South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1874-05-01
Veto Of the Senate Finance Bill.
THE PRESIDENTS REASONS FOR DIsAp-
PROVING THE MEASURE.

The President or the 23rd transmitted to the Sc
nate his message returning, without his approval
the finance bill originating in that body and re-
Gently passed by both houses Of Congress. au.
thorzing the increase Of the United States legal
tender and the national bank note circulation to
an aggregate of $500, GOO, OOO. The message is
MS follows:
To the Senate Of tie LRae4 States ::
Herewith | return Senate bill No. CIT,
entitled IAN act To fix the amount of United
States notes and the circulation Of national
banks and for other PURPOSES, without my
approval.
In doing 80 L must express my regret at
cot being able to give my assent to mea-
sure which has received the sanction Of a
majority Of the legislators chosen by the
reople to make laws for their guil4nco, and
have studiously sought to iud suf6 cent
arguments to justify such assent, but vas
unsuccessful.
Practically it is n question whether the
measure under discussion would gigo an
additional dollar 10 the irrudeemable piper
currency of the country or not, aud wheth.
er, by requiring three fpurths of the reserves
to be retained by the banks, aud prohibit.
J ing Interest 10 be received on the balance,
1t might not prove a contraction But the
fact cannot be concealed that, theoretically,
the bill increases the paper circulation
100000, 600, less only tho amount Of re-
serves restrained from circulation by the
provision of the second section. The moa-
sure has been supported on the theory that
1t would give increased circulation. II is a
fair inference, therefore, that if, 10 practice,
the measure should fail to create the abun-
dance of circulation expected Of it, the
friends Of the measure, particularly those
out of Congress, would cllmor for such in
fltion as would give the expected relief.
The theory, 10 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
personal views and promises made by me
in every annual message sent TO Congress
and 10 each inaugural address
10 my annual message to Congress 10
December, 1869, the following passages
appear:
Among the evils crossing out Of The re-.
belion and not yet referred to is that Of an
irrodecmable currency. II is an evil which
hope will receive your most earnest attcn-
ton. IL is a duty, and one Of the highest
duties, Of government 20 secure to tho citi-
zen medium Of exchange Of fixed unvary-
ing value. This implies return 20 a spe-
Gle basis, and 10 substitute for il can be
devised. IL should be commenced now
and reached at the earliest practicable mo-
ment consistent with a fair regard To- the
interest Of the debtor class. Immediate
resumption, il practicable, would not be de-
sirablc. /, would compel tho debtor class
to pay beyond their contracts the premium
on gold at tho date of their purchase. and
would bring bankruptcy aud ruin TO thou
sands
Fluctuations, however, in theIpapor VAL
no Of the measure OF oil values gold is
detrimental to tho interests Of trade. IL
makes the man Of business an involuntary
gambler, for, in all sales where future pay
mcnt Is 20 DO made, both parties speculate
as 20 what will be tho valuo Of the cuTren-
oy 10 be paid aud received. | earnestly
recommend to you, then, such legislation
as will insure gradual return to specie
payments and put an immediate stop 10
fluctuations 10 the value Of currency" |
still adhere to the views then expressed.
As early as December 4, 1865, the House
OF Representatives passed a resolution. By
vote Of ia yeas to @ nays. concurIipg
~ the views Of tho Secretary Of tho Troa~