The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-04-23
ASSOCIATED PRESS REPORT.
BY the Western Union Line, office North
- west corner OF Main and l2th streets.
WASHINGTON.
WASHINGTON, April %.
Cabinet Meeting,

discussion. At 2:2O General Bsbcock,
the private secretary Of the President,
delivered message to- the Senate,
which was read Immediately at the re-
Quest OF Senator Conkling.
The Imitation Bill vetoed-The
President,s Message. 49,
The following is the Presidents ve-
to message: .'. d'..'- l'.'. -
To the Senate of the Uaitsd Sales:
Herewith return Senate bill No.
GIT, entitled IAN act to fix the amoust
OF the United States notes and the cir
culstion OF National banke, and for
other purposes," without my approval.
In doing 30, must express my regret
at not being able to give my assent to
a measure which has received the sanc-
tion of majority of the legislators
chosen by the people 10 make laws for
their guidance, and l have studiously
sought to find sufficient arguments to
Justify such assent, but unsuccessiully.
Practically it is question whether the
measure under consideration would
give an additional dollar
to the irredeemable paper
currency Of the country or not, and
whether by requiring tbree-fourths oil
the reserve to be retained by the banks
and prohibiting interest to be received
on the balance It might not prove a
contraction, but the tact cant be con-
cesled that theoretically the bill in
creases the paper circulation $lOO,0OO,"
900 less only the amount OF reserves res
trained from circulation by the prsvisl-
ons OF the second section. The measure
has been supported on the theory that
it would give increased circulation and
il is a fair inference therefore that it In
practice the measure should fail to
create the abundance OF circulation ex'
pected OF it. the friends Of the measure,
particularly those out OF Congress
would cIamor for such initiation as
would give the expected relief. The
theory. in my belief, is a departure
from the tone aud principles oi
finance; national interests; national
| obligations to creditors; Cobgressional
| promises party pledges on the part OF
both political parties. and OF the person
al views and promises made by me in
eyery annual message sent to Congress,
and in each inaugural address. In my
annual message TO Congress, December
1869, the following passage appears
Among the evils growing out OF the
rebellion aud not yet referred to ID tnsl
OF an irredeemable currency. 1t is an
evil which | hope will receive your
most earnest attention. 1t is a duty,
and one OF the highest duties oi the
government, to secure the citizen me-
dunn of exchange Of . fixec unvarylng
value. This implies a return to spe-
Gle basis and no substitute for it can be
devised. 1t should be commenced now
and reached at the earliest practicable
moment consistent with fair regard tc
interest OF the debtor class. 1mmedi.
ate resumption, if practicable, would
not be desirable. 1t would compel the
debtor class to pay beyond their con
tracts the premium on gold at the dat'
OF their purchase, and would bring
bankruptcy and ruin to thousands
Fluctuations in the paper value OF In:
measure of all valneP, gold. is detrimeu
tai 10 interest of trade. 1t makes ,hs
mao o. business an involuntary gam
bier for iu ali sales where future pay
me ut is to be made, both parties specu'
late as to what shall be the value o
currency to be paid and received.
earnestly commend to you then such
legislation as will favor a gradual re-
tura to specie payments, and put al
Immediate stop 10 fluctuations Id the
value OF currency"
| still adhere to the views then e1'
pressed. AZ early as December 2Stb
| 1865, the House Of Representative
passed q resolution, by vote OF la
yess to 6 nays, copcurring in the view
of the Secretary of the Treasury in re-
lation to the necessity OF contraction
| OF the currency, with view to as early
a resump ption of specie payment as the
business interests OF the couotry vii
permit, and pledging its co-operativ'
action 10 this end as speedily as possi'
BILE. The fret act passed by the Forty
first Congress, on the 18th OF March
1869, was as follows;
Au act to strengthen the public credi
OF the United States: ... -. =,
Be it enacted, &C., That in order Il
remove any doubt as to the purpose o
the govern mi ut TO discharge all its OBJ
legations to the public creditors and II
settle nflctiug questions, DC
and the interpretations OF the law b.
virtue OF which such obligations have
been contracted. it is hereby provided
and declared tha, the faith ofthe Unite'
States 10 solemnly pledged to the pay
msut in coin or its equivalent, OF 81
obligations OF the United States and Q
ali the interest bearing obligations, ex
cant in cases where the law authorize
the issue of any such obligations, hs
expressly provided that the same ma,
be paid ia lawful money or in othe
!. currency than gold or silver but none
said interest bearing obligations nc
already due, shall be redeemed or pal
before maturity unless at such times 9
t the United States notes be convertibl
into coin at the option OF the holder .
> unless at such time the bono
of the United States bearing
. lower rate of interest tba
bonds to be redeemed can be sold
psr in coin, and the United States ais
. solemply pledges its iaith to make pm
e vision. st the sarliest practicable perio
r for The redemption OF United Stat
notes in coin.
This act stu remains as a continr
ing pledge Of tie faith Of the Unit'
States to make provison at the earlie
e nrec,icsbls moIsspt forthe redemptlf