Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-09
MIR. HAYES STATISTICS.

| MR.. HAYES' STATISTICS,
| Mr.. Rutherford B. Hayes, by the grace of
John Sherman and the two returning boards
President of the United States, has given to
the people of the State of Minnesota his
views on the condition of the country. He
comedies that we have had 'what is COM
monty and properly known as hard times"
and he further comedies that there is con-
siderable anxiety among the people to know
how long these hard times are going to last.
He has cast his horoscope, and by its aid and
that of long array of figures furnished by
the bureau of statistics he predicts that the
era of financial prosperity is near at hand,
and that ere long the people will be revealing
in prosperity and rolling IN luxury. He
| bases his prediction on several facts. First,
the public debt, which he does not consider
a public blessing, has been reduced about
| seven hundred and twenty-five millions dur
ing the past thirteen years. He neglects to
inform the public, however, that this enor-
| nous sum has been wrung from the people
by taxation the most onerous, and IS not due
| to the economy of the administration OF our
government Considering the amount raised
by taxation the reduction OF the public debt
ought to have been double what is now
shown. But, comparatively slight as is the
decrease of the burdens of taxation, the
people gladly accept it, and are as grateful
as men can be who consider that thief who
might have stolen both their coats and
Ind IN Loo ba
latter garments behind.
Mr.. Hayes then proceeds to show that
there has been reduction of the expendi
lures of the government since 1873 of
$53,380,918.53. With partisan unfairness,
however, he refuses to give the honor
of the reduction to whom it is due.
For the first two years-1874 and
1875-there was an actual increase in the
expenditures of nearly thirty millions. This
was overcome, however, and the decrease
noted effected within the last three years,
during which the Democrats have had a
majority in the lower house Of Congress.
Instead, therefore, of being compliment to
Republican economy-which impression Mr..
Hayes seeks indirectly to convey-the reduc-
ton effected is due to the persistent efforts
of the Democrats against the opposition of
the Republican Senate, the Republican
President and the Republican departmental
heads.
Mr.. Hayes further shows that the balance
of trade, hitherto against this country, is
now in our favor, and that there is an in
crease of exports of nearly two hundred and
sixty-three millions of dollars within the
past ten years. This is certainly an encour-
aging state of affairs, and is subject for con-
graduation. To this, probably, more than
any other cause is to be attributed the near ap-
proach Of greenbacks to gold value,
which he seeks to prove is due to good fnan-
cial management at Washington. With the
influx of gold, sent from Europe in payment
for our exports, greenbacks could not, in the
nature of things, fail to appreciate in value.
It is the natural course of trade that has
brought gold and currency together, moth
ing else.
Mr.. Hayes strives to convey the impress
sion all through his speech, that all that is
necessary to secure a return to prosperity is
to place our financial system upon a sound
basis, which, to him, means a resumption of
specie payments and the circulation of gold
as the only invariable standard of value.
He never suggests that it would be expedi-
ent for the secretary of the treasury to try
the experiment of honoring the currency of
the government as it ought to be honored.
He must be dull of comprehension indeed
if he does not know that government
which persistently debases it's own
currency and coin by refusing
to accept them in payment of dues can never
have stable currency; can never hope for
return of permanent prosperity. The gov
eminent stamp upon coin, or the govern
ment imprint upon piece of paper, ought
to be full and complete guarantee of the
face value of that coin or paper. But under
Republican management no indignity has
been too great to heap upon the government
paper and coin issues, and under Mr.. Hayes
administration we see what would fill any
fnancier in the world with establishment and
incredulity-a government issuing coins at
one hundred cents on the dollar and refusing
to receive or redeem them at more than
ninety cents. AS long as the government re-
fuses to redeem its own promises to pay-to
accept its own currency and coin in payment
of debts due tour finances will be unsta-
BILE, and prosperity will be postponed. And
before Mr.. Hayes is much older he will find
this out-perhaps to his surprise, but I'M
doubtedly to his benefit.