New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-29
FINANCIAL REFORM NECESSARY TO Ma
TIONAL PROSPERITY.
TIE hon. HoRATIo SEYMOUR,

at the academy Of Masic, brooklyn
intend TO speak 10 you with regard 70 tho cause' vi
business troubles the unsound schemes Tor tho
ment Of currency, which have been put lori" Hs
remedies and pers which threaten US In The form d"
sectional passions The great discussion of the day mas
been with renr to our currency II has called out 'he
leading men OF both parties II has been OF great scr
vice TO our country, not only by spreading just
ideas about political economy, but 1t has also aroused
the public mind to the errors OF government ihs
value OF froe public discussion upon the platform OF
But this must not stop when the evils o, an
inflated currency are proved We must PROBE ueope,
birth 70 Wild schemes for relieving private or public
financial troubles. The desire for imitation Is engendcrcd
BIZ debt and taxation. The guilty men are not ohy iss
advocates but It's authors when by waste,
or corruption they crush out the prosperity o. oui
country or Cypress the industry OF Its citizens so a rs
our debt was created purpose OF saving our Unon
it will ever he looked upon az sacred whe'nor S Sa
of the General Government has been continued
by diversion of the taxes levied upon our people ior i
payment has been act OF bad fat TO the pnpc aa
Violation OF honor With tho public creditor. III the deDt
had been paid of reduced "a II should nave pcen, 20
day currency would have been worth is iace ID goIu
Ti. would have causel distress to debtors On the
contrary the confidence inspired by THIS policy oil econ
omy and integrity would not give life and energy 10 an
business purs1s II policy Of economy and payment
Of lad been pursued, II the example OF the G.ern
Government to the staes had been on the SIDE OF re
trcncbment reform. does any one think our County
would have been in Its present condItoni "Ou'u '"o'
now DC a contest about our currency
REPUBLICAN FAILURES.
The failure OF the Republican party TO restore the cred
Of orr currency and TO the weight OF taxation has
excited dangerous rcstnments in the minds VI large
numbers citzens The public faith Is epdansefeo
when tho holder OF bonds looked upon IA favored
man. because he is paid In better money than II gwen
10 the pensioner 10 who toll In fields or WORK
shops For this the Democratic party at oil
times during the past ten years have earnestly ana
pers,sentlv urged return specie payments. while
our political opponents silent upon the subject
Az the enemies Capitalization of at Wshnston
we have resisted TO the utmost the pun o| 10 maxi lne
General Government financial despotisIn by abandon
ing the standards OF value recognized by me com,
nercal world and by the Constitution and substituting
The Judgment Of Congress acting under the influence OF
multitude Of speculative schemes Among ne saddesi
and influences OF this theory OF ree' ng the dis
Of tie country by paper money Is, that II mas
turned away the public mind nom the causes ana OF 9t
misforuncs and their righiu remedies. II nas teLaeu
10 teach people that the consequences OF Congrs
v nounr uanacea aud 10 that extent to shield unfat
ful officials from public condemnation.
NATIONAL EXTRAyAGANCE.
will do no Injustice to the party which now governs
the Country admit that the same spirit OF eKtraVa
gance which marks ia expenditures has been shown by
every State and Municipal Government without regard
10 the party which controlled them Since the close OF
the war the American people have lost much Of their
former habits Of industry, economy and public virtue
troubles spring in great degree from pubic rsthsr
political decentralization IL sad truth That
we must confess that all branches of government repre-
economy We cannot correct these evils. we cannot gel
back our people upon higher place OF morals anu
haDits, by partisan abuse Reform mus begin Win oen
in his habits and those Of ms fanly ionte par
their ranks, and they must prove their claims 10
public support not by concealing but by exposing te
iahors OF Cow Tilden and 10. those who UNFOLDING
him. the that Republican Journals and speakers
the party which they are attached Tho darkest
shadow which rests rpon their their Py Is At naas ny
and are more anxious TO condemn the conduct
OF the mistakes Of hs men who ua as n fh cr Iait
mails An occasional compliment to the Governor. OF Il
vehement claim that they mean 10 uphoid him his
work do not ose the constant stream OF censure or
their abors break down his supporters In the they
uuder their own control, which complained OF by
many OF their friends AID by the pubic at large IL
a parties alike what IL 10 be gained by changesi 80
one denies that the theories Of the Republicans MAKE the
cost of government greater than it would be nder Dem
ocrtic principles # both parties alike honest pr
and economical Every exercise OF power, every
project undertaking beyond what we admit il has a
iicit to engage in, involves expenditure am taxation.
They cannot he carried out without cost Upon these
points shut the doors OF the Treasury against our
selves. Capitalization means taxation Every extension
of Jurisdiction draws upon The pockets OF the taxpayers
Great as the evils OF State and MUNICIPAL taxation,
that by the General Government l. much more nrfu in
iJs nature and in its operations beg your attention
While mako this point clear.
SECTIONAL DIssENsIoNs ENCOURAGED ny DEBT.
The evils Ration not measured by its amount
alone but also by the direction in which it falls and the
industries upon which 1t presses Tho little obstruction
which stops the driving wheel OF factory and throws its
machinery out Of gear and its worknen out Of employ
ment, does harm than larger one which only
jurce part of its process.
The Of three hundred millions taxed upon the peo-
pie by the General Government each year is great bur
den but this does not express its nschies TIE debt
nnd taxation fall unequy upon different sectOns or our
country This divides our country Into debtor ana cred
i,or states, thus endangcring the harmony of oar Uhin
They bear upon the productions or our country IN n
way that shuts item ont OF tho markets OF the wol
and thus paralysis the industry of citizens and
MAKES the present prevailing distress. charge
that IL is unequal and unjust because tie people OF
the West are compelled to ray more tnai aeli START OF
Against them they are cumulative Tie giil! or
amount raised NJ the East Ih cost of transportation to
markets OF the world and the cost OF bringing back
Western prosperity. Whit makes these costs Of carry
ing9 Tie railroads must have return for the
look into the expenses you Gnd only tue paid
actual cost of materials aud LABOR, but the
Indirect, make at least onequarter of the
R nsa Mh0 addition a to the anaSeabie 0 charses
Of transportation have in fact to pay taxation by ie
pay for II tue duties charged upon lion rails
and other materials and the increased cost of labor made
10y taxation are taken into account it will be that
have undersated the effects OF taxation upon the cost VI
would Aore clearly express the truth. II said there l.
other way OF getting revenue Tnat may De true but
II IL is true then Government should keep within it's
constitutional limits; 1t should not by GENERALIZATION,
make debts and unequal taxation.
dcO;s aui taxation divide orr Union into
debtor creditor States. This IL dangerous relation
ship Already the passions which 1t engenders ap
peaei Ivy those who seek to excite sectional passions
Ii given birth the theory OF imitation. Denuncia
tons the Older states Of the East aud desire to in
ure their citizeus quite strong IN tho late cleo
ton In Ohio rs the wish 10 help tho West. Those SEQ
tona preudices have been felt and in the halls Of
the Congress. They have shaped legislation. they lis
turb the calmness and fairness which should awaIs
characterize the legislation OF great country These
results have not been accidental; they will always fol-
low in the footsteps VI expenditure. debt aud taxation
by the General Government They were fOretOld long
since ~ clearly " they can be described now.
Does every consideration Oi prudence and patriot
ism demand that Cover ent shall use liz
s far as possible pay of this dangerous debit should
avoid that policy OF Capitalization which engonders