Year: 1878

BsYAKD ON HARD TINES.


1pecch By th~ Ueln,rnre Senator at Nescport,


Drz., Sept. 20.


At harvest home held near Newport,
Del, under The auspices of the ladies' OF the
Methodist Episcopal church of that town,
for the benefit of proposed new church
there, Hon. Thomas i. Bayard delivered be-
fore an audience of several thousand people
an address upon the present depression In
property and business in our country and
the proper remedy to restore hopefulness
and prosperity to our people, of which the
followin-, is a summary: He said he would
not approach such topic in the spirit of
partisan, but would treat it simply as citi-
zen without the least intention to praise or
to blame in any manner either of the politi-
cal parties. Promising that all countries
are mutually dependent upon one another for
their prosperity and welfare, Mr.. Bayard
briefly reviewed


THE CAUSES


to which he believes is attributable the de-
preston not only in this country but in
other countries, prominent among them as
affecting European nations being war and
warlike preparations, while with us the fctl-
tious prosperity that followed the great civil
strife, together with the unparalleled demand
that was thereby created for money, was
largely instrumental in producing the same
result. But, passing this over as among the
facts in the nature of things inevitable, the
speaker proceeded to consider what he regard
ed as one of tue principal causes of our pres
ent troubles, namely: the unwise system of
our tariff duties.


THE HIGH TAXES


imposed by the government upon imported
merchandise, by creating and stimulating IN
foreign countries an excessive competition,
operate to the detri,nent of our own manu-
facturers who are dependent upon imported
material for the production of their goods.
The cost of manufacturing goods in this
country must under such circumstances ex-
ceed that of goods produced elsewhere in
exact proportion to the higher rate of our
tariff duties az compared with other coun-
tries We have productive capacity sufi-
cient to supply the needs of one hundred.
million people, willie our consumptive ca
pacity is represented by only about forty
five millions of people, leaving surplus of
manufactures sufficient for 6O,OOO,OOO peo-
pie which must find market by expectation.
But if other countries by reason of their
low tariff can make goods cheaper than we
can, where are we to find purchasers for


THIS ENORMOUS ovER-PRoDUCTIoNt
No one knowing these facts can fail to see
in what direction the proper remedy lays.
We cannot think of reducing our manufac-
turing power, and the only alternative is to
judiciously revise our now oppressive tariff
system. But another matter which would
go farther toward explaining the present
business stagnation of the country than any
other one hing is the uncertain and dlsor-
dered condition of our money. The money
of country, as Calhoun once observed, is
the ife-blood of the political body.


THE CURRENCY OF THE WAR


WAS created tor a special purpose, and was
not money. 1t had not intrinsic value,
and represented nothing that had pecuniary
value. 1t had back of it simply the honor
and credit of the nation. The time requir-
ing it's existence had passed. The emergency
which it was created to meet exists no more.
The premium on gold has dwindled to almost
nothing, leaving scarcely brokerage between
it and the demand notes of the government.
Silver is of even less value than treasury
notes; that is to say, 4121a grains of the
former, nine tenths fine, can be pure! ased
for 80 cents of the latter, and in that ratio for
larger sums. OF course the 412I coin
cannot be thus purchased because the govern
ment has yet wisely reserved to itself the
power to turn


NINETY CENTS WORTH OF SILVER


into 100 cents of money, but that does not
change the real value of that which composes
the silver coin. There is a legal value and a
market value, and no gove rnment on earth
can of its own motion, establish the latter.
For that the unanimous consent of the world
is necessary. Mr.. Bayard then proceeded at
length to show that


THE CRY THAT MONEY Is SCARCE


iB unfounded. He declared that money is
plenty, and cited as proof the fact that it
can be had in abundance at any of our mon
ey centers for 3, 4 and per cent. The only
explanation of such low rates is that there is
more money in the country than is demand
ed by the needs of business. Credit is the
soul of business. It is the poor and honest
mans best shield, and gives to him some
thing which enables him to compete with
mere capital. Now,


WHAT rs CREDIT?


Pay the note due to-day, and not the one
due next year. Meet your demands as you
are called upon, according to the terms of
your contract. This is common sense as
well as common honesty, and is SO plain and
manifest piece of duty that it is difficult to
see how any man i'll the world could be found
to deny it. Yet this principle has been
wholly and utterly disregarded by our nation
al law makers, and the almost incredible
fact stands manifest that with an enormous
debt not due for twenty years, it pleased
those in charge Of the finances of the coun-
try to force large number of those bonds
to the highest possible prices and then buy
them in with the highest premiums they
could get, The payment of


1HEsR IMMATURE BONDS


was unwise, and the law passed in March
1869, providing for their payment in coin
was entirely unnecessary, and was forced
manner Of accomplishing what would have
come about naturally if the proper course
had been pursued. 81 am not,' said the
speaker, discussing the question as to
whether the law in existence before the pas
sage of this one of March, 1869, provided
for the payment of the bonds in coin. The
latter law in any event was unnecessary
and nothing that can conceive of would
would have made it necessary. If one fourth