Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-05-04

DiNs SOUutls Vic uCAi dDUh0s
has belt of about the same width, run
ming its whole length, which has been
! but little invaded by lumbermen as yet.
This belt, from four to FIVE hundred
miles in length, comprises nearly all the
Redwood region in the state. A. B. Il.
PRESIDENT GRANTS MESSAGE.
WASHINGTON, April 22.-The follow
ing is the Presidents Message vetoing
the Senate Imitation Bill:
To the Senate of the United States:
Herein | return the Senate bill num-
bered 6l7. entitled 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, must express my regret
at not being able to give my assent to
measure which has received the sane
ton of the majority of the Legislators
| chosen by the people to make laws for
their guidance, and have studiously
sought to find sufficient arguments to
justify such assent, but unsuccessfully.
THE QUESTION STATED.
Practically it is question whether
the measure under discussion would give
an additional dollar to the irredeemable
paper of the country or not, and whether
by requiring hree-fourths of the reserves
to be retained by the banks and prohib-
iting interest to be received on balances.
1T might not prove a contraction. But
the fact cannot be concealed that theo-
retically the bill increases the paper
circulation one hundred millions of dol
lars. less only the amount of re erves re-
strained from circulation by the provis-
ions Of the second section. The measure
has been supported on the theory that
1t would give increased circulation. 1t
Is 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 clamer for such imitation 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 polit-
ical parties, and of the personal views
and promises made by me in every an
nual message sent to Congress, and in
each inaugural address. In nv annual
message to Congress in December, 1869.
the following passages appear: Among
*A~-@-~il~ s-~-i-e- -~>t-ee .Le--.L.ll;aa
and not yet legislated upon, is that of
an lrredeemable currency. 1t is an evil
which | hope will receive your most
earnest attention. 1t is duty and one
of the
HIGHEST DUTIES OF THE GOVERNMENT
to secure to the citizens a medium of ex-
change Of fixed, unwavering value. This
implies return to a specie basis. and
no substitute for it can be devised. 1t
should be commenced now and reached
at the earliest practicable moment con-
sistent with fair regard to the interest
OF the debtor class. Immediate resump.
ton, If practicable. would not be desir-
able. 1t would compel the debtor class
to pay beyond their contracts the pre-.
MUM on gold at the date of their pur-
chase, and would bring
BANKRUPTCY AND RUIN TO THOUSANDS
tluctuation in the paper value of the
measure of all values, gold, is detri-
mental to the interest of trade. 1t
makes the man of business an irvolun-
tary gambler. for in all sales whore fu-
ture payment is to be made both parties
speculate as to what will he the vaIue
OF the currency to be paid and received.
earnestly recommend to you, then, such
legislation as will insure a gradual re-
turn to specie payments, and put an i'm
mediate stop to the fluctuations in the
value of the currency"
L still adhere to the views then ex-
pressed.
As early as December 4th. 1865, the
House of Representatives passed reso-
luton by vote of IA yeas to 6 nays.
concurring IN the views of the Secretary
OF the Treasury in relation to the
NECESSITY OF THE CONTRACTION OF THE
CURRENCY,
with the view to as early a resumption
Oh specie payments as the business inter-
ests OF the country will permit, and
pledging cooperative action to this end
as speedily as possible.
lhe hrst act passed by the FortyFirst
congress, on the 18th day of March
1862 was as follows: An act to STRENGTH
en- the public credit of the United States.
be 1t enacted. etc.; that in order 10 re-
move any doubt as to the purpose of
the government to discharge all its oh.
legations to the public creditors. and tn
see'le conflicting questions, and the ill.,
depreciation of the law by virtue of which
such obligations have been contracted
1t Is hereby provided and declared that
! THE FAITH OF THE UNITED STATES rs sa,