deranged by profligate practices; their credit ruined; bankruptcy staring them in the face; their industries staggering under a fearful load of taxation; their property-holders and capitalists paralyzed by a feeling of insecurity and distrust almost amounting to despair. Sir, let us not try to disguise these facts, for the world knows them to be so, and knows it but too well.
What are the causes that have contributed to bring about this distressing condition? I admit that great civil wars resulting in such vast social transformations as the sudden abolition of slavery are calculated to produce similar results; but it might be presumed that a recuperative power such as this country possesses might during the time which has elapsed since the close of the war at least have very materially alleviated many of the consequences of that revulsion, had a wise policy been followed.
Was the policy we followed wise? Was it calculated to promote the great purposes we are endeavoring to serve? Let us see. At the close of the war we had to establish and secure free labor and the rights of the emancipated class. To that end we had to disarm those who could have prevented this, and we had to give the power of self-protection to those who needed it. For this reason temporary restrictions were imposed upon the late rebels, and we gave the right of suffrage to the colored people. Until the latter were enabled to protect themselves, political disabilities even more extensive than those which now exist, rested upon the plea of eminent political necessity. I would be the last man to conceal that I thought so then, and I think now there was very good reason for it.
But, sir, when the enfranchisement of the colored people was secured, when they had obtained the political means to protect themselves, then another problem began to
