Year: 1879

COMMERCE..


President Hayes, Generals Sherman and
the Chamber Of Commerce In Cincinnati yes
terday, escorted by the reception committee.
The president OF the Chamber welcomed the
spending to which the President said:


"F,iends: am very glad to meet this large
assemblage OF the business men of Cincinnati.
In the position which hold 1t has been my de-
sire to do something to. bring it about that the
government should be administered on busi-
ness principles and by business methods can
see plainly, as you do, and as all my friendly
and unfriendy critics do, the shortcomings
and perhaps see them more clearly than others
do; but my steady purpose has been to go for
ward in the right direction; though the move
ment has been slow, still 1 can say to my friends
IN Cincinnati have honestly tried to keep nv
face In the right direction. One year ago took
a trip in the northwestern states. This month
/ propose to do little visiting for recreation
and health in the western states. A year ago
! found the people gloomy and despon-
dent. There were few who were hopeful and
very few who were confident of the speedy COM
Ing OF better times. 1t seemed to me last year
under those circumstances the most good
could be done by saying change, encourage
opinion there might be as to legislation looking
to the resumption Of specie payments the wise
thing, as we were situated, was to let well
legislattng and quit tampering with the cur
rency; TO let the business OF the country have
fair chance. With the great resources which
tHc COuulTy pUSScSStS anu Win lUS OOuQQlCSS
energy American business men can best work
out their own solution Fortunately the coun-
try adopted that general view. The business
men of the country discouraged further legis-
lation on the subject OF the currency, and we
are where we are; without claiming any credit
for this or that Secretary, or for this confrere
or the other, it does happen that specie pay
ments have come and good times are coming
with them. Coming west again, what Is the
thing to be said to-day? 1t seems to me that a
dose OF the same medicine which brought bet
times, and put far away as possible that inevit-
able period when hard times should come
again. prominent English writer on politi-
cal economy has stated that there Is regular
that In England they return In about 10 years.
and in this country once in about 20 years. The
desirable thing is to keep good times as long as
hard times must come to have the calamity
bear upon us as lightly as possible. Well, now
to this end 1t seems to me the very plain and
Where debts are least and where they are most
spread out, and where there is the least over
production, there they will feel hard times the
least. / think this has been exemplified In the
history OF Cincinnati. In the last four years of
depression, while every city in the country has
suffered more or less, and some OF them very
severely, Cincinnati, with its steady going bust
ness men, has felt it less than any other city Of
the country. Let us so far as may be, In public
and In private affairs, be diligent to see to it
that when hard times do come, we are not
Welghted Dy deots. But l am departing from
business principles, and am making speech.
thank you for your kind attention"


After the reception on 'Change to-day Pres
ident Hayes and party were taken to the expo
sition building and escorted through by Pres
tdent Pendleton and the commissioners. From
there the party were driven to the geological
garden to witness parade of the 10th regiment;
thence to Avondale, where they were elegantly
entertained by Hon. VIM. 8. Groesbeck, and In
the evening they attended concert at the
Highland House. Tomorrow they will make
an excursion over the Cincinnati Southern road
to the high bridge over the Kentucky river,
returning to this city, where an entertainment
by the Lincoln Club will close the days festiv-
tiles