Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1876-08-10

oab dloo d Poieloli VI Vui ooPieoi'
do not wishto exaggerate OF alarm.
simply say that we cannot afford The
costly and ruinous policy Of the radical
majority OF Congress. We cannot
afford that policy towards the South
We cannot afford the magnificent and
oppressive centralism into which our
government is being converted. We
cannot afford the present magnificent
scale of taxation
To the Secretary OF the Treasury
said early in 1865 there is no royal
road for government more than for
an individual or corporation. What
you want to do now is to
CUT DowNIYoUR EXPENSES,
and live within your income. I would
give all the legerdemain of finance and
fnancering I would give the whole Of
it for the old homely maxium, olive
within your income"
This reform will be resisted at every
step, but it must be pressed persistently
We see to-day the immediate represen-
tatives of the people in one branch OF
Congress, while struggling to reduce
expenditures, compelled to confront the
menace of the Senate and the Execu-
tive that unless the Objectionable ap>
preparations be consented to the operas
tons of the government Hereunder
shall suffer detriment OF cease. In my
judgment an amendment of the consti-
tuition ought to be devised separating
into distinct bills the appropriations for
the various departments of the public
service, and excluding from each bill ali
appropriations for other objects and all
independent. In that way alone can
the revisory power of each Of the two
houses and of the Executive be preserv-
ed and exempted from the moral duress
which often compels assent to objec-
tionable appropriations rather than stop
the wheels Of the government.
THE SOUTH.
An accessory cause enhancing the
distress in business is to be found in the
systematic and unsupportable misgov.
eminent imposed Oh the States of the
South Besides the ordinary effects OF
ignorant and dishonest administrations,
it has inflicted upon them enormous
issues of fraudulent bonds, the scanty
avails of which were wasted OF stolen,
and the existence of which is public
discredit, tending to bankruptcy OF
reputation. Taxes, generally oppres~
siye in some instances, have confiscated
the entire income of property, and to-
tally destroyed Its marketable value
1t is impossible that these evils shonld
not react upon the prosperity OF the
| whole country.
The noble motives Of humanity con-
cur with the material interests OF all in
requiring that every obstacle be remov-
ed to complete and durable reconcilia-
ton between kindred populations once
unnaturally estranged, on the basis rec
ognized by the St. Louis platform. The
constitution of the United States. with
It's amendments, universally accepted as
a final settlement of the controversies
which engendered civil war, but aid a
result so bene6cent. The moral en-
fluence of every good citizen, as we'll as
every governmental authority, ought to
be exerteG, not alone to maintain their
just equality before the law, but like
wise 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 be as
signed to me I should not fail to exer~
else the powers with which the laws
and the constitution of our country
clothes its chief magistrate to protect
all its citizens, whatever their former
condition, in every political and person.
al right.
CURRENCY REFORM.
Reform is ecessary-declares the St.
Lonis convenlion-to establish sound
currency, restore the public credit and
maintain the national honor, and it
goes on to demand judicious system
of preparation by public economies, by
official retrenchment and by wise fnan-
ce, which shall enable the nation soon
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 OBJ.
iect demanded by the convention is a
resumption Of specie payments on the
legal-tender notes of the United States
that would not only restore the public
credit and maintain the national honor,
but it would establish a 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 convention de-
manded by the future and by what ii
denounced in the past.
BANK NOTE RESUMPTION.
Resumption of specie payments by
the government of the United States on
its legal tender notes would establish
specie payments by all the banks on all
their notes The official statement
made on the 18th Of May show that the
amount of the bank notes was S400,
100000 less $40, 00O,0 900 held by them
selves; against these $3.50, 100000 of
notes the banks held $141,0O0,00O of
legal tender notes, OF little more than
80 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 $50, 100000, available and
current in all the foreign money mar
kets. In resuming the banks, even if
it were possible for all their notes to be
presented for payment, would have
S500,o0o,000 of specie funds to pay
$3.50, 009,000 of notes without contracts
ing their loans to their customers or
calling on any private debtor for pay