Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-09-19

programme previously announced. the citizens
committee proceeded down the river to Gross
Isle, on the steamer Victoria, at an early hour
this morning, ut which place the steamer North.
west from Cleveland, with tho Presidential
party on board, was met and boarded by the
committee, and after the introductions were
over, Mayor Langdon welcomed tho Presiden,
tial party in an appropriate address, which wa.
responded to by the President il. substance a.
follows:
I am glad to have an opportunity to visit De.
troit and Michigan. am further glad to hea,
that this city and State will share in common
with other cities and States, the return of bust
ness prosperity. The business of the country
should always be independent of the actions OF
the government, and its officers cannot be held
responsible for any gloom or bust
ness depression which falls over the
country. If there was such condition of
things at present it would press this point more
forcibly. Yet although the opposite is the case
the officials of the country can claim no credit.
But believe the business prosperity of this
country is due to the Inherent energies of the
people, and if the government only lets you
alone, your continued prosperity is assured.
Thanking you for your hearty welcome and
youI P!ohe1eu IecePtAou, WALL make way IOr
Gen. Sherman. -
GEN. SHERMAN .
then advanced and in substance said: Mr..
Mayor and Gentlemen-Thanking you for the
honor you have conferred on me by mentioning
my name in connection with that of President
Hayes. will only say that I will ACCEPT
attend the reception Of President Hayes to.
night. Gentlemen, am at yonr service.
When nearing the city the Northwest was
met by the United States revenue cutter Fes.
sender and escorted to the landing. where sew
eral thousand people were assembled and
warmly greeted the President and party. On
arrival, and while the party were disem bark
ing, the Fessenden fired q salute of twenty one
guns. The party were then conducted to car
riages in waiting tho President and Mrs. Hayes
and Gen. Sherman proceeding to ex-Gov. Bald
wins elegant mansion on Port street west,
where they breakfasted, and where the recep-
ton to the army officers OF the post and promi-
President were driven to Congressman New
burry's Residence Jefferson avenue, where
breakfast was participated in. The other
members of the party were driven to the Rus
sell house. At 1890 the entire party assem-
bled at Gov. Baldwin's and at II the pocession,
headed by bands of the State military, and cit
liens and soldiers were formed and started for
ty arrived ut 1910 P. NJ, and was received by
William l.. Webber, president of the State ag-
ricultural society. MIR. Webber was invited to
enter the Presidents carriage, in which was
seated Mrs. President Hayes and Mrs. Gov.
Baldwin. The party drove leisurely about the
outer avenue on the fair grounds, all the
horses, live stock and other animals being ar.
ranged in line upon the avenue for inspection.
After completing their visit the President was
driven to the pavilion in tho center of the
grounds, where he was formally welcomed by
Mr.. Weber. He was then introduced to the
multitude and spoke as follows: .'-
REMARKS OF THE PRESIDENT.
The President just touched on the financial
prospect of the country. One day in June last
more steamers gathered in New York harbor
than was ever efore seen in that great mart of
commerce. Their tonnage was in greater ex-
cess comparatively than the number of YES
of Pittsburgh and Erie for the fist seven
months of the year, compared with the same
period in 1878, show an increase of gross earn
ings of 81 .2O8, 294, an increase of expenses of
81 ,595, 500, and an increase in net earnings of
$4,4S5, 300. Tie lines Of the Philadelphia and
road, a net increase of $780, 600 for the same
period. The latest published statement of the
Erie railway company shows a net increase of
1861, 900. The Baltimore Il Ohio railroad COM
pany show net increase of $685. 900 for the
first ten months of the current fiscal year, be-
ginning in October last. It is estimated that
more than a thousand miles of railroad track
have already been laid this year in the
United States, a greater mileage than
in the same period in any year since 1873.
Workers in iron and steel find their business
recovering SO rapidly from its great depression
they are unable to fill their orders. and their
annual production is likely soon to surpass the
r. xvl1 Il \ l--sI r
iron steamships in successful competition with
Europe is fully established on the Delaware
river. Our cotton factories are again all at
work and running on full time. Our mines of
precious metals are increasing their product,
and it mainly stays at home. Our. manufac-
lures 60 abroad more than ever before. Our
currency is exchangeable OF par in the markets
Of the world, with the money of the world, and
finally, and most important, the demand for
labor has increased and il increasing. 1t ex-
tends to the cotton mills, iron and glass works,
machine shops, brick making, building, the
clothing trade and nearly all branches Of in
dustry.
The Philadelphia Record, on the authority of
we'll known statistician, says that there are
10000 more laborers employed in the city than
there was year ago. Our exports for the year
1878 amounted to $40, 439, AL, and the excess
of exports over imports was 1924, 66l ,66l, both
sums being greater than in any previous year.
With these authentic and significant facts
and figures before us, We may reasonably as
sumo that the country has entered again upon
period of business prosperity. If the good
times are to stay with us let two of DR.. Frank
Inns homely proverbs be strictly observed by
individuals and communities: One is never to
live beyond your means, and the other is, pay
as you go.
The resident then launched out in strong
terms against both public and private indebt-
edness, extravaganza and speculation. These
are what bring panics and ruin. A few weeks
ago the New York Tribune called attention to
an excellent article on this subject in the
Princeton Revieau by Mr.. Robert p. Porter, in
which it Is shown that local debts have, since
the war, increased out of all proportion to the
increase of property and population. Mr.. Por-
ter shows that in 100 cities the debt increased
from 1921 49,, 009 in 1866, to $644, ats, 663 in
1876. The percentage Of increase is about 200
per cer trin ten years, while the property Vi
these cities increased but rs per cent. and thei,
tndebsedness Of all Of the States, ON itting the
Territories, estimated in the article referred
to, at the close Of 1878 was $105.l liz. In
many instances it is shown that the annual
amount of interest paid by cities on their debts
is almost equal to the total annual expense,
for carrying on their local governments. The
volume of the local Indebtedness of the coun,
| try already exceeds one-half the great war debt
of the nation, and the interest upon them
from the high rates usually paid, will soo1
| equal the total interest upon the national debt
The urgent question that is now pressing fol
consideration is how to deal with those larg,
and increasing local debts. The best answer
it seems to me, Is simple. ready at hand ane
sufficient. Do not have any local debts. Lei
it be embodied in the constitutions and laws o.
every State, that the local authorities shall
create no debts, that they shall make no appro
priations OF money until it is collected and il
hand, that all appropriations shall be for spe
~.