Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1876-08-12
TILDEN-HENDRIOKs.
MR.. IILDEN,S LETTER.


GENTLEMEN: When had the honor to receive
personal delivery of your letter on behalf of the
Democratic national convention. held on the
18TH OF June, ut st. Louis, advising me OF my
candidate of the constituency
represented by that body for the Office Of pres-
dent of the United States, answered that at my
earliest convenience and in conformity with
usage would prepare and transmit to you
formal acceptance. Inow avail myself OF the
first interval in unavoidable occupations to full
fill that engagement.
THE DECLARATION OF PRINCIPLES.
The convention before making Its nomination
adopted declaration of principles, which rs II
whole seems to me u wise exposition of the
necessities OF our country and of reforms needed
to bring back the government to its true func-
tlons; to restore purity of administration and to
renew prosperity of the people. But some OF
these reforms are so urgent that they claim more
than passing approval. The necessity OF Il
reform in the scale of public expense, federal.
taxation. justifies all the prominence given to it
in the declarations of the st. Louis convention.
The present depression in al . business and
labor of it's employment and carrying want into
SO many homes, has its principle cause IN eN-
cessive governmental corruption, corruption
under illusions of ausplcious prosperity engcn-
dered by false policies of the federal government
waste of capital has been going on ever since
the peace of 1865, which could only end in uni
versal disaster. The federal taxes of the last
eleven years reach the gigantic sum of 81 ,5O0,-
OOO, 100. Local taxation has amounted to two
thirds as much more. The vast aggregate is not
less than 81 sou, ,OOO, ,OC0. This
ENORMOUS TAXATION
Followed civil conflict that had greatly i'm
paired our aggregate wealth and had made u
prompt reduction of expenses Indispensable. 1t
was aggravated by most unscientiIc and ill-ad-
justed methods of taxation that increased the
sacrifices Of the people far beyond the receipts
financial policy which tended to diminish en-
ergy, skill and economy of production and fru-
gality of private consumption, and induced
use of capital and labor. Even in prosperous
times the daily wants of industrious communI-
ties press closely upon tieir daily earnings. The
margin of possibIe national savings is ut best
| D small percentage of national earnings. Yet,
now for these eleven years governmental con-
tional earnings than the whole people can pos
/ sibly sive even in prosperous times fer all new
investments. The consequence Of these errors
| is nov q present public calamity. But they
were never doubtful, never invisible. They
were
| NECESSARY AND INEVITABLE,
And we're foreseen and depicted when the waves
speea ' made ' by me peh on the 9th Of September.
| 1865, it was said of these taxes: ''They bear
tne
year by year they are destined to press still
more heavily unless we arrest the system that
gives rise to them It was G3SmpaIatyeiy easy
| of lesal-tender paper money to pay out OF the
growth of our growing and apparent wealth
thes. taxes; but when values recede and sink to-
| wards their natural scale the tax-gatherer takes
from us net only our income, not only oul
profits. but also a portion Of our capital. dc
| nOtwish to eXaggerate or alarm. l simply Say
tha we cannot afford the costly and ruinOus
policy of the Radical majority Of congress. W.
cannot afford that policy toward the South; w
cannot afford the magnificent and oppressive
celtralism into which our government is being
converted; we cannot afford the present magnlf
icent scale Of taxation -
10 the secretary Of the treasury said early il
1856:
'sThere is no royal road for government
l.,,..
What you want to do now is to cut down you
| expenses and live within your income. wOult
give all the legerdemain of finance and finan
eiering; would give the whole of it for the old
LIVE WITHIN YOUR INCOME
This reform will be resisted at every step, bu
it must be pressed perslstently." We see to
day Immediate representatives of the people il
one branch of congress, while struggling to re
duce expenditures, compelled to confront tn
menace of the senate and executive, that unles
| Objectionable appropriations be consented to
operations of the government Hereunder shal
suffer detriment or cease. In my judgment, o.
raised, separating into distinct bills the appro
priatiOns for the various departments of tn
public service, and excluding from each bill al
appropriations for other objects and all indie
pendent legislation In that way alone Gu
every power OF each of the two houses and of tn
executive be preserved and exempted from tn
moral duress which often cOmpels assent to oh
Ijectionable appropriations rather than stop tn
wheels et isaEe's' ID business cause en-
imposed ON the states of the south Besides tn
ordinary effect OF an ignorant and dishonest AL
ministration, it has indicted upon them enor
nous issues of fraudulent bonds, the scant
| avails OF which We're wasted or stolen, and til
| existence of which is public discredit, tend
ing to bankruptcy or reputation. Taxes, gen
| orally oppressive, in some instances have con
| 1scatea the entire income OF property, and total
ly destroyed its marketable value. 1t is impos
| sIble that these evils should not react upon tn
| prosperity OF the whole country.
THE NoBLER MOTIVES OF HUMANITY
Concur with the mater al interests OF all i'll re
qulring that every obstacle be removed to
| complete and durable reconciliation betwee
| kindred population, once unnatur:llly estranged
on the basis. recognized by the st. Louis plat
| form, of the constitution of the United States
with its amendments, universally accepted as
final settlement OF controversies which engen
dered civil war. But. in aid of Il result SO be
neicent, the moral influence Of every good citi
zen, as well US every governmental authority
ought to be eXef-d, not alone to maintain thei
just equality before the law, but likewise to es
| tablish cordial fraternity and good will amon
citizens, Whatever their race or color, who ar
now united in the one destiny OF u common sell
gOvernm mt.
If the duty shall be assigned to me, | shoul
not fail to exercise the powers with which tn
laws and constitution of our country clothe it
chief magistrate. to protect all its citizens
| whatever their former condition, in every no
litical and personal right.
REFORM Is NECESSARY,
| Declares the st. Louis convention, to establish
a sound currency, restore public credit, an
maintain the national honor; and it goes on t
| demand Il JuulclOuS system OF preparation b.
public economy, by Official retrenchments an
by wise finance, which shall enable the natiO
| soon TO assure the whole world Of its perfeC
ability and its perfect readiness to meet any q
its promises at the call Of its creditors entitle
| to payment. The object demanded by the con
Ventlon is resumption OF specie payment of lie
Ral tender notes of the United States. Tha
would not only restore the public credit an
maintain the national honor, but it would estat
lish sound currency for the people. Til
methods by which this object is 10 be pursued
| and the means by which ii is to be attained, ar
disclosed by what the convention demanded fo
the future and by what 1t denounced in the past
| Resumption OF specie payments by the govern
ment of the United States on its legal tendt
notes, would establish specie payments by q
the banks on all their notes. The Official state
ment made on the 18th OF May shows that til
| amount of bank notes was $500 ,000, 900 less $40
0OO. 600 held by themselves. Against the $3.50
600 600 of notes, the banks held Sl4l Oo0 900 egi
Of the amount. But they also held on depos
| in the
AS q security for these notes. bonds OF IL
United States worth in gold about $3.50 900 =,
available and current in all foreign money mar
possible for all their notes to he presented fC
payment, would have $500, 900, 900 of spec
| funds to pay $2S0, 600 600 of notes without COZ
trncting their loans to their customers, or calm
on any private debtor tor payment. Suspende
banks undertaking to resume. haYe usually bee
| Obliged to collect from needy borrowers mear
| to redeem excessive issues, and to provide L,
| serves. a vague idea of distress is therefor
| often associated With the process oil resumption
But the conditions which caused distress in tho,
former instances do not now exist The gov
erninent has only TO make good its own prom
, | ises and the banks can take care of themselyt
, | without distressing anybody. The gOvernmel
is therefore the sole delinquent, The amount
legal-tender notes of the United States now GU
standing is less than s37 200 900 besides S3i OOt
| 600 OF fractional currency. How shall the 20,
ernment make these notes at all times, in reirl
| ence to the mass which would be kept i'll use u
the wants of business, a central reservoir OF co
adequate to the adjustment of temporary fuctl
ations of
INTERNATIONAL BALANCES
And as guaranty against transient drain
artlhclally created by panic or by speculation
1t III so has to provide for payment III CON
I such fractional currency rs may be presente
for redemption and such incOnsidcrable portion
) Of legal tenders rs individuals may from time
time desire to convert for special use in orde
l | to lay by in coin their little stores of money
, To make the coin now in the treasury avalab
Tor the objects of this reserve, to gradual
strengthen and enlarge that and to p-ov l.,
: for such other exceptional demands Tor coin /:
l may arise. does not seem to me work of diff
l | Guilty; If wisely planned and discreetly pursue
II ought not to cost any sacrifice to the blIsne.
: OF the country. 1t should tend, on the contrary
to revival ofhOpe and confidence. The coin
the treasury on the :1OIh ofJune, including Win
| is held against coin certificates amounted
} nearly seventy four millions. The current
precious metals which has flowed out of OF
country for the eleven years from July |. ls6,
to June. 30 1876, averaging nearly $40, ,o00, 900
, year. was 8S32, 900, 600 in the whole period
, which SGl7 600. O0o was the product OF our Ow
mines. To iIn:tss the requisite quantity by il
D terceptins from the current ilowing out Of tt
, country and by acquiring from stocks which eNi
| abroad without disturbing the equilibrium
FOEEIGS MONEY MARKETS
{ Is i result to be easily worked ,ut by practC:
p knowledge and Judgment. With respect
Z whatever surplus OF legal tender the wants
. business may TAIL To keep in use, and which
returned