, 1872-10-11

s.7icting tho source Of public reyenus: Here
lies the grea: error Of the policy WHICH has bee
pursued towards these peorle~ It sought, J
sntaSoaisn Of racos. to Eu1d up the power Of
party, even though il were done It the e1fen
OF tho best interests Of tie people and of: t
these fac.s. in asserting shat the policy Of II
Administration, instead Of placing the nnanci
s1a;1s upon irm and enduring hssis, las znth
tended 10 sap The -ery fouadatinns Of pub
credit? BIT not alone in its RECONSTRUCTED
os Rosy hs II tonasaiy 1ssn this sondoa giis fa
these States st tho close Of the w
k2ye indicated tbs policy which should ha'
been pursued towards them. but there is oI
other element Of this Administration polh
| which deserves note and consideration. ltp71d
itself upoc the annual reduction Of the nation
| deb!. No:E. in the exhausted condition OF T.
Sau.ker1-States end the confusion which mo;
or less obtained in the financial s,1tf con11ne1ci
Affairs Of the North ct the close Of the war: TIL
| policy would have dictated tho reduction Of n:
maintenance Of tho public credit. Public cred
| tors a-e satisfied when their obligations ms ms
| at maturity, and their faith in our securities:
not increased by exhaustive attempts to p.'
i them earlier. Public cro5;t is baaed not or:
| upon the honor Of the people acd the prcmp !:
ness With which they meet their obligations, b1
! also upon their ability to meet them. and tn
| policy which ahou1d hare been established shoul
haze been such as to increase rather than di1z,1,
ish their ability to pay. The heavy natlou
taxation has unnecessarily dworfed the indus
tries and commerce Of tho South. The Stat
of Virgins. alone annually pays into th !:
public treasury double tho amount necessary t..
meet her correct State liabilities: Suppose tina
the proportion of this sun which is Csed t.
paying the national debt before maturing wer
left with the people. .hew much moro rapid woubz
be their recnpe-a:ion and tho consequent en
largemens Of the basis Of credit. And what
tue Of the South is to some extent tue Of th:'
North While prosperity prevails In so11S
dwarfed in others. feur years Ego stood upsi'
On the Liverpool dcc1is, thcso monuments 81
commercial enterprise ard foresight. snd IN Ok,
MERCHANT Eaid to me-, s'Look upon that forest oil
nasts which I'll th2z 1arbor. and tell ne if yoty;
.caa SEQ tho american flag floating anytakere- y
took his glnss and made the survey. EoEhers
Was seen the 81 stars aud stripes' floating in 1ht
breeze aud he said to ne '' You may como hers;
every day for months, and you will never sec iti
sad yestea years ago you cou1d sca.cely see AMI
other flag on merchant ship in this ha-bor buj
the American" What WIS true in 1868 Is szuG
today. DIR im1aonse carrying trade, which
in former years enriched oCr people. by
the OPPRESSION Of GnwiEe lars, was frs
destroyed, End has never been able to
revive Does this 1ook like wiee policy /! is
said that the people Era prosperous; and, If this
be true, why Is it that cur entire labor eJstem IT,
in constant disordar through the strikes Of
workmen and artisans? tell you that the pol!
icy OF continuing to pa5 our debt in advance Of;
it's maturity compels tho maintenance Of EYE:
tenn of taxation oppressive to our people, and:
destructive Of cur best interests. Especially ie ,
this true OF The dcso1ated and impoverished. !.
South. Those people =re willing to meet the
just requirements Of the Government. aad they
haya no disposition to shiS3 the just rospoasi-
Eiiities imposed upon thom they hare no de-.
sire to -epu;iate the public debt, or freq them-
selves from necessary taxation: but they do pro:
policy which has diStonored their State c1odit,
runs them into i1esrieya5le debt robbed them !.
OF their substance, md prevented either ticf1
pacifcetion or reconciliation Their enthusiasm
for Liberalism end the Liberal ticket is no. be- :
gotten oraay desire to secure tho peyasnt OF
any debt prohibited by tho fundamental Law, nor
is it inspired by any hope Of release iron ne;
cessary Federal taxation It rathar comes
from their earnest and longing desire for real
peace, honest government, and restoration OF
n2tion- There has never been day or en hour
since tha var closed, whep tie people Of the;
South we're net earnestly a1zious for Peace acd
the restoration os the Union. The! no a1xioaa Z
to resume their places IN tho Union Ct tier
fathers. and to comprise and ms;aEa!n tae C. :
compliEhed changes in the fundamental Inv !:
AND, above all things. do they desirc tie leading
up OF the terrible wounds Of war: the Eacifo.- i
ton Of the country, and the complete restcxa- :
ton Of unity and concord throus;ior the l9:3-
The unaaimity Of sentiment 7dr .alr. Greeley
which prevails throughout tho South s7rl3gs
from these sconrces, and none other. His co1-
acter ard conduct towards them since ito war.
his known Kindness Of heart and hercusJ OF
his public pledges, eco the Iiberal
platform o. principlea TO which be kss achB=-ited
hz7o won their confidence and guppc7t. IL :lo
interests Of peace, and with Ike Eoro CT purify
ing, ha.monlzi1g eud uniting the neonlo and !?
.Ee Government Of this counEv, they extend to h
you tho right hand OF Fellowship, MD e=- yoa, i
.sitI1 confidence in tie sincerity OF ::aslr INC ]:
tiycs, to s's'lzke hands acrGss the bloody ::
cha6m."