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Show TILDEN'd LE IT Kit. Ai.iiany, July 31, 1870, C -nil men: When I had the honor to receive the perumml delivery of your letter tm bohalf of tho democratic demo-cratic national convention, hold on tho liOth day of Juno at Ht. luum, nd-vising nd-vising mo of my Humiliation an tho , candidate of tho coiiitilueury represented repre-sented by that body fur the office of lirertideut ol the United Stales, j answered an-swered tint at my carliewt ennvenb enco, and in ooufurmity with uwigo, f wuulil prepare and transmit to ymi my in'.ivpUiice. I now avail myself uf the limt interval in unavoidable ou-eupatioiiH ou-eupatioiiH to fulfil thnl nngagenM-nl, Tho convention, before ui a icing it h nomination, adopted a declaration of principles which, ana whole, rtw ms to mu a wirni exposition ot THE NKCKSSITIKH UF OUR CuUNTIlV and of reforms m cded to bring hack government lo ' its lru funcliuiit', to restore tlm purity nf thn aihninU'ra-lion aihninU'ra-lion and In renew the prnxperity of tlw people; but buiiib ol tliemi r-lonnn ani no u gent thai they ciami more than a muring approval, I'm- ne-ceRHity ne-ceRHity uf reform in ihn nnhlio ex-peiiHP, ex-peiiHP, federal, ulat'i and iiiunii ipit, a ud tho modes of lederal taxation, have jure! i lied all the promuxMieo given to it In tlm uecUraiion (if tho rtt. fxiuis convrmliun. Tlm pnwut doprr.tHinn in nil hi ninths and indus tri-s ol tho people- which is denerving ot labor, and carrying want into so 'many h .me luu ita principal camo in exeps-tivo gnvernmnntcnnsumplnn uudr illusions ol speciou pro-peri ty, ouuundored by a lalso policy. FEDERAL noVEUNMENT WASTR OK CAV' ITA It ban been going on ever tiuco lS'l'i, which could only end in tiniverrtfihlis-aster. tiniverrtfihlis-aster. Federal taxi s in tho last elovcu years reach the gigantic miin of forty-fivu forty-fivu hundred millions. Inml laxulion bus amounted to two thirds as much more. Thovant aggregate is not lean than aevonty-fivo hundred milliona. T 10 enormous taxation followed tho civil cunlhcl thath.ulgreallyiinpairml our aggregate wealth, and had made a prompt reductinn of exponas in-duimible, in-duimible, hul was aggravated by most uuacieiitdic and ill-adjuatrd methods r.f luxation lhal IncreaHcd ihn sacrifices sacri-fices of tho peoplo far beyond tho recoiptfl of tho treasury. It waa aggravated by ft financial policy winch tendtd to diminish the energy, skill and economy of production, and the frugality of private consumption, and induced a miscalculation in business busi-ness and an unremunerative use ol capital and labor. Even in prosperous prosper-ous times the daily wan's of industrious indus-trious communities press closely upon their daily earnings. The margin of possible national savings is at Vest a small per centago on uatioual earnings, earn-ings, yet now fur these eleven years government consumption has been a larger portion of national earnings than tho whole peoplo can possibly Biive, even in prosperous times, lor all new investments. The consequences of these errors are now present in public calamity, but they wero never doubtful, never invisible. They wcro necessary and inevitable in-evitable and wore foreseen and depicted de-picted when tbe waves of that fictitious fictiti-ous prosperity ran highest. In a speech made by me on the 24th of September, 1S68, it was said of these taxos they bear heavily on every man's moans, upon every industry and upon every business in the country, coun-try, and year by year they are destined des-tined to press more heavily unless they arrest the system that gives me to them. It was comparatively easy when values were doubling under repeated issues ol legal tender paper money to pay out of the from of our growing and apparent wealth, these taxes, but when values recede and sink towards their national scale, tho taigatherer takes from us not only our income, not ouly our profitj, but also a portion of our capital. I do not wish to exaggerate or alarm, I simply Bay that we cannot aflord tho costly policy of the rad'eal majority of congrets, we cannot aflord that policy towards the south; we cannot afiurd the magnificent and oppressive cen tralism into which our government ia being converted; we cannot afford the present magnificent scale of taxation. taxa-tion. To tbe secretary of the treasury, I said early in ISfio, " there is not a royal road for government nioro than for an individual or corporation. What you want to do now is to cut down your expenses and live within your income. I would give all the legerdemain of finance and financiering; financier-ing; I would give the whole of it for the old bome-mado maxim, Mive within your income.' " This reform will be resisted at every stop, but it must be pressed persist-. persist-. enily. We aee to day tbe immediate ; representatives of the people in one branch ot congress while struggling to reduce expenditures, compelled to confront the menace of the senate and executive, thut unless objectionable objection-able appropriations bo consented lo the op-rations of government thereunder there-under ehall sufter detriment or cease. In my judgment an amendment to the co i atitution ought to be devised sApara'ing into district bills appropriations appro-priations for various departments of public Bervice, and excluding from each bill all appropriation for other objects and all independent legislation. legisla-tion. In that way alono can the re-viaory re-viaory power of each ot the two houst s and of the executive be preserved pre-served and exempted lrom moral distress, dis-tress, which often compels assent to objectionable appropriations rather than stop the wheels of government. An sccescry cause, enhancing distress dis-tress in business, is to bo found in the systematic and unaupportable mii-governmcnt mii-governmcnt imposed upon the states uf the south. Besides Ihe ordinary t fleets of ignorant and dishonest administration, ad-ministration, it boa inflicted on them enormous issues of fraudulnl bonds, the scanty availB ot which wero wasted or stolen, and the existence of which is a public discredit, dis-credit, tending to bankruptcy or repudiation. re-pudiation. Taxes, generally oppressive, oppres-sive, in some instances have con fis cated tho entire income of property, aud totally destroyed its market value. It is impossible that these evils ihould uot react on the prosperity of the whole country. Nobler motives of humanity concur with the material interests of all in requiring every obstacle ob-stacle to be removud to incomplete and durable reconciliation between kindred population once unnaturally eatranged. On the basis recognized by the St. Louia platform of the con-tituVion con-tituVion of tho l. nited Staiat, with its amendments universally accepted as a tiual settlement of controversies which engendered civil war, but iu aid of a result ao beneficent, tho moral influence influ-ence of good citiina as well a every government authority, ouht to be treated not alone to maintain their jiidl equality ho tore, tho law, hut like wise to esUMiAh a oonhal fraternity and good will among citizens, what-ever what-ever llioir race or color, who are now united in the one destiny nf a cotn-ni'in cotn-ni'in sell government. If tho dulv shall bo assigned to me I should not fail to exorcise tho powora with which the lawa and constitution uf our country coun-try clothe its chief magistrate, and to protect ita ciiizem, whatever their former condition, iu every political ana persons! right. Jiform is neccasary, dtvVu-tn theSt. Louia convention, to eUli!nh a ound currency, rostoro public credit and maintain the national honor, and it goes-on to demand a judicious system nf public economics, by official retrenchment re-trenchment and y a win finance, which snail ciuhlu ihu nation noon to Miro the whole w.r!d of il perfect ability and it perfect n-nd lines lo incut any uf iU pr -e- at IIih call nf Ilia creditor, entitled to payment. The object demanded by Hit- cohvlii-tiun cohvlii-tiun is R mi'M 1' i t)N OV rtl'&HF PWMKNTs on legal tender note of tho Unittd Kitties that would not only restore publio credit nnd maintain national honor, Lut it would esta ltrth a sound currency fur tho people. Tho methods by which this object ia to bo pitrxued and tho meant bv which it in In Ikj attained are disclosed by what tho convention demanded for rbe lu-lurn, lu-lurn, and by what it denounced in the pant. The resumption of apecie payment pay-ment by tho government of I ho United HlatCH on ita legal lender union Would establish specie payment by all bankn on all their iiuIvh. An oMi cm) statement muilo on tho JL'ili of May, Nhowa tho amount ot bank note lu bo three hundred million dull Am, Icmh twenty million dollars held by thwiiiBelvcs. Againsi theno two hundred and oiithty millions of nntex, bank bold ono hundred nnd lorly-ono millions of legal tender notes, or more than fit) tier cent. (i their amount, but they aUo hold nn deposit in tho fa lent I treasury ah security se-curity fur these notes, lionda of the. United States worlh in gold nUiuL throe hundred and sixty milliona, available and current in foreign money markets. Ju resuming, tlm banks, even it weru possibly f,,r their notes lo bo nrpsonled for payment, would havo flvo hundred milhuim pecio fnnda to pay two hundmd and oigbty millions of noloa without e,i,u-lraolin e,i,u-lraolin their loans to their customers or calling on any private - di motor mo-tor for payment. Huhpnmlitd banks undortnkihK lu resuino have usually boon obliged to collect fiom nettdy borrowers the menus to rndsom oxoesmv ismica and lo provide reserves, A vsguo idea of distress ia thoroforo olleu unaociatcd wilh tho process of rnsuinpliou, but the conditions which emmed distress in former mutancus do not now exist, Tho government has only lo miiko good ilB own promises anil Ihu hanks enn tslto cam of thoniaolvna without distressing anybody. Uovorumttut' is. theieioi'o, the sole delinquent. The amount ol le.mil tender notes of Ihe United States now outstanding is less than thirty seven millions of dollars, besides thirty-four millions fractional currency. Huw shall government make these notes at ail times as good as specie? It has to provide in reference refer-ence to tlie matis which would bo kept in use by the wants of business a central reserve of coin adequate to tha adjustment ot temporary fluctuations fluctua-tions of international balances, and as a guarantee against Lransieut loans artificially created by a panic or by speculation; it has also to provide for I'he p lymeut in coin of biich fractional frac-tional currency as may be presented tor redemption, and such inconsiderable inconsider-able portions ot legal tenders as individuals indi-viduals may from tunc to time desire jto convert fur special use or in order (to lay by in coin by their little stores of money lo make the coin now in I the treasury available for the objects of this reserve, to gradually strengthen streng-then and enlarge that reserve and to provide for Buch other exeeptional demands for coin as may arise, does not seem to me a work of difficulty. Owing to the lateness ot the hour, we arc compelled to say "to be continued." con-tinued." Eds. Hkuai.d. |