Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1874-04-30
The Veto Of the Coming Bill.

The Veto Of the Coming Bjll.
When Congress met last December, VIC
expressed the hope that it would at once
proceed to- the adjustment Of the national
currency. The cx' raordinary and disas-
>rcnt failures Of 30 many old and appar-
entity sound banking houses, not only in
tcrrupteI the business Of the country, but
came very near destroying all confidence
in the reliability Of moncycd institutions.
We thought then that if banking facilities
were increased as they might be, by the
issue Of additional U. 8. Bonds, to form
the requisite security, that capitalists
would put their Money into circulation,
rather than hoard It orloan it to banks, on
short time, and at low rates; thus putting
the currency Of the country to legitimate
use. OF the issue of bonds made some
time ago, 1t 10 we'll known that the west
ern states had not their full share, and
that the eastern states had corresponding.
~ more than belonged to them, by any
distribution proportioned to population
but the awards having been made, and
the bonds sold. it seemed difficult to re
call any portion Of tho excess held by
the east. To supply this deficiency il
the west, 1t was proposed to issue more
bonds, and accordingly Congress passed
what Ia known ~ the "inflation bill," and
the President has vetoed it. The act i
neither an approval or condemnation
Of any party policy, for the measure was
tue offspring Of neither political organi
xation, distinctivcly. It was supported
a. strongly by the opposition, as by tn
administration party, and by many Of thu
ablcst and most conservative men in Con
gress. The President gives reasons fo
Lis veto, but We should remember tina
the present is An age Of reason. Surel,
he would be man without recources
who could not explain his conduct, salts
factorily to himself, and yet we feel tina
the Presidents action is in harmony will
his previous official utterances upon tn,
subject of the currency. Still whenC Congress
convened he plainly stated that he woul,
BE- found ready to cooperate with tina
body In any measure which it nigh
adopt for the relief Of the country. W.
do not complain at the veto, it may be 70
the best, but it seems unfortunate that i
should have the appearance of being die
tated by the capitalists of the country
While the bill was awaiting executive &C
ton two committees, one from New Yorl
the other from Boston-represcnting i,
the aggregate, not less than $500, 000, O00
visited the President and strongly urge
him to defeat the measure by the interpe
s:Aon Of his constitutional prcrogative.-
Thshe did, and it following 80 quickl
after the importantly of those capitalists
gives the impression that the veto wa
the fruit of their efforts. No one expec
ted that the Honey monarcAs would ia
<ef the measure, and because they woult
not, it is held by the masses to be un
friendly to the interests Of capital, ani
favorable to the industrial classes. O.
course we cannot determine the fact ex
cept by inference. Things that are not bad
in themselves, sometimes have bad ap
:pcarance. That is sometimes unavoida
bic, and may be, in the present case. The
country is still waiting for some definite
action upon the financial question.