Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-09-06
News by Telegraph.
PRESIDENT HAYES AT ST. PAUL.
He speaks on the question Of the
inanceS.


He speaks on the question Of the
inances.
Sr. PAUL. MINI, Sept ) - President
Hayes addressed large assemblage here,
to-day, at the fair grounds, speaking on
the finances. lie said
Feliow-C Citizens - The most interesting
questions in pubic aft airs which now en-
gage the attention of the people of the
United States are those which relate to the
financial condition of the country. Since
the financial panic and collapse of five
yeaIs ago, capital and labor and business
capacity have found it hard TO
get profitable employment. We have had
what IL commonly and properly known
as hard times. In such times men natural
ly ask, What can be dome? How long is
this stagnatiOn of business to last? Are
there any facts which indicate an early re-
turn to better times | wish to ask your at
tentiOn Tor q few minutes while present
some facts and figures which show pro-
gressive improvement IN the financial con-
dItion Of the general government. Ii will
be for you to consider what differences NAV
be drawn az to their bearing on the ques-
ton of the revival of business prosperity
throughout the country. The financial con-
dltiOn of the government of the United
States is shown By Its debt; its re-
ceIpts and expenditures, the currency and
state of trade with foreign countries.
The President then stated that the ascer-
tanned public debt August, 1865. was So
757 Csc Sill, while the unadjustcd valued
claims sWellcd the Indebtedness to three
billions The debt has been reduced since
then to S2,035, $50, 32i. One third of the
actual DEBT has been paid off in thirteen
years. Thus 1t has been demonstrated that
the United States will pay the national
| debt.
The President also showed that in thir-
teen years the interest bearing debt had
been reduced from - ,3Sl 53O, 1906 to ST.
| 500. 677 900. The reduction of the annual
interest charge is S55, 796 $50 or more than
fifty per cent of what We now pay If
the reduction of the annual interest
was placed in sinking fund lat
four per cent interest, it would
pay off the whole debt in less than twenty
five years. Another gratifying and Impor
tant improvement in the state of the public
debt is that now bonds are mainly held in
our own country. 1t is estimated that five
sixths Of them are held in the United States
and only one-siyth abroad. The interest on
the debt is mainly paid TO our own citizens.
Tho President said the yearly taxes had
been reduced since lsG6. S2i7, 52I .l6O, and
since the panic Sol ,O66, 81. The yearly ex-
penditures had been reduced Sl2O, SIS ,3iS
since 1867, and Sj3 $500 since 1873
The President states that the improvement
in the currency since the close of the war
has been very great. In 1865 the total
paper currency OF the country amount
ed to S735, 7l0 ,266. worth in coin
S509, 999 ,595. In 1873, the paper currency
amounts 10 SG57. 7i3, l6S worth IN coin
1854 200 ,0C0. The value of the paper dol
lar is a. stable a. that of coin. Coin and
paper are practically abreast of each other.
Inc huctuatIOn in the value of tle paper
dollar has not in the last five months ex-
cseded fraction OF ccht The total in
crease IN coin val ne OF our paper currency
since 1865 is about Sl75 900 900. The
President then considered the condition of
foreign trade, showing o total value of ex-
ports from the United States increased
from $3.50 $50 900 in 1869 to SGSO, GS3 ,795
In 1873, an increase of 1853 per cent The
excess of the exports over the imports in
creases rapidly iron year to year.
The balance OF trade IN the last three wears
in favor OF the United States is SiSS $50,
53S. the balan ee OF trade the last wear, If
compared with that of the two years next
before the panic, shows gam In favor of
the United States in one year of over $780,
900 900.
The President concluded as follows
We cannot. il We would. we would not if
We could, isolate ourselves from the rest of
the Commercial world. la all our meas
ures Tor the improvement of our financial
condition We should remember that our In
creasing trade with South America and
with the old world requires that our finan-
clal system shall be based on principles
whose sOundness and wisdom are sanctioned
by the universal experience and general
Judgment of all mankind. With diminished
and still diminishing public burden debts. ex-
pendItGres anu interest, with an improved
condition OF the currency and foreign trade
we may well hope that We are on the
threshold OF better times but We must not
forget that the surest foundation OF financial
prosperity Is sound constitutional curren-
cy and an unstained national credit.