, 1874-04-11
THE NEEDED VETO,

Imitation ia q fixed fact, unless tho Executive
yosoos tho bill. After Congress- has assumed
tho responsibility Of deranging values, pro-
by this browning act Of financial folly, the
final responsibility will rest with tho President.
Ho can, II no chooses, gavo tho public credit.
Tho bill cannot pnes ovor his yoto. The party
ho representa- has made i've solemn declarations
OF its principles. In 1866 and 1860 no financial
question entered into tho campaign. Tho
two platforms arc silont upon such points.
BY 1864 tho Republican party had assumed,
with fonr and trembling, the weighty 70 osponsi-
bility Of issuing tho areenbaoks. It WAS justified
as war-moasuro. aB warranted only by state
Of war, as utterly indefonBiblo in time Of peace.
Tho experiment, thus hedgod about with eau
ton, WAS = seeming SUCCESS Mr. Walter
Bagohot, IN eminont financial authority, sayB,
however, that we could have borrowed enough
gold In Europe to carry on the War ii NO had
by printing ehinplastors. Tho platform Of 'g4
sot forth TINT it WIS "tlo duty Of
every loyal State to. sustain, TIC credit
and promote tho uso Of tho national
currency" and that 'tho national faith, pledged
for tho redemption OF tue public debt, must 10
kept inviolato." Tho imitation bills, II thoy bo-
como laws, will weakon the credit OF tho national
".ourroncy and will vio1ate tho national faith II
.4he President belioves in tho Republican confes-
sion of faith In 1864, he will veto them.
+,1n4%o - Oct,
sound. It doclaroH:
Wo denouncc al forms Of reputation ~ uatiouat
cri1ne; aud tho national honor requires tho payment
OF the public indebtedness in tic utcros good filth
to a creditors at homo and abroad, not only accord
ing to tho letter. but tho spirit Of tho laws under which
1t was contracted.
This platform also declares TINT t'the beBt
way to diminish our burden of debt Ia to 90
improve cur credit that eto., otc. How will
imitation Affect these professions of the Con.
yention which first nominated Grant It will
contradict each and overy ono. It ia in itself {
form Of Reputation. The United Statot
promises on ovory groenback to pay It's full
valuo In gold. Imitation makes each greonbact
worth loss in gold than it Is now, aud makea it,
redemption by the Government distant eut
doubtful. It is breaking of faith with ever,
foreign md domostio creditor, sinco 1t vii
probably dopreciato ali the securities of th,
United States. It dire city diminishes iustoad o
improving our credit. Will the President, b,
vetoing It, show his fidelity to the platform Of
which ho Htood when first elected
In 1872, the President was reelected by part,
which put on record, in Philadelphia, the state
ment:
Wo denounco Reputation Of tho publio dobt in III,
form or diBgulse NJ NATIONAL crime. We
confidently e1pect that Our excol1ont national our-
rency will be perfected by d speedy resumption Of
specie payments.
Initiation is ropudiation. Imitation is indefinite
postponomont Of specie payments. Tho Ropub-
lican purity has decided against 1t. a Republican
Congress has decided for It. The decision be-
twoon tho two'rosta with Grant. Because Con-
grossmon hayo willfully broken their pledges,
should tho President hroak his7