The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1876-08-17

Tilden, Of New York, and GOV. Thomas 4.
Hendricks, OF Indiana, Of the nomination,
maze ny the National Democratic Conven.
lion at st. Louis for the offices rcspecti\el,
OF President and Vice. President Of Inc
United States:
ALBANY, july n.
GENILEMEN When | had. the honor to re.
hall OF the Democratic National Convention held
on inc 2slh OF June, az ST. Louis, advising me
OF my nomination as The candidate of the con.
sti,nehcy represented by that body, for the oGlce
OF Ircsideht ol the tniic,i states, | answered.
tnat a. my earliest convenience, and in conform.
NV win usage, ] would prepare and transmit tn
you q formal acceptance. now avail myself of
tsme nrst interval IN unavoidable occupations to
iulnll That engagement.
NEEDED REFORM.
The convention before making its nominations
adopted n declaration OF principles, which on
tnc Whole seems to me to he u wise presentation
OF the necessities Of our country; and of the re-
isrns needed to bring back tile Government to
us true iunctions; to restore purity of admins.
t%ratlon, and to renew the prosperity OF the pco.
hle; But some Of these reforms are so urgent
uiat uley claim more than n passing approval,
lme Necessity OF a reform IN the scale Of public
expenses, %feieral, state 0nd municipal, and in
tne modes OF Federal taxation, %iustihes all the
prominence gwen To 1t In the declaration OF the
81 LOUIS convention. Tie present depression
IN All ttc business and industries Of the PEG.
pie, which il dcpriving labor of it, employ.
inent, and carrying want into so MANY homes
nus is principal cause in excessive govern.
;mmemiai consumption, consumption under
by the false policies Of The Federal Government.
a waste OF capital has been going on ever since
wy Prhce ol lsb winch COull only end In uniycr.
sal disaster. The Federal taxes of tho last
eleven years reach the gigantic sum of $3.50.
$1,000 local taxation. has amounted To two.
less than 81. 300, U0l. 900. This enormous In xa,ion
followed aciyil conflict that had greatly impaired
our aggregate wealth. and had made n lrompt
reduction OF expenses Indispensable. II WIS
aggravated by The most unscicntinc and iii.
n,gusieu metlois of taxation that increased the
/ HltrlnrlHO t the nppnlp far IAnpn,I 4, -, -
tie Treasury. Ii was aggravated moreover by n
financial policy which tended to diminish the
I.neTgy, SKIN and economy of production, and
the i~rugality Of private CONSUMPTION. and in.
uuceu mlsHhlculations in business and the
nnreminerative use Of capital aud la.
Dor. Even In prosperous times the daily wants
w. inhustrlous communities press closely upon
u.eir daily earnings. The margin, IL possible,
tage of the national earnings. Yet, now. for
.nese eleven years. the governmental consump.
o,un mas DEen a larger portion OF the national
save, even IN prosperous times, for all new In.
Nestlhrhts. The consequences Of these errors
W vls NOW mcy 4 pr GsSh r"Ilis calamity. but they
were necessa Y and inevitable and were fore.
seen AMI depicted when the waves Of that lcti.
tlona prosperity ran the higlcst In n speech
made by me on the 9Th OF September, lSiS. il
was said OF these taxes "Tliey bear heavily
upon every mah's Income, upon every industry
year they are destined To ross still more heavily
Unless we arrest the system that gives rise To
U' - .''1 N'llIliitlAlNt ttlSN Mttn the val.
III s were doubling under the repeated issues Of
cgal.tchler paper money 10 pay out Of the
Erowti OF our growing and apparent wealth
THESE taxes, but when values rccede and sink
toward Their natural scale the taN gatherer takes
IRON US not only our income not only our profits,
but also q portion OF our capital "
loo not wish to cXaggcrAtc or alarm. | simpk
say that we can not afford the costly and ruinous
.policy 81 the Radical majority Of Congress; we
can not AFFORD their policy toward the south: we
can not afford the magnificent ami oppressive
centralisIn into which our Government is being
converted; We can not afur, the present mag.
Iniiicent scale Of taxation. To The secretary of
The Treasury / said early in l,G,. "Thcre is no
foyni road for a Government, more than for an
individual ora corporation. What you want To
Ilo now is To cut down your expenses and live
Iwilhin your income" | would give all the leger.
IIelnain Of finance and llnanci"ring, ! would give
'"e whole OIL IL Tor the old loncly maxim,
"LlvE WITHIN YOUR INCOME"
This reform win be resisted at every step.
I'VE see to-day the immediate repre-.
scntatiyes of the people IN one branch Of Con.
grcss. while struggling to reduce expenditure.
compelled To confront the menace of the senate
Nand thr Executive, that unless the objectionable
appropriations he consented 10 the operations ot
u'he government hereunder shall suffer ,lctri.
Iment or cease. In my Judgment an amendment
10y lhe Constitution ought TO be adopted scpar.
tine various departments Ut public serv.
zee, anu excluding from each bill all appro.
|rrlations for other objects and al. independent
uisglsi ttion In that way alone can every power
II each OF the two Houses and Of the Executive
vDe preserved and Exempted from the moral dIrcss
Iwhlch often comprls assent to objectionable an.
IlropriatlOns rather than to stop the wheels OF
Government; An accessory cause enhancing
Inistress In business is to be found in the sys
Itehatlc, ald indispensable Government
ltnposed on the States If the south. BESIDES the
Iordlnary effect Of an ignorant and dishonest al.
umlhlstration, II has inflicted upon them rnnr.
nuus ISSUES 9l fraudulent bonds, the scaniy
Iavails Of which were either wasted or
st1len anu the existence of whlci is a public dis
Iu,Ielllt, enulng to bankruptcy or rCpudiation.
|iaNes, generally oppressive, in some instances
nave connScated the entire income Of property,
|hnd totally destroyed is marketable value lis
Impossible that these evils should not react unon
the prosperity of the whole country. The no6ler
inotives OF humanity concur with the material in.
Itcrests OF all, IN requiring that every obstacle be
removed TOT complete and durable reconciliation
between q kindred population once unnaturally
lbs SG the q? 81. the Toui. basis recognized
THE basis of the Constitution OF the Uni,eI
States with its amendments, universally accep.
'e,l as a hiai settlement of the controversies
winch engchdcrcd civil war. Hut in aid of a
result so Dcnelicent. the moral influence Of every
g"%u Gitizen, as well as every Governmental
yam TIER Just equality before the law, but like.
Wisc 10 establish u cordial fraternity and good
VINO are now united in the one destiny of a com.
mon sell government. II the duty shall be as
aigneh 70 me, shall not fail to exercise the pow.
IcrS WIN winch the laws and the Constitution of
Iollr country clothe its Chief Magistrate TO pro.
,tct al It's citizens whatever their former condi.
uoH' IN every political and personal right.
RESUMPTION OF sPECIE PAYMENTS.
Reform is necessary )" declares the st. Louis
Convention, ITO establish % sound currency, re.
store the public credit and maintain the national
honor. " and 1t goes on to demand a jsi.icious
s6GnSnnm OF preparation by public economy. by
Whlcii shall enable the nation soon to assure the
Whole world of It's perfect ability and its rcadi.
ness 10 meet my OF It's promises at the call of its
Vcrelitors entitled To payment. The object de-
nanGed 10y the convention is a resumption OF the
specie payment of tho legal tender notes of the
W 1 nltn1S TufnGs Ilnf rNtal rAN nalr --..-. - /
public credit AMI maintain the national honor,
put would establish a sound currency for the pco.
PIE. The methods by which this object is 10 be
pursued and the means by which 1t is to be ut.
famed are disclosed by what tHe Convention
demanded for the future, AVID by what it de.
nounced for the past. The resumption Of specie
payments by the Government OF the United
states on It's legal tender notes, would establish
specie payments by all the banks on all their
notes. The Official statement made on the l2th
81 MAY shows that the amount Of bank notes was
: 70! 60 400 less s9o, doo. 900 held by themselves
held $l4l 900, GOA legal tender notes or a little
more than NIFTY per cent. of their amount. but
they also held on deposit in the Federal treasury
as q security for these notes, bonds Of the United
states in gold $500, 0OO, 900, available and cur.
rent in all foreign money markets. In resuming,
banks, even il II were possible for all their notes
TO be presented for payment, would have $500
CO 900 OF specie funds to pay $2sO, goo 100 Of
notes without contracting their loans 70 their
payment Suspended banks undertaking to re.
sumo have usually been Obliged 10
'oiitct from neeuy borrowers means 10 redeem
excessive issues and TO provide reserves. \
vague idea OF distress is therefore often associat-
ca win The process OF resumption, but the condi- |
Tons which caused distress in those former i'm.
stances do not now exist. The Government hns
only TO make good Its own promises and Inc
banks can take care OF themselves without dis.
tressing any body. The Government ia there.
fore the sole delinquent. The amount of the le.
gal tender notes Of the United States now ont.
standing is less than $50, 900, OO, besides asd'.
100. go ifractional currency. How shall the Coz.
ernment make these notes at all times, in m or.
ence " the mass which would be kept In ,.se by
the wants of business, a central iessryoIr IL
coin, adequate TO the adjustment OF temporary
fluctuations of international balances and as Il
guaranty against transient drains artihcially
created by panic or by speculation. II also
mas 70 provide for the payment In coin, Of such
fractional currency as may he presented for re.
q smption, and such inconsiderable portions Of
iegai'tenders AS individuals may from time 10
timc desire TO convert for special use. or in or.
uer TO lay by In coin their little stores NJ money.