Indiana State Sentinel, Volume 25, Number 51, Indianapolis, Marion County, 9 August 1876 — Page 1

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YDL.XXV XO. 51 TILDEN & HENDRICKS.

INDIANAPOLIS, WEDNESDAY AUGUST 9, 187a WHOLE NUMBER 1864

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THEIR TWO LETTERS

1 HE TRUE RING OF REFORM, PEBFE3T HARMONY ON FINANCE. A Searching Review of the Evils of Republican Misrule. GOVERNOR TILDEN'S LETTER. A LUCID EXPOSITION OF THE TRUTHS OF FINANCE THK TRUE PATH TO BESUMP TION FALSE STSPS TO BE RETRACED THE NlCKsSllY FOR RkFORM. The following is Tllden'a letter cf accept ance: Albany, July 31. Gentle en : When I Lad tbe honor to receive the personal delivery of year letter oo behalf of the Democratic National Convention, held on the 2th of Jane at St. Louis, advising me of my nomination as tbe candidate of a constituency represented by 'hat body for tbe office of president, I amwered that at my earlle-l convenience and In conformity wlih usaje, I "Would prepare and transmit to you a formal acceptance. I avail myself now of the first Interval in unavoidable occupations to fulfill that engagement. The convention, before rnaali g its nornina.lous, adopted a dec aratlon of principles which, as a whole, aeems to me a wie position of tbe n ecess I 1 es of our country, and of tbe reforms needed to brlrg baca tbe government to lis true functions, to res' ore purity of administration, and to renew the pvospeiity of the people; but bo me of these reft rms are so urgent tbat : bey claim more than a pasel' g appioval. The neces liy of a reform In the sea e of iablic expense, federal, state and municipal, and In tnodet of federal taxation I untitles all the prominence given tottin the declaration of the cf. Louis conventi r. The present depression In all business and ihe industriesof the people which is depriving tabor of its employment and ctrr ing want into so many homes has lta piiuclp-il cu-ein excessive governmental onsu v pi lor, under i lusions ( a sp'cious prosperity, eoa-ndered by tbe fal-e policies 01 the federal government. A wteof capital Las bef n goirg on ever since tbe peace of lua'i, which could only end In universal disaster. The federal tsxe of the laf eleven years reach the g'gautlc sum of fivv), . Locl taxation hiwnra( nnted to two-.hirds asmuch more. The vast aggregate 1 not less than 175",' 1 0,n . This euoini'ns tax followed a civil conflict that had greatly Impaired an aggregate wealih and u.ad a reduction of expenses indispensable, it wai a gravated by MOST UNSCIENTIFIC AND ILL-ADJUSTED METHODS of taxation that Increased the sacrifices of the people far beyond the receipts of the treasury It was aggravated, moreover, bv a financial policy which tended to diminish the energy, kill and economy of production and frugality of private consumption, and Induced miscalculation In business and unremunerative use of capital and lab-r. Even in prosperous , time, tbe daily wants of lnuustrlous communities press closely on their daily earnings. ; The margin of poet lble national savings is at - best a small per cent of the national earnings, yet no for these eleven yeaia lhegoern- - mental consumption baa been a larger portion of tbe national earnings than tbe whole people cad possibly save even in prosperous times for all new investments The consequences of these errors are now a present public calamity, bat they were never doubtful. Deter invlneibl-. They were necessary and inevitable, and wt re foreseen and depicted when the waves ot tbat fictitious prosperity ran highest, la a speech made by ' xneon tbe 24th of eeptembe-, ists, It was said Of these tsxes,they bear heavily upon every man's Income, upon every Industry and every " business In tbe country, and year by year they are destined to press still more heavily, unless we arrest the system that gives rise to them. It wa compvatlvely easy wben values were dounliog under repeated saues of legal-tender paper money, to pay outot the growth of our growlt g and apparent wealth these taxes, but when values recde and sink towards their natural sea e, the tax-gatherer taae from as not only our Income, not only our profits, but also a portion of our capital. I do not wish to exaggerate or slarm. I simi iy y that we can not an rd the costly and rulnons policy cf the Radical majority ot Co"gre". We can not aflora that policy towards the Sou tu. We ran not afford the magnificent and oppressive centralism Into which enr govern meat Is be lng con vested. We can not afford the present magnificent ecale ol taxation. Tr the seretar? of the treasury 1 said earlv la ltii: There 1 no royal road 'or a government more thsn for an Individual or a corporation. W tat you want to do now la to cat down yocr expenses and l.ve within your income. I wuld clve all ths legerdemain of nuance and financiering. I would give the whole of It, lor the old, homely maxim, LIVE WITHIN TOUR INCOME. Tbii reform will be resisted a, every step, but It mist be presed persistently. We see today the ira med1 ate representatives of the peole In one branch of Congres, while Strug' -gllnj to reduce expenditure,compeUed to con.irontthe meaaceof the Senate and executive that an icss objectionable aoproprlatlons be contented to, the operations oftbegovernmeit thereunder shall suffer detention or eae. In my Judgment an amendment of the constitution ought to be raised, separating Into distinct bills tbe appro- ' prlaiorjs lor the various departments of pub'Lc service, and excluding from each bill all appropriations for other objects aud all Independent leals atloD. In that way alone cai every power or each rf the two Hous and tbe xecnttve be preserved and exempted from the noral durs which otiec ompeii absent to objectionable appropriations rather than to atop the wheel of the liovern oeni. An accessary cause enhancing distress In business is to b found in the systematic and Insupportable govern men' imponed on tbe states of tae Booth. Besides trie ordinary en ct of Ignorant and dlhoaest admlnistratbn It has inflicted upon them monriODi lues of fraadnient bndo, the canty avails of which were wasted or g'olei, and tbe exigence ot which is a pubHc discredit, tending to bankruptcy or a repudl sulonof laxe generally. Theoppreesiona in some Instance have confiscated entire tbe lnc me of property and totally destroyed lta marketable vain. It Is Impossible that these vllasboald not react c poo, the prosperity of the vbole coun'ry. ibe nobler natures of hamtnlty concur with the material Interesu of all tn requiring tbat every obstacle be removed to a compute and durable reconciliation between a kindred population once unnaturally estranged. The tula recognized by the Br. Louis platfoim of the constitution f tte United S.ates, with Its attend men t, Is universally accepted as a final settlement of tbe controversies which ergetd-red the civil war. Rot la aid of a result a beneficent, the moral Influence ot every good citizen, as well as evry governmental authority ought to be exerted, not alone to maintain their Jost equality before the law, bat Ike wise to estsb Ua COIDIAL, FRATERNITY AND GOOD WILL amorg citizens, whatever their race or color, who tre now united In the one destlry of a comncoa self-government. U the duty should

be assigned to me. I should not fall to exer

cise tbe Dowers with wntch the Iswa-and con stltution ot our country clothe I's chief magistrate to protect all Its citizens. whatever their former condition, in every political and clvllj rlKht. Reform s necessary, declares the fct. Louis convention, to establish a sound currency, restore public credit and maintain tne national nonnr, ana it goes on to aero, na a juuicmus system of preparation, by public economies, by official retrenchments and br wise finance, whlcn sha'l ensble the Da ion soon to assure the whole world of Its perfect ablli'y and its perfn.t readtness to meet any of its promises at tbe call of Its creditors entitled to payment The object demanded by the convention Is a resutnpt'on of specie payments of the legal tender no es ot tbe United H'ates, that would not only restore rnbüc confidence and main tain the national honor, but It would evaonsu a sound currency for tb people. Tbe methods by which this object is to be pursued and the mesns bs which It Is tt be attained are disclo ed by what the convention demanded for the fture and by what it denounced in the resumption of specie payments by tbe government of the Ur. He t HtaUa ou its if gal tend r no'es would estab ish specie paymen s oy ail me Dan k son an tneir notes ine orfl' ial statement made on the 1-th of May shows that the amount of bnx notes was Hut'UVKW, less S-VKKl.toO be!d by themselves, scainstihe -'.' on or notes beid-iiii.tuv coot legal tender notes. or a little more thn 50 per cent, of th lr amount. But they also held on deposit in the federal treasury as a se curl ty for these notes, bonds ct the United State, worth in g. M about t3U,0J0,0i0, a vail aoie and current in all forelzn mo-ey markets in resuming, the banks, even if It were possi ble for all the r nous to be pivsented tor pay meur, would have I5O00 V10 of specie funds to pay j-iüivu wu or notes. WITHOUT CONTRACTING THEIR LOANS to their customers or calling on any private debtor for payment, suspended banks under taking to resume, have usually been obliged to collect from needy borrowers, means to redeem excessive issues and to provide reserves. A vague fear of distress is therefore often as sociated with the process of resumption, but tbe conditions which caused distress in those forner instances do not now exist. The government has on'y to make good its own pro iiisesana tne o toss cn taxe rare of themselves without distressing any body. The government is therefore the sole de linquent. The amount of legal tender notes of the United Mtates now ou siauding lsie s tnan three hundred and seventy millions of dolla-s b?sides thirty-four rat lions of ao'lars of fractional currency. How shall the government make these notes at all times with re:erence to tbe mas which wouia De kept In use by the wants of buMness a central reservoir of coin adf quste lo the a"Justmentof temporary fluctuations of inter national oaiances, ana as a guaran-y auaiUMi, transient Urdios artificially created by a panic or by speculation? It also has to provide U r the payment in coin or such rracuonai currency as may be preen'ed for redemption. and such Inconsiderable p rtlonsof legal tenders as individuals may lrom time to time desire to convert for special u.-e, or in order to lay by In colu their little st re of money, and so make the coin now in the treasury available for obj sets of this reserve. TO GRADUALLY STRENGTHEN AND ENLARGE THAT RE ERVE, and to provide for such other exceptional de mands lorco n as may arise, does not seem to me a work of difficulty if wisely planned and discreetly pursued. It ought nottocDst any sacrifice to the business of tbe country. It should tend on the contrary to a revival of hope and confidence. Tbe coin in the treasury on the Slst of June, Including what is held against coin certificates, amounted to nearly aeventy-four millions. Tre current of precious meta's which has flowed out of our country for the eleven years from July 1, löiä. to June 3d, ma, averaging nearly f76,X.O,000 a year, was f8.ouO,ioj in the whole period, of which töl7,uu',0W were the product of our own mines, lo amaas a requ -site quantity by Intercepting tr m the current flowing out of the country and by acquiring from tne stocks whl h exist abroad without disturbing the equilibrium of foreign money market, is a result to De easily worked out by practical knowledge and Judgment. With respect to whatever surplus of legal tenders the wants of business may fall to keep In use, and which, in order to save interest, will be returned for redemption, they can either be paid or they can be funded. Whether they continue as currency or be absorbed into the vast mass of securities, beld as investments are, is merely a question of the rate of interest they draw. Even If they were to remain la their present form and the government were to agree to pay on them a rate of interest making them desirable as la vestments, they would cease to circulate and take their place with government state, mu old pal and other corporate and private bonds, of which thousands or millions exist among ns. In the perf c.eaxewl.h wb ch they caa b chsuged from currency into investments lies tbe only danger to be guarded against, in the adoption In general of meaturea intended to remove a clearly ascertained surplus -that is the withdrawal of aay w faich are n..t a permanent excess beyond the wants o: business. &VN MORS MISCHIEVOUS WOULD BE ANY MEASURE which affects public Imaginations with the fear of an apprehended scarcity. In a com munlty where credit Is so much used fluctuat ons ot values and vicissitudes in business are largely caused by the temporary beliefs ot men, even before those beliefs can conform to ascertained realities. Tbe amount of necessary currency at a given time can not be determined arbitrarily, an i should not be assumed ncjijecture. rh- amount lssu1ecied to both permanent and temporary chat geg. An enlargement of It, which seemed to be durable, happened at tbe eglnning of tbe civil war by a substituted use or currency la place of inoividual credits. It varies with certain Stat ot business. It fluctuates with considerable regularity at dlflj. en t reason t of the yer. In autumn, for lr stance, when buyers o grain and other agricultural prod no s begin their opera tons they uuaily need to borrow capital or circulating crtd'ts by which to nuke their puichases, and may want these , funds la currency, capable of being distributed la small sums amons numerous sellers. Ihe addl'ionai need of currency at such times is five or more per cent, of the whole volume and if a surplus beyond what Is required tor ordinary one does not happen to have been on hand at the money centers, a ecarclty of cuneucy ensues, aud also a stringency in the loan market. It wasia reference lo such experiences that, in a discussion of tuts sutject in my annual message to the New York Leg slature. January 5, lf?5, a suggestion was uiadd that the lederai govern tuent la bound lo redeem every portion of its iNsues wbicb the public does not wish to ate. Having assumed to monopolize tbe supply ol currency and enacted exclusions against every tx dy else. It Is bound to farnUQ all which tbe wants of business require. Tne system should passively allow the volume of circulating credits IHB KBB AND FLOW ACOOBDIN3 TO IVXBY CHANGING WANT OF BUSINESS. It should Imitate as closely as possible tbe natural laws of trade which It has superseded by artificial contrivances ;tnd In a similar discussion In my message of January 4th, 1876, it was said that resumption should be effected by sue a measures as would make tbe aggregate amount of currency self-adJuailQg (luring all tbe process, without creating at a y time an artificial scarcity: without ex iUng publlo imagination with alarms which lmpali conflJence In tbe whole machinery of credit, and distur.. the natural operations of business. Tab le economies, official retrenchments and a wise financial policy are the means which tbe Br. Louis convention indicates as the provision for reserves and redemption. The bast resouroe is a redaction o tbe expenses of tbe government bflow Its Income, for that Imposes lo new charge on peop'e. If. however, lmprovidenceand waste wh ch have conducted us to a period of fall Ing revenues, r bilge us to sappl-ment the results of economies and retrenchments by some resort t- loans we should not hesitate. The government ought not to speculate oa its

own dishonor In order to save the Interest of ltsbroa-n promises, which It "till compels private dealers to accept at a fictitious par. i he hi best national honor is not only tig t but would prove profitable. Of the public deb ."V" .u 0 bear interest at per cent, lu Kold, and f i'v ü ,io' 5 per cent, in g Id. The averse e Interest is 6.M per cent. A financial pol. Icy whicn should secure the highest credit, wise y avallej of, ought gradually to ob aln a reduction of 1 percent, in interest on most ot

theioaus. A saving of 1 per cent on th aver age would bell7,(M),i0i a yar In gold. That Mving regularly Invested at 4 per cent, would IS LESS THAN THIRTY-EIGHT YEARS IXTINGUI9H THE PRINCIPAL The whole l,:0O,0OfOj of funded debt might b9 paid by this saving alone, without cost to the people. The proper time for resumption Is the time when wise preparations shall have ripened into a perfect ability to accomplish the object with a cerlalnt and ease that will inspire confidence and er courage lue reviving of business. Ihe earlles. time in wh cu such a result can be brought about Is the best, even wben preparations shall have bee i matured. Tbe exact date would have to he chosen with reference to tne then existing stale of trade and credit operations ln'our country : the courses of foreign commerce and condition of exchanges with other nations; the specific measures and actual date are matters of detail. Having reference to ever-ch anging conditions, they blorg to the domala of practical administrative statesmanship. Ihe captain of a steamer about starting from New York to Liverpool does not assemb'.e a counsel over bis ocean chart and fix an angle by which to lash ibe rudder for the whole voy age. A buruan intelligence must be at the helm to discern the Bbiftlrg forces of the waters and winds; a bnman hand must beat the helm to reel the elements day by day, and guide to a mastery over them. Huch preparations are everything. Without thei a legislative command flx'cg a day on tne orllcial prom be flxlrg a cay, are sham. They are worse; they are a delusion aud m snare to ail who trust them. They destroy all con fl fence amonx ithoughtful men, whose Judgment wlil at least sway public opinion. am attempt to act on sucn a command, or such a promise, without preparation, , WOULD END IN A NkW SUSPENSION. It would be a fresh calamity pixlific of confu: Ion, distrust and distress. The act of Congtess of the 14th of January, 1875, enacted that on and after the 1st of January, 1879 the tecretary of tbe treasury shall redeem In coin legal tender notes of the United Si-ates, on pretenta Ilona the office or tbe assistant treasurer to the city ot New York. Itauthorizes tbesecre tary to prepare and provide or euch resumption of specie paments by the ue of any surplus revenues not otherwise appropriated and by issuing in hi discreilon certain clasescf bond. More than one and a half of the four ye rs have passed. Congress and the prtsideut have continued ever sin e to unite iu sets which have leglsla'ed cut of exlstetce every ios-.ibie surplus applicable to this purpt.se. Thee lo in tresKury. claimed to belong to the tovercment, bad, on tbe ;tn cf June, fallen toltss i Lau lo ty-ftve u-IIHols tf dollars aga nst fltty-nlue mllllorson the 1st of January, 18" ", and the availability of a part of tht sum is s d to bd quet-tiouarle. The revenues are falling fast r than arpiopriailot s, and expen ditures are reUuceu. leaving the treasury wi'h diminishing lesourcee. The secretary has done nothing undr h s power to isua tKnds since the legislative command and the official pioml e, fixing a daw for resunr. ptloc, nave been made. 1'. ere baa been no progress There have been si eps btckward, there is no necromancy in the o. eratlons of governments The homely maxims of everyday life are tba beat standards of lta conduct. A dtbtor who should promise to pay a loan out of surplus Income, yet tobe teen every dav sie ulng all be could lay his hands on in riotous living would lose all character for honesty ad veracity. His offer of a new promise, or bla profession as to the V lue of old promises, would alike provoke derMon. The St. Louis platform denounces the failure for tlevrn years to make good the promise ol tbe legal tender notes. It denounces THE OMISSION TO ACCUMULATE ANY RESERVE for their resumption. It den'unces the con duct which, during elevun years of peac., has made no advances toward resumption, no preparations for resumpilon; but instead, has obstructed resumption by wasting our resources and exhausting all our surplus income, and while professing to intend a speedy return to specie payments, has annually enacted fresh nlcdrances thereto: aiid having first denouno ed the barrenness of the promise of a day of resumption, it next denounces that barren promise as a hindrance lo r.Bumptloc. It then demands its repeat, and also demands the establishment of a Judicious system of preparation for resumption, it can not be doubted that the si-.btltutlu ot a system of preparation with a prx mise of a day, for the worthless promise of a day without a system of preparation, would be tbe gain of tbe substance of resumption In exchange for its shadow; nor la tbe denuncistlon unmerited of tbat improvidence hieb, in eleven years sine ibe peac, baa consumed l.!0,0 o,'M'. and yet could uot affoid to give the people a sound at d stable currency. Two and one-ba f per cent, on the expenditures ot these eleven year-1, or even less, would have provided all tbe coin needful to resumption. The distress now felt by the pop.e In all their bm mss ard industries, though U has its principsl cause in tbe enormous waste of capital occasioned bytbefal-e pollcleof our government, has been greatly aggravated by tbe mismanagement ot the currency. Uncertainty Is the pio'iflc parent of mischief in all business. Never were its evils more elt than now. Men do nothing because they are nnable to make any calculatlo on which they can afeiy r iy. They undertake nothing, because tbey fear a loss in everything they would attempt. Tbey stop and wait. The merchant does not bny or tne future consumption of his customers. The manufacturer does not make fabrics wh'ch may iiot refund bis outlay. He shuts his aciory and discharges his workmen. Capitalists can not leitdon security they consider sa e and their FUNDS LIB ALMOtT WITHOUT INTEREST. Men of enterprise who have creditor securities to pledge will not b irrow. Consumption has fallen be ow the natural limits of reasonable economy. The prices of many things are under their range in irugal specie payment limes before the civil war. Vast masses of currency lie In the banks unused. A year and a hall ago legal tenders were at heir largest volume and the 112to Otjri since retired have baen replaced by fresh lsues or 115.000,00.1 of benk notes. In tha meantime, the banks have been surrendering sbmi fJ,oo(ji a mouth, because Ihey cm n t find a piofitsble use f r so many ot tbelr not. s. The pub ic mind will no longer accept shams. It baa suffered enough f om Ulusio iv An insincere, unstable policy Increases uncertainty. . The people need to a now tbat ibe government la moving In tbe direction of a.llmate safety and pr spetlty. and that It is colng so through prudent, safe and conservative methods, whieb will b tare to lufliot no new sacrifice on tbe business of tb ooun ry. Tben tbe inspiration of new hope and wellfouuded confidence will hasten the restoring processor nature and prosperity will begin to return. Tbe tt. Louis convention .-oncluoes i s expression In regard to the currency by a declaration cf Us convictions as to the practical results of the system of preparations It demands. It says: We believe such a system well devised and abova a llntru td to comFietent bands for execution, creator; at do lime an artificial scarcity 01 currency and at no time alrmlne tbe public mind Into a withdrawal 01 tbat vaster machine of credit by which i per cent, of all bnsiness transactions are perform d a ystem open to tbe i ub lo and inspiring general cotifl lence from the day of lu ado alon-wlU bring healing on Its wlns to a 1 ur barra'sed Industrie, set In mot on tbe wheels of commerce, manufactures and th- mechanloaria r-8toreemplyment to labor, and renew In ail its natural sources tbe rosperlty of the people. Ths government of the United Blatea. la mv oplsl.s, caa advance la a resauu at

epecle on its legal tender notes by gradual and safe processes, tending to relevepreseni ouslI ess distress. It charged by the people with theadm nlsiratlon of the executive oflloe, I should deem It a duty so lo exercise the powers wltb w hlch 11 bas been or may fe invested by Congress as best and soonest ta conduct the Country to that enefirent result. The canventlon Justly affirms that EEF3RM IS KICBiSARY IN THE CIVIL-SERVICE ; necewary to its purification ; necessary to its economy and Its e fflciency ; necessary In order that the ordinary employment of tbe public buslntsa may not be a prize to fight for at the ballot box, a reward of nartv real instead nf

posts of honor at signed for proved competency and held for fidelity In public employ. Tte convention wisely added that reform la necessary, even more In the higher grades or public service. The offices of president, vice president, ' Judges. senators, representatives ana cabinet secretaries, these and all other prsltionaof authority are not private reiquisitee. .Th-v nre a publlo trust. Two evils infer, the official sei vice ot the lederai government. On 1 a p eva'ect and demoralizing notion that the public service exists, not for the business and beoefl of tbe a bole people, but for interest of ire office holders, who are in truih but the seiv.nts of the people. Und r Influence of this pernicious error, publle employments have been multiplied and the membe's of those gatnend Into the ranks of tbe office holders have been steadily increased beyond any nosxtble requirement of baelness, while Inefficiency, peculation, fraud, ma versation of pubic funds, from the high places of power to tbe lowest, have overspread the a hole service like aleprosv. The otber evil Is the organization of the official c ars into a body of political mercenaries, governing the caucuses aud nictating the nominations of tbelr own party, and attempting- to carry the elec tions or tbe people uy undue influence, by Immense corruption funds, systematically c ulected from tbe salaries and fees of t fflcebolde s. 1 he official class In oter countrUs, sometimes bj itou weight, and sometimes in aillsnce wKh tbe army, has been able to rcle the unorganized masses, even ander universal suffi ag . Here It bas already GROWN INTO A GIGANTIC P.iWER capttleof 6till;ng the inspirations of a sound public opinion, aud of resisting an easy change of administration, until the inlsgovernment becomes intolerable, and tbe public spirit has been 6lung to the pitch of a strong letter. The first ste in reform Is the e levatlon of the standard by which tbe appointing rower selects agents to execute the trusts. Vext ia Importance is a conscientious fidelity In the exercise of authority to hold to account aud displace unttustwoothy or lucapab'e subordinates. The public interest. ,ln an honest aud skllllul periormaoce ot offitai trust must not be sacrificed to ihe use of the lrcumbents. Af'er these immediate steps which will ensure tt.e exhibition of be'ter examples, we may wisly goon to the abolish tug of unnecessary office-, uuai y iu me pwieui and c irelul oiganlzatlon o abetter civil set vice system under tests, wherever practicable, ol proved competency and fld HtV. i While much mtv li .r. complisbed y these hi -tcods, it might enconr2 ee.ustv exrctaiio.js if 1 withheld an expicsston of my conviction that no refond of civil servl-e in this country will be com pie e an I permanent unl:l lis chief magistrate is disaaalifled lor re election. xp-rlt-ncs has renealediv exuosed the f lit lty of SeU-iniD Bed lestricllons hv candidates or lucumueuts. Thronsh this solemnity only can txs be effectually delivered iromiiis greatest itmptatiou to misuse the rower and patronage with which tbe executive is n ceasanly charged. .Educated in tbe belief that It is tbe first duty of a Citizen of the republic to take bla fair allotment of care and troub e la pub lc affairs, I have for fort years, as a private citizen, fulfil ed that duty, though occulted In an nnnsual degree during all that period with concert s of government, i nave never acquired the babll of Official life. When a var and a ha f ago 1 entered on my cresent trus s, it was in order to consummate reforms to which I had devoted several of the best years of my life Knowiog as 1 do, therefore, from fresh experience bow great the difference Is between gli lDg through an official routine and working out a reform of systems and policies, it Is iiuiiuwun ror ms lo contemplate what needs to be clone in the federal administration wl'hout an anxious ense of tbe difflcu ties of the undertaking. Iffcuramoned bv tbe suffrages of mv constituents to attempt this work, 1 shall endeavor, w.th (Jod's celp, to bean efficient instrument or ineir win. Samuel, J. Tit.tiicx. To Gen. John A. ilctlernand. chairman: (Jen. W. B. Fiankiln, the Ho-. J. J. Abbott the Hon. J H. Spannborst, tbe Hoe. H. J. Kea field, ihe Hon. P. t. ljod and others ot the committee. GOVERNOR HENDRICKS'S LETTER IN PKRFECT ACCORD WITH HIS COLLEAGCB THE RESUMPTION CLAUSE MUST BB REPEALED AND SPKCIB PAYMENT REACHED NATURALLY THE DE MAND FOR REFORM OTHER POINTS IN THE PLA1 FORM. Saratoga, N. Y., August 4, 1876. The lolowlng Is Hendricks'a letter? Indianapolis, Juty 24,1876. Uent'emen I have -the honor to acknowledge the receipt of your communication, in wi ich you have formally notified me of my nomination oy the Natio. al Democrat 1 (Convention at Ht. Louis aa their candidate for tbe office of Vice president of the United mates. It is a nomination which I had neither expected nor deslied, and yet I recognize and appro late the high h nor done m by in- convention. Tue choice o' such a b dy, and pronounced with such universal unanimity, and accompanied with so generous an et predion of esteem and confidence ought to outweigh all merely personal desires aud prefer noes of my own. It Is with ibis feeling, and 1 trust also from a deep senset f poDilcduly that 1 now accept the nomination, aad shall abide thejudje ment of my countrymen. It wonld have been imposaib e f r me to accept the nomination li IcouldLOt heartily lndor-e the pl-tlorm of tne convention, lam graud-d, therefore to be able, unequivoca'ly, to oeclare tbat I sgree In tbe principles, approve the policies and s mpa blze with the purposes, enunciated In th-u 1 1 tliorra. The lnSLitmiona of our country have b-en sorely tiled bv ibe exigencies ol civil war and slne the pe.ee by a SELFISH AND CORRUPT MANAGEMENT OF PrBLIO AFFAIRS, which bas shamed ns before civilized mankind by nn wis and partial legislation. Every Industry and Interest of the people has been msdeto suffer, and In tne executive department of the government dishonesty rapacity aud venality bave debauched tbe publlo service. Men known to be unworthy bave been promoted whi at o'hers have been degraded lor flJellty to official da y. Public ffioe has been made the means of private profit and tbe country bat own offended to see a class ot men whe boast tbe friendship of .the sworn protectors of the s a'e amassing fortunes by defrauding the public treasury and syeorraptrog tbe servants Of the people. Ia sucn a cri-is of tbe blstorr of the country, I rejoice tbat Ibe convention, at hl Loa is has so nobly raised the standard of reiorm. Nothing can be well wth as or wlih our affairs u tli the public con seien e, shocked b the enermou evlis and abu-es wbicn prevail, snail ba edema ded and compelled an unsparing reformation of our national administration in its bead and in its members. In such a reform it oa tbe removal of a siDg'e officer, even tbe president, is comparatively a trifling matter, if tbe system which h- represents and which has fostered him as he baa fostered it, la suflVred to remain. The president alone mast not be made tbe SCAPK GOAT F B THE XN0RMITIB. of the system wh'ch infects the public service a d threatens the destruction of onr insulations. In some respects, I bold ihat the present executive has' been tbe vlcU n rather Uiu tha aatawr ot that vioioua ayswta. ta.

gresslonal and party leaders bave been stronger than tbe president, No one man con la bave created 11 aiid tbe removal of no one man can amend It. It is thoroughly corrupt, and must be swept remorse'ef sly away by the sele -Hon of a government composed of elements entirely new and pledged to radical reform. The first work of reform mut evidently be tbe restoration of tbe normsl operation of the constitution of the United States with all its amendments. The necesslt es of war can not be pies ded In a time ot peace. Tbe right of local self government as guaranteed by tbe constitution, must be everywhere' r-stored, and tbe centralized, almost persona', Imperialism which bas been practiced must be done away, or the firs princl pies o the republic will be lost. Our financial system of expedients rxusi ba reformed. Uold and silver are tbe real standards tt values, an 1 our national currency will not ba a perfect medium of exebenge until it shall be convertib'e at tbe pleasure of the holler. As I have heretofore said, no one desires a return to specie payment mote earnestly than I do, but I do not belltve that it will or can be reached In harmony with the Interests of the people by ARTIFICIAL" MBASCRF.S FOR THE CONTRAC

TION OF THE CURRENCY any more than I believe tbat wealth or per manent prosperity can be created by an In fla tlon of currency. The laws of finance can rot be disregarded with impunity. The financial policy of tbe government, if Indeed Kdesei vts the name of policy at all, has been in disre gard of those laws, and therefore has dls'arbed commercial and business confidence as well as hindered a return to specie pa ment. One feature of tbat pol icy was the resumption clause of the act of h, 5, which has embarrassed the cou try by the anticipation of a compulsory resumption ior wnicn no preparation nu been made, and wl hout any assurance that it wou d be practicable. Tbe repeal of that ctause Is neces-ary tiatthe natural operation of fl-ar c'al laws may be restored; tbat the busioess of tbecoun try may be relieved from its disturbing and depresino; Influence and that a return o specie payments may be facilitated by tbe sub stltution of wiser and more prudent legislation and which shell mainly rely ou a Judicious jKiem tji puoiic economy ana oinciai retrenchments, and above sli In the prom lion of prosperity in all the Industries I the people. 1 do not understand tbe repeal of the resumm Ion clause of the act of 1875 to b a back ward step in our return to specie payment, out tne recovery or a false step, and although the repeal may for a time be prevented, yet tne determination or ue Democratic party on this subject bas now been definitely dtcla:e. There should be no hindrances put in the way of aretutn to specie paymen'. Assuchablntira nee. says the platform of the St. Louis convention, VVR DENOUNCE THE RESUMPTION CLAUSE of the act of 1S75 and demand Its repeal. 1 inoroi gniy belltve tbat by public economy, by official retrenchments aud by wise finance enabling us lo accumulate the precious metals, resumption at an early period ! possible without produciugan art'flclal scarcity ot cur rency or disturbing prbllc er commercial credit. and that these leforms

toi ether with ihe reatora'loi ol pure government will restore genera) confldeLce, enconrage me useful Investment of capital furnlxh employment t labor and re.leve l he country from the paralysis of hard times. Witb ibe industriesof the people there b-tve been frequent lnierft reuees. onr platform truly says that many Industries have been Impoverlxhed to subsidize a few; our com me ice has been dragged to an inferior rodilon on the high seas; manufactures have been diminished; agriculture has b en embarrassed and tbe distress of tne industrial claaei s demands that these lb Lags shall ba-X. -formed. The burdens of the people must also be lightened by a great change In our system cf pubic expenses. 1 he profligate expenditures which increased taxa'ion lrom 1 5 P'. r capita in 1mu to (is In 1870 tens lis own story of our need of fiscal reform. Our Irr atl s with foreign powers should also b revised ani amended lo so far as they leave clt zens of for tgo bir h In any particular lees secure in any country on earth than they would be If tbey bad been born upon our soli. ibe iniquitous coolie system wbicb, through tbe agency of wealthy tompanles imports Chinese bondsmen and establ shes a species of slavery, and interferes with the Just rewads of labor on our Pacific ooaat SHOULD BB UTTERLY ABOLISHED. In the reform of our civil service, I most heartily indorse that section of the platform which declares that the civil service ought not tobesubject tochangeat every election, and that it ought not to be made the brief reward of party zeal, but ought to be awarded for proved competency and beld tor fidelity in tbe public employ. I hope ever again to see tbe cruel and remorseless prosciiptlon for political opinions which has disgraced tbe administration of tbe last eight years. Bad as tbe civil service now 1', as all know, it has some men of tried integrity and proved ability. Such men, and such men only should be retained l i office; but no man should be retained under any consideration, wbo has prostituted his office to the purposes of partisan intimidation or compulsion, or wk0 has furnished money to co it opt the elections. This Is done and has been done In almost every county ot tbe land. It Is a blight npon tbe morals of the couutry, and ought to ba reformed. Of sect lo. al contentions and In respect to onr cimmon schools, I have only this to say, that in my Judgment tie man or party that would Involve our schools In political or sectarian controversies, Is an enemy to the schools. The common schools are so far under the protecting care of all the people, rather than under the control ol any party or section that tbey mast be neither sectarian nor partisan, and there must bs neither division or misappropriation of tbe funds for tbelr support. Likewise, I regard the man who would AROUSE OR FOSTER SECTIONAL ANIMOSITIES and antagonisms among his countrymen as a dangerous enemy to his country. All the people mast be made to feel and know that once more tbeie Is established a purpose and policy nndr which all citizens of every condition, race and color wl 1 be secured In the enjoyrxent of whatever rights the constitution and laws declare or recognize, and that in controversies tbat may arise the government la not a partisan, but wlthlu its constitutional authority the Just and powerful guardian of their rights and safety. All the strife between tbe sections and between races will cease aa soon as the power for evil Is taken away from a party ihat maaes political gain out of scenes of violence and bloodshed, and the constitutional authority la placed In tbe bands tt men whose poll ileal 'welfare requires tbat pe ce and good order shall be preserved everywhere. It will be seen, gentlemen tbat 1 am -IN ENTIRE ACCORD WITH THE PLATFORM of tbe convention by wbicb I bave been nominated as a candidate for the office of Vice President of the United States. Permit me, In concluson, to express my satis fact ion at being associated with a candidal e for tbe Presidency wbo la first among bis equals aa a representative of the spirit and or the achievements of reform in bis official career s the executive of the great state ot Mew York. He ha In a comparatively short period reformed the public sarvlce and reduced the public harden so as to nave earned at once tbe graMtude of his state and the admiration of the country. Tbe people know him to be thoroughly in earnest. He ha shown blmeelf to be possessed of powers arjd qualities whb h fit blm in an eminent degree or tbe great work of reformation which this country now needs, and If he Mhall be chosen by the people ta the high office of the president ot tbe United States, 1 oelievebat tbe day of bis inauguration will be the beginning of a new era oi peace, purity and prosperity In all departments of our government. 1 am, gentlemen, yn obedient servant, Thomas A. Hendricks. To tha Hon. John A. c leruand. Chairman, and otber of ibeO immlttceof the National Aeataucxatlc Cuuvaauwii.

CHARGES CORRECTED.

Journal Misrepresentations. A FEW OF THEM NOTICED. A CORRECTION CF THE JOURNAL MISaFPRESENTATI0NS OF THE HON. JAMES D. WILLIAMS. ; The .Vincennea Sun says: For weeks tbe Indianapolis Journal tbrcugh a correspondent lrom Pike county, bas been publishing scrm absurd ard falBO charges against Mr. Williams, tbe Democratic candidate for governor. These charges bave been copied with apparent Z9al by the Rspubiican press throughout tbe state, and while tbey are utterly false they are calculated to do barm unless corrected. This we propose to do. We bave given the mat'er careful octsideratlOD, and bave bunted up tbe facts in tbe caee in order thai tbey may be presented to tte public in tbe pri par ligbt. The Journal charges tbat tbe Hou. James D. Williams, alter making a contract with a poor man to re-ouild some fences for bim, refused to pay the man for b's labor, allowed himself to be sued, and the jury gave tbe verdict against him. The tacts in tbe case are these: John Williams, a eon of tbe lion. J. D. Willi 4ms, made a contract with a man named Tevebangb to re-build fences wbicb bad been washed away by the freshets of last year. The fence to be re-built was on the land of Mrs. Dunn, A WIDOWED DAUGHTER OF MR. WILLIAMS. Tevebangb accepted tbe contract, and when be f poke to biä partner he told him that John Williams bad agreed to pay blm three dollars per hundred fcr hauling aud replacing the old ral's. Iiis partner tol bim tbat he had misunderstood John Williams', that he did not mean tlree dollars p?r hundred, but three dollars per thousand. Tevebaugh insisted tbat he was rigbt, and his partner refused to bave anything to do with the contract, remarkicg tbat "a law suit would grow oat of it the work was done, and the charge of three dollars per hundred was made." Tevebaugh did the wort, without any lurtber consultation with John William, and when he 1 resented Lis bill Jobn Williams relused to pay It, but offered bim compensation at tbe rat of three dollars per thousand. This T. refused, brought suit and judgment was rendered agaluft John Williams. H, Williams, seeing the grta"; Injustice of tbe verdict, appealed tbe case to tb Circuit Court. We hava tbe ofiijial documents belore us as we write, aud tbe name of the Hon. James D. Willitms does not appear, and until he was here about tbe first of July ue did net know of tbe pendency ot tbe lawsnit. THE ABSURDITY OF THE WHOLE THING ia manifest when the reader thinks for a moment ol three dollars per bundred belog paid for hauling and replacing old lal.'s. No man can be found wbo would say tbat any such price was ever made or flared by any fsrmer in this county. Tevebaugn evidently misunderstood Jobn Williams, for Williams says it vas never bis Intention o offer more 'tan three dollars per thousand lor kbis work. Tbe whole matter is evidently a fabrication of some imaginative cuss who bas more regard for high-sounding phrases and well rounded periods than be kuas for truth We bave talked with sev eral Republicans from tbe neighborhood where this transaction occurred, and they all agree tbat Tevebangb was evidently mistaken. Some of cese gentlemen endeavored to dissuade bim lrom bringing tbe suit and take tbe pay offered bim by John Williams. There is do man In Koex county who believes that the lion. James D. Williams would wrong a poor man, or allow any one in his employ to do it, if be could prevent It. ANOTHER CHARGE FROM THE SAME B0CRCE is this: It is said tbat during tbe freshet oi 1875 Mr. Williams hired bis nephew, who owned a small flatboat, to help him remove some cattle from tbe bottoms to dry land. This nephew, who was a very poor man, had his family, household furniture and stock on this flatboat. to save them from the overflow, and at the reqaett oi Mr. Williams be unloaded bis property and assisted Mr. W. to save bis. Wben be returned be found bis stock bad wancered iff and drowned in tbe back water. A few days afterwards the nephew went to Mr. Williams and askrd bim for two dollars. Mr. Williams gave It to blm, saying: "lake it; I suppose I will Cave to support all you d d worthless cusse, and I have lost more than all ol yon." Ths above in sub stance is tne aoeura ana ridiculous charge published by the Journal. NOW FOR THE REFUTATION: The man who did tbe work lor Mr. Williams was not his nepfcew, tbe man did not lose anything by tbe assis'.aace be render ed Mr. W., for none of his property was destroyed, Wben be came tor his pay Mr. Williams did not act as reported, bave, but, on the contrary, gave the man nve dollars and a hundred pounds ot flour. The tnan was well satisfied witb his remuneration, and so expressed bimeiL Tbe information we have given in regard to this last charge was furnished us by one of the moat prominent and influential Republicans in this county, who lives in Hairlson township. He does not approve of sach charges aa those made against Mr. Williams. In this article we bave endeavored to refute these charges airly and dispassionately, and we hope tbe Indianapolis Journal will have tbe fairness to retract them. We believe in attacking a public man 11 he has done wrong, but this habit ot printing falsehoods and slanders is one to be greatly condemned. Such charges, of course, have no effect where Mr. Williams is so well known aa he is in this district, but as some injury might be done bim in other parts of the state, we bave deemed It expedient, after a careful review ol tbe facts, to make the statement as given above. A young man named Bnssey, wbo has been doing a lively trade in law books at La'ayet'e, which he wonld steal from the lawyers of tbat place, was caught tit his ork last Saturday and taken charge of bv ta. officers of tbe law