The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-05-12

Full Text of His Speech in New York
Some Remarks by Postmaster General
James.
The following is the full text OF Secretary
Wiodom's speech at the banquet of the cham
ber of Commerce in New York. He spoke in
response to the toast, "The National Treas
ury:''
GENTLEMEN,-I am profoundly gratifed to
you for this expression of feeling, and the in
vltation to be present on this occasion. Press
ing duties have prevented me from arranging
any elaborate speech. / shall be very brief. 1
appreciate the honor of being with the mer-
chants of New York on this occasion. am
intensely interested in anything that looks to
the commerce and industry of our country. /
believe we are destined to be the greatest ma
tion in the world, and New York the greatest
commercial metropolis of the world. When
the present administration came into power
it found maturing debt of 500, 0,000, 900, $780,
600, 900 of which, bearing six per cent interest,
is payable on the 1st of July next and $780,
000, 900 of which, bearing five per cent, became
redeemabe on the 1st of May. The adminis-
tration found itself without any funding bill
for the purpose of meeting the emergency
which would arise in few months. The ques-
tion arose as to whether an extra session should
be held TO pass suitable measure to meet the
case. 1t was thought desirable to obviate the
necessity of an extra session. The plan adopt
ed was self-acting policy, and l am happy to
announce its success. 1t is probable that S170.-
600, 900 of the per cent bonds will have been
sent in for continuance at 81 per cent
before the limitation expires. The business
of the country has not been disarranged, aud
it has not cost the country $4,000 to do it. l
mention these facts to illustrate the magnifi-
cent credit of the American nation and our
great prosperity l think 1 am prepared to
say that owners of $440,0 900 of tives may
have the same privilege as was extended to
holders of sixes and I have no doubt of sue
cess. The prosperity and patriotism OF the
American people accomplished what has been
done. The prosperity of the country has been
accomplished first by keeping our credit, by
paying all our obligations, and it must be so
maintained. In the second place laws must be
passed which will tend to promote commerce
and industry. Mr.. Window continued: "There
ought to be new department. formed by this
government. l should be very glad to see
department of industry or of commerce. 1t
should embrace agriculture, commerce, home
and foreign manufacturing and mining. The
department should make continued and spec
ial study of all these features. If there had
been department to take care of our COM
merce, would our ships have slipped unseen,
as it were, from the ocean? Great Britain,
wiser than we, has long acted on the policy to
extend her commerce to the ends of the earth.
She has reached out by war, if necessary, to
open up new markets. Must American produc-
ers compete Single-handed with the Or
ganiZed power OF foreign countries? L say no.
our government must have an organized de-
partment to help our merchants and manufac-
turers. Our farmers have to compete with
Russia and other countries, and they are equal
ly interested with the merchants and manufac-
turers. Our government should look after
these interests by looking out for markets and
opening them up. III there is to be Ia stop to
the prosperity which now blesses our fifty mil
lions of people, it will be when we fail to find
the open market of the world. In that case
there will be a glut and fall in prices"
These closing remarks of Mr.. Window were
received with tremendous cheers.
Postmaster-General James, in reply to the
toast, "The Post-office Department" said,
speaking of the investigations now in progress
in the Post Office Department, that they are
instigated against facts and not against men,
but if any persons are found wanting they will
be handel over to Attorney General Mac
Veagh. 1t is proposed that the postal service
shall be distributed for the benefit of the pub
lie service and not to serve private interests.
Let me say in behalf of the President aud my
self that we will pursue this investigation un-
til there remain no more facts to be unearthed.
We will also try to give the American nation
postal service of which it will not be
ashamed