Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1874-05-01
The Veto Message,

president vetoiDg the initiation bill:
To the Senate of the United States
Herein return the Senate bill number
GIT, entitled an act to fix the amount OF
United States notes and the circulation
of national banks, and for other pur-
poses, without my approval. In doing
SC, must express my regret at not being
able TO give my assent to a measure
which has received the sanction OF the
majority of the legislators chosen by the
people to make laws for their guidance,
and have studiously sought to find suf-
ficient arguments to justify such assent,
but unsuccessfully.
THE QUESTION STATED.
Practically it is a question whether
the measure under discussion would give
an additional dollar to the irredeemable
paper of the country or not, and whether
by requiring three-fourths of the re-
serves to be retained by the banks and
prohibiting interest to be received on bal
ances, it might not prove contraction.
But the fact cannot be concealed that
theoretically the bill increases the paper
circulation one hundred millions Of
dollars, less only the amount of reserves
restrained from circulation by the pro-
visions of the second section. The meas
ure has been supported on the theory
that it would give increased circulation.
1t is a fair inference, therefore, that if
practicable should the measure fail to
create the abundance of circulation ex-
pected OF it, the friends of the measure,
particularly those out of Congress, would
clamor for such initiation as would give
the expected relief. The theory, in my
belief, is a
DEPARTURE FROM THE TRUE PRINCIPLES
OF FINANCE,
national interest, national obligations to
creditors, congressional promises, party
pledges on the part of both political
parties, and Of the personal views and
promises made by me, in every annual
message sent to Congress, and in each
inaugural address. In my annual mes
sage to Congress in December, 1869, thu
following passages appear: Among
the evils growing out OF the rebellion
and not yet legislated upon, is that of al
irredeemable currency. 1t is an evi
which hope will receive your most ear
nest attention. 1t is duty and one o
the
HIGHEST DUTIES OF THE GOVERNMENT
to secure to the citizens medium of eS
change of fixed, unwsvering value. Thi
implies return to the specie basis, an
no substitute for it can be devised.
should be commenced now and reache
=, at the earliest practicable moment col
sistent with fair regard to the interes
of the debtor class. Immediate resumI
ton, if practicable, would not be do
sirable 1t would compel the debto
class TO pay beyond their contracts th
premium on gold at the date of the
/, purchase, and would bring
BANKRUPTCY AND RUIN TO THOUSAND
/. Fluctuation in the paper value of th
measure of all values, gold, is detrimen
! al to the interest of trade. 1t makes til
= man of business an involuntary gamble
!. for in all sales where future payment
. to be made Goth parties speculate as
what will be the value of the currenc
= to be paid and received | earnestl
. recommend to you, then, such legislatio
. as will insure a gradual return to spec
), payments, and put an immediate stop
! the fluctuations in the value of the Gu
4 rency."
!. | still adhere to the views then el
% pressed.
e AS early as December 4th, 1865. ii
# House of Representatives passed res
# luton by vote of IA yeas to 6 nay
concurring in the views of the secretal
n of the treasury in relation to the
lie NECESSITY OF THE CONTRACTION OF Tt
il CURRENCY,
Sc with the view TO as early a resumptit
er of specie payment of the business int
is ests of the country will ermit and pied
e- ing cooperative action to this end
es- speedily as possible.
The first act passed by the Forty -il
er Congress, on the 18th day of Marc
d. 1869, was as follows: An act to strenth
the public credit of the United Stats
Be it enacted, etc; that in order to
lg- move any doubt as to the purpose of I
lar government to discharge all its obli
tons to the public creditors, and to s
ate tie conflicting questions, and the int
IN. probation of the law by virtue of VIII
ion such obligations have been contract
,he it is hereby provided and declared TIL
THE FAITH OF THE UNITED STATES
ate soLEMNLY PLEDGED
In to the payment in coin or its euuivale