The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-11-06
LAST WORDS FOR REFORM.
THE sITUaTION As SEEN M NEW
HORk,s MEN OF BUSINESS.

1Ohh y NJ " Of - L'C
The Iron Heel upon Louisiana and south
CnroIiua-The Invasion Of Virginia -secre-
tarv Morrilr- DisGraccfui Eicctioneerina-
E,nris In 1873 against E,nrts In 1875.
Rooms OF TUE NATIONAL DEMocRATIo, Cow
MI1TEE. EVERETT HOUSE, Nov. o, lsU. !
To TIE BUSINESS MES OF NEW YORK: Great
pressu has been brought to bear upon the Ma
tional Democratic Committee to call a meeting
this day In Wall street OF the men engaged In
commercial and financial pursuits, In order to
give extresson to their cow ctions 10 favor OF
a change In the national Administrat and Of
the imperative necessity Of reform In public
affairs. But In view Of the fact that the election
takes places to morrow, and from reluctance
60 initiate the bad eximple OF the Republic nm
managers, of using the public property OF the
United states for party purposes, Vt has been
decided to issue plain and brief statement
OF the facts, which afford conclusive
answer to the assertions ard claims Of
Mr. Evarts, at the Cooper Union, on Wednesday
last. and OF L II NJ Morrill,, the Secretary Of the
treasury. from the steps O. the Ire sury build
ing on the following Saturday, where Tor the
nrst timo IN the history Of this or any other
country tho uuseemlv spectacle was presented
OF the highest ofilcer charged with the admins
tritton Of the finances, pfuclaimug the inn
pending bankruptcy Of the nation whose SER
want he Is. ln the event Of the success OF an op-
posing p riy. by the voice OF the people, in a
free election, after fun discussion, held In ac-
coriauce with the fundamental law OF the land
II was declaration that only the party IN
power could be- trusted to preserve the plighted
faith Of the nation, and that the payment Of the
public debt would not stand the test OF popular
suffrage. We hold that the honor Of the nation
Is III the keeping of the whole people, aud not OF
any one party. and that 1t = an attack upon the
public orodit to suggest SO much as a doubt
that the result OF n Presidential election,
no matter how 1t may be decided, can
weaken In any way the obligation to keep
the faith OF the nailon pghted to Its cred
uors and solemnly assured by an express pro-
vision OF the Constitution recently adopted.
But to all such declarations coming from Mr.
EyArts, who Is an eminent advoc te, and from
Mr.. Morrill,, who has not yet become an eminent
financial authority, we oppose the manly dec
laration OF Mr.. Stewart Brown, wAo has for haif
century upheld the commercial honor OF New
York, and " MIR. Robert G. Winthrop. whose
puDc and priv tie career has JUS ly entitle
him TO Implicit confidence In Europe aud
America.
Furthermore, we oppose to such unfoundcd
asper-i ms upon the good name Of our country
that pride which ever, American citizen feels IN
Its glorious record Of national debt, already
twice paid In fun ana In the traditions we have
Inherited from the founders OF be republic that
spublic debt is not a national Liessing. 1t was
reserved for Republican leaders to discover this
new doOrine 10 Amei iican finance, which will be
repudilted by the full discharge OF every =
tionnl obligation now, as heretofore, by tue
pemocrat party when T. shall come In o power.
Mr. Morrill, ami Nir EvArts were both very
much concerned lest the Democratic party
might not resume specie payments. But they
did not explain way the Republican party had
not long siBcs resumed such payments. They
have had ample opportunity and aOund mt
ability to perform he pledge OF the PuLlic
Cte III act passed In l>d9. as follows:
Tho itA Of the United atcs is soiemny pledged
- me te'Me 10 r3i or 4, Naiet gi al w. 90
ncarius ohas uOis Of { Iuted siatOs, exc. pt in
saca % cs TINS ia. ' cSprr = priyied ,n,t Ia iae
80 g'' ' W a 'T ~ i,l vr or. 9'lr s.fre 2 .,y
ine o5'ssi D., not ready aur sh,l ne redeem or
pai betot. uaturt. ua AZ ,urn tIe Un.ted states
hC. 9s ,, i,'g ,, Go a., ne ~. ~ tas
stat hr i.tfa l""crr g. ~ interest lh ~" byhds
g. o. Hteut, can De sot a par ~ com. Tue taitI
pro,.'ols, nc elr 81 practicioe ne'ioi for The
utmpt Uu Ci ihe JAlte4 states 40 tslu 1 Ia.
The plain intent and meaning OF this act was
20 ulodRc the fiith of the United >tites to the
redcmp' ion of the Uni ed states demand notes.
before any interest bearing debt should be
called in and paid OF. In the face Of this
t.cdge. IL Is made matter OF Boosting that the
Rrpuclic4n Adninisira ion has paid on over
sOjJUU0,O00 Of Tho public debt, while the demand
notes are sill discount OF 10 per cent. MOI
can 1t TO ALLEGED In jas acation Of this ore CHI
of faith that tue people have not supplied the
IRE fsury with the means TO keep this solemn
promise.
Since the passage OF the Public Credit act IN
1863 the receipts in gold from customs have