, 1874-05-12
SENATOR MQRT0N'8 LETTER,

Journal, explaining tho bill vetoed by tho prosi
dent, IL, porAnps, tie most limp aud lackadaisioal
publication over malo by TINT gentleman.
Though quite longthy. tho roudor, after going
through It, will fail to remember any point made
by tho writer. His technical explanation ot tho
prov,slons Of the bill was wholly unnecessary,
because overy man In tho country thoroughly |
understood 1t. Alr. Morton'a own constituents,
vino met ut Indianapolis two days after tho veto,
aud denounced tho ootion OF tho preaidont, and |
applauded tho yotoa Of Mr. Morton. thoroughly
understood tho bill, and know exactly
what the President Ind vetoed. The technica}i-
ties OF tho bill wore Of the least possiblo coll
corn. Tho theory and purpose Of the bill woso
something moro, and Of much CREATOR inpor-
tancs. 1t is irnmntezial "hether, under that par-
tcular bill, tho volume Of currency would have
been In fact expanded or contractod. Tito theory
Of tho bill was that Congress- at it's pleasure,
might multiply tho legal-tondor noteB Of tho
United States, and forco tlou, upon private inll-
viduala at par. It was this theory OF the bill
that tho Presiaont vetoed. In his veto nessage
| he snid:
3
der discussion w0nld Bye m additional dolnr to tho
irrcdcenab1e pa1or-currcncy Of tho country or not
and whethcr by requiring thrcofonrhB Of the rcscrve
to bs rotaiuel by banks and prohibiting interest to be
received the balance 1t might not provo contrac-
tion but tho fact CANNOT be concealed that hrorfe-
aly the U The puper circulation Suo 00o 900,
less ouy tho amount Of restrained from cir
| cuatton by the provisions Of the secoud section.
n1r. alorton'a apeoulations, therefore. that thc
| Il. fnro ,nf
tho currency, does notmoot tho objections mado
to 1t by the President. His suggestion that the
mart of the bill providing for redistribution
| Of tho National Bank circulation "looked for
ward to tho resumption Of specie paymonts" Is
| q very feeblo answer to the Presidents objoc-
ton that any poBtpouoment OF specie payments
| by IN expansion at tue paper currency would
10 in violation Of tue plodgos of Congress- and
of both political parties. Tho Presldout's ar
raignmont OF the purpose Of tho bill stands uu-
answered and untouched by anything Mr.. Morton
haa said Upon this point tho President Bays:
Tho measure has becn supported on the theory that
It would gvo increased circulation. 1t Is fair infer
cnce therefore, that, It n practice the should
full to create tho abundance OF circulation expected Of
It, tho friends Of tho moasure, particularly those out OF
t CONGRESS, would caMor Tor Buch imitation III would
give tho expected relief. This theory, tu belief Ia
departure from the true principles Of nancc nation
oil Interest," national obligations to creditors. Congress
sloual promises. party pledges on the part OF bo
political parties, md Of tho roraounl vows and prom
ises malta by In every annual mosaage sent to Con
gress mud In my inaugural addreag.
To this p1ain, direct, and unoquyoca1 sword
thrust, Mr. Morton makos no attompt to reply
Ho ia as dumb as an oyster. The President has
overwhelmed him and all his associate imitation
sits With tho irrefutablo logic Of fact, driver
home with the forco and sharpness Of jayolin
+ | Mr., Morton admitR that "the Government II
pledged to redeem tho logal-tendor notes In coir
at the earliest practicable period,' and hia sug
o gostion that this pledge can be maintained IL
y good faith by legislation having the effect tt
: postpone thla redemption indefinitely, and tt
h further dopreciate tho outstanding currcnog, Of
i tile plea Of relieving supposed staguasion o
business is, to say the 1east, the woakos
o form Of ropiy. Mr.. Morton ia not wont to d
i things by halves. His uildness and meelknea
in this instance ia evidence either Of uucond
!" tiona1 surrender or Of uncommon craft. Proba
|, biz tho autumn campaign will disclose whothe
l. there aro any claws under the soft PEW he no
Q holds out to tho President