The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-10-25
The President at Cumberland, nd.

/
| and party arrived this morning, and were
escorted to the FAIRGROUNDS by military and
citizens. A welcome speech was made by
Governor Carroll; after which the Prcsi-
dent delivered an address congratulating bis
hearers upon the presence Of peace through
out the land, saying: owe are rapidly
| moving forward to the period when all sec
lions are to have equal rights-the States
equal rights under the Constitution, and all
citizens equal rights" The President spoke
| of the depression caused by the panic five
wears ago rs passing away, and he believed
| the prosperity of agriculture throughout
the country would extend to other branches
of industry.
The President alluded to our ability to
| undersell European countries in many
things they have heretofore furnished US
as among the indications OF our national
| prosperity, and concluded by saying " The
| good credit OF the United states is valuable
| to every man in the United States engaged
| in any industry, because enterprises that
give employment tn labor can go forward
only by capital, and capital can be lent out
only on good credit. What we want Is
good dollars and inducements TO put them
into business. II know myself ii all, my
view is that as more human beings are en-
way, they are chiefly TO be considered in
governmental affairs. IApplause.] That is
my opinion. All the time in travelling our
safety depends on the honesty and fidelity
with which the common laborers perform
their part. II on the railroad there be de-
fective machinery or caTelessness, our lives
are endangered. So our national safety de-
ponds on honest labor; therefore. the best
thing to do is to keep our credit good, our
currency sound and stable"
Following the President. Secretary Shcr-
man made speech devoted to the financial
condition Of the country, and giving facts,
taken from reports OF the Treasury, tending
to show that business is improving and the
signs for the future Of trade and industry
hopeful and cheering.
The Secretary said ia the course Of his
speech: eve have imported goods from
| foreign countries during the last twelve
months to the value OF $3.50, $50, 01I; sold
| foreign countries during the same period
goods to the value OF S720, 4S4, III, leaving
| a much larger balance in our favor than has
| ever occurred before in our history; ana
this balance is represented either by debts
paid by us or money paid to us-most!y by
debts paid by u.s."
Among the bright signs OF the national
future he mentioned the following: Our
eyportation OF manufactures OF cotton
increased from S2.947, 52S during the fiscal
wear ending June 80, 1873, to 81 ,435, G2S
during 1878; the exports of iron and manu-
| facturcs OF iron, including steel, rose from
$40 1000, 900 in 1873 to S12,000,000 in 1873;
the exports of leather and manufactures OF
leather increased from S5,305,0G0 in 1873 to
S9,077, 900 in 1875; and our exports OF cop
| per and brass and manufactures thereof
rose from s753,0O0 during 1873 to So; SIS, 600
during 1878.
Sncaking upon the currency question.
| tic Secretary said: 81 do not say that coin
money should be the only money, for be-
| lieYe that paper-money equal TO coin Is, Tor
current purposes, more convenient than
coin money; but the only test OF lis equal
ity to coin is that it is redeemable in coin
on demand of the holder. l have no wish
| 10 enter upon the controycrted political
question, whether the best mode has been
adopted to bring this about, for upon this
point we might honestly differ, but upon
one point / think we can all agree, that
having gold and silver and paper-money so
near to each other, we will not allow the
gap to widen again, but that all money shall
be OF equal purchasing power, so that the
rich and poor, bondholder and noteholder,
landowner and laborer, may have as he
chooses either form OF money for his labor
and productions. I am frequently asked
whether we can maintain the equality OF
this money after resumption. | say with
out hesitation that we can do so, but we
must not force the issue OF either form Of
money when its convenience to the popular
demand for it, and the separate uses for
which it is designed, will not keep it at par
with the other"
After the party had left the FAIRGROUNDS
the President and Mrs. Hayes held recep-
ton, and many ladies and gentlemen OF the
CITY and surrounding country called to pay
their respects to them and to the Governor
OF the State. At II O'Clock the party left
for Washington. Their reception was cor
dial in all directions. l..&