Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-10-18
A PERPETUAL DEBT.
Henri Watterson Says That II Would
be a National Blessing.
SAFETY FOR SMALL INVESTORS.
A Free Trade Appeal Addressed to tn,
Manufacturers.
SOME VERY VIGOROUS PENSION VIEWS
The Control Of the South Must Remain in the Hands
Of the White Race.

Henri Watterson addressed the National
Board of Trade Convention at Louisville
last evening. He gave free expression to
his views upon banking system in rela-
ton to the national debt, the tariff laws and
the pension question. He concluded with
some radical remarks upon the present con-
dition and future prospects of the South.
LOUISVILLE. October 17.-In the Ma
tional Board of Trade convention to-day the
Torrey bankrupt bill was in dorsed and q
memorial adopted reciting its virtues and
recommending it to Congress for enactment
by the National Board of Trade after two
hours debate. There were only eight dis
senting votes, two of which were upon the
ground of the disapproval of single section
and the balance we're prompted by an op-
position to any bankrupt law.
A resolution was passed requesting the
Pan-American Congress to take action for
the establishment of unit of coinage COM
mon to all American people. The meeting
was closed this evening with grand BAN
quet and an address by the Hon. Henri
Watterson, who spoke on the general state
of the country. Of money matters he said:
A DIRECT QUESTION.
What are you going to do for banking sys-
tenn when there are no more bonds to build on?
Some ten years ago, ventured to propose that
we reduce the national debt to thousand mill
ions and then, that for fiscal basis, we fund
these thousand millions at a low rate Of inter-
est and make the debt thus reduced perpetual
Everybody laughed at me. Some said was
crazy, others insisted that l was simply a fool,
but am more than ever persuaded of the truth
and force of my suggestion: because, to say
banking system, we ought to have some fixed
securities for small holders. which can neither
be swallowed up by deluge of watered stock,
nor be able to runaway to Canada.
Mr.. Watterson next took up the tariff, and
among other things said:
have never believed that we shall have free
trade in this country until the manufacturers
themselves lead the free trade movement
That this is only question of time, have al
of taxation devised exclusively for war pur.
poses, yet outlasting those purposes quarter
VA century, and as surely as somebody pro-
posesto put it on a peace footing. somebody
that surviveSAof the war. we ought to hold it
sacred and keep1tss q relic Well, it is q relic.
sure enough. for war isoarbarous, and there is
not doubt that the war ~ is relic of bar
barism.
SOME FANCY FIGURES
For my part, can live under fany kind of
tariff that the rest can. and care as little for
expenses too. for in my day have paid as high
as $500 for pair of boots, and S. for a glass of
ice water seasoned with nutmeg-in Cotfeder-
ate money-but really it does seem to me that
at the moment when our public men are rack
ing their wits to find the means of spending the
excess of revenue the tariff yields us, it is
about time that we consider whether 1t would
not be better to save more and spend less.
Of the pension position Mr.. Watterson
says:
We have a pension list that costs us nearly
as much as the costliest standing army in
Europe. and still the cry comes up for more.
have been fighting this with all my might and
main, and have had for my pains the charge
very freely made that the motive of my opposi-
tion is hatred of the Northern soldier. Gentle
men, this intimation would be lsughable if it
were not detestable. respect the Northern
soldier so highly that would rally to his side
to save his honor. feel so much at home with
him that 1 can afford to discuss his affairs as a
member of the family. was sorry when the
war began, because loved the Union; was glad
when it ended, because it gave us back the
Union, and l have reJoiced ever since in the
ever-growing determination of the people and
the ever-increasing glory of the nation. 1t is
late in the day for anyone to accuse me of sec
tionallsm, for during years when
IT COST SOMETHING
to speak as am speaking now my voice and
pen were devoted to the smplest defense Of the
national spirit; and when loyalty asked for
oaths and pledges 1 gave heart homage and
hostages. It is this circumstance and the feel
ing Of brotherhood in all that concerns the
North which lies here that has emboldeued me
to speak very plainly Of the wastage Of money
pension business. If stop be not put to it,
that which began in national indulgence will
end in national digrace.
Mr.. Watterson closed his address with q
reference to the new South and the future Of
the race problem. He said:
Gentlemen, you are at this moment standing
on the gateway that leads to the South. The
wealth that is there, hidden no longer from
human eyes, flashes in your very faces You
can smell the roses Of new hope that NIL the
air. You can hear the heart beats of progress
that come as upon the wings of heaven. You
can reach forth your hand and almost clutch
the gold that the sun rains down with his beams
as he takes his daily journey between the cot
ton field and the coal mine, the highlands OF
wood and iron, of marble and granite. the low
lands of tobacco sugar and rice, Of corn and
cane. of wine, milk and honey. But what is
the value of all this il we have not order and
law. regulated by intelligent and responsible
government?
THE RACE QUESTION.
How shall it profit you, or us, or anybody, if
it be not brought under the spell of that
wizards wand which we call civilization? And
to whom shall this wand be committed, to the
Anglo-Saxon with centuries of enlightened
hal ind i'm tn in CT
emerged from slavery? Through and through
this Eldorado there winds, deep and dark, a
stream which, when undisturbed, moves in
limpid and benefcent tranquility from the
rich fruitions of the South, but which, when
agitated. becomes very terror to all that is
embarked upon its tempestuous bosom, to
property and life, to public policy and domestic
peace to society itself.
No one can comprehend the meaning Of this
great menace to the prosperity of the South
who has not been there, who does not live
there; nor is it possible for it to be treated with
wisdom by any other but local agencies. Can
not the thinking people of the North imagine,
if they are unable to see this? Can they not
feel that they may trust the intelligence, the
humanity, the Christianity OF the south and
the testimony of the truly responsible North
ern men who have gone South, to deal with
disease which outside pressure has always ag-
gravated and will always aggravate? l speak
warmly and confidently. On this point, at
least, 1 can afford so to speak.
. l struggled earnestly and long to establish
the black man in his rights under the Consritu-
ton and its amendments, to strike the black
laws out of the statute book, to spread the Cos
pei of Gods love into a duty OF man toward the
education and elevation of these poor emanci-
pated slaves; and if the opportunity and the
need came, constitute myself the Moses and
ask no nobler title to immortality. Butt am
filled with no vain illusions born OF sympathy
and ignorance. am blind to none Of the dan
gers that lurk amid the shadows of this great
cross which for some mysterious purpose
know not what-has been put upon the South.
but which, / do know, the South alone can
break, as the South alone has borne 1t.