Year: 1874




egated to the general government
, Thus the States were before the Con-
stitution thus the Constitution left


them. The perpetual character Of the


central power as a lig1ment binding
the States indissolubly, is settled; tits
equally certain that il is a limited
! power. On the one hand we should
restrain the general government within
the sphere prescribed in The Constitu-
tion and the amendments thereto. On
, the other hand, We should preserve
that sphere unbroken, and confne the
States to their own broad fei6 Of legit-
innate function. The question Of the


permanency- the government being
settled, IL follows that, If the general


government is limited to its grant Of


powers, the States are equally eircum-


scribed by the extent Of that grant.


We should, as equally essential to the


harmony Of our system, general pres


perity and development. the enjoyment


of our common eOutry BY our whole


people, Of the East, the West, the
North the South, preserve with equal
care the powers and rights Of the gen
eral government within its orbit, aud
the powers and rights Of the States
within their sphere. They are equal
ly essential-one to the individual iib-
erty, security and happiness; the other
to national honor, national pride, and
national existence. We should hold
IN equal honor State rights and Federal


rights.


The doctrine of the 6xedness OF
our Constitution as an instrument too
sacred to be tampered with, as if it
were a mere statutory regulation. is
clearly taught by the history of the
past and BY the verdict Of the people.
| admit the correctness of the rule
which permits amendments to the Con-
stitution, when made necessary by the
changed condition of society Such
changes should grow out of new con-
stitutions, as new vegetation springs
from new husbandry of the sofia
natural product, not an exotic forced
into vitality BY an artificial culture.
deny that there is necessity for one,
much less twenty-nine amendments
the number proposed in the ever-mem-
orable Forty-6rst and Forty-second
Congresses.


As to the past war legislation We
should respect its enactments. We
should regard as settled all questions,
legitimately involved in the arbitra-
ment of the sword Our aim, looking
to the smiling fields of the Culture,
rather than gazing backward upon the
blaekened and wasted plains of the
past, should be to build up; not 20
tear down--to adopt, as the architects
OF new prosperity, aposltiye, not a
negative and reactionary policy. A
too slow conservatism is better than
that wild, unrefecting spirit Of reform,
which uproots the good that it may
eradicate an evil here and there. We
should, therefore, reform existing
abuses, with prudent care. relieving
the people of the South by wise states
manship in the administration of the
Government, rather than by any mere
ly sectional legislation.


The South has her financial recu-
peration and material development in
her own hands. She asks only relief
from moppression--onlyt that the Govern
ment will stay its ruthless hand, and
loosen its grasp of unwarranted pow
er, forbear to step beyond the Consti-
tuition and outside of the law, leaving
the States in the free discharge Of
their legitimate duties.


The amendments to the Constitution
known as the thirteenth, fourteenth
and fifteenth, whether. they originally
commanded our approval or not must
now command our aequiescence and.
Of hA IsA
policy of the government.


Regarding the public faith and credit
of a nation as a part Of Its wealth,
it is both bad morals and bad
policy to repudiate in part, or
in whole, directly or indirectly, its
obligations. 1t would, however, be
unwise and oppressive 10 attempt
the rapid extinguishment Of so large
public debt. A sound policy would
dictate slow, certain and contiL uous
payment. l am convinced that 1t
would both aid in its payment and save
large sums of money to the people TO
abolish the present national bank cur
rency, substituting legal tenders, max
ing banking free to all as banks of dis
count and deposit. This would ac-
complish all that is effected by the
present system, in furnishing a curren-
cy based on the faith and credit of na-
tions, paying TO the extent Of their is
suauce the bonded debt, and Its accu-
mulated interest. By making banking
free to all il would cease to be mono-
poly, and become business in which
all might engage. lwould not at once
resume specie payments, but watching
for the opportunity take advantage Of
the first era of prosperity, when be
lieve it might and should be made the
basis of all currency. That this legal
tender circulation may adjust itself to
the varying wants of the people, il
might be made convertible into bonds,
at low rate of interest, and reeonyert-
ible into currency, but at the same
time saving three -fourths Of the inter-
est now paid by the government on
bonds held By the banks, thus protect
ing the country from the banefnl ef-
fects of expansion and contraction. 1
would study to avoid on one hand the
evils incident to an inflated currency,
with its spirit of gambling and wild
speculation, with ultimate ruin to all
honest and industrious classes; and
on the other, / would as sedulonsly
avoid that contraction which doubles
Indebtedness Of the people, makes the
rich poor, and grinds the poor in the
dust, while it benefits only the fortu-
nate few. Hence, while specie pay
ment should be reached as rapidly as
possible, it should be attained without
too rapid contraction, lest the people,
with reference to their Indebtedness.
their daily wants and their taxes, be a.
the Israelities, when they were denied
straw TO make bricks, and yet required
to fill the full measure of an oppressive
task.


The taxing power should be sparing-
ly used. Its burthen should be borne
by the entire property OF the country.
The tariff, as it wrings from the peo-
pie, and especially from agriculture
and labor, their hard earnings, and
yields them a prey to the sagacious
power of monopoly, under the spGri-
Gus guise Of protection 10 infant man
ufactures, is well worthy its barbaric
origin. / cannot discuss the tariff in
80 brief space. 1 am, however, in ia
vor Of cautious and gradual return
to a strictly revenue standard, having
reference both to the revenue and 20 the
dangers incident TO too thoughtless.
rapid and sweeping. change. We may
even now lay the duties upon such ar
ticles as will not, as at present, bear
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