The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-04-26
THE PRESIDENTS VETO MES.
SAGE

| WASHINGTON, ID. C., April 22.-Thc
following is tho presidents veto mes
sage:
To the Senate of the United States
Herewith return senate bill num-
, Der Gil, entitled "An act to fix the
,, amount of United States notes and the
circulation of the national banks, and
for other purposes" without my ap-
, proval. In doing SO, must express
my regret at not being able to give my
assent to measure. which has received
the sanction Of majority of the lcgis.
lators chosen by the people to make
laws for their guidance and I have
studiously sought to find sufficient ar.
gument to justify such assent, but I'M
successfully. Practically it is qucs-
ton whether the measure under discus
sion would give an additional dollar to
the irredeemable paper of the country
or not and whether by requiring
three. fourths of the reserves to be re.
turned by the banks, and prohibiting
interest to be received on the balance,
it might not prove contraction.
INITIATION A DEPARTURE FROM TRUE
PRINCIPLE.
But the fact cannot be concealed
that, theoretically, the bill increases
the paper currency 500 600 900. less
only the amount of reserves restrained
from circulation by the provisions of
the second section. The measure has
been supported on the theory that it
would give increased circulation. II is
fair inference, therefore that, if in
practice the measure should fail to ere.
, ate the abundance of circulation ex-
pccted of it, the friends of imitation,
especially those out Of congress, would
clamor for such imitation as would give
the expected relief. The theory, in my
: belief, is departure from the true prin-
+. ciples Of finance, national interest, ma
tional obligations to creditors, congrcS.
sional promises, party pledges on the
:. part Of both political parties, and of tho
: personal views aud promises made by
y Inc in every annual message sent to con
~ grcss, and in each inaugural address
RETURN TO A SPECIE BASIS.
j. In my annual message to congress
, in December, 1868, the following pas
:. sages appear:
rs "Among the evils growing out of tn
MS rebellion and not yet referred to,
ly that Of an irredeemable currency. |
i. is an evil which hope will recciv
your most earnest attention. 1t is
ah duty, aud one of the highest duties of
n government, to secure to the citizen
an medium of exchange OF fixed, unvary
mt ing value. This implies return to
- specie basis, andnO!substitute for 1t ca
ne be devised. 1t should be commence
ers now aud reached at the earliest praci
rti. cable moment consistent with fair /
ont gard for the debtor class. lmmedia
,,rs resumption, if practicable, would not
desirable. 1t would compel the
eP" to pay beyond their contracts the pr
gov MUM on gold at the date of their pu
Iter, chases, and would bring bankrupt,
ism and ruin to thousands. Fluctuatio
,ou however, in the paper value of Il
IVY measure of all values (gold) is detr
gov mental to the interest of trade.
the makes the man Of business an involu
in tary gambler; for, in all sales who
was future payment is to be made DO,
, parties speculate as to what will be Il
- value of the currency to be paid an
MS received. earnestly recommend
sas. you, then, such legislation as will il
zen, sure gradual return to specie paymcn
usc and put an immediate stop to the flu,
~, tuations in the value of currency
'"" | still adhere to the views then cy
'h- pressed
o'o THE PLEDGES OF CONGRESS.
'eu' AS early as December 4, 1865, Il
lie house Of representatives passed res
and luton, by vote of IA yeas to g nay
how concurring in the views of the seer
-, tary Of the treasury in relation to Il
"''' necessity of a contraction of the GU
inc rency, with view to as early rcsuml
.rty ton of specie payments as the busine
his interests of the country will permit, an
+, pledging cooperative action to tn
-, end as speedily as'possible.
pa The first act passed by the fort,
clcs first congress, on the 18th of Mare
.ical 1869, was as follows:
,oks AN ACT TO STRENGTHEN THE PUBL
die CREDIT OF THE UNITED STATES.
ded BE it enacted, etc, That in order
MON remove any doubts as to tie purpo.
NV" Of the government to discharge all i
hen obligations to the public creditors, an
pre- to settle conflicting questions and il
AN. terpretations of the law by virtue
in which such obligations have been col
r,,, tracted, it is hereby provided and d
"v clarcd:
lax That the faith Of the United Stat
and is solemnly pledged to its payment
the coin or its equivalent of all the obi
-. cations Of the United States and of ,
u the interest bearing obligations, e
ooks cept in cases where the law auiho
h he zing the issue Of any such obligatio
force has expressly provided that the 50,
R,, may be paid in lawful money or
~ other currency than gold and sily,
ereht But none of these interest. bearing @
They legations not already due shall be
liter. deemed or paid before maturity, uni,
h.,a at such times as the United States no