Newspapers / The Western Sentinel (Winston-Salem, … / Aug. 17, 1876, edition 1 / Page 1
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1 I 'A' M J 1 4, SAJGjSRX, ZV. O., AUGUST 17, 187G. IVO. 33, , , .. ! . . - . - m ". if j ' ' 'J OLK if L. V. ScM. T. BLUM, PUBLISHERS AND PROPRIETORS. TERMS:--CASII IN ADVANCE. On copy, one .year.. ... $2 00 ' " six months,. 1 00 " . " three months,,....... 75 LIBERAL. DISCOUNT TO CU DS. Mr. Tilden's Letter. ACCEPTING THE NOMINATION OF. I THE ST. LOUIS CONVENTION. . Reform in the Public Expenses Reform in the evi,s sl,(?ul1 not rf Act "Pn tho prosperity of preserved mul exempted from tho moral duress demption, they can bo either paid or tliey cao which often compels assent to objectionable tip- bo funded; whether they continue as currency propnalions. rather, than stop tho wheels of or be absorbed Into the vast mass of securities held as investments. Is merely a question or tne the sotmr. I rate or interest they draw, jven u they were J An ncccssorV cause cmbracine" the distress in to remain in their present form, and tho Gor- businessjis to be found jin tho systematic and crnment were to agree to pay them a nvto of in- nnsnpportablo misgovcrpment imposed on the terest making them desirable as investments States of the South. ! Besides tho ordinary ef- lhJ wonW ceaso to circulate and take their fects of ignorant ami dishonest administration. Placo with Government. Stato. Municipal and it has inflicted npon them enormous issues of other corporate and private bonds.of which thou- fraudulent bonds, the scantv avails of which sands of millions exist among us. In the per- wcre wasted ror stolen, and the existence of fect caso with vf,lich ihe Cftn le cb:inSctl frora which is a public discredit, tending to bankrupt- carrcncy nto investments lies the only danger cy or repudiation. flaxes generally oppressive. to 1x1 goaded against in tho adoption ofgener in some Instances have confiscated the entira in. al measures to remove a clearly ascertained sur- comc of Dronertvl and tobdlv dPStrovPd J plus-that is. tho withdrawal of any which are marketable value, Is It is imnossiblo that these not lPrent excess beyond tho wants of busl ila shnnM rU .i,n ,cri.f less. Even more licentious would bo an Civil Service Ba7ik-Note Resumption Legal- lender Resumption The Amount of Necessary Currency Preparation 'for Resumption 1 he 'Resumption.Plank of the St. Louis Platform I General Review of the Financial Question Condition of the South Civil Service Re form, fcc, c. tho whole country, j Tho nobler motives of hu- mc:ls"ro wMcli cta tho public imagination inanity concur with the material interests of jill in requiring that every obstaclo bo removed jto a complete and durable- reconciliation between a kinjlrcd population, once unnaturally cs trange'dj on tho basis recognized by the St. Loud platform of the "Constitution of tho Uni ted States wiiltits amendments universally ac- New YoitK, Aug. 4.The following is Gov ernor Tilden's letter of acceptance : . - ArjBAxr, July 31st. 1876. Gentlemen When I had tho honor to receive a personal de livery of your letter on behalf of the Democrat ic National Convention, held on tho the 28th of June at St. Louis, advising me of aw nomina tion as the candidate of the constituency repre sented by that, body for the office of President of government. with tho fear of an apprehended scarcity of a commodity, where credit is so much used. Fluctuations of lvalues and vicissitudes in busi ness arc largely caused by Uie temporary be liefs of men, even before those beliefs conform to .ascertained realities. , AMOUNT OF NECESSAHT CUIiKEN'CT. The amount of necessary currency 'at given the act or januart ltTit, 1875. Dot bo a prize fooght for at the ballot-box m I puUie trcasorr and bT comiBilii! iha ttrnxd The act of Con cress of the lith Januarr.1875. brief reward of party real. Instead of txU ef I of the peopla. In such a crUU of the kutia-r of enacted that on and after the 1st of January, honor aigncd for proved compcUncy and bcU the country I rejoice Lkxt lha Ccnrtztltm al St. 1879, the Secretary shall redeem in coin the le- for fil1clilJ in the pub! to employ." Tb Coa-1 Louis haj so noUj ralscJ gal-tendor notes of the United States en presen- Tentlon wisely added llat reform Is necessary I m stajtoako or xexokm. Lition at theofflceof tho Assistant Treasurer TCn wore la tbo higher Tmde of the public in Uie city of New York. It aotiiorized Uie "emcc- . Nothing can be well with m or with oar f- inuiecuyoi iew xorx. js nuuionzeu uie w. . . ,. tmr.M M SccreUry to prepare and prorUo for ch re- IVcUent. rrrctilel. n. rrp- "Z, .11 t, J. .umpoT'orPrrntbyU,o,Scor.urp,.r... Ut oBc-rbc "t ers i n auuiority aro the peoples' sex rants. TUd r I , . , . r . . V . r I officUl duties are not a private perquisite. They r minbtratka la are a public trust. Two evils iafestthe official 7 rnorma- service of the Fcxleral Government. One Utie Z", . , v - outt. even ue prevalent and demoralizing notion-that the pob- umj a inzing miuer. II lie service exists not for the business and benefit 7 '3 'T, . "Jracnu a wcica La. cnueA not otherwise appropriatetl and by issuing. in Ids discretion, certain classes of bonds. Moro than one and a half of tho four years have pass ed. Congress and tho President have continued ever sinco to unito In acts which have legislat- caout oi existence every possible surplus ap- " T W,M" -UM fostered him a be L. I, plicablo to this panose. The coin In the treas- 01 ina w 11010 People, but lor the lalcrwt or the Zl'rJZ. Z7 7 nry claimed to belong to the Government bad. officeholder w!k are I- truth bat these,. 1 tollZ ct. on tho SOtli of June, fallen to less linn forty-Cvo t Fopl. wbIch E tu u uS , millions of dollars a. against firty-nine million. Under the Influenco of this pemkloc, orrW uTicn Tlr tfft ontl,elstofJanu!lry.r875. and U.e availabili- poblic cmploymenU Ive been mnlUplied; the ptdtbL Ia ty of a isirt of that sura is said to bo questions- tubers of theso gathered Into Ue 'ranks of ble. Tho revenues are falling faster than thoap- office-holders have been steadily Inercasca be- rctsrjrr EXicvmrE propriatibns and expenditures are being roduccd jond anj requirement of the pobJie basinclt, l been tle Tlctim rather than author of that leaving the treasury with diminishing resour- "klo inefficiency, peculation, fraud, and mid- riciocs system. Cocgrcssionja and party lead- ccs. Tho Secretary lias done nothing nndcr his rsatioh of Ue pobllo fund, from the high crs have been stronger than the lYidBU No power to issue bonds. The legislative com- places of power to the loKest, have overspread 000 miQ ouW kTe created It, and the rtmor- mand. tho official promise, fixihg a day for re- Uo whole service like a leprosy. The other 1 ttno one nia can amend It. It Is thoroogh- sumplion, have thus far lccn barren. No prac- M "o organization of the HicJal cUses n- "rrupi ana mui ue swept rcmorselcsslj KiM-n I m a txxir or twlitlcal mercennric. troveminir I j wjo seiecuun ci a rorernmeat com- niiiuii ungenuereu pwu war. mil in am oi a i times cannot oo detcrminea nrDiininiy, ami I ' m-- " - i ,. . , . . , . . ,1 ..ri-.-.. .t i ... . result sd beneficent he moraHnflnenee of ererv Lhnnbi i nm..l , nJ Ti.t made. Tlicro has been no progress, llicre caucuses and d.ctnting Uk, nomination of pofJ of element enUrelj new and plcd-td to citizen1, as well as e4ry governmental authori- amount is subject to both permanent and tern- h 0660 6UT backward. Tlicre is no necro- Uieir own. party, and attempUng to carry the ty.ouglit to bo exerted, not alono to maintain porary changdl An.enlargemont which seemed niancy in tho operations of Government. The elections or Uie iople bj undue InCucnce nnd ihoir w i;tv Wfv,r Vh w Knt litw5c L v.. fw.ui" i.' i..i.. ,i. homelr maxims of every day life aro thobctt bJ corruption fund systematica!! to pst-ihiisli cordial: frntevnal (rn.i.1 will nmnnrr !rM h - ,.l;i.,l .vf : I Standards of it Conduct. A debtor who should Culler ted from tho salaries or fees of cffiso-itold- rauicai rctorm. ine tVKSt wouk or iiixoioi most eviJcotly be the restoration of tho normal operation of the Constitution of the Ualled State with all it amendment. Tho ntcessitr citizens whatever! their race or color, who aro nlace of individual cmlits. It varies with cer- promise to pay a lam out of a surplus iaeonie. lho oCicial clas In oUicr coonUic. orne- now'tinited in the one destiny of a common self- tain states of business, it fluctuate with con- ) ct 8Ccn vcry P tl',S W ' could lay ne j tt own weight and sometimes in al- ,f war cannot be pleaded In Uroe of peace. The governmentJ If the duty shall bo assigned to siderablo re-rularity at different seasons of tho l liandi 011 in otou3 living would Io all " "- RWW ru'w ght of local self-govcjnmcat Is ruamBteeLbr the United Sates. I answered that atmv earliest me I should not fail to exercise tho powers with year. In autumn, for Instance, when buyers of ciiaracic r lor noncsij ami vcmcuj. ihh uw 7- - - , . vernation or the Union, and oust convenience Ud in eonfnrmiiv with i wl'iich tho laws and the Constitution of our hrrain nnd other nsricuhtiral nmluets berrin their of a new. promise, or hi profession a to the , uas aireauy grown nio p- crywhere restored and centralized. - 1 ' . 1 . . . . . 1 . 1 - " I t.- 11 . would prepare and transmit you a formal ac ceptance. I will avail myself of the first inter val in : unavoidable i occupations to fulfil that engagement. The Convention, before making its nomination, adopted a declaration of principles,-which, as a whole, seems to me but a wise exposition of the necessities of our country nnd of the reforms needed to bring .back the Government to its true functions ; to restore purity of administration, and to renew the -prosperity of the .people ; but some of theso informs aro so. urgent that they claim more than a passing approval. REFORM. IX PUBLIC expenses. . The necessity of a reform in the scale of public expenses-Federal. State, and municipal nnd in the mode of Federal taxation, justifies all the prominence given to it in the declaration of the St. Ixiuls Convention. The present depression in all the business and industries of the people, whieli is depriving labor of its employment and . carrying want into so many homes, has its prin cipal cause in excessive governmental consump- tion under the illusions of a specious prosperity engendered by the false policies of the Federal Government. A waste of capital has been go ing on ever since the peace of 1865 which could onl. end in universal disaster. The Federal . ; taxes of the last eleven years reach the gigan tic sum of forty-five hundred millions. Local taxation has amounted to two-thirds as. much more'. Tho vast aggregate is not less than seventy-five hundred millions. This enormous taxation followed a civil conflict that has. great ly impaired our aggregate, wealth, and has made, a prompt reduction of expense indispensable. It was aggravated by most uuscientific and ill- adjusted modes of .'taxation,.' that increased the sacrifices of the people far beyond the receipts of the treasury. It was aggravated, moreover, by a financial policy which tended to diminish the energy, skill, and economy of production, and the frugality' of private consumption and ii.iUiccd, miscalculations in business nnd an tin remunerative use of capital and labor. Even in prosperous times the daily wants of indus trious communities press closely up their daily earnings. The , margin of possible national savings is at best a small percentage, of the na . tional earnings yet now for these eleven years governmental consumption has. been a larger lorlion of the national earnings than the whole country clothe its Chief Magistrate to protect operations, they usually need to borrow capital j vaW0 all its qitizens, whatever their former condition in every political and personal right. be ev- The !- i CURRENCY REFORM. j Reform is necessary, declares" tho St. Louis Convention,1 to establish a sound currency", re store the public credit, and maintain the na tional Ijonor; and t goes on to "demand a ju dicious system of preparation by public econo mies, by official retrenchments, and by wise fi nance, hyhieh shall enable tho nation soon to as sure the whole world of its perfect ability and or circulating credits by which to make their I Icrl purchases, and want these funds in currency I KESU capablo of being distributed in ' small sums . .... ..... among numerous sellers raluo of tho old promise, would alike provoke lIc Pwcr. capable of stifling the Inspiration ttosl personal imp-rUlbm which ha been pcc Icrision. of ioaml ?uW5c opinion, and of resisting an Uocd must be done away or the first wbclr4e xeschttiox plank of TOE ST. LOUS plat- "S0 a.!ministraUon until .misgovern- of e IUrpoblic will be lost. rouM. mcnts become intolerable and public spirit la ock rxxAxct al srrroc The additional need ' . ... . ..... I been stun? to the Ditch of a eivit revolution! lhe bt. ixuis piauorm renounces 1110 uiiure 7 j . f exncHcnts must be reformed. Gold nA .n. A llv US pivl' III IVIUI Ul 14 VIViat(UI ui I - . r . 1! " I A, .M..1.. .... n KM1. el.. ima vf 1 o.cur.em-y atj buc.i unies is iiVe or moro per Wif,Jw.. . .u.D K , - U,o sUmUrd by which the appntntln- poWcr Tcr ar real sUndrd r value, and oor na- cenUofthewhUe volume, and if a surplus bo- legal tender notes; It denounce the omission J bcSn.i SS irrency wHi yot U a perfect medium y.nd what is required for ordinary use docs not to accumulate any J" In I nj porta nee is a conscicnUou. fidelity In the f cxclnnge until It dull be convertible at the happen to have la-en on. hand at tho money ccn- it denoun ce. the conduct whieb ' JS excrete of the authority to ild to account Ud Pro of Uie holders. As I iuve berctofure urf. a scan , y of currency ensues and also a years of icacc ha made oc mlvancc. nards trostworthy r Incapable subordl- M no one desire. . return to specie pnyoent J : s.s nvb wv ui Oi m 19 ill I j n 1 reference to such ex pt-rienccs that in a discus- ion of this subject in 1113 annual nies.'a.e to the New York Ijgilaturu of January 5th, 1875, tho suggestion was made that "Tho Federal Government i$ bound to redeem every portion of its issues which the public do not wih to Use. " IlaviriT assumed to nionnmilir.R tli smi- only -restoie the public credit and maintain ,)ly of CHm;l I um, cn.(Ctw, 6Xclllsions k lmi the national 1 onor," but would "estaMMi n ..v,.rvtMHiv ..L u t, iM,ntlli tn r,irnkh ,a ,vil5i.h wants of business requires. The system its perfect readiness to-fnet-t any of its promises at tho leall of thu creditor entitled to p:iyment. The ; object, demanded by tho Convention is a resumption of specie payments on the legal ten der notes of tlie United States, that would not sound currency" for the people. The methods 1 tjK, nates. After these Immediate stem, which Will Insure Uie exhibiton of better cxamplesj we lbat il wRI reached In harmony with may wisely go on to tho abolition of unncccs- lIW ,ni.cr 01 111 people by artiScial meawre nry odc. and finally to the patient, careful for contraction of tho currency, any tnor lhaa organization of a better cWil set vice ytera. 1 bedievo wealth or permanent prosperity caa under tlw test, wherever practicable, of proved 1,0 hS Inlatloa of the currency. The comjictcncy and fidelitj. J Uwi ot Cn"j cannot be durcganlc4 with Im- While much may be accomplished by tl.eM ?llf T Enncll policy f Ue Government method it might encourage delusive expect- f' ln' lltseTT th Tcf at all. 'J ' . . . . . . isn ti 5tt.i.i.i iiw r v.. ii,,t:t!uu W uie law, ana laereiore be doubted tluit the suitttution or a njsiem 01 "7" V:," and buslneti confl- premrntion. witliHit tlw prorata of a day. for miction that no reform of the civil .rviee of , " "J LL,l,li promise of a dav without a svs- country will ho complete and perm.ment ' t?10 'f Jm' 1 TV " . " r .rntlftn tvtaild hu the .-tin of the M if Chief Magistrate is constltolionallf dis- ' ' . ,CTWn,1w U!Rl PllcT wau ro- er changing wants of business. It should imi- teui of preparation, would bo the gain of the .'u wrt ,,t oPon clause of tho act of 1875. whtch ha tate as closely a, possible the natural laws of stance of resumption cxc.mnge lor , . - - ,1 crnused the country by anticipation of a mailow. isor n uio ucnuni-iauun uniuuiwi 1 . - ... - . ' comnnlsorr manM nn for t.VK ur canuidatc or Incumbent. I . : . 7 . 4 .v hausting all our surplus fund, and while pro fessing to intend a pwdy return to specie pay ments, has annually enacted fresdt hindrances thereto, nnd having denounced tho Darrcnncss of tho promise of a day of rcsnmption it next deipunces tlwt barren promise as a hindrance to resumption. It then demand its repeal, and alio demands tho establishment f a judicious fystem of preparation for resumption. It cannot should pasaivt-Iy allow the volume of circulat ing credits tb.i bb and flow according to the cv ...... . I rvtlrirlmn 1 that improvidence which. In tho eleven years 7" . tion Iwd boen made and wliliool ma . . . . , I Through tlii loVmnil nnl mn Ko Ixi MU" ,fcKJ uwn Bwur 009 W"WB MJHniTae since the war. lias conMuietii.ouu,wu.uuu,an. " ' .t .. I that it would bo uractlrl.. Tim ,f ,! i .mi nm.r.t t.i i-irii iIia niltf n lounJ n:uJ m great temptation io . , , . ild not nfTurd to give tho people a sounu . i lJial u CCccsarv: that nmlnral etrtiftf. mume iiiu power ami patronage wita wuicu i . , - V t cful and ftablu currency. Two and a half per cent. on tho expenditure of theso eleven years, or even le, would have provided all tho addi tional coin netlfnl to resumption, and given re lief to luine distress. the Executive i nccciwrily cliargcd. I coxcursios. of financial law may be mtorod; that the bus iness of the country may be relieved from Its disturbing and deprcssicr InSaenccs. and that Jvlncated In the Ulicf that it Is the Erst doty 1 return to iccUi payments may bo facilitated of a citizen of Uie Ilcpublio to take his fair al- I hr tho subsUlotion at wler mnr. .ti Uiuc rtainty is the prolific parent of mischiefs lotment of care and trouble In public addr. 1 lcrUlatioo, which shall mainly rely on a lodi n all Imslncm. Never were its evils more ft-lt bavo for forty years, as a private citizen, fulfill- 11 svitm af rb!; vn! . by winch this object is to be pursued and the means by which Jtls to be attained are disclosed by what tho Convention demanded by tho fu ture, and by what Is denounced in the past. h ! -' BANK-NOTE RESUMPTION. - i i : Resumption of specie payments by the Gov ernment of the United States on its legal-tender notes J would establish specie payments by all the blinks on all their notes. Ofiieial statements - i i on the 12tU of May show the amounts of the bank-notes, was j three hundred millions, less twenty millions livid by themselves. Against these two 'hundred and eightv millions of notes , i .-It,"- i the banks held ono hundred and forty-one mil lions -of notes or a little moro than fifty per cent, of amonnt.! but thoy also held S on itl-jxtsit in the Federal Treasury, as security for thosu notes, bonds of the UnUed States worth in gold aboui three hundred :uid sixt' millions.availahld and jcurrcnt in all tho foreign money-markets. In resuming, the jbanks, even if it wero iossi ble for all their notes to be presented for y- nieit, would have five hundred millions of siie- . t (- eie funds to two hundred and eighty mil lions of notes, without contracting their loans to theiri customers. Or calling on any private debt or fdr payment! :' Suspended banks undertaking to resume have -usually t.een owigwi to collect Government ought not to speculate ir. its own Consumption luis fallen below the national lim iron necuy uur owen m uiuans w ic-oeciu ex- tlishonor in order to save interest on its broken it. ..f miniuMi economv. Fr ice of manv tLitr If .nmmoniHl b tlia .nrt f m promises, which it still compel private dealers things are under their rane In frugal, specie- j countrymen to attempt litis work I 1U eo to accept at a fictitious par. The highest na- paying times bt-foro tho civil war. Vast masses deavor, with God's lnrlp. to bo the efficient io- t.r.ulo which it has supercetled by artificial con trivanees." And in a similar discussion in my message of January 4th, 1876 it was saiil that resumption should be effected by siuh meas ures as would keep the aggregate amount if the currency self-adjusting during all the pro cess, without creating at anytime an artificial scarcity, an without exciting the public Imag ination with alarms which imtair confidence, contract the whole large machinery of credit. and disturb the natural ojK-rations of business. MEANS OF KESUMPTION. "': ' t ... . "' I Public economies, official retrenchments nnd wise finance! are tho means which tho St. Ixniis Convention ndicales ns provisions for reserves attempt. They stop nr.d wait. Tho mcrcliant entered niwn my present trust it wa la order and redemptions. 1 he best resource is a re" J dares not buy for tho lutnrc jonsnmplion or his I consummate reforms to which 1 Ul already ductioii of the expenses of tho Government be- customers. The manufacturer dart not pro- I dcvotcnl several of tlw best year of my life. low its income, for that Imposes no now cliarge auco fabrics which may not tcfund htm his out- Knowing a I do.thcrrfore. from fresh 'expo- 0f tj Democratic party on tho subject ha now on the people. If, however, the improvidence 1;IV. He shuts his factory and diicharges his rience, how great is the difference between becn dUUBCtly declared. There hould U to and waste which have conducted to a period of workmen. CapitaliU cannot lend on security gliding through an official routine and working luj,-,,-. t- ,, mv ftf . falling revenues obliges lis to supplement the tjl0y consider unsafe, and their funds lio almts.t I out a reform or system and policies. It i Im- I ; 1 I il X? F"T f T WM Trfc WITT ts? a WW I'W'f pursuit of economies and retrenchment by so mo without interest. Men of enterprise who have possible for me to contemplate what need to resort to loans we should not hesitate. TJio I credit or securities to pledge will not borrow. J i, ,iuno n the Fwlcral Admlnbtrallon without i than now. lerruo nouiing uecause uiry are eu that duty, moogh occupiea In n unnsuaj trenchmrnt. and. above all. on the promcllcn tinablo to make any calcul.Uions on which they degree during all that pcriol with the concerns of prosperity in all industries of the people, can sTifely rely. Tliey undertake nothing, be- f government, I liavo never acqnire.1 tliejhabit J do not umlrUnd the repeal of the raamp- miiHC thtv fear a lo.s 111 evtrvlhins they would of official lifu. When & Tear and a half an I .t i t . . . ......... un v um act of icid u I I laciw&TJ step in oar return to specie payment, but tho recovery fa fklso step; and alihoogh repeal may fr a time be prevented. t! determination an anxious sensu of tho difficulties of the Under-1 cessfve issues, ami provide reserves. A vague idea' of distress is therefore often associated .! Ieople can possibly save, even in prosperous U! Ue PrcesS of resumption but the comb-. tjon:l! hon ' u not nly rlRhu hai woul j rrovo of cnrrcney lio in lho Ptouchel. A year ttramvnt of their will. times, for all new investments. The consequences 9 f these errors are now a present public calami ty, but they were never doubtful, never invisible; they were necessary and inevit able, and wero seen and depicted when the waves of that fictitious prosperity ran high est. In , a speech! made by rue on the 24th of September,' 1868, it was said of these taxes : "They bear heavily upon every man's iucome, upon every industry and every business in tho country; and 3"car by yearthey arc destined to press islill more heavily .unless we arrest tho system that gives rise to them. It was com- tions: which caused distress in those former in stances do not now exist. Tho Government has interest at six vr cent, in cold, and 72, only to make good its promises, and tho banks qqq qoq at 1K.r cenU jn goj. The average in- can tako caro oi inemseives wunoui uisircssmg anybody. The Government is tlierefore tho sole delinquent. profitable. Of the public debt $085,000,000 RBd a ldf ago tho legal tender were at their j (Signed) Sauctx J. TiUrx. largest volume, and the twelve millions since 1 To Gen. John A. McClernand and others. Com- ritirel have been rcplacnl by frejh issue ofl mittce, &c 1 ar. ' ! I-EGAT.-TENDEK UESUMPTIOX. - "---- - ' Tlie amount of legal-tender notes of the Uni ted States now ! outstanding is less than three hundred nnd sevfenty millions of dollars, besides thirty-four mitlions of dollars of fractional cur rency. How shall the Government make these notes at all times as good as specie? It has io terest is 5 58 per cent. A financial policy which fifteen millions of bank notes. In the mean should secure tho highest credit, wisely availed j lmMJ the tianks liavo been surrendering about of, ought gradually ( to obtain a reduction of 1 four millions a month, lccnii5C they cannot find per cent, in the interest on most of lho loans. n profitable use for so many of their notes. Tho A saving of 1 per cent, on the averago would public mind will no longer accept shams. It bo ? 17,000,000 a year in gold. That saving, has suffered enough frora illusions. An insin- regularly invented nt4i per cent, would in less ccro policy Increases distrust; an unstable in- than thirty -eight years extinguish the printljicd- creases uncertainty. The people need to know The whole $1,700,000,000 of funded debt might tliat tho Government is moving in the direction bo paid by'thi? saving alone without ?ost to the of ultimata safety and prosperity, and tliat it Is people. j doing so through prudent, safe, and conscrva Gov. Hendricks' Letter. lie Acctpta the Nomination TctJrrtl al Txmi The StamLtrd cf R'form Yictct q IS il- tuttu-ial System Strife JJcttreen the StCi&n$ In Accord vrilh the Platform rc j IxpiANOrous. July 2L Gentlemen I have parativcly easy when values wero doubling un- j oVide. In reference to the mass which would der repeal issues of legal tender paper money j cpt in uso by tlio wants of business, a cen. to pay out of the froth of our growing and ap- i tTBi reservoir of coin adequate to the adjustment jtnrent wealth theso taxes, but when values Qf tu0 temporary fluctuations of international recede and sink toward their natural scale, the balances, and as a guaranty against transient tax-gather takes from us not only our income, drains, artificially creatod by panic or by specu- not only our profits, but also a portion of ott utLi,. it has! also to provide for paymont of capital. I do not wish to exaggerate or alarm ; g.h fractional currency as may be presented cnrlic timo in which to accept a resumption for; redemption, and such inconsiderable por- cnn ho brought about is tho best, oven when tions of the ;egul-tenders as indiyiduals from the prorations shall have been matured. Tho time1 to timo may convert for special use, or in eXJMJt 4.lt wou j have to bo chosen with refer- orller to lay) by In coin their little stores of enco to Uio then existing suite of trado and money. Redemption is not difficult. To make cmit operations in our own country, tho the coin in the treasury nvailabio lor tins re- courso 0f foreign commerce.and the condition PKOltTER TIME FOU RESUMPTION. I - -' . J " ' " ' . nroner time for resn motion is tl i i when wise preparations shall have ripened into perfect ability to accomplish the object with a certainty and ease that will inspire confidence and encourajro the rcvivmjr of business, lho rttcbx to erraa patmcst. As soch a a hindrance," says the St. Loal platform, wo denoance the resumption clxaso of the act of 1875, and demand it repeal. I thoroughly believe that by public ceonoray, by SlcUl retrenchment and ly wise finance, en abling us to acenmnbit the precioos metals, resumption at an early period Is possible, with out producing an arUScUl tcartity of ixrrtn cy. or dblurbicg pabllo or commercial credit, and tint tbco reforms, tegvtber with restora tion of xire government, will rttor general confidence, encourage the useful tares tmcntcf capita!. fumUlt cmployrocet to labor, and re lieve U.e country from lle paralysis of hard time. With tha Industries of the people there liaye lcen frequent Utcrfcrmcc. Oar ptvlfarru truly mjs tliat many I nd a tries hare been ImixivcrUlicd to tubidize a lew. Oar eooiotcrco tta been tVgradeJ to an inferior po sition on tho high sea ; mBofctare have bren diminished; grica!toro Ins been embar rsed, and tho di stress of the IndustrUl clsssc I 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 O oppressive centralism into which our Govern ment is being converted; we cannot afford the present magnificent scalo of taxation!." j To the Secretary of the Treasury I said, ear ly, in 1865, there was no royal road, for a gov crnm"ent moro than for an individual or a cor porntion. What you vant to do now is to cut down your expenses nnd live within yqur in come. I would give all tho legerdemain of fi nanco and financiering, I would give tho whole of it for the old homely maxim, ; "Live within your income." This reform will be resisted at every step, but it must bo pressed persistently. Wc seo to-day tho immediate representatives ofl the people .in ono branch of Congress, whiloj struggling to reduce expenditures, compelled to confront the menace of the Senato and the Executive, that unless the objectionable appro priations be consented to the operations of tho Government thereunder Bliall suffer detriment or cease. In my judgment an amendment of tho Constitution ought to bo devised separating into distinct bills tho appropriations for tho va rious departments of the public service, nnd excluding from each bill all appropriations for other objects and all independent legislation. In that way alone the revisory "power of each of the two houses and of tho Executive may bo to acknowledge the receipt of your com run nl- tive methods, which will bo sore to inflict no catu.n. in which you havo formally notified me now n-terifiee on tho business of the countrr. I r. .t,!; m ti, vit..r.l f wmwrt The proper time for resumption is the time Thm lho B91,lrnlion f ncw hope and well- Convention at SL Lm.I a their candidate for lhIn rounded confidenco will hasten tho restoring tho oC-iCt, cf vice President of Uie United State. r.ien oi me peopie moi imdo pi processes "of nature, and profperity will ljegin I It la a nomination which I had ncitbcr'expcct- j rned by a great cliango ta our to return. The St. Loms Convenlhm conc.udcs nor dcsirel. and yet I recognize and appro Its expression in regard to tho currency by a dated tho high honor convex cd by the Convcn dcclarntinn of its conviction as to the practical tjon Tlio choice of soch a lxilr, pronounced results f this system : j with such unusual unanimity and accompanied " Wo believe such a system well dcvUed and with no genenms an expression of esteem and . ... ... ...., ii above all entrusted to competent nan.u lor cxt- conuueuce. ognt u ouiweign niereij pcron t)CinA nWt rul amendJ. in so fr cutlon, creating at no time an artificial scarcity desire ami prcicrcnce or my own. i wiui i . lrHTC iiitcn f forrirn Urth io aay any cnia!ry on earth . ststcm or it-sue txrtxsrj. Tlio pn4!igte cipcndiUre which Increased taxation from per capit In 1W) to 1 13 In 1870, tells its own story of or need in fUcal reform. Oar treaties with frrign power sefve. to gradually strengthen ana enlarge mat Ul0 cxchanges with other nations. The reserve, and to provide for such other exeep- mesures nnd tlio actual dato aro matters of de tional demands for coin as may arise, does not tai, aavins reference to ever changing condi- sctm to me to be a woik oi oimcuuy, n wisuij planned and discreetly pursued. . It ought not to) cost any sacrifice to the business of the coun try ; it should tend, on the contrary, to a revi val of hope and confluence. ; Tho coin in the Treasury on tho SOth of J uno Z. r of currency, and at no time alarming the public this feeling, and I trust from a deep sense cf ulIctj1;vr j, gr, tt cific ram1 lnto R wJll,lrnwAl of l,,nt Tastcr n"chln- public duty, that I now I lWy wooW u lf tpcfC1, m cry of credit by which 05 jier cent, of all busl- aocxit the xomixatiox, on tmr the tions. 1 hey belong to lho domain of practical administrative statesmanship. The captain of a steamer about starting Irom New York to Liverpool docs not nsscmblo a council over his ocean chart, nnd fix an angle by which to iah the rudder for the whole voyngo. Human intel- inCluding what is held against coin certificates, ligence must bo at the helm to discern the shift amounted to: nearly seven millions. The current forces of tle. waters and winds; a human hand of precious, metals which has flowed out of our must bo at tho helm to feel lho elements day ncs transaction are performed a system open public and inspiring general confidence, would from tho day of il adoption, bring healing on Its wings to all our harrassed Industrie; ct In motion tho wheels of commerce, manufacture and tho mechanic arts; rest ore employment to labor, and renew, in all it 'natural resource tho prosperity of tho people." Tlw Government of tlio United State. In my they had bren born op- men. u woui.1 uave ocen imuosuu.j ior w!l!c!v throogh the agency f wealthy to accept the nomination if I could noi heartily itnportf Chinese bondmen and est endorse the platform of Uie Convention. Iam spetic of slavery tnd interfenrs with country for eleven years, from July 1, 1863, to Jun SOL .1876, averaging nearly seventy-six mil lions a' year,! was 832.000,000 in tho whole pe riod j of which 017,000,000 were the product of our own mines!' To nmass the requisite quan by day, and guide to a mastery over them. PllEPAUATIOX VOn RESUMPTION. j , Such 'preparations are everything; without them a legislative command, fixing a d.ty; an ami 1 shall aui.ie uie pi.igmcni ot my coonuy- i rxiQvrrocS COCUi: fTSTKK. men. u woui.i nave uccn imposwoie lor me i . .t,,,, .k.. n - 0 UblUbci a . . rv r am ftiArrrrrui inurimi wiui uc iai i gratified therefore to be aUe unequivocally to Ubcr on or I'aclfio 'coast, should declare that I agree ia the principle af,rove u mlcr1 mbulIslcJ. In tho tho ptdicie and svmpaudso with the purpusc ' - enuturratetl in that pUtfona. Tho Institutions WtTOEM or OVtt CTTlL StKTlC of our country have been orc!y triwl by Uw t root bearUlr endorse that ctlm of the tAt- opinion.-can advance to a resumption of specie j exigencies of civil war, and kince peace, bf a I mbich tkcUrcs that cltil rvlc octLt payment on Its legal tender note by a gradual Klfih nnd corrupt management of public af- I not to iw "obict to rhang at every tlction," and safe process tending to relieve the present fairs, which ha shamed us before ciTi'lif-d J RB iJwt ogbt not to bo male the brief ro bustness distress. If charge! by the people mankind bf onwUe and pnrtil lrgiUUo. I w-rj mrtr xeaL" but oht io be awarded with the administration of tlio Extent! ve office. I Every Industry and interest of the people have I by prove! compclcrey and Uld fur fidelity la I should dwra It a doty o to exercise the pow- j i,, ma,i to nfir, and In the executive de- I ih uUic cmidr. I borw never arain to sea tities bv intercepting from the current flowing official promise, fixing a day aro shams. They ers with which it ha been or may bo invented part menu or the Government dKbonrsty, ra- I the cruel and ttmorscies proscripUoa for po- ' i " " . - ' . . . i Tl... ... . ..... ..J . .V.U.t i hr f!iinrrric. nt lust Bllil tnODHtta COnJllCt ttlO M.iiw .ml vnn.til d.ta r.ntnrl IK. MiLCIi-.f .1 t ntt. n . . t .1 . nnt nf the enniitrv. and bv acouirins from the stocks which eitist abroad . without disturbing the eqnilibriuni of foreign money markets. Is a are worse, liiey are a snare ana a uuiiiston io nil who irnst them. They destroy all confilenco among thoughtful men whoso judgment will at result to be -easily worked "out by practical last sway public opinion. An attempt to act knowledge nnd judgment, with what respect to whatever surplus of legal-tenders tho wants of business may fail to keep in use, and which, in Order to sayo interest Trill bo returned for rc- on such n command or such a promise without preparation would end in a new suspension. ns purification; necessary to Its economy It would bo a fresh calamity, prolific ofonfa- nnd It efficiency; neccsary in order that the sion, distrust and distress. I ordinary employment of the public business may by Congress, a best nnd soonest to conduct tho I pacity nnd venality hate debauched the public I JiUcal op'nloc which h dUrrMnd tle adaiia. service. Men known to be on worthy been .tm-.U. f,.r tlK.Ut.1.1 jrt. TUi a the Ironiotr.l. whilst other lave been "degraded cfTu tcrrice now I. aaaUinow.it hvs some for fidelity to official duty. IiUIaJtffice ha mrn f trie4 integrity and prored ability. been made tho mean f priraU prbGt. and U e Soch men, and mh men only, thoald be ra country bs been Seeded to tea a class of men tlc4 in office. Bat no lam shocld U letaln who boast Uie frieotUhip of swora prelectors of ed oo any cootldcraUon, w!o La pros'JtctM Ute Mate. amaSf lag fortune by dcrrn.Ung the I Kl Sea to the purpose of tartifcaa laUoili. country to that beneficent result. CIYII. 8EUTICE KEI-ORM. Tlio Qonvrntlon justly affirms tliat a reform is necessary In tho civil servico; rcccary to j
The Western Sentinel (Winston-Salem, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Aug. 17, 1876, edition 1
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