Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-04-30
CURRENCY BILL VETOED.


well aware that the most important
measures before Congress the past
winter have been touching the cur
rency and financial affairs of the
country. After much speech-mak-
ing and manpuying, a bill was
finally passed authorizing the issue
of SlO0,O00,00G more of national
currency. The bill was not regard
ed with perfect satisfaction, even
by the advocates of imitation, though
they were willing to accept 1t as
better than nothing. The contrac-
tionists, of course, were active IN
pointinp out its defects, and seeking
its defeat. Thus it passed the Sen
ate by q small majority, and went
to the President, who after due de-
liberation, returned it without APP
proval. While not feeling that we
could strongly champion the cause
of the inAationists, our sympathy,(or
rather our prejudice)'h been with
them, and while the Presidents
veto message contains strong rea-
sons to Justify his course, and
while crediting him with being com
mendably CONSTANT with his former
course and expressions touching the
currency, we are not convinced that
his action was best for the great
mass of the people, especially at the
West but," great minds will differ"
Below is the message entire:
To the Senate of the United States;
Herewith return Senate bill No. Gl7, en-
titled "An act to fix the amount OF the United
States notes and the circulation Of the M
tioua bank, and for other purposes" without
my approval in doing SO ! must express my
regret al not being able to give my assent to
measure which has received the sanction OF
a majority of the legislators chosen by the
people to make laws for their guidance, and
have studiously sought to tud sufficient urgu
ment 10 Justify such assent but unslcccsatuy
Practically 1t Is a question whether the meas
ure under discussion would give an additional
dollar to the iredcemable paper currency OF
the country or not and whether by requiring
three tourths OF the reserve to be retained 10y
the banks and prohibiting interest TO be re-.
ceiyed on balances, IL might not prove Il
contraction. But the fact cannot be concealed
that theoretically the bill increases the paper
circulation SlOOOOO0O0, less only the amount
of reserves restrained from circulation by the
provisions of the second section. The meas.
urc has been supported on the theory that il
would give increased circulation. II l. fair
inference, therefore that if in practice the meas
ure should fail to create the abundance OF
circulation expected OF it, the friends of the
measure, particularly those ont OF Congress,
would clamokor such imitation as W"n.d give
the cXpectcdTtid. The theory, in my bcNcl,
is 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 the personal views aud promises made
by me in every annual message sent To Con
gress, and IN each inaugural address. In my
annual message to Congress in December,
1863, the following passages appear: "Ampng
the evils growing ont of the rebellion, and NOT
vet referred to, is that of an mrudcrmahIr
currency 1t is an cyil which | hope viii re
CCiyc Your most earnest attention. II Is q
duty. and one of the highest duties OF the
government, to secure To the citizens medium
of exchange of fixed, uuyarNmg value. This
imphc, "A return 10 4 specie basis, aud no sub
stilulc for 1t can Ice devised, II should he
commenced now, aud reached mt the earliest
practicable moment consistent with fair ne.
gard 10 the interest Of The debtor class Inn
mediate resumption, II practicable, would not