Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-09-25
The President and the Finances.
SPEECH TO sEvENry-FIvE THOUSAND PEOPLE, At
TOLEDO (ouo) FAIR

states OF Michigan Indiana ana Ohioi u II saie 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, and part,
| and very important part Of the old North
western territory, that beautiful region northwest
| Of the river Ohio, which was given to the United
States by the state Of Virginia in 1881, and organ
ically devoted 10 freedom and freemen forever.
| (Applause.) And now you have to-day assembled
| to show what the productions Of your FARMS your
| shops and your minds have to exhibit Naturally,
| one addressing an audience assembled for such
purpose, is mainly turned to the material inter
ests Of this important part Of the United States,
| and during the very few minutes that 1t Is proper
for me to detain you propose to call your atten-
ton only briefly to the subject of our material
interests Geographically the future fortunes Of
| these three states alike and equally great.
| They are in temperate zone, and have good
working climate. At all seasons OF the year men
can work standing under and in the sun that
shines on their land without injury. We are mid
way between the great Fast and the great West,
and we are midway between New York and
| Chicago and San Francisco, between London and
| China It is across this country that the COM
merce Of the world must travel. We are for
tunate in our soil. Every great valuable crop Of
the temperate zone can be successfully cultivated
| here Hay, corn, wheat, cattle, all the great in
| terests Of agriculture in this zone can here be
| successfully cultivated. The wealth of the mines
we have also-coal in abundance, sufficient to
supply the whole land and iron and copper.
| say my friends, that in material wealth we
have all the essential elements, and yet it is in
| your thoughts, can almost read it in your faces,
that for five years past there has been stagnaton
in business and the depression still seems to ex-
ist Now, the few plain words that desire to
say this subject are, first, a word or two t,
the cause. One simple, acknowledged fact, known
to most men, is that the war is the cause Of it.
Now, my friends, that is the cause Of that ex-
traordnary and remarkable 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 morning.
dressed in the old uniform. There was no non
sense about them Did not that portion Of r
country that made the war necessary cause the
hard times? (Applause.) Do make mistake?
"a voice, No. This war made the hard times,
as war always does. Why, what is war? We
know about it now When that war began we
|
| remember brilliant writer in Cincinnati where
| resided in 1860, who said, "Why this country
can't go TO war The people of Cincinnati live on
the business in the South. Let us 20 to war, and
in six months the grass will grow in your by
ways and streets" Did it? Why, my friends,
the war hadn't been prosecuted ninety days until
every man what mistake it was, and that
every street was buster than before. We had n
war million of men in the North were taken
from the ranks of industry, and, instead of max
ing property, they became destroyers and con-
sumers of property. And so it was in the South.
But where it made a difference from what was
expected this: every man who had wheat, or
corn, or coal, or labor, found when the war
came that he had better customer than ever
before-a customer that wanted all he had got,
and wanted it Immediately, a customer who
would not haggle about the price That customer
he had in the person Of the United States. Bust
ness, instead of being depressed, began to revive.
Property which had been laid on the shelves OF
the merchants for a long time increased in value
day by day. The result OF it then that we
made money fast We made it easily. Wecould
afford to borrow at high rates of interest because
our investments were sure to be profitable. Our
trading and fast living were the results of the
war. ! need not enlarge on it. Finally the wal
ended. The men in the ranks returned to their
homes, and the material needs of the government
began TO 20 down. You lost your best customer
the United States. 1t didn't want to buy; il
wanted to sell Now, every wise man knew we
should have day Of settlement The flush time.
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 wars are followed by hard times and pancs
: and 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 effect
The moment we began to have hard times we
began to retrench, every man to cut his expenses
down and to curtail his expenditures Each man
in little while began to find himself little bet
ter off than he was. 1t may be long time, one
year, two years, five years but when it does get
to the end and the majority get their expense,
less than their receipts, then are all better OFF
The government Of the United States is the people
I of the United States When you are all extrava.
giant, the government will be extravagant When
you are all getting to watch yourselves, to watch
each particular point, you set Your officers tc
watching more particularly.
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we ""'o 20. =" 'i'''u U. ~ pau, u" "n'"uS, i1'"
Interest WINCH w." i,' l. i'u"''' ''o''
wv !" 0''''"'o'' We "o 'onSe' pay seven ""u
'"''o-'e''''' pe' eo"' interest va" go, AZ
'ne money VIZ WAN ~ ,o"' pei ve"'' "'' uoe'
THAI mean io' YOU anu '"e' inose VIM oorro"
money Kho" 'n'' wheh tne government pay
seven per cent VIII COST them t"eNe ana III
teen per cent, ana wheh the government pays sN
anu iouI !" VIII ~ uo"n ior US anu 80 Us 'i,'
crenit Oh the government grows DETER your creul'
ahu mine grows pe''er care Gown 10 TOUR pei
cent on interest
ana now rs 10 the currency IL WAS currency
worth sixty cents ON the doilar on one day Dnt II
uln not SUCK NJ 'h'' price lou never couu tel
on MONDAY what IL womb DC on SATURDAY VINO
) lose by hckle standard OF NaiueF Always inc
laoorer ana producer why simply oecause
the mlddleman' being business man. under
stands 'hat the standard oil value Is Iikely 10 &c