The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-11-20
miscellaneous.
SENATOR BAYARD,
WHAT HE THINKS OF THE WHOLE
COUNTRY, NORTH, SOU II,
EAST AND WEST.
Tho Development Of western Financial Theories
Free Elections, without Federal Con-
troll, q Vital Issue.

-
Tho Development Of western Financial Theories
FREQ Elections, without Federal Con-
troll, Vital Issue.
The Philadelphia Times interview
with Senator Bayard is interesting al
though it lacks the personal sparkle
which enters so largely into most affairs
of this kind. The Senator would in
dulge in no personal criticisms or gossip
of prominent men, the only exception
being very earnest expressions of regret
at the possibility Judge Thurman would
be retired from the Senate. II look up.
on his defeat" said the Senator, las q
very great loss to the country and that
every man in the country ought 30 to
regard it. He is a man of the most per.
feet purity of character and of first class
abilities" In regard to the recent
reverses and present condition of the
Democratic party, Senator Bayard said ::
II think--I think there has been a
great deal of lack of purpose. They have
been in opposition-they have been 80
long exiled from power that they have
not been willing to wait calmly and
quietly the certain vindication of true
principles; they have resorted to hasty
and violent measures and there has been
moral blindness in the matter of their
political management ia taking up the
cast-off expedicnts of their opponents
1t has been to me a most marvellous
thing that men should be content to pick
up these discarded expedients. l think
that this result has been rather the
work of class than of popular move.
ment. Hard.run spectators have been
very willing to use the great organiza-
tions to improve their personal Condi.
ton"
THE FINANCIAL QUESTION.
Senator Bayard said the Western
financial ideas were in degree the out.
growth OF the prosperity of that section :
"History has scarcely any example OF
the sudden creation of what was will
derness into home of active, strong
communities such as is now the Western
States of this country. Men are living
now who could have bought the present
sites of most populous cities there for q
song. Instances are familiar to every
body of purchases of real estate which
have sprung into fabulous prices. That
sort of thing, although abnormal, yet had
been so long continued in the West, that
l think it led to general belief that il
was to continue, and at very high or false
by the presence of an irredeemable pa
PEI money. The greatest delrsion and
snare that people ever embarked upon
was such a currency, and it was very
hard tor the Western people-a strong
speculative, ,sanguine race, who had been
accustomed TO see nothing but advance
in values, and who could not think OF
imagine what it was to have this ad
vance arrested, to find that these priceF
were not real and true. | think the
whole trouble in the West arises from
this: That they could not comprehend
that the condition of affairs under which
they had lived was not that which be-
longed to the ordinary condition of hui
manity, and think great many men
were naturally very reluctant to see
these prices 90 down, 1t made bank
ruptcy stare them right in the face, and
sny cry that would make them believe
that war prices could be sustained was
acceptable; That is why l think peo'
pie 80 strong and vigorous and sensible
as the Weste n people are were misled
into asking for it. This is why property
is dearer in Chicago than London, and
the trouble is this-one that is yery harC
upon them.
This belief that the prosperity of the
West was endless, and that this euor
nous growth was always to continue
justified system of borrowing on credit
that otherwise would have been looked
upon as wild. These Western people
oRme to the East and they outbid oul
borrowers in the rates they would pay
for m yney. The laws of Delaware for
bid us to loan money at more than si1
per cent. And so OF Pennsylvania anC
New York, and of other States. Our US
ury laws Confne us to moderate rate o
interest, beyond which no man can le
gally go. Now, in order to make money
fast, the speculators of the Western
States took off the limit, and would pay
double the rate of interest for money
that is paid in the East. That has beer
the history of the last twenty five years
The average rate of interest upon frs
mortgages in the West is ten per cent
Now, do not think money is worth ter
per cent. / do not think it is worth tina
anywhere, and believe that man who
Is compelled to borrow money at ten pei
cent. had better abandon his enterprise
for money is not worth 80 much. think
such rate is q false estimate of the
value of money. l am very sorry tina
they were ever sanguine about that. Bu
think it only means that they mus
gradually come down to the same condi
ton as the rest of us have.
ABOUT SOUTHERN SLAVERY.
So Slavery is in itself re
proaCh to laboIing men, and that Clas
of men felt 1t, and did not choose to en-
gage in any labor in the fields side BY
side with bondmen. l believe that feel
ing existed. There were comparatively
few agricultural white laborers in tn,
South prior to the war. There were
great many mechanics, and they had {
social position much higher than tn
mechanics of the North ever knew
Anybody who has ever been in tn
South must have noticed that whel
white mechanics came to work at tn