Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1876-08-10

anu stuA Wv dIus tuctI uoturdi scale the
tax-gatherer takes from rs not only our
income, not only our profits, but also
portion Of our capital.
! do not wish to exagerate or darn.
I simply say that we cannot afford the
costly and ruinous policy ofthe radical
majority Of Congress. We cannot if.
ford that policy towards the South. We
cannot afford the magnificent and oppres-
sive centralism into winch our govern.
ment is being converted. We cannot af.
ford the present magnificent scale Of
taxation.
To the Secretary Of the Treasury
said early in 1865 there - no royal road
for a'government more than for an in
dividual or corporation. What yos
want to do now is to cut down your ex-
penses and live within your income
l would give all the legerdemain of e.
nance and financeering-I would give
the whole of it for the old homely max
i'm, "Live within your income."
This reform will be resisted at everv
step, but it must be pressed persistently.
We see to-day the immediate represent
tatives of the people in one branch Of
Congress, while struggling to reduce
compelled to confront the
menace of the Senate and the Execu-
tive that unless the Objectionable appro-
Priations be consented to the operations
of the government hereunder shall sui
fer detriment or cease. In my judg-
ment an amendment of the constitution
ought to be devised separating into dis
tinct bills the appropriations for the va
rious departments Of the public service,
and excluding from each bill all appro-
prlations for other objects and all indie
pendent. In that way alone can the
revisory power of each Of the two houses
and Of the Executive be preserved and
exempted from the moral duress which
often compels assent to Objectionable
appropriations rather than stop the
wheels Of the government.
An accessory cause enhancing the
distress in business is to be found in the
systematic and unsupportable misgov-
eminent imposed on the States of the
South. Besides the ordinary effects of
i gnorant and dishonest administrations,
it has inflicted upon them enormous is
sues of fraudulent bonds, the scanty
avails of which were wasted or stolen,
and the existence of which is a public
discredit, tending TO bankruptcy or
Taxes, generally cppres-
sive in some instances, have confis-
Gated the entire income ofproperty, and
totally destroyed its marketable value.
1t is impossible that these evils should
not react upon the prosperity of the
whole country.
The nobler motives of humanity con-
cur with the material interests of all in
requiring thate every obstacle be removed
to complete and durable reconciliation
between kindred populations, once un-
naturally estranged, on the basis recog-
nized by the st. Louis platform. The
of the United States, with
its amendments, universally accepted
as final settlement of the controversies
which engendered civil war, but aid a
result so benefcent. The moral influ-
ence of every good citizen, as well as
every governmental authority, ought to
be eXerted, not alone to maintain their
just equality before the law, but like
wise to establish cordial fraternity and
goodwill among citizens, whatever their
the one destiny OF common self-gov-
eminent. 1.-THE duty shall be assigned
to me l should not fail to exercise the
powers with which the laws and the
constitution of our country clothes its
chief magistrate to protect all its citi-
zens, whatever their former condition,
in every political and personal right.
Reform is necessary-declares the
st. Louis convention-to establish a
sound currency, restore the public cred
it and maintain the national honor, and
it goes on to demand a judicious system
of preparation by public economies, BY
official retrenchment and by wise f.
nance, 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 creditor entitled to PAYMENT
The object demanded by the convention
is a resumption Of specie payments on
the legal-tender notes of the United
States that would not only restore the
public credit and maintain the national
honor, but it would establish a sound
currency for the people. The methods
by which this object is to be pursued.
and the means by which it is to be at
tanned are disclosed by what the con-
vention demanded by the future and BY
what il denounced in the past.
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
theirnotes. The official statement made
on the 18th of May shcw that the
of the bank notes was $780,
000, 900 less $4,000, 900 held bv them
selves; against these $3.50, 100000 of
notes the banks held Sal, zoo, 900 of
legal tender notes, or little more than
80 per cent. OF their amount, but they
also held on deposit in the federal treas
ury as security for these notes bonds of
the United States worth in gold about
$50, 900 900, available and current in
all the foreign money markets. In re-
Stunning the banks, even if it were pos
sible for all their notes to be presented
for payment, would have $500. 000, 900
of specie funds 10 pay $3.50, 200 900 of
notes without contracting their loans to
their customers or calling on any pri-
vate debtor for payment.
Suspended banks undertaking to re-
sumo have usually been obliged to col
lect from needy borrowers the means to
redeem excessive issues, and to provide