Douglass states in the first paragraph that, "The point from which I am compelled to view them is not, certainly, the most favorable," but then later says, "...for the good they did, and the principles they contended for, I will unite with you to honor their memory." Using this evidence from the text, it is clear that from his point of view, he cannot see them as "most favorable", yet he still holds respect for their accomplishments.
He feels that he cannot celebrate the Fourth of July because he does not have a part in the freedoms that white men celebrate. A day where they enjoy and praise their benefits is one where his lack of them is made blatantly obvious. Much of the fourth paragraph proves that this sums up Douglass's inhibitions in
