Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-07-06

Onurch ana Stale Tor the sake a.
like Of civil aud religious freedom !;
in the equality Of all citizens be
fore just laws Of their own enact
nent; in the liberty of individual
conduct unveXed by sumptuary
laws in the faithful education of
the rising generation, that they
may preserve, enjoy and transmit
these best conditions Of human
happiness and hope, we behold the
noblest products of a hundred
years of chaugeful history, but
while upholding the bond Of our
Union and great character OF these
our rights, it behooqes a free peO-
pie to practice also that eternal
vigilance which is the price of all
liberty,
Reform is necessary to rebuild
and establish in the hearts of the
whole Union, eleven years ago
happily rescued from the danger
OF a corrupt centralism, which, at
ter inflicting upon ten States the
rOpacity of carpet-bag tyranny,has
honey combed the Offices OF the
Federal Government itself with
incapacity, waste and fraud, infec
ted States aud municipalities with
the cantagion of misrule and locked
fast the prosperity of an industri-
Gus people in the paralysis of hard
times. Reform is necessary to es.
tablish a sound currency, restore
the public credit and maintain the
national honor.
We denounce the failure for all
these eleven years to make good
the promise of the legal tender
notes which are a changing stand
ard OF value in the hands of the
people and the non-payment Of
which is a pledge of the plighted
faith of the nation.
We denounce the lmprovidence
which, in eleven years of peace,
has taken from the people in Fed
eral taxes thirteen times the whole
amount of the legal tender notes,
and squandered four times this sum
in useless expense, without accu
mulating any reserve for their re.
demption.
| We denounce the financial i'm.
beciIity and immortality of that
party, which during eleven years
of peace, has made 40 advance to
ward resumption, no preparation
for resumption, but instead has OBJ
structed resumption by wasting
our resources snd exhaustiDg NIL
our surplus income, and while an
uually protesting to intend aspeedy
return to specie payments, has an,
nually enacted fresh hindraace
thereto.
We denounce the resumption
clause of the act OF 1875, and We
demand its repeal. We demand
a judicious system Of preparation
by public economies, by official re-
treuchmants and by wise finance,
which shall enable the nation soon
TO assure the whole world of It's
perfect ability and its perfect read
mess to meet any of its promises
at the call of the creditors enti-
tied to payment.
We believe such O system we'll
devised, and above all, entrusted
to competent hands Cor its execn-
ton, creating at no time an artili
cial scarcity Of currency, and at
no time alarming the public mind
into a withdrawal Of that vaster
machinery of credit by which 95
per cent. Of all business transac-
tons are performed.
A system open to the public and
inspiring general confidence, it
would from the day of its adop-
ton bring healing to all our
narrowed industries, set in motion
the wheels of commerce, manufac-
lures, and the mechanical arts, re-.
store employment to labor and re-
new in all its national source the
prosperity Of the people.
K form is necessary in the mode
and sum of Federal taxation to
the end that capital may be set
free from distrust' and labor light
ly burdened.
We denounce the present tariff
levied upon nearly four thousand
articles as a masterpiece of injus.
tice, inequality and false pretense.
1t yields dwindling, not a rising.
revenue. 1t has impoverished
many industries to substitute few.
1t prohibits imports that might
purchase the products of Ameri-
can labor. 1t has degraded A
merican commerce from the first
to an inferior rank upon the high
seas. 1t has cut down the sales
of American manufactures at
home and abroad and depleted the
returns of American agriculture
and industry, followed by half our