The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-10-09
HENDRICKS ON FIhlNc[sI

! HENDRICKS ON hf|nlhc[S
, HOW RESUMPTION WAS
|, MADE POSSIBLE.
: A TELLING sPEECH
The Democracy of Cleveland he'll
an immense meeting in the Park i
that city,, on the evening of Septembe
3Oth, which was addressed by Hon
r.. p. Spatding. Ex-Governor Hen
bricks, Of Indiana, and Hon. M. A
gForan.l The meeting was the larges
4 that has been held in the city since tn
sfAall Of 1876. The speech of Goyerno
I Hendricks was one of Of the mos
eloquent and mastery that we hav'
bread during this contest. IS We regre
that weyhave not the4room to igiYe i
to our readers entire; but we conten
ourselves with publishing that part O.
it relating to the great financial issue
Being introduced by Judge Spalding
the President Of the meeting. Govern
or Hendricks said -. -. . - - - :,
h.. FELLowl CIy1zENs-After the close
of the war you were also solicitont
for our material welfare, because Of
the exhaustion caused by and follow.
ing the tremendous struggle. The pro.
ductlon of our important and great
staples could not be maintained in
quantities sufficient to meet the de-
mands upon our resources. Our en-
barrassments and the hindrances to
production were greatly augmented by
the unfortunate policy of reconstruc-
ton, whereby for awhile tho relations
of the States to the Federal Union
were confused aud confounded, and
the white and black races were in
volved in distrust, hatred and strife.
The mad policy and passions of the
times excluded capital from an entire
section Of the country, and disturbed
labor in its employment, The Direct
the inevitable consequence, vas that
our foreign trade was heavily against
os. May 1 state the facts as an illus
tration2 During the two years and
eleven months from July lst, 1866, to
May 3lst, 1868. our imports, valued in
our own currency, amounted to ST.
597. AS. .O55, and our exports, under the
same valuation, amounted to: 81, ALL
O89, ,l95. During theperiod of two years
and eleven months, after the close of
the war, our purchases exceeded our
sales abroad by the enormous sum of
$lS6. 100000. q
suppose that balance against us
was met largely by sales of our pub
lie securities abroad, but during the
same period we exported over and
above our imports of gold and silver
$1S3, ,O77,69l. 1 then thought, and 80
the opinion, that our future
must depend upon an in
crease of production and more advan-
taeeous foreign trade; that when our
sales should exceed our purchases
abroad, our financial difficulties would |
rapidly disappear and We would soon
stand upon q specie basis, and that to
such end we wanted peace, reconsilia-
lion and harmony. Thought and said |
hat q statesmanship worthy. this
and adequate to the necessi-
lies of our condition, " ould seek every |
to foster and increase the
of the staples that COM
nand foreign markets. And / yen-
ured the opinion thati~ an increase of |
70 per cent. In the production of our
yrest staples would turn the balance
# trade in our favor, and the current
If gold towards our own shores, and
more than any enactment
# Congress to an early resumption of
pecle payment, / need not remind
,ou, for it cannot be effaced from
'our memories, that no 'benificent
hange in policy or administration
ook place, but that in 1869 and thence
0 1873 and 1874 the ,sympathies Of the
and the policies of Con-
,ress were altogether favorable to
hose who least needed favor, and
ard upon the masses who haye the
urdens to carry. The changes in the
ublic contracts were such as made
he obligations harder and the bur-
ems heavier, save only the provision
Ur d reduction of interest. sFavorit-
i'm. extravaganza and corruption per-
AIDED and poisoned the public service
nd went unrebuked and inch ecked.
and sxtravagaht expend-
nres burdened the people With op.
ressiye taxes and withdrew large
olumes of currency from the cham
els Of trade, and added to the evils
f contraction. Finally, in the fall of
873, the evils of vicious administra-
on and of unequal and unfair legis.
,tlon culminated in financial panic
nd disaster that struck and paralyzed
II the business pursuits and, useful
ne people realized tho extent and magai
itude of the calamity. They aban. Il
oned faith and hope in the Repnblis
an party and trusted to themselves +
,r the recovery Of lost property. 4
'romptly and earnestly the work was
ndertaken. Eighteen hundred and
became q memorable
ear. A Democratic House waschosen
harged with the duty Of retrench-
vent and reform. In every house.
old An economy was adopted more {
gid than eyer before known. Labor l
'as active and di)igent to the utmost .
xtent of possible employment The I
,sults are now seen and realized. In- ,
iyidual economy, practiced every J
here throughout the country, had the I
F,ct e., vol,,ro nnp ,,nrNh soa q ahpoa 4 l :