Wilmington journal., 1876-08-11

I~Municipai. md in the modes ol Fec
eral tafaIiop justifies all uie pfomi
neflce given to it in the Declaration OF
| the st. Louis Convention. =.
The present depression of business
aud industries Of the people, which il
,lepriving labor of it's employment.a and
carrying want into 80 mauy homes, has
! it's principal cause in excessive gov
ernmentaI consumption. Under ~th
| illusions of a specious prosperity, en-
gendered by the false policies of the
federal government waste of capital
| has been going on ever since the peace
of 1866. which could only end III uni
versal disaster.
The federal taxes of the last eleven
years reach the gigantic sum Of i, 500
millions. Local taxation has amounted
| to two-thirds as much more. The Vast
| aggregate il not less than Z, 300 mil
lions.
rhls enormous taxation followed Il
civil col fict that had greatly impaired
our aggregate wealth, and h,tu made "a
prompt reduction of expenses lndlsN
| Hensable.
| IT. 3as aggravated 10y most unscIen
| lie aud IL aGju-ted methods of taxa
! ION that increased the sacr,iices OF th-'
| "enple far beyond the receipts of the
treasury.
! 1t was aggregated, moreover, by Ii
| financial policy which tend. d to Oh
minish the energy, skill and ecnnnmy
| Of production. and the frugailty OF
| private consumption, and induced mis-
| caicu ,ation in business and an unrc-
munel alive use OF capital and labor.
Even III prosperous times the,
| daily wants of industrious communi-
lies press closely upOu their daily enrn-
| ings. The margin of possible national
| savings ia at best small percentage
| of national earnings. Yet now for
| these eleven years governmental con
| sumption has been larger proporh on
| of tn national earnings than the whole
! people can possibly save even III pros
| porous times for all new Investments.
| The consequence OF these errors are
now present public calamity. They
| we're necessary and inevitable, and
| were fOreseen and depicted when the
waves of that fictitious prosperity ran
| highest. In speech made 10y me on
the oath of September, 1868, it was
! aid of these taxes:
They bear heavily upon every mans in
| come, upon every industry and every bns-
| ness in the country, and year 10y year they
| are destined to press still more heavily, nh
| less we arresD the system that gives rise tn
| them. 1t was comparatively easy when
! values We're doubling under repeated issues
| of legal tender paper monies, to pay out OF
| the froth OF our growing and apparent
| wealth these taxes, but when values re-
cede and sink towards their natural scale,
4 ~ ,l,y
| our income, not only our profits, but also a
| pOItiOI of our capital. L do
| not wish to eXaggerate or alarm; | simply
| saw that we cannot afford the costly and
| ruinous policy of the Radical party in Con-
| gress We cannot afford that policy to-
| wards the South We cannot afford the
| magnificent and oppressive cenLralism
| into whicu our government is being con-
verted We cannot afford the present mag
| nificent scale OF taxation.
To the Secretary of the Treasury. l
said, early in 1865:
| There is no royal road for a government
| more than for an individual or q c rpora-
| ton. What you want to do now is to cut
| down your expenses and live within your
| income. L would give all the legerdemain
| of finance and GnaRciering-l would give
| the whole of it for the old, homely maxim,
| "IlVe Within your INCOME.
This reform will be resisted at every
step. but it must be pressed persisent.'
ly. We see to-day the Immediate
representatives of the people in one
branch of Congress, while struggling
to reduce expenditures, compelled to
confront the menace of the Senate and
the Executive that unless the objec-
tionable appropriations be consented
to, the operations of the government
Hereunder shall suffer detriment or
cease. In my judgment. al amend
ment to the Constitution ought to be
devised separating into distinct bills
the appropriations for the various des
partments of the public service, and
excluding from each bill all apprOprla-
tions for other objects, and al inde-
pendent legislation. In that way alone
can the revisory power of each OF the
two houses and of the Executive be
moral duress which often compels
assent to Objectionable appropriations,
rather than stop the wheels of the
government.
| THE SOUTH.
An accessory cause enhancing the
distress in business is to be found in
| the systematic and insupportable mis-
! government imposed on the States of
! the South. Besides the ordinary
effect of ignorant and dishonest ad-
ministratiOn, it has inflicted upon
| then, enormors issues of fraudulent
bonds, the scanty avails of which were
wasted or stolen, and the existence of
which is public discredit. tending to
bankruptcy OR reputation. Taxes,
generally oppressive, in some in
stances have oonfiscated the entire
income of property, and totally de-
stroyed its marketable value. 1t is
impossible that these evils should not
react upon the prosperity of the whole
country.
The noble motives of humanity con-
cur with material interests of all in
requiring that every obstacle be re-
moved, to a complete and durable re
Cancellation between kindred popula-
tions once unnaturally estranged, On
the basis recognized by the st. Louis
platform, of the "ConstitutiOn of the
United States, with its amendments
universally accepted as final settle
ment of the controversies which en-
gendered civil war;
But, in aid of result so beneficent,
the moral influence of every good CIT
iZen, as we'll as every governmental
authority. ought to be exerted not
alone to maintain their just equality
before the law, but likewise to estab-
lish cordial fraternity and good will
among citizens, whatever their race or
color, who are now united in the one
destiny of a common self government.
If he duty shall be assigned to me, I
should not fail to exercise the powers
with which the laws and the constitu-
ton of our country clothe it's chief
magistrate, to protect all it's citizens.
whatever it's former condition, in every
political and personal right.
CURRENCY REFORM.
Reform is necessary, declares the st.