New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-23
VETO.

| lie
WAsHINGroN, April 22.-The following is
the Presidents veto message:
To the Senate Of the United States:
Herewith return Senate bill No. 6l7, en-
titled an act to fix the amount of United
States notes and the circulation Of national
banks, and for other purposes without my
approval. In doing SO l must express my
regret at not being able to give my assent
to measure which has received the sane
ton Of majority Of the legislators chosen
by the people to make laws for their
guidance. Ihave studiously sought to find
sufficient argument to justify such assent,
but unsuccessfully.
Practically it is question whether the
measure under discussion would give an
additional dollar to the irredeemable paper
currency of the country or not, and whether
to be retained by the banks and prohibit
ing interest to be received on the balance
it might not prove a contraction; but the
fact can not be conceded that theoretically
the bill increases the paper circulation
Sl00, 900, 900, less only the amount of reserve
restrained from circulation by the pro-
vision of the second section. The measure
has been supported on the theory that it
would give increased circulation 1t is
fair inference. therefore, that if in practice
the measure should fail to create the abun-
dance Of circulation expected of it, the
| friends of the measure, particularly those
! out of Congress, would clamOr for such in
imitation as would give the expected relief.
| The theory, in my belief, is a departure
| from true principles of national interest,
national obligations to creditors, congress
| sional promises, party pledges on the part
| OF both political parties, and of personal
| views and promises made by me in every
| annual message sent to Congress, and in
each inaugural address. In my annual
% hNA A.
following passage appears Among the
evils growing out of the rebellion, and not
yet referred to, is that of an irredeemabe
currency. 1t is an evil which hope will
receive yOnr most earnest attention. 1t is
duty, and one of the highest duties of
the government to seeure to the citizens q
medium of exchange of fixed, unvarying
value This implies return to a specie
basis and no substitute for it can be devised.
1t should be commenced EOw and reached
at the earliest practicable moment con-
sistent with fair regard to the interest of
the debtor classes; immediate resumption,
if practicable, would not be desirable. 1t
would compel the debtor class to pay be- .
yOnd their contracts the premium on gold at
the date Of their purchase and would bring
bankruptcy and ruin to thousands. Fluc-
tuatiOns, however, in the paper value of
the measure of all values, gold is detri-
mental to the interest OF trade; it makes
the man of business an involuntary gam.
bier, for in all sales where future payment
as to what will be the value Of
the currency to be paid and received.
earnestly recommend to you, then,
such legislation as will insure q gradual
return to specie payment and put an i'm
mediate stop to fluctuations in tho value
of currency. l still adhere to the view
then expressed"
As early as December 4, 1865, the
House of Representatives passed "a reso-
luton, by q vote of 14i yeas to 6 nays,
cOncurring in the views of the Secretary of
the Treasury, in relation to the necessity of
contraction Of the currency, with view
to as early resumption of specie payments,
as the business interest Of the country will
permit, and pledging co operation to this
end as speedily as possible The first act
passed by the Forty first Congress, ON the
eighteenth of March, 1869, was as follows:
An act to strengthen the public credit of
the United States.
Be it enacted, ETC., That in order to re.
move any doubt as to the purpose of the
government to discharge all its obligations
to the public creditors, and to settle con-
fcting questions and interpretations of the
Jaw by virtue of which such obligations
have been contracted, it is hereby provided
and declared that the faith OF the United
States is sOlemnly pledged to the payment
in coin or its equivalent of all the obliga-
tions of the United States, and of all the
interest bearing obligations, except in cases
where the law authorizing the issue of any
such obligations has expressly provided
that the same may be paid in lawful money
or in other currency than gold and silver, but
none of the said interest bearing obligations
not already due shall be redeemed or paid
before maturity, unless at such times as the
United States notes shall be convertible into
coin, at the option of the holder, or unless
at such time bonds of the United States
bearing lower rate of interest than the
bonds to be redeemed can be sold for at par
in coin. And the United States also solemnly
pledges Its faith to make provision ut the
earnest practicable period for the redemp-
ton OF the United States notes in coin.
This act still remains as continuing
pledge OF the faith of the United States to
make provision at the earliest practicable
moment for the redemption OF the United
States notes in coin. declaration con-
tanned in the act of June 81, 1854, created
IN obligation that the total amount OF
nited States notes issued or 70 be issued
should never exceed $4o0,0O0,O0O, the
amount IN actual circulation was ac-
,ually reduced to $3o5,UO,0oo, at which
)oint Congress passed the act OF July A.,
s6s, suspending the further reduction OF
he currency. Inc sA,oo0,oo0 have
'ver been regarded as a reserve to be used
'nly in case OF emergency, such as has oc-