The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1876-08-30
THE PRESIDENTIAL CAMPAIGN.

THE PRESIDENTIAL CAMPAIGN.
The Letters OF Acceptance of Messrs.
Tilden and Hendricks.
Gov. Ti!den, of New York, in accepting the
nomination rendered him by tho Democratic
National Convention, says The convention,
before making its nominations, adopted q de-
c~laration OF principles, which as a whole seems
to mo q wise exposition Of the necessities Of
our country, and Of the reforms needed to
bring back the government to it's true func-
tions, to restore purity of administration, and
to renew the prosperity Of tho people. The
necessity OF q reform "in the scale OF
public ex~pense-Federal, State aud NUM-
~cipsl"-and sin the modes Of Federal taxa.
ton" justifes all tho prominence given to it
in the declaration Of the st. Louis convention.
The Federal taxes OF the last eleven years
reach the gigantic sum Of four thousand five
hundred millions of dollars. Local taxation
has amounted to two-thirds as much more.
The vast aggregate il not less than seven
thousand five hundred millions. He says that
in PROSPEROUS times even the daily wants Of
industrious communities press closely upon
their daily earnings. The margin OF possible
national savings is at best q small percentage
of national earnings. Yet now for these
eleven years governmental consumption has
been a larger portion Of the national earnings
than the whole people can possibly save, even
in prosperous times, for all new Investments.
He refers to q speech made in 1868, in which
he said "we cannot afford the present msgnih-
cent scale Of taxation and to a letter to the
secretary of the treasury in 1866, in which he
said There il no royal road for a govern
ment more than for an individual or a corpora
ton. What you want to do now is to cut Town
your expenses, and live within yourinoome. 1
would give all the legerdemain Of finance and
fnancering-I would give the whole OF it for
the old homely maxim: Live within your
income"
He says this reform in extravaganza will be
resisted at every step, but it must be pressed
persiseently. He says that in his judgment an
amendment Of the Constitution ought to be
devised separating into distinct bills the ap-
propriations for the various departments OF the
public service, and excluding from each bill all
appropriations for other objects, and all indie
pendent legislation.
Il SOUTH.
Gov. Tilden says An accessory cause en-
HANGING tho distress in business is to be
found in the systematic and insupportable
misgovernment 1mpo.ed on the States Of the
South, and it is impossible that the evils
therein should not reach upon the prosperity
VI Gu6 "AOlo COuutIS. IL Lu6 uuLy sudll Nc
assigned to me, he says, I shall not fail to ex-
ercise the powers with which the laws and the
Constitution Of our country clothes it's chief
magistrate, to protect all its citizens, whatever
their former condition, III every political and
personal right.
CURRENCY REFORM.
The object demanded by the convention is q
resumption Of specie payments on the loyal
tender notes Of the United States. That would
not only restore the public credit and main
tain the national honor" but it would /" estab-
lish q sound currency" for the people. The
methods by which this object is to be pursued,
and the meats by which it is to be attained,
are disclosed by what the convention demand
ed for The future and by what it denounced in
the past.
BANK NOTE RESUMPTION.
! Reviewing the condition of the national banks
by statistics, Gov. Tilden says The govern
ment has only to make good its own promises
and the banks can take care Of themselves
without distressing anybody. The government
ia, therefore, the sole delinquent.
MEANS OF RESUMPTION.
Public economies, official retrenchments
and wise finance, says Gov. Tilden, are tho
means which the St. Louis convention indi-
Gates as provision for reserves and redemp-
tions. The best resource is a reduction OF tho
expenses of the government below the income
;Or that he imposes no new charge on the
PEOPLE. If, however, the improvidence and
waste which have conducted US to a period Of
failing revenues oblige us to supplement- the
results OF economies and retrenchments by
some resort to loans, VI should not he ,tato.
The government ought not to speculate on it's
own dishonor, in order to save the interest on
its broken promises, which it still compels
private dealers to accept at a fictitious par.
The highest national honor ID not only right,
but would prove profitable. Of the public
debt 1886, 600, 000 bear interest at six per cent.
IN gold, and SIP, 000, 900 at five per cent. in
gold. The average interest is 5.58 per cont.
A financial policy which should SECURE the
highest credit, wisely availed of, ought gradu-
ally to obtain a reduction of one per cent. in
the interest Oh most Of the loans. A saving OF
one per cent. on tho average would be ST.,
600, 600 a year in gold. That saving, regularly
invested at four and one-half per cent, would,
in less than thirty-eight years, %extingui5h tho
principal. The whole 81, 700, 000, 900 Of funded
debt might be paid by this saving alone, with
out cost to the people.
PROPER TIME FOR RESUMPTION.
The proper time tor resumption is the time
when wise preparations shall have ripened into
a perfect ability to accomplish the object with
a certainty and ease that will inspire conf
denoe, and encourage tho reviving Of business.
Tho earliest time in which such q result can be
brought about is the best. Even when the
preparations shall have been matured, tho
exact date would have to be chosen with rotor
ence to tho then existing state Of trade and
credit operations Of our own country, tho
course OF foreign and the condition
OF the exchanges with other nations. The
specific measures and the actual dato are mat
rers OF detail, having reference to ever chang
ing conditions. They belong to tho domain OF
practical administrative craftsmanship. A
human intelligence must be at tho helm to
discern tho shifting forces Of the waters and
the winGs. A human hand must DO on the
helm to f. Q. the clements day by day, and
guido to a mastery over them.
PREPARATIONS FOR RESUMPTION.
Such preparations are everything. Without
them d Legislative command fixing a day, au
off ial promise fixing a day are shams. They
are worse-ihey are a snare and O delusion to
all who trust them. They destroy all conf
dence among thoughtful mon, whose judg-
nent vii. at last sway public opinion. An at
tempt to act on such a command or such q
promise without preparation, would end in a
new suspension. 1t would be q fresh calamity,
prolific Of confusion, distrust and distress.
RESUMPTION PLAN OF THE ST. LOUIS PLATFORM.
Tho St. Louis platform denounces the fail
ures for eleven years to make goodt tho promise
Of the legal tender notes. 1t denounces the
omission to accumulate ANY reserve for their
redemption It denounces the conduct
(which, during eleven years OF peace. has
made no advances toward resumption, no
preparations for resumption, but instead has
obstructed resumption by wasting our resources
and exhausting all our surplus income and,
while protesting to intend q speedy return to
specie payments, hiss annually enacted fresh
hindrances thereto" And having first de-
noupced the barrenness Of the promise Of a
day Of resumption, it next %denounces that
barren promise az as a hindrauce to resump-
ton. It then demands it's repeal ard also de-
mands tho establishment OF ga judicious
system OF preparation" for resumption. 1t
cannot be doubted that the substitution Of 80
system Of preparation without the promise OF
a day, for the worthless promise OF a day with
out i" system Of proparation,' would be the
gain Of tho substance Of resumption in eI-
charge for its shadow.
Nor is tho denunciation unmerited Of that
improvidenco which, in the eleven years since
tie peace, has consumed 4, 500 millions Of dol
lars, and yot could not afford to give the peo-
pie a sound and stable currency. Two and one
half per cent. ON the expenditures Of these
eleven years, or oven less, would have pro-
yiied all tho additional coin needful to re-
sumption.
BUSINESS DISTRESS.
Referring to tho distress felt in business,
Governor Ti.den gays that uncertainty il the
prolific parent OF mischiefs in sill business.
Nevor we're its evils moro felt than now. Men
do nothing becausethey arc unable to make any