The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-08-05
THE LONG EXPECTED.
Gov. TiIdeIF's Tardy EpistIe 10 the
Democracy.
Nothing but His Oft Told Story.
Specie Resumption Made Easy on
Paper.
ATRANY .Tnlu q 1919


ceive personal delivery of your letter on be.
half of the National Democratic Convention.
held on the 28th of June, at st. Louis, advising
me of my nomination as the candidate of the
constituency represented by that body for the
office of President of the United States. ans
wered that at my earliest convenience, and in
conformity with usage, 1 would prepare and
transmit to you formal acceptance. now
avail myself of the first interval of the unavoid-
able occupations to fulfil that engagement.
The convention before making its nominal
tons, adopted a declaration of principles which,
as whole, seems to me wise exposition of
the necessities of our country and of the reform
needed to bring back the government to its
true functions, to restore purity OF adminstra-
tion, and to renew the prosperity of the people;
but some Of these reforms are so urgent that
they claim more than passing approval. Re
form in the public expense. The necessity in
reform in the scale Of public expense, federal,
state and municipal, and in the modes OF fede.
raj taxation, iustifies all the prominence given
to it in the declaration of the st. Louis Conven.
ton. The present depression in all the bust
ness and industries of the people which is de-
priving labor of its employments and carrying
want into SO many homes, has its principal
cause in excessive governmental consumption
under the illusions of specious 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 universal disaster. The federal
taxes of the last eleven years reach the gigan-
tic sum of 50, 500 600. Local taxation bas
amounted to two-thirds as much more. The
vast aggregate is not less than $780, 100000.
This enormous taxation followed civil conflict
that had greatly impaired our aggregate wealth,
and had made prompt reduction of expenses
unscientifc and ill-adjusted methods Of taxa.
ton that increased the sacrifices of the people
far beyond the receipts of the treasury. 1t was
aggravated, moreover,B BY financial policy
which tended to diminish the skill, energy and
economy of production and the frugality of
private consumption, and induced miscalcu-
tion in business and an unremunerative use of
capital and labor. f"z
Even in prosperous times, the daily wants of
prosperous communities press closely upon their
daily earnings. The margin OF possible savings
is at best small per centage of national earn
ings. Yet, even now for these eleven years gov
ernmental consumption has been larger por
ton of the national earnings than the whole
people can possibly save euen in prosperous
times for all new investments. The conse-
quences of these occurrences are now present
public 2calamlty.- But they never were doubt
full, never invisible. They were necessary and
inevitable, and were foreseen and depicted
when the waves of that fictitious prosperity
ran highest -
In speech made by me on the oath of Sep
TENDER, 1869, it was said of these taxes. "They
bear heavily upon every mans income, upon
every industry and every business in the coun-
try, and year by year they are destined to press
still more heavily unless we arrest the system
that gives rise to it, 1t was comparatively
easy when values were doubling under repeat
ed issues Of legal tender paper money to pay
out of the froth of our growing and apparent
wealth these taxes, but when values recede and
sink towards their natural scale, the tax gath
erers take from us not only our income but
a portion of our capital. ,f .i-Atts.5, ,.-u
do not wish to exaggerate or alarm. /
simply say that we cannot afford the costly and
ruinous policy of the radical majority of Con-
gress. We cannot afford that policy toward
the South. We cannot afford the magnificent
and oppressive centralizm into which our gov
ernment is being converted. We cannot afford
the present magnificent scale of taxation. To
the Secretary of the Treasury said early in
1865, there is no royal road for. government
more than for an individual or corporation.
| What you want 10 do now is to cut down your
expenses and live within your income.
would give all the legerdemain of finance and
financierng, would give the whole of it for
the old homely maxim, Live within your in
come" ;-as go --s $ .t1 81 "a
This reform will be resisted at every step. but
it must be pressed persstently. We Sc to-day
the immediate representatives of the people 10
one branch OF Congress, while struggling to re-
duce expenditures, compelled to confront the
menace OF the Senate and of the Executive
Unless the Objectionable appropriations be con-
sented to. the operations of the government
Hereunder shall suffer detriment or cease.
I In my judgment an amendment of the con-
stitution ought to be devised separating into
distinct bills the appropriations for the various
departments of the public service, and exclud.
ing from each bill all appropriations for other
objects and all independent legislation. In
that way alone can the revlsory power of each
of the two houses and of the Executive BIZ pre-
served and exempted from the moral duress
which often compels assenttO objectionabl an
psepsiasoee .atiaor taau otvp THO wi1ueis of the
government. aGvi --.a -
An accessory cause enhancing the distress in
business is to be found in the systematic and
unsupportable misgoyernment imposed on the
states of the South. Besides the ordinary eff
fects of an ignorant and dishonest administra-
ton, it has inflicted upon them an enormous
issue OF fraudulent bonds, the scanty agails of
which were wasted and stolen, and the exist
ence Of which is public discredit, tending
to bankruptcy or reputation, taxes
generally oppressive in some instances
have .con6scated the income of property and
totally destroyed its marketable value. 1t is
impossible that these evils should not react up-
on the prosperity Of the whole country. The
nobler motives of humanity concur with the
material interests Of all in requiring that every
obstacle be removed to complete and durable
reconciliation between kindred populations
once unnaturally estranged, on a basis recog-
nized By the St Louis platform of the 'constitu-
ton of the United States with its amendments
universally accepted as final settlement of the
controversies which engendered civil war"
But In aid of a result SO benefcient the moral
influence of every good citizen as well as every
governmental authority, ought to be exerted
not alone to maintain their equality before the
law, but likewise to establish cordial frater-
nifty and good will among citizens, whatever
their race or color, who are now unitedon the
one destiny of a common self-government, If
the duty shall be assigned to me 1 should not
fail to exercise the powers with which the laws
and constitution of our country clothes The
chief magistrates to protect ALI its citizens,
whatever their former condition, ia every DO
litical and personal right. rc~ -, y
"Reform is necessary" declares the st. Louis
convention, to establish sound currency, re-
store the public credit, and maintain the ma
tional homer; and it goes on to demand a
judicious 81 stem of preparation by public ecou-
omies, by official retrenchments and nv wise
finance which shall enable the nation soon to
assure the whole world of ITS perfect ability and
its perfect readiness to meet any of its promises
at the call of the creditors entitled to payment
The 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 maintain
currency. for the people. The methods by
which this object is to be pursued, and the
means by which it is to be attained, are dis
solved by what the convention demanded for
the future, and by what it demanded in the
past. ...t .f-.eso v,>st..sF -
The resumption of specie payments by the
government Of the United States on its legal
tender notes would establish specie PAYMENTS
by all the banks OF all their notes. The Off
cisl statement made on the 18th of Nav shows
that the amount Of the bank notes was $780,
600, COOLIES $20.000,000 reserves Against
these $3.50, 100000 of notes the banks held
Sal 900 900 of legal tender notes, or little more
than 80 per cent. of its own promises, and the
bangs can take care of themselves without
distressing anybody The government lis,
therefore, the sole delinquent
The amount of the legal tender notes of the
United States now outstanding is less than
$3.50, 600, 900 besides $34, 10000 of fractional
currency. How shall the government make
these notes at all times as good as specie? II
has to provide in reference to the mass which
would be kept in use by the wants of business
a central reservoir of coin adequate to the adj
justmen. of the temporary fluctuations Of in
teInational balances and as a guaranty against
transient drains artificially created by panic or
by speculation. 1t 5as also to provide for the
payment in coin Of such fractional currency a.
may be presented for REDEEM ption, and suoi1 io.
considerable portions of the legal tenders as in
dividuals may from time to time desire to con-
vert for special use or in order to lay by in com
their little stores of money. s5 @s eA EF7
In resuping the banks, even if it were posi-
hla for oil THAR. uotas IN he tad "a, 49,