Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1876-08-05

1tNldouk W. WI tO'0t' ~ ''.e''.s y 49,
want TO do now is to cut down your
expenses and live within your income,
and l would give MI the leserdem4ln
of finance n,sd financing II would
give the whole Of il-for The old,
homcly maxim live within your in
come.
This reform will be resisted at
every step, but it must be pressed
persisteutly. We see 10 day the i'm
mediats representatives Of the people
in one brunch Of congress, whils
struggling to reduce expenditures,
compelled to confront the menace Of
the senate and executive THAI unless
Objectionable appropriations be con-
suited to the operations OF the gov
erument Hereunder shall suffer detri-
mpnt or cease.
In my Judgment an amendment OF the
constitution ought t,l be devised separating
into distinct bills the approximations for
the VARIOUS dcpartm oil the public ser
vice, and excluding from each bill all APP
proprialions for other objects and ali lnde-
pendent legislation. In that care alone can
The revisoiy power of each of the two
houses and Of the executive be preserved
and exempted from the moral duress which
often camprls assent TO Objectionable Ap-
preparations, rather than stop the wheels
sof tue government An accessory Cause.
enhancing distress in business, is 10 bo
found in the systematic and insupportable
,misgovernment imposed upon states OF tue
south. Bes,dss ths ORDINARY effects Of an
ignorant and dishonest administration, it
has inflicted upon the people enormous Is.
sues OF frsu1ulsnt honds, Tho scanlY ayails
Of which were wasted or stolen and the
sexistence Of which 10 public discredit,
tending To bankruptcy or repHdiatieb.
Taxes, generally oppressive, in some In
stances have contiscaled tue enure incom.
Of property aud totally destroyed It's mark
etable value. IL Is impossible that
these evils should not react upon
The prosperity of the whole county.
The noblrr motiyes. of humanity concur
with the material interests of all, in requlr-
ing that every obstacle be-. removed TO a
complete aud durable reconciliation be-
tween our Kindred population Oh The basis
recognized BY the 81. Louis platform, aud
or the constitution OF the United States,
with its amendments universally accepted
As y final settlement OF all controversies
which engendered the civil war, but in aid
Of result so bencfcient. the NOR al intlu
ence Of every good CITIZEN, as we'll as every
governmental authority. ought to be exent-
ed, not alone TO maintain their just equal
ity before the law but likewise to establish
cordial fraternity of good Will among citi-
zens, whatever their race or color, who are
now united in the one destiny of cout44ea
\ ,t,,t,, t..,h
signed 10 me, should not fail TO exercise
the powers with which the laWs and con.
stilution of our country clothes It's chief
magistrate to protect all It's citizens, what
ever their former condition Ill every polit-
ical and personal right.
Reform is necessary, declares the
st. Louis convention, to establish a
sound currency, restore public credit,
and maintain national honor; and it
goes on to demand judiclous. sys-
TEN of preparation by public econo-
mics, by official reteench ment, aud by
wise finance which shall enable the na-
ton soon to assure the whole world oi
tssperfect ability aud its perfect read
mess to meet any of its promises a,
the call of the creditor entitled TO pay
ment The object demanded by 'he
convention is the resumption ofspecie
payment on leg. tender notes OF the
U S; that would not oulYY restore pub
lie credit and maintained na,iona
honor, but would establish a soune
currency for the people. The meth
DDS by which this object is 10 be
| pursued and the means by which IT |.
to be attained, are disclosed By wha
the convention demanded for the iu
ture and by what it denounced in tn,
past. The resumption of specie pay
nents by the government Of tn
United States on its legal tende
notes would establish specie pay
ments by all the banks on all ,hei
notes The official statement mad
on the 18th of May shows that tn
amount Of bank notes was three hun
dred mill ons, less twenty million
held by themselves. Against thes,
Two hundred and eighty million
OF notes the banks held one hnndre
and forty-one millions Of lie
gal teoder notes, or little more ha
Fifty per cent. Of this amount; bu
they also hold on deposit in she fed
eral treasury as security for thes
notes the bonds Of the u S, worth
gold about three hundred aud sixt
millions, available and current in al
!. foreign money markets. IN rcsImin
the banks even il possible Tor all the
notes to be presented for paymen
would have FIVE hundred millions ,
r specie fund to pay two hundred an
81 sixty. millions of notes, without col
tracing their loans to their custome,
t or calling ON any private dehtt
E for payment. Suspende
banks undertaking to resun
have usually been obliged to cnllect fro
ueeuy borrowers means 10 redeem exef,s
;. iva issues and 10 provide reserves.
vague idea nf distress. Is therefore often
{ ISOLATED with the process resumption. Il
. l ~ IA. ,,jk al