Evening star. [volume] (Washington, D.C.) 1854-1972, 1876-08-05
EVENING STAR.
AY......"..August D, 1876.
TTLDEN And HENDRICKS
THEIR LETTERS OF ACCEPTANCE.
Governor riioep's Letter.


The following is Governor Tilden's letter
of acceptance:
ALBANY, July 81, 1876.
Genttemen-When L had the honor TO re-
Seive personal dellvery OF your letter on
Dehalf OF the democratic national convention
held on the 2Sth of June at st. Louis, al
vIs1ng me or my nomination as the candi-
gate OF me constituency represented by that
BODY Tor the office OF President of the Unfted
states, answered that at my earliest con-
venfence, and In conformity with usages, /
would prepare and transmit 10 you formal
interval I'm unavoidable occupations to fulHl
That engagement. The convention before
making It's nominations adopted a declara-
ZION OF principles which, as a whole, seems
to me wise exposition of the necessities of
our country, and of the reforms needed to
bring back the government to its true fuuc-
lions 70 restore purity of administration,
and to renew the prosperity OF the peopIe
But some OF these reforms are so urgent that
they claim more tuan passing approval.
REFORM IN THE PUBLIC EXPENSE.
Inc necessity OF q reform In the scale of
puollc eXpente-federal, state add munlci-
Psl-and In the modes of federal taxation
]usIines all the prominence given to 1t in the
de clarati on OF the st. Louis convention. Toe
present depression In ali the business aud In
oustrles OF the people, which is deprlying
,aDor CT us employment and carrying want
INTO SO many homes, has its principal cause
IN excessive governmental cOnsu 10 ption,
al DER The illusions OF specious prosparity
ei gendered by the false policy OF the federal
going Oh ever since the peace OF 1865, which
could only END in universal disaster. The
FEDERAL taxes OF the last eleven years reach
tie gigantic sum OF fOrty-ffve hundred mill
lions, and local taxation has amountad to
Two thirds as much more. The vast aggra-
gate is not much less than seventy-dve hun
dred millions. This enormous taxation fol-
lowed a civil conflict that had greatly i'm
paired our aggregate wealth and mad made
prompt reduction OF eX expenses indis pensap
IL was aggravated by most unscientihc aud
lI-Ef N 10 fhnf
creased the sacrifices of the people far be-
yond the receipts Of the treasury. It was
aggrava ted moreover by a financial policy
which tended TO diminish the energy, skill
aid economy OF production and the frugality
OF private consumption, and induced mis-
calculation In business and an unremunera-
porous times the daily wants OF Industrious
communities press closely upon their daily
earnings. The margin OF possible national
savings is at best q small percentage OF ma
tional earnings, pet now for these eleven years
governmental consumption has been
larger portion OF the national earnings than
The whole people can possibly save even in
prosperous times. For all new investments
The consequences OF these errors are now q
present public calamity, but they were never
doubtful, never invisible. They were neces-
sary and inevitable, and were fOreseen aud
depicted when The waves of that fictitious
prosperity ran highest. In a speech male
by me on the oath OF September, 1868, 1t was
said OF these taxes they bear heavily upon
every mans income, upon every industry
and every business In the country, and yesr
by year they are destined to press still more
gives Iise TO them. 1t was comparatively
easy when values were doubling under re-
pc ated issues of legal tender paper money to
pay Out OF the itoih OF our growing and APP
Iecede and sink towards their natural scale
The tax gatherers take from us not only our
income, not only our profits, but also a por
ton OF our capital. l do not wish to eXag-
gerate or alarm, / simply say that we can
Lot afford the costly and ruinous policy of
the radical majority of Congress. We can
cannot afford the magnificent and oppressive
centrslism into which our government is
being converted. We cannot afford the pres
ent ma gD1ticent scale of taxation.
To the Secretary OF the Treasury l said
early In 1868 there is no royal road for a gov
eminent more than an individual or a cor.
cut Gown your expenses and live within
your Income. L would give all the legerde-
main of finance and fiDanciering; L would
give the whole of II for the old homely
maxim,
LIVE WITHIN YOUR INCOME"
IA reform Will be resisted at every step,
but IL must be pressed persistently. We see
TO day the Immediate representatives of the
Ieople In one branch of Congress, while
struggling TO reduce expenditures, compelled
TO confront the menace OF the Senate and the
Executive that unless the Objectionable APP
preparations be consented to the operations
OF The government hereunder shall suffer
detriment or cease. In my Judgment an
amt nd ment OF the Constitution ought 10 be
devised separating into distinct bills the ap-
proprIations for the various departments of
the public service, and excluding from each
bill all appropriations for other objects and
all Independent measures. In that way alone
can the revisOry power OF each of the two
houses and OF the Executive be preserved
and exempted from the moral duress which
often cODpels assent TO Objectionable appro-
priatioDs rather than stop the wheels OF the
government.
THE SOUTH.
An accessory cause enhancing the distress in bus
mess Is TO be found i'll the systematic ami insuppprt
able misgOyernment imposed on the states OF the
dishonest administrations it has inflicted upon them
enormous issues of fraudulent bonds, the scanty
avsis of which were wasted OF stolen, and the ex-
istence Of which is public discredit, tending to
bankruptcy or reputation. Taxes, generally op
pressNe, In some Instances have confscated the en-
tire income Of property aud totally destroyed its
marketable value. II is impossible that these evils
should not react upon the prosperity Of the whole
country. The nober motives of humanity concur
with the material interests OF all IA requiring that
every obstacle be removed to complete and durable
reconciliation between kindred populations, once
the ST Louis platform, OF the Constitution of the
tnited States, with its amendments universally &C
which engendered civil war, but ia aid of result
benehcent the moral influence Of every good cit
zen, as well as every government authority, ought
be exerted not alone to maintain their Just equality
before the law, but likewise to establish cordial
fraternity and good will among citizens, whatever
their race or color, who are now united in the one
destiny of a common self government If the duty
shall lie assigned To me should not tai exercise
the powers with which the laws and the Constitu-
tiUn of our country clothes its Chief Magistrate 10
protect all its citizens whatever their former cond
lion, III every political and personal right.
CURRENCY REFORM
Reform il necessary declares the st Louis
NentiOn. to establish sound currency, restore the
public credit and maintain the national honor; and
n goes To demand JudiCiOus system of prepare
uOD by public economies, by official retrenchment,
ana by wise finances. which shall enable the nation
the whole world of its perfect ability
and its perfect readiness OF its promises
at the call Of the creditor entitled 10 payment The
object demanded by the convention l. a resumption
Of specie payments the legal tender uOtes of the
United States that would not only restore the public
credit and maintain the national honor but il would
establish "A sound currency for the people. The
method by which this object is TO be pursued and the
means by which this object is TO be ataiucd dis
closed BY what the convention demanded by the fu.
tUre and 10y what il denounced in the past.
BANK NOTE RESUMPTION.
Resumption of specie payments by the government
Of the Juited States its legal tender notes would
establish specie payments by all the banks on all
their notes. The official statement made the 18th
of May shows that the amount of the bank notes
three hundred millions, less twenty millions held
by themselves against these two hundred AMI eighty
millions Of notes the banks held one hundred and
fIrty millions of legal tender notes, little
than fifty per cent of their amount, but they
also held on deposit in the Federal treasury,
curity for these notes bonds of the United States,
worth in gold about three hundred and sixty mil
lions, available and current in ali the foreign money