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About The Eugene City guard. (Eugene City, Or.) 1870-1899 | View Entire Issue (Aug. 12, 1876)
V TPBP m MM ESTABLISHED FOR THE DISSEMINATION OF DEMOCRATIC PRINCIPLES, AXD TO EARN AS HONEST L1VIXG BT THE SWEAT OF OCR BROW VOL. 1X.-NO. 43. EUGENE CITY, OREGON, SATURDAY, AUGUST 12, 1876. $2.50 per year IN ADVANCE. -CEOTjTBUYfefPro'p. OTJB ONL? RATES OF ADVERTISING. Uverti.ement. iert3 " ! KaAn, 10 line, or le, one iiuertion (J; each vLaintlnwrtlonll. Ca.li required In advance Tima aTertUer wiU b duured at the following nTumr thre month... .Umonthe J ou u ' on. year... " w jnuuient notice. In local column, eenta per line mcb inMrtion. drertWng bill, will be rendered quarterly. All lob wor nun o. taiu u "j- rPOSTOFFlCK. Offlc Hour. -From T a. m. to J p.m. Sunday. (ti,m IM P- ,. . . ,)lnl, nortj. mi. m Arrive, from the north and leave, going .7k .t i U o. m. For Siuiilaw, Franklin and Long ? m clow at 6 .. on Wednewlay. or Crawfon 'S'STn Rriek and Brown.vill. at I P.M. ' Liter, will bereadyfordeliveryhalfi -.Iiftmine. Letter, ihould be left half an hour after at the office "oar TpATTEnsOS. P. M. SOCIETIES. lsnna No 11. A. F. and A. M MeeU nrt and third Welnewlay. in each month. Bpemcrb Butte Lodoc No. 9 I. Sar- viO.f. jieeuevery iueuj sicuiug. K?ia3' Vmmiu Encampment No. 6 meet, on' the Jdand 4th We.lne.day. in each month, GEO. B. DORRIS, iimm AND COUNSELLOR AT LAW, IIIVWIIM. Office on Willamette street, Emrene City. 6. A. MILLER, DENTAL BOOM3 IN DUNiN'B BUILDING. Eugene City, Or.. . ftofems DENTISTRY AND ORAL SURGERY DENTAL. DR. f. WELSH has opened Dental Room perrrantly in Underwood'e building, Eugene City, and respectfully solicit share of the pub- VreeencVr permission, Dr. J.R. Cardweil, Portlsnd, Oregon. A. W. PATTERSON, PIIYSICIAN AND SURGEON Offlee on Ninth Street, oppoalte the St. Charles Hotel, and at llealdence, KlIGrKISTK CITY OREGON. DR. GEO. VV. ODELL Ifflee Up Stairs, first North of Astor Housa, EUGENE CITY, OREGON. For convenience of aelf and patron, all book, m d awoanUwill be left in charge of O. M. COOFbll, Em., oppo.it. the atone .tore, who i. fully author iied to collect the wine. It i. fully expected that all aooounU for wrvice. will be presented for pay ment ia thirty day., and collected in .ixty. Eugene City, April itb, 1675. . L. ALVEKSON, PHYSICIAN. SURGEON AND DRUGGIST. Office on east side Willamette street, near cor aer ol.Ith, adjoining law office of J. F. Brown. . ipecial attention paid to diseases or the Lungs. And H eases ol chronic diseases. RKriaKNCES-Buccess in practice and attention o business. Chas. M. Horn, PRACTICAL G UNSMITH. .DEALER IN GUNS. KlrXbs, i and Materials. Reparinng done in the neatest style and Warranted. Sewing Machines), ouica, 'Locks, etc., KepaireU. Guns loaned and ammunition furnished. 8hop on Ninth Street, opposite Star Bakery. JEWELRY ESTABLISMENT. J. S. LUCKEY, JZkq DEALER IS JfejvB Clocks, Watches, Chains, Jewelry, etc. Repairing Promptly Executed. C3TAU Work Warraated.J . J. 8. LUCKKV, V fostofficebcildi.no, Willamette 4 Eighth St., Eugene City. Bonk and Stationery Store. POST OFFICE BUILDISG.XUGEN E CI1 X", 1 hare oo band and am constantly receiving an assortment or the Best School and Misoellaneou. books. Stationery, Blank Books, Portfolio, Cards Walleti. Blanks. Portmounaes, etc.. etc. All or der.. promptly Billed. A. 8. PATTERSON. Wiitch Clocks and Jewelry, MUSIC, AND SEWING MACHINES THANKING THE PUBLIC for their past liber al patruoage, we now invite them to call on n at our new room ia Underwood A Co 's new brick block, where may be found a full assortment of goods in the above line. Watches. Clocks and Jewelry repaired la the be workmanlike manner and Warranted. mraetteSt. Sena City, Oregon CRAIN BROS. WM. Purchasing Agent, ' B. SAN FIIANCISCO, LAKE. 1 . CAL- For Sale. 1 DWELLING HOUSES, , Which mn nwrij luet-l nil wi.i anar raia. Term. eur. wiuu. at exr- oft!- Tildeu's Letter of Acceptance. Albany, July 31, 1876. Gentlemen: When I bad the honor to re ceive tbe personal delivery of your letter oo Deball of the Democratic national Lonveiv tioo, held on tbe 28lb of Juoe at St. Louis, advising roe of my Domination as candidate lor the constituency represented by that body Tor the office of President of the United. States, 1 answered that at my earliest con venience, and in conformity with usage, . would prepare and transmit to you my ac ceptance. I now avail myself of the first luterval in my occupations to lultill that en. gagement. Tbe convention, before making its nominations, adopted a declaration of principles wbicb, as a whole, seems to me wise exposition or tbe necessities or our country and of the reforms Deeded to bring back tbe government to its true functions, and to restore the purity of its aduiinistra lion, and to renew tbe prosperity ot the peo ple ; but some of these reforms are so urgent thai tbey claim more than a passing ap proval. Tbe necessity of reform In tbe pub lie expenses, federal,' state and municipal and modes ol federal taxation, justified all tbe prominence given to it in the declara tion of the Sl Louis convention. Tbe present depression in all business and indus tries of the people, which is depriving labor of its employment and carrying wunt to so many, bas its principal cause in tbe excessive government consumption, under illusions of specious property engendered by factB. The policy of the federal government wasting capital has been going ou ever since 18G5, which could only end in universal disaster. The federal taxes lor tbe last 11 years reach tbe gigantic sura of four thousand five hun dred millions of dollars ; local taxation has amounted to one-third as much more ; tbe vast aggregate being not less than seven thousand five hundred millions. This enor mous taxation followed the civil coufiict tbnt had greatly impaired our aggregate wealth, and bad mude prompt reduction of expenses impossible. It was aggravated by such un scientific and ill-adjusted methods of taxa tion that tua increased sacrifices of the peo ple were beyond tbe receipts. It was an ag gravated financial policy which tended to di minish tbe energy, skill and economy ol pro duction and frugality of private coosump tioo. and induced miscalculations id business and an ooremunerative use of capital and la bor. Even in prosperous times the daily wants of Industrious communities press closely upon their daily earnings. Tbe mar gin of possible national savings is at best a small percentage on tbe notional earnings ; yet for these 11 years the government con sumption bas been a larger portion of the national earnings than the wnoie people can possibly save even in piosperous times. For all new investments tbe consequences ol these errors ere now a public calamity ; but tbey were never doubtful, never invisible ; tbey were necessary aud inevitable, and were foreseen and depicted when tbe waves of that fictitious prosperity rad highest. In a Boeech made by me ou tlie 4 in oi (September, ldC8, it was said of these taxes that they bear heavily on every man's iu- come, upon every industry, ana upon every business in the country, and, year by year tbey are destined to press still more heavily unless they arrest the system mat gives rise to them. It was comparatively easy when values were doubling under the repeating is sues of legal tender paper money to pay out of tbe froth of our growing and apparent wealth these taxes, but when values recede aud sink toward their natural scale the tax gatherer takes from us not only our income, uot only our profits, but also a portion ot our capital. I do not wish to exaggerate or alarm, I simply say thot we cannot afford the costly policy of the Radical majority io Congress ; we cannot anon) mat policy to ward the South : we canoot afford magnifi cent and oppressive centralism into wbicb our government is being converted ; we cun not Hfford the present magnificent scale of taxation. To the secretary of the treasury 1 said early in 18C5, "tbee is Dot a royal road for tbe government more tbau for an individual or corporation j what you want to do now is to cut down expenses and live within your income j I would give all tbe legerdemain of financiering-! would give tbe whole of it for tbe old bome-madc muxim of "Live within your income." This reform will be resisted at every step, but it must be Dressed persistently. e see to day immediate representatives of thb people in one branch of Congress struggling to re duce expenditures, compelled to confront the menace or the Senate and executive tuai unless obiectionable appropriation be con sented to tbe operations of government there under shall suffer detriment or cease, in my Hrhrment an amendment to the constitution ought to be devised, separating ioto distract bills appropriations lor tne various uepuri meuU ol the public service, and excluding from each bill all appropriations lor otbr obectg and all independent legihlation. In that way alone can the revisory power of each of the two Houses and the Executive be preserved and exempted from tho moral distress which often compels assent to ob jectionable appropriations raiber than stop the wheels ot government. An accessory cause, enhancing distress in business, is to be found in the systematic and insupporta ble misgovernoicnt imposed upon the Slates of the South. Besides the ordinary effucts of an ignorant and dishonest administration, it has inflicted on them enormous issues of fraudulent bonds, the scanty avails of which were wasted or stolen, and the existence ol which fs a public discredit, teoding to bank ruptcy or repudiation. Taxes generally op pressive in some instances have confiscated the eotire income ol property and totally de stroyed its market value. It is impossible that these evils should not react on the pros perity.of the whole country. Nobler mo tive of humanity coucur with tbe material interest of all ia requiring every obstacle to be removed to complete a durable recon ciliation between a kindred population, once onoaturaily estranged, on the basis recog nized by the St. Louis platform. Tbe con ititolioo of tbe Uoited Stale, with iU amendment, i universally accepted as a final setilement of the controversie which engen dered the civil war. But in aid of a result so beoibcent. the moral infiVoee of good citizen. well as every government ao thority, oocht to be leot not a!cne la main tain lbir just eqaality before the law. bat UktwiM to e.uU.i.u cordi! Intercity and gopd will among citizens, whatever their race or color, who are now united in tbe one destiny of common self government. If the duty shall be assigned to me, I shall not fail to exercise tbe powers with wbicb the laws and constitution of our country clothe its chief magistrate and to protect all it all iens, whatever their former condition, in ev ery nolitical and personal rieht. Reform i necessary, declares the St. Louis convention, to establish a sound currency restore publio credit and maintain national honor : and it goes on to demand a ju dicious system of preparation by public economies, by official retrenchment and by wise finances, which shall enable the nation to assure tho whole world of its perfect read iness to meet any of it promises at tbe call of the creditor entitled to payment. Tbe object demanded by the convention is the resumption or specie payments on legal ten der notes ot the United States thai would not only restore public credit and maintain national honor, but establish a sound curren cy for the people. I he methods by which this object is to be pursued and means by which this obiect is to be attained are dis closed by what the convention demands for the luture aud what it denounces m tne past. The resumption of specie payments by the government of the United States on its legal lender note would establish specie pay ment by all banks onl their notes. Ine official statement made on the 12th of May show the amount of bank notes to be JO. 000,000, less $2,000,000 held by themselves. Asainst these $28,000,000 of notes, tbe banks held $141,000,0(10 legal tender notes or a little more tbau five per ceut. or their amount, but they also held oo deposit in the Federal Treasury as security for these notes bondB or the United States, worth in gold about 830,000,000, available and current in all foreign money markets. In resuming, tbe banks, even if it were passible for their notes to be presented for paymeut, would have five hundred millions of specie funds to pay 280 millions of note?, without contract ing their loans to their customers or calling on any private director lor payment. Sus pended banks undertaking to resume have usually been obliged to collect from needy borrowers means to redeem their excessive issue and to provide reserves. A vague idea of distress is therefore often associated with the process of resumption, but tbe con ditions which caused distress in former instances do not exist. Tbe government hag only totnake good its own promises aud the banks can take care of themselves with out distressing anybody. The government is therefore the sole delinquent. I lie amount of legal tender Dotes of tbe United Stutes now outstanding is less than 300 millions of dollars beside 34 millions of fractional cur rency. How shall the government make these notes at all tunes as good as specie; It has to provide in reference to the muss which would be kept in use by the wants of business a central reserve ot coin adequate to the adjustment of temporary fluctuations of intvrnul balances and as a guarantee against transient loans artificially created by punic or by speculation. It bus also to provide for the payment in coin, of such fractional currency as may bo presented for redemption, and such Inconsiderable portions of legal tenders as individuals may from time to' time desire to convert for specie use or in order to lay by in coin their little stores of money. To inuku the coin now in the treasury available for the object of this reserve, to gradually strengthen and enlarge that reserve, and to provide for such other exceptional demand lor coin as muy arise, does not seem to be a work of difficul ty if wisely planned and pursued. It ought not to cost any sacrifice to the busimss of the country; it should, on the contrary, revive bope and confidence. Tbe coin in tbe treasury on the 30th of June, including what is held against coin certificates, amounted to nearly 874,000,000. The cur rent of precious mutals which bus flown out of our country for 11 years, from July ltt, 18C5, to June 30th, 1876. averaging nearly $76,000,000 a yeur, was $812,0U,OUO iu the whole period, or which $617,000,000 were the product of our own mines. To match the requisite quantity by intercepting from the current flowing out of the country, and by acquiring from stocks which exist abroad without disturbing the, equilibrium of tbe mooey market is a result to be easily-worked by practical knowledge and judgment. With respect to whatever surplus of legal tenders the wants of business may fail to keep in the United States, and which, in order to save interest, will be retained lor redemption, they can either be paid or they can bf lunded. Whether they continue as currency or be absorbed into a vast' mass of securities held as investments, is merely a question of the rate of interest they draw. Even if they were to remain in their present form and tbe government agreed to puy on tbem a rale ot interest, making I hem desira ble investment, tbey would cease to circulate, and take their place with government, state, municipal and other corporate and privatn bonds of which a thousand millions exist among us. In tbe perlect ease with which tbey cau be changed from currency into ir vestments lie the only danger to be guarded against in tbe adoptiou of general measures intended to remove a clearly ascertained sur plus that i withdrawn from any wbicb are not a permanent excess beyond tbe wants of business. Even more mischief woald result from any measures which affecUd the pub lic imagination with the fear of ao appre hended scarcity. Io a community whore credit i so much Died to fluctuations of value tbe vlcissilade ia business are largely caased by tbe temporary belief of men, even belore their belief can be 'confirmed to ascertained realities. Tbe amouol of curren cy necessary at a given time cannot be de termined arbitrarily, and should be assumed no conjectur that it amount is subj-ct to both permanent and temporary change. Ao enlargmeot of it, which seemed to be durable happened at the beginning of tbe civil war by a substituted use of currency in the place of individual credit ; it varie with certain date of business ; it fluctuate with regularity al different eaoos ; for in stance, wbeo buyer of grain and other agri cultural product begio their peratior. they osnally need Io borrow capital or eircolaling credit by which to make purch. and want these' fund in enrn-ncy capable ot b-in? disttibated in small earn am-r.g numerous ; ttlier; an additional ned of currency at: such tiiaes a five or more per cot. of the i whole volume, and if a surplus beyond what is required for ordinary use does not happen to be on band at the money centers a scarci ty of currency ensue and also st ingency in the loan market. . It was in reference to such experiences that in the discussion ot this subject in my annual message to tbe New York leemlature in January, 187.1, a suggestion was made that the federal gov eminent was bound to redeem every portion of its issues which the public does not wish to use. Having assumed to monopolize the supply of currency and enacted exclusions against everybody else, it is bouud to furnish all which tbe wants of business require; the system Bhould allow the volume of circulat ing credits to ebb and flow according to every changing want of business ; it should imitate a closely a possible the natural luws ol trade which it has superceded by artificial contrivances In a similar di-tcm-in the message of January, 1876, it was said that resumption should be effected by such measures as . would keep the) aggregate amount ol currency self-adjusting during all process, without creating al any time an artificial scarcity, and without exciting pub lic imagination with alarms, which impair and contract tho whole large machinery of credit aud disturb tbe oaturul operations of business. Public economy, official retrench ment and wise finance are means which the St. Louis convention indicates as a provision lor resources, audi redemption. The best resource is a reducl iqn of expense of the gov ernment below iisindome, for that imposes no new change on the people. Ir, however, im providence and waste, which have conducted it to a period of falling revenues, oblige us to supplement the rosults, of economies and re trenchment by some ' resort to loans, we should not hesitate. The government ought not to speculate ou its bwn dishonor in order to save interest, on its broken promises, which it still compel private individuals Io accept at a fictitious pur 1 he highest na tional honor is not only riht, but would prove profitable. The publio debt of nine hundred and eighty-five millions bears inter est at 6 per cent, io gold and seven hundred and twelve millions at 5 per ceut. in gold. the average interest is 5.58 per cent. A financial policy which should secure the highest credit, and wisely availed of, ought gradually to obtain a reduction of 1 percent, interest on most of the loans. A saving of 1 per ceni. on the average would be one hundred and seventy-seven, million a year in gold ; that saving regularly invested at i per cent, would in less than 38 years ex tinguish the principal, and the whole one thousand seven hundred millions of funded debt might be paid by this saying alone, iilioul cost to tbe people. It Is best even when prepurulions shall have been matured on the exact debt, that it would have to be with reference to the existing state of trade and credit operations in our own country, and tbe courso of foreign commerce aud condition o! exehange'wit'llT)thr nations? I lie specific measures and actual dates are matters of detail huvine reference to ever changing conditions. They bolong to the domain of practical, administrative states- j munship. I lie captain oi a steamer annul startiiix from New York to Liverpool doe not assemble, a council over bis ocean chart; a human intelligence must be at Jlin helm to place the shilling forces of water and winds, to feel the elements day by day, and guide to mastery over them ; such preparations are no'liing without them. A legislative, ommittee fixing a duy and ofnciul promises are shams. Among thoughtful men, whoso judgment will, at least, sway public opinion! an attempt to aci on sucn a command, or such - promises, without preparation, would end in a new suspension ; it would be a fresh calamity prolific of confusion, distrust end listress. 1 he act of Congress of July 14, 1876, enacted that on and after tbe 1st of July, 187!), the Secretary of the Treasury shull redeem in coin legal lender notes of the Uuited States ou rrtsen'ation at th oIIich of the assistant treasurer in New York, It authorizes the Secretary to prepare and pro vide for such rrsumption or speuiu payments by use of any surplus revenues not other wise appropriated, and by issuing, in his dis cretion. C -rtuiit classes of bond. More than one and a half ol four years have passed and Congress and the f resident have continued ever since to unite in acts which have legis lated out of existence every possible surplus applicable to this purpose. The coin io the treasury claimed to belong to the govern ment, had, on the 80th of July, fallen to less than forty five millions of dollars, airainst fifty-five millions on ihe 1st of July, 1875, and Ibe availibility of part of the sum is said to be questionable. The re.e net are fall ing faster lhan appropriation and expendi tures are reduced, leaving the treasury with duniniehed resource. Che Secretary ha dune no hiug under his power to issue bonds; the legislative command una the official promise fixing a day lor resumption have been made, but there hag beeo oo economy in the operations of the government. Tbe homely maxims of every day life- are the best landard of it conduct. A debtor wto promises to pay a loau out of a surplus iu- coinn yet be seen every day spending all be could lay his hands on in riotous living. would lose all character for honesty, and hi offer of a new promise, or hi profession a to tbe value of old promises, would alike provoke derision. The St. Loui platform denounce the failure for 11 year to make good the promises of ibe I gal lender note ; it denounce the omtnission to accumulate ny reserve for their redemption ; it d--noucce the conduct which, during 11 years of pe.ee, bas midn no advance toward re sumption, no preparation for reiiamptioo ; but, instead, ha obstructed resumption by wasting our resource and exhausting all oar surplus income, and while professing to intend speedily to resume sp:ie pajnuts. nnoilly enacted fresh hindrance thereto, and bavins first denounced the) DiseoeM of promise of a day of resumption, it next de nounce that barrio promise a a hindrance to resumption ; il then demands it repeal, and also demands the establi-hnvnt of a ja diciou system of preparation for resump tion. It cannot be doubled tbat tb tubali lution of a system of preparation without promise of a day. for the worthies promise of a day without a system of preparation, would be the gam of '.he utwtance of re sumption in txchiriz lor it shadow. Nor is denunciation unmerited of lbt t improvi dence which in the 11 years :nn peace ha couameJ fo:ty-firt thousand cuilioas djl.'ifj and yet could not afford to cive the people a souud and stable currency. Two and a half per cent oi the expenditure of these II years or less would have provided all the addition al coin needful to resumption. The distress now felt by tbe people in all their business industries, though it has its principal causo in the enormous waste of capital occasioned by the false policiea of our government, has been greatly aggravated by mismanagement of the enrroncy. Uncertainty is the prolific parent o mischief in all business. Never were its evils more felt than now. Men do nothing, because they arc uiihblo to make any calculations on which they can safely re ly ; tbey undertake nothing, because thoy are at a loss in everything thoy would at tempt ; they stop and wish ; the merchant dares not buy for the future consumption of bis customers ; the manufacturer dares not make fabiics which may not refrmd his 6ut lay ; he shut his factory and discharges his workmen ; capitalists cannot lend on securi ty they do not consider safe, and their funds lie almost without interest ; men with enter prise, who have creditors to pledge, will not borrow ; consumption bus fallen below the natural limits of reasonable economy; prices of many things are under tbe range of Iru gul spi;ie payment times before the civil war. Vast masses of currency lie in hands unused. A yeur and a half ago legal tenders were at their largest volume and $12,000, 000 since retired have been teplaced by fresh issues of $100,000,000 of bank notes. Io the meantime, banks huve been surrender ing about four millions per month, because they cannot find profitable use for so many of thuir notes. The public mind will no longer accept shams ; it has suffered enough from illusions iu ur, insincere policy which increases distrust, and an unstable policy which increases uncertainty. The people need to know that the government is moving in a direction of ultimate safely and prosper ity, and that it is doing so through prudent, safe conservative methods, which will be sure to Inflict no rcw distress on the business ol tbe country. Then the Inspiration of uew hope and well lounded confidence will bus teu, restoring the prices of nature, and pros perity will begin to return. I he St. Louis convention concluded its expression in regard to the currency bill by tho declaration of it convictions as to the practical results of the system ol preparations. We believe such a system, well devised, and above all, intrusted to competent hands for execction, creating at no time nn artificial scarcity of currency, and at no time alarming tho publio mind into a withdrawal of that vast machinery of credit by which 95 per cent, of all business transactions are perlormed a system open to the publio and inspiring general confi dencewould, from the duy ol its adoption, bring healing on its wings to all our harass ed industries, set in motiou tbe wheels of commerce, manufactories and mechanical urts, restore employment to labor, mid renew in all it material sourios the prosperity ol the people. The government ol the United Stales, in my opinion, can advance to the resumption of specie payments on its legal notes in gradual and Safe processes, tending to relieve the present business distress. If charged by the people with administration of the Executive ollice, I should deoin it my duty to exercise the powers which it bas or may bo invested by Congres so as best and soonest to conduct the country to that beneficient result. t he convention justly affirms that reform is necessary in the civil service, necessary to to its purification, tiecessur; to its economy unil efficiency, necessary In order that the or dinary employment of the publio business may not be the prize lought lor ut the ballot box, brief rewaid of party zeal instead of posts or honor assigned lor proved compe tency and held for fidelity in publio employ. The convention wisely allowed that reform is necessary even more in tho higher grades of public service. The President, Vice Pres ident, judges, Senators, Representatives, Cabinet officers and all others in uuthority are not a piivate perquisite they are public trusts. Two evils inlust the ofliciul service of the federal government: One is the prev alent aud demoralizing notion that llie pub lic service exists, not for the business and benefit of the whole people, but for tbe in t"resl of office holders, who, it truth, are but the servants of the people ; under the influ ence of this pernicious error, publio employ ments have been multiplied, and the number of those gathered into the ranks of the office holders have been already increased beyond any possible requirement of the pub lic business ; while inefficiency, speculation, fraud and maladministration io the public business, from the highest to the lowest places of power, have overspread the whole service like a leprosy. The other evil i the organ zatioo of (ho official class into body ol political mercenaries, governing caucuses and directing the nominations of their own party, and attempting to curry the people by undue inllunnce and by an immense corrupt ing lurid, systematically collected fioin the salaries anil fees of office holder. The offi cial class in other countries, sometimes by its own weight and sometimes in alliance with the army, has been able to rule unorganized masses, even under universal suffrage ; here it b.s already grown Into a gigantic power, capable of stilling a souud public opinion, ol resisting an easy change of administra tion, until misgovernment becomes intolera ble and public spirit ha been stung to the pitch of civil revolution. The first step in reform i an elevation of the standard by which tbe appointing power select ageut to execute official trust. Not le in impor tance is a conscientious fidelity io the exer cise of the authority to bold to account and di'plac subordinate. The public interests in an honest and skillful performance of offi cial trust mast not be sacrificed to the nsu Iruet of incuuib -nt. After these immedi ate steps, which will injure the exhibition of better example, we may wiaely gj to lie abolition of unne ess.ry office, and finally, by a patient and carelul organization of a better civil service system under test, wher ever practice', of p'oved competerKy and t le'ity. WLile much may be accomplished by these method it might encourage delu sive expectations il 1 were to withhold here an expression of my conviction that D- re form of civil service in this country will be complete and permanent until it chief mag istrate i constitutionally disqualifled for re election ; experience having repeat'-oiy ex p.Hed the fu'ility of self-impuaed restriction, wf w.u.JuUi or incujibeuti.DO inatur what may be their solemnity. Ia this way tho President can be effectually delivered from, his great temptation to misuse tbat power and putronago with which the Executive is necessarily charged. Educated in the belief that it is the firt duty of a citizen of the Republic to take his fair allotment ot card, and trouble in public affairs, I have for forty years, as a private citizen, fulfilled that duty,, and though occupied in an unusual degree during all that period with concern of government, 1 have neycr acquired tbe habit of official life. When year and a half ago 1 entered oo my pres ent trust, it wus in order to consummate re forms to which I had already devoted several years of life. Knowing as I do, therefore,, from fresh experience, bow much the differ ence i between going through an official routine and working out reforms of system! and policiea, it Is impossible for me to con, template what needs to be done in the Fed eral administration without so acute sense of the difficulties of the. undertaking. If summoned by tho suffrages of my country men to attempt this work, I shall endeavor with God's help to be the efficient instru ment of their will. -SAMUEL J. TILDEN, To J, MoUlornun, chairman; George V. n.. Franklin, Hon. J. J, Abbott, Hon. J. II. Spannhorst, Hon. J. Rodfiuld, Hod. F. b. Lyon aud others of the committee, etc. , IiENDltlCKS ACCEPTANCE. Induxai'oms, July 4, 1876. Gentlemen : I have the honor to acknowl edge the receipt of your communication, la which you have formally notilled mu or my nomination by tbe National Democratio Convention at St. Louis, as tbeir candidate! lor the office of Vice President ol the United States. It is a nomination which I bad not expected nor desired, and yot I recognize and appreciate tho honor done ma by tbe convention. The choice of such a bod,and pronouncod with such unusual unanimity, und accompanied with such a gonerous ex pression of esteem and confidence, ought to outweigh all mere personal doaires and pref-. ereoce of my owu. It 1 with this fueling; and trust, also from a donp sense of publio. duty, that I now accept the nomination, and shall abide the judgment of my countrymen.. It would have beeu impossible for me to ac cept tbe nomination if 1 could not heartily endorse the platform of the convention. I . dm gratified therulore to bo able to say un equivocally that I agree in the priuoij)lo3, ap prove) the policies and sympathize with, the purposes enunciated in the platform. Tbe institutions of our country have been sorely ' tried by exigencies ot civil war, and since the peace by tlm selfish aud corrupt manage-, incut of public uffairs which bag ahained us before civilized mankind. Ky unwise and partial legislation every industry and iuterest of the people huve bueti made to suffer. Tho executive department of the government by dishonesty, rapacity and vuuality has de bauched the pubdc service. .Men known to be unworthy have been promoted, whilst, others have been degraded lor fidelity to of ficial duty ; publio ollice bas boon made the moans of private profit, and the country ha . beon offended to sue a class of those who boast the Irieiidshin of the sworn protector of the state amassing fortunes by defrauding tbe public treasury aud by corrupting tbe service of tho people. In such crisis of the history of the country I rejoice that the cod- , vention at St, Louis bas go nobly raised the- , standard of reform. Nothing can bo well with us or with onr affairs until the publio conscience, shocked by the enormous evil and abuses which prevail, shall have demand ed and compelled an unsparing relorroatloo of our nutiouul administration, in it bead and iu it member. In such a teformalioa the removal of a single officer, even tho Pres ident, is compurtively a trill nor matter, if tbe system which he represent and which has fostered him, as he hug fostered it, is suffer ed to remain. The President alone must not be made tbe scapegoat for the enormities of the system which infects the public service and threatens tbe destruction of our institu tions. In some respects I bold that tbe present executive bus been tba victim rather than the author of that vicious system. Con-. grcssional and parly leader have been stronger than the President. No one man could have created it and the removal of do one man can remedy it. It i thorougly cor rupt and must be swept remorselessly away by tbe election of a government coinposod of elements entirely Dew and pledged to radical reform. I trust the work of reform must eventually be the restoration of th, -normal operation of the constitution of tliJ Loited States with all its amendments. Tbe necessities of wur cannot be pleuded in titne of peace ; tbe right of local self government as guaranteed by the constitution must be everywhere restored, and the centralized, almost personal, imperialism which ha been practiced must be done away or the first principles of the Republic will be lost. Our financial system of expedients mast be re formed. Gold and silver are tbe real stand ards of value, and our national currency will not be a perfect medium of exchange until it shall be coovertable at the pleasure of the bolder. A I have heretofore said, no one desire a return to specie payment more euroertly than 1 do, but I do not believe that it will or can be reaehed in harmony with tbe in terests of tbe people by artificial measure for the contraction of the currency, any more than I believe that wealth or perma nent prosperity can be created by an intla- ' tion of tbe currency. The law of finance cannot be disregarded with impunity. Tbe financial poirey oi the government, it indeed it deserves tbe name of policy at all, has been in disregird of these laws, aud, there-' fore, has disturbed commercial business a well as. hindered a return to specie pay ments. One feature of that policy wo the resumption act of 1875, which ha einbar- rawed the country by (he anticipation of a couipuUory resumption, of which no portion na D?en made, and without any assurance that it would b prictii-aMe. The r-ipeal of that clause is Deo-aiur that the natural ope ration of financial laws may lo reati red ," that the Im.iiiie, ,,f tbu country m .y be re lieved from iti disturbing and d.-pres-nng inlijeuco, aud tl-at a return ta sp-;e pay ment m iy tw faci! tatej by substitutum cf more prndV.-t k-g:Ulion, which I b.l