New-York tribune., 1879-09-19
SPEECH OF PRESIDENT HAYES.

FFILOw-CIIIZENs OF MICmGAN: Reaching De
trolt only few hours ago. cannot, from persona
observation. speak Of the condition ofyour agricuh
ture, or Of your mining, manufacturing and othei
large business interests Tie information which
get however, from the newspapers and from CON
yersations with intelligent citz ms. leads 10 sup
pose that tue outlook for the aborer the capitalist
and the people generally, H. i'm this state, at least N
favorable as that OF the people of the country al
large. This Is what one would expect FROM its welb
known advantages. Your State is almost surrounded
by the navi igable waters of inland seas. which
Communicate with many markets In different
States and in countries beyond the ocean. Itu
midway by the best OF railway routes of travel and
trade between the old and the new States. il hA
mines of copper aud iron. 1t has manufacturer
salt and lumber, aud raises in abundance the mOS
valuable crops and animals which are produced IN
the North Temperate Zone. Ii possesses climate
which is healthful and friendly to labor. and which
gives vigor and character 20 men aud women. SAT-
isfactory AS the material resources of Michigan un
questonably are, they do not constitute that excel
lence which perhaps chiefly attracts the admira
tion and possibly cxcites the envy, of your leS
fortunate neighbors All the world knows that
when the list Is made up Of the most favored Ststos
of this country, aud of the most favored countries
Of the Old World, with respect q educaton--eithei
general education the higher educatiou-an hon
ored and very conspicuous place that list must
be given to the State OF Michigan.
year ago. making Wit OF two or thres
weeks to the West and Northwest. | thought II
might be useful to speak of the financial condition
of the country and o. present hopeful view Of ths
situation and prospects. The business depression
which followed tie pane Of 1873 had then lasted
five wears but there were lndI ations Of improve
ment, aud il seemed to what most needed
was confidence. aud that presentation of encDur-
aging facts and fgures would tend To inspire conf
dencc. II was my opinion. also. that there could bs
no permanent revival of business prosperity until
the currency was placed upon sound basis,
and was exchangeab.e at its par value in the nn-
versally y-recognzed money Of the world. Tho
friends of the constitutional currency generally boz
leved that this end could only b. reached by tho
faithful execution of the Resumption act that
there was no need OF further legislation and that
the true policy was to stop tinkeIing with the cur
rency. Accordingly, the pith of what wished to
say last year TO audiences Ike this was, that we
ought 10 let well enough alone" Now the re-
sumption Of specie payments has come. and with 10
have come also better times.
EVIDENCES oF PROSPERITY
The evidences OF good times are numerous, psf-
pable aud cheering One bright day IN June last
more steamers-more shipping Of all sorts-gathered
In New-York harbOr than was ever before in
that great mart Of commerce. and their tonnage
was in greater excess. comparatively, than tho
number Of vessels. The lines of the Pennsylvania
Railroad east OF Pttsburg and Erie. for the first
seven months of this year. compared with tho
same period In 1879, show increase of gross
ings Of Sl,20s,29i, an increase Of expenses II
S75g 9s5 and an increase In net earnings 0f
Sis. 300 the lines Of the Philadelphia and Read-
ing Railroad che great anthracite coal road a not
increase ~ Sl,340.O)O for tho same period. Tho
latest published statement Of the Erie Railway Com
pany shows a net increase of 1861 .00O The Bati-
more and Ohio Railroad Company shows net In
crease OF 1892 900 for the ffst ten months OF its
current fiscal year. beginning IN October last. 1t 10
estimated that more than a Thousand miles of rail-
road track have already been laid this year In the
United s,ates-a greater mileage than In the same
period in any wear s:nce 1873 Workers in iron aud