, 1874-05-09

If this theory should prove unfounded, if the
expected relief to the suffering industries" Of the
country were not to be realized, then there would
be a demand for a still measure of infa-
ton. We should inevitably embark upon an
endless, troubled sea of financial embarrassment,
national discredt and unavoidable reputation.
This danger the President points out as the key
stone of the whole difficulty. With admirable
force he shows Congress that to make the terrible
venture thus imposed upon him would be a depar-
ture from the true principles of finance; a blow
to the best interests of the nation a trifing with
our obligations to our national creditors-the
breaking of the solemn promises of the Senate
and the House, made in the name of the nation,
as its sovereign, responsible authority-a depar-
ture from the published pledges and declarations
of the two great national parties assembled IN
convention, and in conflict with his own personal
assurance as the Executive and his
tons to Congress in his annual messages. These
are the reasons which have made it the duty ct
the President to veto this bill. The logic which
imposes that duty is complete, severe and un-
answerable.
But the President is not content with this
abatement of his case. He proceeds to prove 1T
bv a series of references and citations, which will
be read by the country with the deepest interest
and pleasure. In the first place he quotes his
recommendation to Congress in 1869, in his first
aQUuhl u6SSdS0t COL1l1lbLlIS L4o ~ o"OHSAJ
to resumption of specie payment and contraction
of currency that to have signed the Senate Dill
would have been dishonoring his own record;
that his record, in fact made such a thing lmpos-
sible. He then, with u common sense almost
cruel in dealing with the rhapsOdies OF Morton
and the dreams of a Logan, shows that the House
itself in 1865, when the war was over and we
were all honestly bent upon reconstructlng our
finances in such O manner as to win the conh'
dence of the civilized world and redeem our ma
tional credit, as we had indicated the integrity
of our soil, did, by a vote of l44 yeas to g nays,
solemnly pledge itself to the similar course
This pledge also, made as we have shown at the
outset of our peace, was repeated by Congress in
1869, in an act which the President quotes in full,
and in which Congress declared that the faith of
the United States is sOlemnly pledged" I" to make
provision at the earliest practicable period for the
redemption of the United States notes in coin"
This the President Justly describes as "a con-
tinuing pledge of the faith of the United States
against any scheme for initiation. Furthermore,
and as if to strengthen a position which seems to
Us unassailable, the President shows that Con-
gress in 1864 during the war, and when there
was every temptation to make use of extraordina-
ry powers in the issue of money, entered into an
obligation with the national creditors that the
total amount of the United States notes should
close the case, but the President meets the only
serious argument ever advanced in favor of the
bill, namely, that there is an unequal distribution
of the banking capital of the country. To this
consideration he twas disposed to give great
weight but upon reflection he remembered that
there still remain four millions of dollars assigned
to States having less than their quota not yet
taken, and that. in addition, these States have the
option of twenty-five millions of dollars more.
''When," says the President, in a tone which
might be called ironical if this were not a grave
state paper, " this is all taken up, or when specie
payments are fully restored, or are in rapid pro-
cess of restoration, will be the time to consider
the question of more currency
The veto will save our brethren of the West
and South from the domagogues who would lead
them into ruin and call it craftsmanship. And
the time will come when they will remember it to
the honor of the President as an achievement
more glorious than Vicksburg and AppOmattox.
Then he saved the sovereignty of the Union
now he has saved its honor.