The weekly Louisianian., 1874-04-25
THE QUESI7oN
THE PRESIDENTS VETO.

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THE s. PRESIDENTS v'Ero.
Not only the material interest OF
the country have been in a confused
and embarrassed condition since
the beginning Of the first Term OF
President Grant, originating in the
morbid stimulus, given to specula-
tion. and the arrangements intrade,
growing out Of the late civil strife,
but the financial system of the
country, considering its good
features has been felt to be not
only defective in structure, but in
adequate in power to meet the com
mercial necessities of the Nation.'
The subject has been referred to
in all the messages Of the President,
the suggestions therein, more or less Z
pertenent to the legislation neces-
sary under the circumstances.
The communities Of the West
and South and South-W West have
had two fundamental conviction, on
the question of finance and the
members Of Congress representing
the constituencies of these sections,
have constantly aimed tc legislate
in harmony with the conviction Of
their people. The first conviction
, !, has been that the volume Of money
l in the country, including coin, cur
J reney, and bank issue was too
q small to move with facility and
ECONOMY, the aggregate values o.
1.-THE nation, md that u addition t
Q other obstacles, the trade and com
J meroe Of ths country was embar
: raised BY a de6oencyin the amour
of media Of exchange-money. ..
70 The second conviction oognate
to this, but additional theret
equally strongly obtained, that be
q cause Of the location Of the money
. ed centres Of the North and East
and from favoritism in Legislation
4 and other causes the distribution Q
y money had been SO far unequal tina
80 the people Of the West, South an
Southwest had not received thei
y pro rata Or fair proportion. Unde
the influence OF these impression
Is we find the Senator'S and Represen
~ tatives, with q few prominent ez
~ ceptions, in attempting to carry on
OF the convictions Of their people al
y rayed against the capitalist of Me-
ae England, the Middle and Atlanti
States. The Senate financial bill
y the result of Congressional actio
70 under the already specified circum
stances representing in it's structa,
!, and philosophy the Western an
ia Southern ideas on finance. Til:
''' bill the President, after mature d
liberation, has vetoed and given h
al reasons therefor in the subjoine
message:
n,
va WASHINGTON, April 22.-The fc
lowing is the Presidents veto me
~ sage:
~ To the Senate of the United States:
Herewith I return Senate bill n
6l7, entitled an act to fix the amou
n of United States notes, and the G
la culation of national banks, and +
id other purposes, without my Apr
Md val. In doing SO I must expire
IN, my regret at not being able to 81
an my assent to a measure which b
lit received the sanction of a major
les Of the legislators chosen by t
ng people to make laws for their gu'
en- ance. I have studiously sought
are find sufficient argument to just!
18th such assent, but unsuccessful
be- Practically it is q question whett
fly the measure under discussion wo1
in give an additional dollar to the ir
deemable paper currency OF I
md coantry or not, and whether by
quiring three-fourths OF the
ors serves to be retained by the ban
his and prohibiting interest to be
d. ceived on the balance, it might
prove a contraction; but the t
md cannot be, conceded that theors
cally the bill increases the pal
H.. circulation one hundred million
at " dollars, less only the amount OF