The Morning herald., 1876-08-05
By Associated Press.

and of the reforms needed to bring back the
government to it's true functions; to restore
purity of administration and to renew the
prosperity of the people. But some Of these
reforms are so urgent that they claim more
than passing approval" The Governor
then takes up the subject of reforms in the
public expense and the South, and treats
them elaborately. He next passes to the
currency question to which he has given
great attention. t} =.
He says. The amount of the legal ten
der notes of the Undted States now out
standing are less than $370, ,OO0, 600, besides
$34 ,OOO, 900 of fractional currency. How
shall the Government make these notes at
all times as good as species 1t has to pro-
vide in reference to the mass, which would
be kept in use by the wants of business,
central reservoir of coin adequate to the
adjustment of the temporary fluctuations of
International balances, and as guarantee
against transient drains artificially created
by panic or by speculation.
It has also to provide for the payment in
coin of such fractional currency as may be
presented for redemption on such inconsid-
erable portions of the legal tenders as indi-
viduals may from time to time desire to
convert for special use or in order to lay by in
coin their little stores of money.
He then goes on to give his reasons for
believing that resumption will not be diff.
cult to accomplish, and says if wisely
planned and discreetly pursued IT ought not
to cost any scrifice to the business of the
country.
1t should tend on the contrary to revival
of hope and confidence. The coin in the
Treasury on the .30th June, including what
is held against coin certificates amounts
to nearly $74, 100000. The current OF pre-
cious metals which has flowed out of our
country for the eleven years from July l,
1876, to June 80 1876, averaging nearly SIC, )
100000 a year was 1892 900, 900, in the
whole period of which $617, 100000 were
then the products of our own mines. To
amass the requisite quantity by intercepting
from the current flowing out of the country
and by acquiring from the stocks which ex-
let abroad without disturbing the equilib-
Ram of foreign money markets, is result
to be easily worked out by practical know
ledge and judgment with respect to what
ever surplus of legal tenders, the wants OF
business may fail to keep in use and, which
In order to save interest will be returned for
redemption.
They can either be paid or they can bs
funded. Whether they continue IS cur
rency or be absorbed into the vast mass OF
securities held 20 investments is merely q
question of the rate of interest they draw
Even If they we're to remain in the present
form, and the Government to agree to pay
on them rate of interest, and making them
pay as desirable investments, they would
cease to circulate, and take their places
with Government, State, Municipal and
other corporations and private bonds OF
which thousands Of millions exist among US
After touching on the question of civil
service reform the Governor in conclusion
says: Educated in the belief that 1t is the
first duty of q citizen of the Republic tc
take his fair allotment of care and trouble
in public affairs have for forty years as 9
private citizen fulfilled that duty, though
occupied in an unusual degree during that
period with the concerns of government,
have never acquired the habit of officia
life.
When q year and a-half ago I entered
upon my present trust, It was in order tt
consummate reform, to which 1had ALREADY
devoted several of the best years of my life
Knowing as dc, therefore, from fresh ex-
perience how great the difference is between
gliding through an official routine and work
inp out reform of systems and falsities, i
is impossible for me to contemplate what
needs to be done in the Federal administra
tion without an anxious sense of the diff
Guilty of the undertaking.
If summoned by the suffrages of my
countrymen to attempt this work, shal
endeavor, with Gods help to be the eficien
instrument of their will. ,...
Governor Hendricks
NEW York, August 5.-Governor Hen
bricks tonight gave to the press of th'
country his letter of acceptance. He says
"It would have been impossible for me t.
accept the nomination, If could not hearth.
endorse the platform of the Convention.
am gratifed, therefore, to be able to un
equiyocally declare that / agree In tn
principles, approve the policies and sympa
thiee with the purposes enunciated In tina
platform.
The institutions Of our country, ou
financial system of expedients, must be per
formed. Gold and silver are the real stan
dards Of values, and our national currenc
WIN not be perfect medium of exchang
until It shall Be convertible at the pleas1r
ofthe holder.
la / have hsrstoSore sid, no one desire
rotuSu 70 specie paymeuts more esrnestl
& fhanI do, Ut r % ~ believs thatdt win Q
!, S1 r slsehee g. .|Aaxl VA IN. Inter z g