Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1876-08-17

O., THUR RSDA4 I
their daily earnings. The margin of possible
national savings is at best small percentage
of national earnings Yet now, for these elev-
en- 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
present public calamity, but they we're new
er doubtful, never invisible. They were nec-
essary 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 was said of these taxes :
"They 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 more heavily, unless We arrest
the system that gives rise to them. 1t was
comparatively easy when values were doub'
ling, under repeated issues Of legal tender
paper money, to pay, out of the froth OF our
growing and apparent wealth, these taxes
but when values recede and sink toward their
natural scale, the tax gatherer takes from US
not only our income, not only our profits, but
also portion of our capital. do not wish
to exaggerate or alarm. I simply say that
we cannot afford the costly and ruinous poll
cy of the Radical majority of Congress. We
cannot afford that policy towards the South.
We cannot afford the magnificent and oppres'
sive centralism into which our government is
being converted. We cannot afford the present
magnificent scale of taxation" To the Sec.
retary of the Treasury said early in 1855 :
"There is no royal road for government
more than for an individual or a corporation.
What you want to do now is to cut down your
expenses and live within your income.
would give up all the legerdemain of finance
and fnanciering, would give the whole of it,,
for the old homely maxim, 'live within your
income This reform will be resisted at ev.
cry step, but it must be pressed persistently."
We see to-day the immediate representa-
tives of the people in one branch of Congress,
while struggling to reduce expenditures. COM
PEELED to confront the menace of the Senate
and the Executive. that unless the objectiona-
BILE appropriation be consented to, the opera
tions of the government hereunder shall suf'
fer detriment or cease. In my judgment an
amendment of the constitution ought to be
devised separating into distinct bills the ap-
preparations for the various departments of
the public service, and excluding from each
bill all appropriations for other objects and
all independent legislation. 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 compels assent to Objectionable appro.
priations rather than stop the wheels of gov
ment. '.: "@ ,'' +
THE SOUTH. .,".... H."
An accessory cause. enhancing the distress
in business, is to be found in, the systematic
and insupportable misgovernment imposed on
the States of the South. Besides the ordinary
effects of ignorant and dishonest administra-
ton, it has inflicted upon them enormous is.
sues of fraudulent bonds. the scanty avais of
which were wasted or stolen, and the exis-
tence of which is public discredit, tending
to bankruptcy or repudiation. Taxes gener-
ally oppressive in some instances have confis.
Gated the entire income of property and to-
tally destroyed its marketable value. 1t is
impossible that these evils should not react
upon the prosperity of the whole country.
The nobler motives of humanity concur with
the material interests of all, in requiring that
every obstacle be removed to a complete and
durable reconciliation between kindred popu-
lations, once unnaturally estranged, on the
basis recognized by the St. Louis platform of
the "Constitution of the United States, with
its amendments universally accepted as final
settlement of the controversies which engen.
dered civil war;" But in aid of a result 30
bene6cent, the moral influence Of every good
citizen, as we'll as every governmental au-
thority, ought to 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 common selfgovernmeut. 1fthe
duty shall be assigned to me, shall not fail to
exercise the powers with which the laws and
the Constitution of our country clothe its
Chief Magistrate, to protect all its citizens,
whatever their former condition, in every po.
litical and personal right.
CURRENCY REFORM.
Reform is necessary" declares the St. Louis
Convention, to Establish sound currency,
restore the public credit, and maintain the
national honor" and it goes on to demand q
judicious system Of preparation by public
economies, by official retrenchment. and by
wise finance which shall enable the nation to
assure the whole world of its perfect ability
and its perfect readiness to meet any of its
promises at the call of the creditor entitled to
payment" The object demanded by the
Convention is resumption ofspecie payment
on the legal tender notes Of the United States.
That would not only "restore the public cred
it," and "maintain the national honor" but it
would Establish sound currency" for the
people. The methods by which this object is
to be pursued, and the means by which it is
to be attained, are disclosed by what the Con-
vention demanded for the future, and by what
it denounced in the past.
BANK NOTE RESUMPTION.
Resumption of:specie payments by the Gov
ernment of the United States in its legal ten
der notes would establish specie payment by
all the banks on all their notes.
The official statement, made on the 18th of
May, shows that the amount of the bank
notes was $3,000,000, less $2O,OOO,O0O held
by themselves. Against these $3.50, 900 Of
notes the banks held $141, 100000 of legal
tender notes, or little more than fifty per
cent of their amount. But they also held on
deposit in the Federal Treasury, as security
for these notes, bonds of the United States
worth in gold about $360000, 900, available
and current in all the foreign markets. In
resuminp, the banks, even if it were possible
for all their notes to be presented for pay
ment, would have $500,0O0,000 of specie
funds to pay $28O,O00,000 of notes, without