New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-10-19
NuTwooD. NEW ROCHELLE, Oct. &c. 1873.

FINANCE.
SUTwooD. NEW ROCHELLE, Oct &c, 1878.
GENTLEMEN: | have the honor to acknOwl-
edge your favor OF the 18th inst informing me OF my
unanimous denomination for Representative in Congress
by the Democratic Republican Convention of the Dis
trct. am deeply grateful to the Democracy OF West
chester for this renewed evidence Of their confidence
and favor This is the sixth ssive time they have
been pleased TO express their preference FOR me as their
Representative. Four times have accepted, been
elected. and served the District according TO my ability
Once before have felt constrained to decline the honor
proposed, an honor which am again compelled TO say
that do not feel that | can accept.
lave given attention to public affairs solely because
otmy conviction Of the necessity OF maintaining aud
rcappyiug to existing conditions fundamental Demo
cratic principles.
II has seemed to me that according those principles
such further limitations were needed upon the Of
Congress as II has Of late years been found TO
impose upon the State Legislature, and that Congress
ought 10 be restrained from mparing vested rights,
from the consideration Of private claims. from charter
Ing corporations to do business within the States from
granting subsidies and monopolics ana generally from
all KINDS Of private and personal legislation; and that
the Civil Service should lac changed That most Of The
local officers should hc selected by the localities N which
they serve and that the tenure OF all subordinate en-
ployCs should be for fixed terms and dependent for
such terms, upon good behavior alone These are all re-
forms absolutely needed and in strict accordance with
Democratic principles we'll and which IL ought to he
the purpose OF our party to secure IL declining nom-
nation TO the XLIVth Congress did so partly because
had found ID difficult to make any progress III Rcpub-
can Congress with such measures OF reform And
consented Doe returned to the present Congress In the
hope that in Democratic House, those changes miehbe
secured have indeed succeeded In obtaining the pas
sage through the House Of bill whch-if II becomes
la@-wiu remove from Congress the determination OF
private claims. and hope, during the next scs-
sion, 10 tho adoption of some further measures
for restraining Congress from private and special lceis
dtOu But realize that the times are not favorable To
such fundamental changes. The people are suffering
from paralyzation Of industries and contraction I'm
values which naturally direct their attention 10 their
present evils and immediate necessities and they are
disposed 10 give attention to moro general matters
Of reform and relief Besides, radical reforms which re-
quirc changes in the fundamental law must needs pro-
coed slowly. And as service IN Congress requires large
sacrifice Of my business and personal interests feel un-
willing to longer continue II.
am the moved to this decision by the fact that
upon the pending financial issues am lot entirely III
accord with some Of our people.
Years Unnatural prosperity have been foowcdby dsas
ter and suffering In land 81 plenty honest men have
everywhere found themselves without work and without
bread This naturally excited the dsrust OF the labor
ing classes and entities them TO our wdrmcst sympathy
and best efforts for their relief But am unable 10
that the prevailing evils all due TO the contraction OF
the currency There have been think other causes less
u
them is the undue protection given by law to capital
through the facility offered for the formation OF corpora
lions by Of which capital those natural
laws OF death and personal responsibility which
affect individuals. These advantages have led 10
the creation Of innumerabe companies, which
for years past have issued bonds and shares
in advance Of their undertakings and have
thus borrowed away the future aud brought aborers
here from all countries until the capital thus raised
is expended leaving the laboiels on hand without means
OF employment until redistribution Of Industries can
be secured while the excessive protection given through
our patent laws to laDor-sayng machinery has made
such a redistribution difficult, and aggravated the bur
den Of The aborer
But whatever the cause Of these evils, cannot think
that the remedy be found IN the repeal Of the Re-
dempon Law or kindred measures. On the contrary.
believe that almost every class, but above all to the
industrial class, such action would be injurious What
is needed IN this countryneyer rich as II i to-day
Is the employment Of it, industries and the circulation
OF ITS wealth Grain that lic- idle the barn. goods
that lie idle The shelf and stones and ores hat lie idle
in the EARTH do not make prosperity nor employ indus
try. TO accelerate exchanges 10 develop business,
there must he fixed measure 81 values ira man "cr"
to carry trade with an elastic yadsick that varied
IN length with the weather M 0u"lh'rS WOud De nm
tied 10 sales and purchases that toud bo measured
when made for no one wond make purchases of safes
upon time 10 be TccBOued Dy tuch changing measure
To- day industries are pHalyHd because
the men who have wealth are afraid 70 lend
Il. not Tor want Of good security, not hc-
cause they cannot get satisfactory interest but -ory
they are to he repaid They VIII Iehd on security Tor
thirty or sixty days very low ntcrcrt because II Con-
grcss FhOuld attempt 10 change the measure OF values
they get Their money back before me chang" cond
be accOmpI and men VIII hofio" ~ the same way
for the But such hrcf loans are Of but
little help to the community 10 De Of general adyau-
tage capital must he permanently invested ana today
priscs which be knows viii furnish him both good
cuity and proper profit because he cannot tel what
three live from now IA 10 BE- TIE -Hc 81 the dol
lar In which ho n 10 be paid Undoubtedly "a UNIFORM
currency Of Treasury notes possesses great adj
/ 4ggg nd 1IIaIU ia "A fIf
currency receivable for Government dues although
not otherwise rcdccmabo), provided the amount OF II
were fixed ATcdccmabo currency the other handucc
not be limited IN amount. Buta currency which neither
xed in amount. liable to be changed
in value by legislation, Is OF all currcuccs the
destructive to business For myself believe that
If Congress could be abolished for two years the indus
tries OF the country would be- reyiyiUg within month";
but just SO long 40 the agitation for changing The meas
Of values goes On just 30 long VIII those industries
De kept down.
As TO this my opinions have not been hastily formed
/ argued the lcEal-tendcr cases when the Supreme
Court Of the United states determined that question.
insisted then that 10 establish the powcro Congress -
time OF peace 10 change the measure o laues i"r pa"
dUe dbtS was 10 Introduce an element INTO exchanges
which c9uId only be dl,hHtrous 10 lhe cohuGct o, dust
ness and TO the prosperity oithe country ana u has so
proved. 50, III 1875 almost alone opposed the de-
standard Of values and the change has proved a mis-
fortune and wrong. And vet again. last year whIlc
reconciliation at the old rate, because that
more 10 alter thcexrng STANDARD Of values without
ad vantage 10 the people aud submit that, 80 far they
nave gained nothing by even the limited coinage Of the
iii be granted that legislation has been IN the inter.
Of the bOndhuldcrs ana capitalists, and that the NH
creditor has been considered AZ the expense o the
business industry OF the country, the cyI II
done; the bottom IS reached and To bach Will not
eve but njufc all classes, and above all the lab ring
| class.
II lad were forced into river far too wide for hs
young strength. but which az time hs life hc
must pass, and should by fortunate circumstances Just
succeed III crossing the flood until he could touch the
other shore lie might well feel indignant those who
had treated him. But surely IL would be better
HIM then to wade to the dry land than because
this itrcantn 10 insist on being carried back to the
further side wait there until he had grown older and
stronger before swimming the stream. Having got
over the desired shore matter at what cost he had
better remain there.