The Republican journal., 1876-08-10
TILDEN AND HENDRICKS,
The Letters OF Acceptance.
NEW YORK, Aug. 4. The following is Gov
Tilden's letter of acceptance

Tilden's letter of acceptance =
ALBANY, n. u, July 81, 1876.
GENTLEMEN-Whe hen | had the honor to re-
ceive Il personal delivery of your letter on be-
half of the Democratic National Convention,
held cn the 2Sth of June at st. Louis, advising
me OF my nomination as the candidate of the
constituency represented by that body for the
Office of President of the United States, an
sWered that at my earliest convenience and in
conformity with usage | would prepare and
transmit to you Il formal acceptance. l now
avail myself of the first opportunity i'll una
voidabe occupation to fulfil that engagement.
The Convention before making its nomination
adopted Il declaration of principles, which as a
whole seems 10 me a wise exposition of the ne
ceSsitieS of onr country and of the reforms need
ed to bring back the Government to its true
functions to restore purity of administration
and to renew the prosperity of the people, but
some OF these reforms are so urgent that they
claim more than passing approval
REFORM IN THE PUBLIC EXPENSE.
The necessity of Il reform in the scale of pub
lie expense Federal. State and municipal, and
in the modes of Federal taxation, justiIies all
the prominence given to it in the declaration of
the St. Louis Convention. The present depres
sion in all the business and industries of the
people, which is deprivng labor of its employ
ments and carrying want into so many homes,
has its principal cause in excessive government
tai consumption. Under the illusions of a spe-
cious prosperity, engcndered by the false poll
ces of the Federal Government, Il waste of cap
itai has been going on ever since the peace of
1860 which could only end in universal disaster.
THE FEDERAL TANEs
OF the last eleven years reach the gigantic sum
of 81 800 100000. Local taxation has amounted
TO two-thrds Us much more. The vast aggre-
gate is not less than 5000, 100000. This enor-
nous taxation followed IA civil conflict that had
greatly impaired our aggregate wealth and had
made Il prompt reduction Of expenses indis pen
sable. 1t was aggravated by the most unscien-
tiic and il-adjustcd methods Of taxation that
increased he sacrifices OF the people far beyond
the receipts of the Treasury. 1t was aggravat-
ed, moreover, by financial policy which tend
ed TO diminish the energy, SIKH and economy of
production and the trugalty of private CON
sumption, and induced miscalculation in busi-
ness and an unremuneratlve Use Of capital and
labor. Even in prosperous times the daily
wants of industrious communities press closely
upon their daily earnings The margin of pos
>ible National savings is at best a small percent
age of National earnings. Yet now for these
eleven years Governmental consumption has
been larger portion Of the National earnings
| than the whole people can possibly save even
in prosperous times for all new investments.
TIE CONSEQUENCES OF THESE ERRORS
are now Il present public calamity. But they
never We're doubtful. never invisible. They
were necessary and inevitable. aud were fore
seen and depicted when the waves of that 1cti-
tuuS prosperity ran highest.
In speech made by M on the 24th of Sep
tember, 1863, it was said of these taxes: They
bear heavily upon every mans income, upon
every industry and every business in the coun-
try, and year by Year they are destined to press
still more heavily unless we arrest the system
that gives rise to them. 1t was comparatively
easy when values were doubling, under repeat
ed issues of legal-tender paper-money, to pay
out of the troth of our growing and apparent
wealth these taxes; but when values rccede
and sink towards their natural scale the tax
gatherers take from lis not only our income
not only our profits, but also portion of our
| capital. do not wish to eNaggerate or alarm.
| simply say that we cannot afford the costly
and runous policy of the radical majority Of
Congress. We cannot afford that policy toward
the South. We cannot afford the magnificent
and oppressive centralism into which our Gov
ernment is being converted. We cannot afford
the present magnificent scale Of taxation. To
the Secretary of the Treasury | said, early i'll
1860, there is no royal road for a Government
more than io2 an individual or Il corporation.
What YOU want to do now is 10
CUT DOWN YOUR EXPENSES AND LIVE WITH
IN YOUR INCOME.
| would give all the lcgerdemain of finance
and tinanciering. | would give the whole Of it
for the Old homelv maXim Live within your
income This reform will be resisted at every
step. but it must be pressed persistently. We
see to-day the immediate representatives of the
people i'll one branch OF Congress- while srug
Cling to reduce expenditures, compelled to con-
front the menace of the Senate and the EXecu-
tive. Unless the Objectionable appropriations
be consented to. the operations OF the Govern
ment hereunder Shall suffer detrimcnt or
cease. In my Judgment, an amendment of the
Constitution ought to be devised separating in
to distinct bills the appropriations for the Va
rlOus departments OF the public service. and eN-
cluding from each bill all appropriations for
other objects and all independent legislation
In that way alone can the revi>0ry power of
each OF the two houses and OF the Executive be
preserved and exempted from the moral dure>s
which often compels assent TO Objectionable APP
propr atoms 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
unsupportable miSgovernment imposed on the
States of The South. Besides the ordinary et-
fleets Of an ignorant and dishonest Admini>tra-
ton it has inflicted upon them an enormous is
sue of fraudulent bonds. the scanty avails of
which We're wasted or stolen, and the existence
OF which Is a public diSrredlt, tending to bank
ruptcy or reputation. Taxes, generally op-
pressiNe, in some instances have contiscated the
entire property and totally destroyed its mar
ketablc value, 1t is impossible that these evils
should not react upon the prosperity of the
Whole country. The nobicr motives of hnman-
| iy concur with the material interests of all in
| requiring that every obstacle be removed 10
4 COMPLETE AND DURABLE RECONCILIATION
between kindred populations. once unnatural
ly estrangcd, on the basis recognized by the st.
Louis platform. OF the ''Con-titution of the
United States with its amendments universa l.
ly accepted, as final settlement of the cOntro-
Yersies which engendered civil war;. But in
;tld OF Il result so benlcent the moral influence
of every good citizen. aS well AS every Govern
mental authority. ought to he eXerted, not
| alone to maintain their Just equality before the
tn .,I
nifty and goodwill among citizens. whatever
their race or color. who are now united in the
one destiny of common self government. If
the Guty shall be assigned to me. should not
fail to exercise the powers with which the laws
and the Constitution OF our country clothe its
chief magistrate to protect all its citizens. what
ever their former condition. in every political
and personal right.
CURRENCY REFORM.
Reform is necessary. declares the ST. Louis
| Convention, to establish sound currency, re-
store the public credit and maintain the Ma
tional honor, and it goes on TO demand Judi
clous system of preparation by public econo-
mics, by official retrenchments and by wise
| fiuance. which shall enable the nation soon to
assure the whole world of its perfect ability and
its perfect readiness to meet any of its promises
| at the call Of the creditors entitled to payment
The object demanded by the Convention is ii re-
sumption OF specie payments on the legal tender
notes OF the United States. That would not
only restore the public credit and maintain the
public honor, but it would establish Il sound
currency for the people. The methods by which
this object is to be pursued and the means by
which it is to be attained are disclosed by what
| the Convention demanded for the future, and
by what is denounced in the past.
BANK NOTE RESI- SUMPTION.
The resumption of specie payments by the
Government of the United States on its legal
tender notes would establish specie payments
by all the banks on all their notes. The official
statement made on the 18th of May shows that
the amount of the bank notes was $500, 900 900,
less $4,000 900 by themselves. Against these
S2o0,0OO,OO0 of notes the banks held $14l ,O00,-
600 of legal-tender notes, or Il little more than
80 per CEN. of their amount. But they also
held on deposit in the Federal Treasury. as se-
curity for these notes, bonds of the United
States, worth in gold about $3G0,000,00O, avail
able and current in all the foreign money mar
kets. In resumng, the banks, even if it were
possible for all their notes to be presented for
payment, would have 500,00O 900 of specie
funds to pay $3.50 100000 of notes, without con-
tracing their loans to their customers or call
o1,f