Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1876-08-19
THE PRESIDENTIAL CAMPAIGN.
The Letters OF Acceptance of Messrs. TIL
den and Hendricks.


nomination rendered him by the DemOcrs'ic
nsuonal convention, Gays: The convention,
before making its nominations adopted n oe-
claration Of principles, which Is q whole seems
to me wise exposition Of / Re necessities Of
our country, and of the reforms needed to
bring back the government to its true func-
tions, to restore purity Of administration, and
to renew the prosperity OF the people. The
necessity OF q reform Sin the scale OF
public expense-Fedsral State and NUM-
cipal and "in this modes Of Federal taxa
tion." justifies all the 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 1850 millions.
Local taxation has amounted to two-thirds as
much more. Tue vast aggregate is not less
than 1880 millions. He says that in
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 small percen age
of national earnings. Yet now for these
eleven years governmental consumption has
bsen larger portion OF the national earnings
than the whole people can possibly save, even IN
prosperous times, for all new investments.
He refers to a speech made in 1868, in which
he said 1--WE cannot afford the present magnif-
cent scale of taxation, and to a letter to the
secretary OF the treasury in 1868, in which he
said: There is no royal road for govern
uent more than for an individual or corpor-
Town your expenses, and live within your in
come. l would give all the legerdemsin OF
fnaucs and hnanceriug-I would give the
whole of it for the old homely maxim, Live
within your income"
He says this reform in extravaganza will be re-
sisted at every step, but 1t must be pressed
persistently. He says that in his judgment an
amendment of the Constitution ought to be
devised separating into distinct bills tho ap
preparations for the various departments of
the public service, aud excluding from each
bill all appropriations for other objects, and
all independent legislation.
THE.soUTH.
Gov. TLlden Gays: An accessory cause en-
HANGING the distress in business is to be
found III tie systematic and insupportable
mis- government imposed on the States of the
Sc iii, and it is impossible that the evils
therein should not reach upon the prosperity
of the whole country. If the duty shall be
assigned to me, he says, shall not fail to OK
orcae the powers with which the laws and
the Constitution OF our country clothes its
chief magistrate, to protect all its citizens,
whatever their former condition. IN every
political and personal right.
CURRENCY REFORM.
Tho object demanded by the convention is
resumption OF specie payments on the legal
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 sound currency" for the people. The
methods by which this object is to be pur-
sued, and the means by which it is to be at
tanned, are disclosed by what the convention
demanded 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
government has only to make good its own
promises and the banks can take care Of them
selves without distressing anybody. The gov
eminent is, therefore, tie sole delinquent.
MEANS OF RESUMPTION.
Public economies, official retrenchments,
and wise finance, says Gov Tilden, are the
means which the st. L )ui5 convention indi-
Gates as provision for reserves and redemp-
tions The best resource is a reduction Of
the expenses Of the government below
its income; for that he imposes no new
charge on the people. II, however, the
lmprovidence and waste which have con-
Quoted us to period of failing reve-
nues oblge US to supplement the results of
economies and retrenchments by some resort
to loans, we should not hesitate The govern
ment ought not to speculate on it's own dis
honor, IN order to save interest on it's broken
promises, which it still compels private dealers
to accept at fictitious par. The highest ma
tlond honor is nos only right, but would prove
bear interest at SIX per cent in gold, and
$7l2OO00OO at five per cent. in gold The
average interest is 5.53 per cent. A financial
policy which should secure the highest credit,
wisely awaited of, ought gradually to obtain a
reduction OF one per cent. in the interest on
most of the loans. A eaving of one per cent.
on the average would be ST. 600, 600 year i'll
gold. That saving regularly Invested at four
and one-haf per cent, would, in less than
thirty-eight years, extinguish the principal
The whole 81, 700, 000 100 of funded debt
might be paid by this saving alone, without
cost to the people.
PROPER TIME FOR RESUMPTION.
The proper time for resumption is the time
when wise preparations shall have ripened into
aperfect ability to accomplish the obi cot with
certainty and ease that will inspire conf
dence and encourage the revivng of business.
The earliest time in which such result can be
brought about is the best. Even when the
preparations shall have been matured. the ex-
act date would have to be chosen with refer
ence to the then existing state OF trade and
credit operations in our own country the
course of foreign commerce, and the condition
Of the exchanges with other nations. The
specific measures and the actual date are mat
tiers OF detail having reference to ever chang
ing conditions. They belong to the domain Of
practical Administrative craftsmanship. A
human intelligence must DO at the helm TO
the winds. human hand must be on the
helm to feel the elements day by day, and
guide to mastery over them
PREPARATIONS FOR RESUMPTION.
Such preparations are everything. Without
them legislative command fixing a day, an
official promise fixing day are shams. They
are worse-they are snare and a delusiOn tC
all who trust them. They destroy all conf.
dence among thoughtful men, whose judg-
tNyt1la lauk l. x5r,1 A.,
Tempt TO act on SUCH command or such
promise without prepal alton, would end in
new suspension. 1t would be o fresh calamity
prolific of confusion, distrust and distress.
RESUMPTION PLAN OF THE ST. LOUIS PLATFORM
The st. Louis platform denounces the fail
ures for eleven years to make good the promise
OF the legal tender notes. II denounces tn,
omission to accumulate "any reserve for thei
redemption" 1t denounces the conduc
"which, during eleven years Of peace, ha
made no advances toward resumption, no prep
arations for resumption, but instead has OBJ
structed resumption by wasting our resource
and eXhausting our all surplus income and
while protesting to intend speedy return +
specie payments, has annually enacted fresl
hindrances thereto And having first de
nounced the barrenness Of the promise Of
day of resumption, it next denounces tina
barren promise as ga hindfance" to resumI
ton. . 1t then demands its appeal and also dc
mands the establishment OF ga judiciou
system of preparation for resumption.
cannot be doubted that the substitution of Z"
System OF preparation" without the promise 9
a dav, or the worthless promise Of day witt
out ia system of preparation" would be tn
gain Of the substance OF res umption in e1
change for its shadow.
Nor is the denunciation tuni erited OF ths
improvidence which, in the eleven years sine
the peace, has consumed 4, 500 iun uons OF DO
loru and uot oo,,ld mt afford N iVl the DeODl