The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-24

ceueo revenues fali below expenditures, and such
reserve n necessary. ne says, because the frac-
onai currency OF $50 900 Is Iedeemable in legal
tenders ON cali .Here." said Senator Fenton
1.-THE President assumes hrs right, established un-
der ths law, 70 the full control OF the greenback re-
serve. which consider grave mistake. 1t IL q
dangerous power 70 assume. and power which, II
the President can be Justified In exercising 1t under
sxnsing laws. should be taken away from him for
u ~ . power OF t44,0000O0 expansion or contrac-
ton. Again, the President says that paper money
10 valuable exactly IN proportion to the amount
OF coin into which IL can be converted.
This 10 true OF small sums Of OF money but not OF
the volume o. paper currency In any country. For
instance, In the volume OF our paper mcaey 81 In
gold 10 81 In paper brings paper to par with gold.
In France, with much smaller proportion than
one-third Of gold, their paper money is less than
one per cent below gold standard. We can never
have resumption upon the theory that It requires
dollar IN gold for every dollar we have IN paper.
Public confidence viii cover two-thirds Of the
stock needed for redemption. Nevertheless, the
veto rests upon the true ground OF fidelity to our
pledges.v f
"But. Governor, what are to be the political con-
sequences Of this vctoi Does IL not demolish the
republican party ~
Ex-Governor FBNr0S-I think 90. This veto Ii
general surprise TO the country and the republican
~
basts Of this currency BILL This veto unsettles all
these arrangements. Disturbances In business
anhirs are coming, and hard times to many, and
innattsnists will charge these things upon this
unlooked-for veto. The republican party will be
broken up thereby. Here the great political mis-
take OF the President has been his apparent indir
ference TO harmony IN his party; he has per-
mitted 1t blindiy to drift along on this question,
when, II deeply concerned In its integrity he
should have called some Of the leading men Of
the Senate, generally considered as possessing his
confidence. to consultation rom time to time
and should have informed them OF this or that
proposition In the Currency bill which ne could
not approach. 1t appears that he has pursued
another course, and has thereby disappointed
many or his most ardent supporters in the West
and south. apprehend, therefore, that the re-
publican party will be broken TO pieces by this
mendous shock. ~
DISCOMFORT OF THE INDIANA SENATOR
Senator Pratt, OF Indiana one OF the steadiest
supporters Of the vetoed bill, appeared to-day Sc
riously perplexed with the sudden ana unexpected
change in the situation. He had but little to say
to inqusitive visitors, beyond the expression OF
hope That some way out Of our existing financial
difficulties salts. actory Tor the time being to the
West and South would be discovered ana adopted
before the close Of the session He Is evidently
much disappointed In the Presidents unexpected
line OF action on the Currency bill.
LOGAN CANNOT UNDERSTAND IT.
Senator Logan saws he does not know what to
think about the Presidents action. 1t has con-
founded and disappointed all hts friends. He has
killed things In Illinois and has created . great
deal Of dissatisfaction among the people there He
can't say what win be the effect OF 1t financially in
Illinois, but he thinks the President has acted n
direct contraventiou OF the wishes Of the repub-
lican party there. aHs a ~ ~
THE QUESTION IN MARYLAND.
Senator Dennis, Of Maryland, says the State Of
Maryland win be about equally divided on the
question OF approval or disapproval as to results
financially. The people OF Maryland are not SO
much in favor of an increased banking circulation
as they are In favor OF such banking facilities as
would be AFFORDED by free bankers. He thinks 1t
win strengthen the democratic party there, and
Is OF opinion that Grant has made very stirring
move, though he does not approve OF the policy
which dictated It, and he looks upon 1t with con-
corn and annoyance in view OF the complete over
throw Of what has been 50 long worked at In the
Senate TO secure . solution ofa financial problem.
THE MINNESOTA INTERESTS.
Senator Ramsey, OF Minnesota, says that his peo-
pie viii not suffer very severely from this veto be-
cause they are not involved to any great extent In
hazardous speculations They are, however. in
common with the other States or the Northwest.
in need OF more currency, though the Senator has
had very few memorials from them in regard to
this bin. He understands that in Chicago, where
speculation 10 apt to little wild. there is great
excitement. and also at Indianapolis, another
speculative centre, especially IN railroad enter
prises Speaking, however, for tine people OF MIN
nesota, he thought they would weather this storm
without any serious disturbances. financial or
political. The veto. however, would evidently
create wide political commotion. but he hoped
there would be no disastrous results political or
otherwise, to the general interests OF the country.
senator Window, also OF Minnesota one OF the
supporters Of the bill, looks upon the veto az Q
great mistake, at least in political sense, as will
be manifest at the next fall election. He does not
think that there was anything In the bill SO vicious
az to warrant veto. The action OF the President
will not be sustained by the republican party In
the Northwest. He voted for the bill reluctantly;
but as 1t was the best and only measure OF renef
tnat he thought likely Congress would pass at this
session for that reason he did not vote against it,
.tt49 Mr.. rREXAIN's IDEAS.
Lyman Tremain, Member OF Congress at Large
from New YORK, Ia highly pleased with the veto,
and says that 1t ends all nope the innati0nsts
may have had for getting through measures at this
session OF Congress. II bill for free banking and
fixing day for the redemption OF specie payment
should be introduced 1t would undoubtedly receive
the sanction OF those who are anxious that our
financial condition should rest upon hard money
basis.
.Nn ,t VOICE FROM OREGON. !, stsss. II
Senator Mitchell, OF oregon. regards the veto as
great political mistake. Ills State Is by no
means a unit for hard money. The lack OF cur
rency on the Pacc slope Is as seriously felt as in
the West and South, and it was for this reason
that he supported the Merrimon amendment.
what the effect OF the veto would be ultimately he
would not at present attempt to say. aaNssn
Senator Lewis, OF Virginia, who voted for the
bill, gives his opinion that the veto is the death
OF the republican party In Virginia. 1t has for
some time been on the decline, and recent efforts
had been made by which 1t was hoped to unite
the Bourbon element with the stronger
republican sentiment and maintain the