Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-04-29
THE VETO.
Fu, Text OF the Presidents Message.

A"a hVAt VI shS nessHtes
The following is the full text Of Presi-
dent Grants message vetoing the Senate
currency bill .
To the Senate Of the United States
Herewith 1 return Senate bill No. GIT,
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 meas
ure which has received the sanction of q
majority of the legislators chosen by the
people to make laws for their guidance,
and | have studiously sought to find suffi-
cient arguments to justify such assent, but
was unsuccessful.
Practically it is question whether the
measure under discussion would give an
additional dollar to the irredeemable paper
currency of the country or not, and
whether, by requiring three-fourths of the
reserves to be restrained by the banks, and
prohibiting interest to be received ON the
balance, it might not prove a contraction.
But the fact can not be concealed that,
theoretically, the bill increases the paper
circulationSl00,O 600, 900, less only the amount
of reserves retained from circulation by
the provision of the second section. The
measure has been supported on the theory
that it would give increased circulation.
1t is fair inference, therefore, that if, in
practice, the measure should fail to create
The abundance of circulation expected of
IL, the friends of the measure, particularly
those out of Congress, would camor for
such imitation as would give the expected
relief.
The theory, in my belief is a departure
from the true principles of finance, ma
tional interest, national obligations to
creditors, Congressional promises, party
pledges on the part of both political par
ties, and of personal views and promises
made by me in every annual message
sent TO Congress and in each inaugural adj
dress.
In my annual message to Congress in
December, 1869, the following passages APP
pear
Among the evils growing out of the
rebellion and not yet referred to is that of
an irredeemable currency. It is an evil
which hope Will receive your most ear
nest attention. 1t is a duty, and one of
the highest duties, of government TO secure
to the citizen a medium of exchange of
fixed unvarying value. This implies re-
turn to specie basis, and no substitute for
it can be devised. 1t should be commenced
now and reached at the earliest practicable
moment consistent with a fair regard to
the interest of the debtor class. Immedi-
ate resumption, If practicable, would not
be desirable. 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.
Fluctuations, however, in the paper
value of the measure of all values (gold) is
detrimental to the interests OF trade. 1t
makes the man of business an involuntary
gambler, for, in all sales where future paw.
ment is TO be made, both parties speculate
as TO what will be the value Of the cur
rency TO be paid and received. / earnestly
recommend to you, then, such legislation
as will insure a gradual return to specie
payments and put an immediate stop to
fluctuations in the value OF Currency [
still adhere to the views then expressed.
As early as December 4, 1885, the
House OF Representatives passed o res