64 ILLINOIS STATE DAIRYMEN'S ASSOCIATION. 
At the close of Gen. Parsons’ address, Dr. John M. 
Gregory entertained the audience for about one hour and 
a half. Below we give the substam e of his lecture, win 
was well received by tbe audience. 
DR. JOHN M. GREGORY’S ADDRESS IN BRIEF. 
In referring to the hard times, he said that they existed not only in 
this country but in others, and the best political economists claimed that it 
was of longer duration than ever before Known. A noted Englishman 
gave the cause of hard times as being over-expending and over-consuming. 
From this he proceeded to argue that over-consumption was indeed 
cause of hard times; that while the net^ production of the «mnJJ ™ 
about $500,000,000, of that sum about $3.50 was saved out o < 
We- spent from $8,000,000 to $10,000,000, and burned it in gun-powdei , 
stales counties, towns and school districts plunged into debt In Southern 
Illinois the farms were heavily mortgaged, and the owners a to sen 
interest annually to New England. Much was said about the cred.t system 
hut man could not live without credit; if he did not buy things on credit 
he expected that cheese and corn would command the same price next wee 
L they did this. Germany was having the worst of the financial crisis, 
although she had free trade and French money, yet some of her citizens 
iocosely remarked that they wanted to go to war and be compelled to pay 
a heavy indemnity, thereby hoping that when they came out of the war 
they would be as well off as France. There is little or no revival in man¬ 
ufactures in this county. The improvements made in the past one un- 
dred and fifty years, such as railroads, steamboats, cotton-gins, power looms 
the telegraph, both on land and sea, the various countries transmit letters o 
* credit from one to another, received a passing notice from him, to show the 
progress made by man. There is no limit to the power of machinery that 
is being made. The work of the millions has passed into the hands o ie 
few, and they are not done yet; by and by, perhaps one machine will be 
invented which will superintend all other machines. The time is not ar 
distant when the sunshine will be used for heating our houses and driving 
our engines, and some say that the sunshine in fair weather will be gat ler- 
ed up for use in the stormy, cloudy weather. 
The Convention now adjourned to meet at the Court 
House to-morrow, at 9 a. m. 
