, 1876-08-26

ALBANY. July o, 1876.


,onal Convention, hello on the 2Stb, at
st. Louis, advising me ot my nomination
rs candidate for the constituency repre-
Sented by that body for the office OF
President of the United States, lanswer.
ed that at my earliest convenience and
in conformity with usage, | would pre-
pare and transmit to you my acceptance.
Inow avail myself Of the first interval
in my occupations to fulfill that engage
ment. The convention, before making
its nominations, adopted declaration Of
principles which, rs 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
functions, and to restore the purity OF
its administration, and to renew the
prosperity of the people; but some OF
these reforms are so urgent that they
claim more than a passing approval.
The necessity of reform in the public eS-
penses, federal state and municipal, and
modes of Federal taxation justified all
the prominece given to it in the declar-
ton OF the st. Louis convention. The
present depression in all business and in
dustries of the people, which is depriv-
ing labor of its employment and carry
ing want to so many, has its principal
cause in the excessive government con-
sumption, under illusions of speciuus
property, engendered by facts, The
policy of the federal government vast
ing capital has been going on ever since
1865, which could only end in universal
, disaster. The federal taxes for the last
eleven years reach the gigantic sum OF
four thousand five bundled millions OF
. dollars local taxation has amounted to
one third as much morci the vast ag-
gregate being not less than seven thou
sand FIVE hundred millions. This cnor-
nous taxation followed the civil conflict
that had greatly impaired our aggregate
wealth, and had made u prompt reduc'
tion Of expenses impossible. II was ag-
gravated by such uuscientifc and ILL
adjusted methods of taxation that the
increased sacrifices of the people IRE be-
yond the receipts. 1t was an aggravated
financial policy which tended to diminish
the energy, skill, and economy of pro-
duction and frugality of private con-
sumption, and induced miscalcuations
in business and an unremuncrative use OF
capital and labor. Even in prosperous
times the daily wants Of industrious
communities press close upon their daily
earnings. The margin of possible ma.
tional savings is at best small percent
age of the national earnings; yet tor
these eleven years tho government con-
sumption has been larger portion OF
the national earnings than the whole
people can possibly save even in prosper
GUS times. For all new investments the
consequences of these errors are now a
present public calamity; but they were
never doubtful, 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 September, 1868, it wac said of these
taxes that they bear heavily on every
mans income, upon every industry, and
upon every business In the country, and
year by year they are destined TO press
still morc heavily unless they arrest the
system that gives rise TO them. 1t was
comparatively easy when values were
doubling under the repeating issue of
legal tender paper money TO pay out Of
the frotb of our growing and apparent
wealth these taxes, but when values re-
cede and sink toward their natural scale
the tax,gatherer takes from as net
only our income, not only our profits,
hut also aportion of our capital. do
mot wish to exaggerste or alarm, l simply
SAY that we cannot afford the costly
policy of'the Radical majority Of Con-
gress; We cannot afford that policy TO-
ward the South, We cannot afford mag
nifcent and oppressive centralism into
which our governmental is being converted; /;
we cannot afford the present magnificent
scale of taxation. To the Secretary OF
thn rrnasnrr L naih narlu In aRE "a Ahnro