Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1876-08-16
THE DEMOCRATIC LETTERS.

Tilden Goes in for 6 Tilden and r. eform .
thing to be 8. Reformed - but sammy
Himself-What Hendricks Wants, and
How He Would Like to Get 1t.
From the New York Commercial Advertiser.
The letters of the Democratic candi-
dates have finally been published.
Governor Tilden's is long and labored
document, in which he devotes a good
deal of space to the finances, but exact
ly how he would settle that question Is
much in doubt. He begins his letter
in the usual whine over Republican ex-
travagance. He says "Under the
illusions Of a spacious prosperity, en-
gendered by the false policies of the
Federal Government, a waste of capital
has been going on ever since the peace
of 1865, which could only end in univer-
sal disaster. The Federal taxe1 of the
last eleven years reach the gigantic sum
OF four thousand five hundred millions
Local taxation has amounted to two
thirds as much more The vast aggre-
gate is not less than seven thousand five
hundred millions. This enormous tax
alton followed civil conflict that had
greatly impaired our aggregate wealth,
and had made q prompt reduction of
expenses Indispensable He then pro-
ceeds to quote from letters he wrote
and speeches he made ten years ago to
prove that the Republican system is all
wrong. The Governor then turns his one
good eye on the South, and thus dis
courseth "The nobler motives of hui
mainly concur with the material inter
ests of all in requiring that every OBJ
stacle be removed, to complete and
durable reconciliation between kindred
populations once unnaturally estrang-
ed, on the basis recognized by the St.
Louis platform, of the Constitution of
the United States, with its amendments
universally accepted as a final settle
ment of the controversies which en-
gendered civil war Bat, in aid of q
result SO benefcent, the moral influence
of every good citizen, as we'll as every
governmental authority, ought to be
just equality before the law, but like
wise to establish a cordial fraternity
and good will among citizens, whatever
their race or color, who are now united
in the one destiny Of common sef-gov-
eminent. If the duty 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 It's citi-
zens, whatever their former condition,
in every political and personal right"
Then to the finances the Governor
turns, and in column and half of
small type tells how he thinks the mat
ter should be settled. 1t is not exactly
plain how the Governor would settle
this matter, for excepting the announce
ment that he believes the Resumption
Bill should be passed, he is not very
def, tie. After referring to the amount
of bank notes and legal tenders, Mr..
Tilden says: "To make the coin now
IN the Treasury available for the OBJ
jects of this reserve, to gradually
strengthen and enlarge that re erve,
and to provide for such other excep-
tional demands for coin as may arise,
does not seem to me a work of difficult
ty. If wisely planned and discreetly
pursued, it ought not to cost any sac
ritice to the business of the country.
It should tend, on the contrary, to a
revival of hope and confidence. The
coin in the Treasury on the 3Oth of
June, including what is held against
coin certificates, amounting to nearly
seventy-four milliors. The current of
precious metals which has flowed out
of our country for the eleven years
from July 1, 1865, to June 80, 1876,
averaging nearl y seventy-six millions a
year, was eight hundred and thirty-two
millions in the whole period, of which
six hundred and seventeen millions
were the product Of our own mines
To amass the requisite quantity, by in
tercepting frc n the current flowing out
of the country, and by acquiring from
the stocks which exist abroad W without
disturbing the equilibrium of FOREIGN
money marke's, is result to be easily
worked out by practical knowledge and
jud sment. With respect to whatever
surplus of legal tenders the wants of
business may fail to keep in use, and
which, in order to save interest, will be
returned for redemption, they can
either be paid or they can be funded.
Whether they continue as currency, or
be absorbed into the vast mas Of Sc
CaIltlCS AS1u q lufCSLAuGlilS, Is merely
question Of the rate of interest they
draw"
He believes the only wa to resume
IS to cut down government expenses,
and that the proper time to resume is
when wise preparations shall have
ripened into perfect ability to accom-
plish the obje ct With certainty and
ease that will inspire confidence and
encourage the reviving of business.
The earliest time in which such re.
suit can be brought about is the best.
Even when the preparations shall have
been matured the exact date would
have to be- chosen with reference to the
then existing state of trade and credit
operations In our own country, the
course Of foreign commerce, and the
condition Of the exchange with other
nations. The specific measures and
the actual date are matters of detail
having reference to ever-changing con-
ditions. They belong to the domain
Of practical administrative statesman
ship"
He disposes of the Resumption Act
as follows: "The act of Congress of
! l. A