Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1876-08-10
TIE PRESIDENTIAL CAMPAIGN.
DEMOCRATIC LETTERS OF ACCEPTANC
TiI5en and Hendricks Pull together.

New YoRK, August 4.-The follow.
ing is Gov. Tildens letter of acceptance:
Al6any July 81, lS76.-Gentle-
meu-Nhen l had the honor to re-
ceive a personal delivery of your letter
on behalf of the democratic national
convention, held on the 2Sth OF June
at St. Louis, advising me of my nomi-
nation as the candidate of the consti
tuency represented by that body for
the office of President of the United
States / answered that at my earliest
convenience and in conformity with
usage I would prepare and transmit to
you formal acceptance. | now avail
myself of the first interval in unavoid i.
able occupation to fulfill that engages
ment.
The convention before making its
nominations adopted declaration of
principles which as whole seems to
ME wise exposition of the necessities
of our country and of the reforms need
ed to bring back the government to its
true functions, to restore purity of adj
ministration, and to renew the prosper
ity ofthe people. But some of these
reforms are so urgent that they claim
more than passing approval.
REFORM IN THE PUCIIC SERVICE.
The necessity OF a reform in the
scale of public expense federal, State
and municlpal-and in the modes of
federal taxation, justities all the prom :
inence given to it in the declaration OF
the ST. Louis convention. The present
depression in all the business and in :
dustries of the people, which is de-
priving labor of its employment and
carrying want into SO many homes, has
its principal cause in excessive govern
mental consumption under the illusions
of a specious prosperity engendered by
the false policy OF the federal govern
ment. a waste of capital has been
going on eve- siuce the peace of 1865,
which could only end in universal dis
asteY.
The federal taxes of the last eleven
years reach the gigantic sum of forty
five hundred millions, and local taxa-
ton has amounted to two-thirds as
much more The vast aggregate is not
less than seventy-five hundred millions.
This enormous taxation followed a
civil conflict that had greatly impaired
our aggregate wealth, and had made a
prompt reduction OF expenses indispen-
sable. 1t was aggravated by most I'M
scientific and i'll adjusted methods of
taxation that increased the sacrifices of
the people far beyond the receipts of
the treasury. 1t was aggravated more-
over by a financial policy which tended
to diminish the energy, skill and econ
omy OF production and the frugality of
private consumption and induced mis-
calculation in business and an unre-
munerative use of capital and labor.
Even in prosperous times the daily
wants of industrious communities press
closely upon their daily earning The
margin, of possible national savings is
at best a small per eentage of national
earnings, yet now for these eleven
years governmental consumption has
been a larger portion of the national
earnings than the whole people can
possibly save even in prosperous times.
For all new investments the consequen
ces of these errors are now a present
public calamity, but they were never
doubtful, never invisible. They were
necessary and inevitable, and were fore
seen and depicted when the waves of
that fictitious prosperity ran highest.
In a speech made by nae on the 24th
Of September, 1868, it was said of these
taxes: 'sThey bear heavily upon every
mans income, upon every industry and
every business in the country, and year
by year they are destined to press still
mole heavily unless we arrest the sys-
tenn that gives rise to them" 1t was
comparatively easy when values were
doubling under repeated issues of legal-
tan Ter paper money to pay out of TIE
froth OF our growing and apparent
wealth these taxes, but when values re-
eesle aud sink towards their natural