole thing is that
the hard times didn't come before they did. |
Now, we have got the cause, what is the eff |
hard times line moment ns we began to have
every man to cut his expenses |
down and curtail his expenditures. Each !
man ma in a little while began to find himself a |
little better on than he was. Itmay be a long
time, 1t may be one year it may be five; but |
when 1t does come, when the majority get |
their expenses below their receipts, then we
United States is the people of the United |
states. When you are all extravagant, the
Government will be e1travagant. When you
are all getting to watch yourselves, to watch
each particular part, you set your officers to
more particularly. When the war
ended we had debt of S2,40O. 0O0,0 coo on our
cent. interest; our taxes were raised to nearly
500, 600, in a time of profound peace; our
currency was worth GO or 20 cents on the dol
against us nearly 500, 000, 900 a year. And now
low are We? The debt is reduced nearly a
hird. How many wise man shook his head
,eon ahe c c0se OF tine war and said the
Why, we nave got third of it paid
III already; that interest which you paid is
10 longer pay 7.3 per cent. interest We can
ret all the money we want at per cent
What does that mean for you and I? Those
rnment pays Z per cent. it win cost them IL
md Is per cent, and when the Government
,ays 6 and 4 It will go down for us, and so as
our credit and mine eroWs bet grows Setsee
ii tied together. Very well, we are down to
per cent. on interest; and now as to tile cur |
he dollar one day, but did not stick at that ,
rice. You never could tell on Monday what
would be on Saturday. Who lose by q
nd producer. whys Simply because the /!
middle man, being q business man, under
lands that the standard of value is likely to !
when he sells he does it having ref,
renee to the fact that the standard of value {
lay change, and consequently he charges
nongh to make himself safe. and the ;
onsumer feels the loss that is a tickle stand
ow do You see it to day? The currency has
cen going up, up, until it is 99k; it is as un-
all 1t Is steady; IL is no longer yard stick e
aat is one foot in March, three feet in May,
nd six feet in July-it is three feet all the .
me-. Tremendous applause Now, my t
lends, that is the currency. As to our bal
nee OF trade: Before the panic the balance
trade was against us Sl0O.t00O0O a year, Il
!ore than we sold abroad. How is it to day? =,
e are selling more produce than ever be- =
re IN our hfstory-more corn, more wheat; d
ade at Elgin, ILL.,, made in New England, and
.rry them right over to the foot Of the Alps, Y
here the people have been making watches n
those people. Now. my friends, as 1 said Il
'fore, we are sending Sa07, 600 900 q year v
broad more than we are buying abroad. o.
Wv OoCo suoS OpCIdsC. Alhc every man VINO
LIS more than he buys, he is getting rich.
} It is with the United States. You-each Of
'u-are getting out of the panic we are all
'ttfng out OF the pauic, and nothing but our v
vn unwtsdom will get us in again. What do a,
3 want? We want confidence. Don't en- =
'urage your Legislature or your Congress Il
legislate too much. 1t was q favOrite "
AKIN with Jefferson that the world was r.
verned too much. Too much legislation -
financial subjects is the bane of our times, c;
= friends, let us hold up our hands in favor Al
letting well enough alone, and standing \
mly by our present constitutional curren. "
/, that destroys no man. lGreat applause. I 81
n