Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1874-04-28
Tae President.s Teto Messaae.

Herewith I return the Senate bill mum
Der 6l7, entitled can 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 a
measure which has received a sanction OF
I tho majority Of legislators chosen by The
I people to make laws for their guidance,
and have slndiously sought to find suf
iieiCut arguments 10 justify such assent.
JCt unSuccessiully. Practically, it is q
I question whether the measure under dis
cussion would give an additional dollar
to the irrcdcemab'e paper currency Of The
country or not, aud whether, by requiring
three iouylhs oCthe reserves to lie retained
by the banks aad prohibiting interest to
be received on the balance, it might not
prove a contraction; but the fact cannot
be concealed thl, theoretically The bill
increases thopaper circulation Sl0o,0OJ
Oo0. less only the amount OF reserves re-
strained from circulation by The prov ision
OF the second section. Tue measure has
been supported on The theory that itwould
give increased circulation. Il is fair
inference, therefore, that II in practice
Congress should lail TO create the abund
aDcc OF circulation expected Of it, the
friends OF the measure, particularly those
out OF Congress. would clamor for such
initiation Is wou'j give expected relief.
The theory, in my belief, Is a departure
from the true principles Of finance,
national interest. national obligation to
creditors, Congressional promises, party
PIECES on tie part OF both political parties
aud OF the personal views and promises
made by ne in every annual message
sent 10 Congress, and in each inaugural
address.
Ia MY annual message to Congress in
December, 1862. the following passage
appears:
Among Tue evils growing out Of the
rebellion and not yet referred 20. IA that
OF an irredecmsble currency. IL * an
evil which hope viii receive your most
earnest attention. l. is duty and one
Of the highest dates OF government 10
secure 20 citizens medium oil exchange
OF fixed, uuyaryinE value. Thi, implies
q return 10 specie basis, and no substitute
for Il eau DC devised. /, shon.d Ue com
mcnCed now and reached II tue eSricS.
practicable moment consistent with a iIir
regard 10 the intercs, OF the debtor class.
Immediate ylsumpton.u Pracuble, would
NOT be desirable. 1t would compel the
debtor class 10 pay beyond their contracts .
The premium on gold ~ the latc ul their
purchase would bring bankruptcy and
rain 60 thousanjs. The luc;latiou, how
ever. ia paper value, gold. Is detrimental
40 l4c i.,ert>t oil trade. Il makes the
man VI business Au involuntary gambler.
.0g in al sales where future payment il
10 De made. both parties speculate as TO
VIA, wi.. be ldc value Of the currency 90
lc paid and received.
Iclwc, Ii recommend 20 you. then,
sUch legislation as Will ensure gradual
'1'.,." - >l'','0 t''' ''''i' '"" t'' ''' ''''
'.'eu'''e sop ~ H-''"'''0"' ." '"'"e VI
'l- V"''1"'l'
sill. adhere 20 iuc views then express.
..4 A.e.r,y "a December All. l>Gj. The
fr..,.....f p.,,.,-,,., ,;,., ,,,s-,l 81, r.s,l.,
..,.-.....
'''" - " '',0 W -'' 80
curing IN The views o.. The Secretary Cf
The Treasury iu relation 10 the necessity
.ol contraction OF line currency with q
...,.. ......,......, ,e .,,,....
''-' ~ ''''
pay menlS, IS Inc business interests o. 'de
country i.'permil and plol.ng cooper .
.,,,,. ,c.i,n ~. .,l,;. ,.,l n snoe. Iilvasp,s
,
@'.'-' ''-'
Congress, on the Ism day oil March 1901, .
wa, is follows:
4, ,etto s,r.,grror Tho pYbri, credit
.af ,Lo I-Yi.,I S,a7ss
Pa .,,sr,eJ ,h,, in order n rcnove
~ l.,,b, ~ -, , ,Io r m, of Tho Gov.
eminent TO discharge All lis obliga,ions T.
TO the paoic creditors aud TO settle con. .
n.l'tnS 4aes'.'A' ana interpretations OIL .
,g ..' w.. ~ ,.,.'c c -, W. S' u 49,
provided ami declared tina, the faith oil .
The Uu.Ied STATES IS so.emniy pledged TO
-i he oH;.,a a., Of the Fitted S,s,e.
aud ofall the in,eres, bearing obligations. Z
except where the law authorizing the .
issue oil any such Obligations has expressly /
prov s .J.u ma. ,,e s'''nc M! " p'.u -
o'ber hmm cod or .iyer but none OF
sl ;+,,-,.7 io.,,,,, ,i,i;.,,,i~,s NO,