The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23
y - J. ~
The President Saves the Credit
Of the Country.
HONESTY TRIUMPHS
The Imitation Bill Returned to the
Senate Unsigned.
MESSAGE OF THE CHEF MAGISTRATE
Brave Condemnation of the Principle
of the Measure.
ANOTHER APPO1rATTOX.
Dismay Of the Advocates Of Reputation and
Worthless Money.
LOGAN GNAsHES HIS TEETH.
Ties Of Party Breaking and PoIiti-
cal Apostates dwelling.
The Hard Money Force in Con-
gress Strengthened.
THE SOLID CITY MEN REJOICE.
Reception Of the Veto by the
Country.
THE VETO.
Ties Of Party Breaking and PoIiti-
cal ApOstates dwelling.
The Hard Money Force in Con-
gress Strengthened.
THE SOLID CITY MEN REJOICE.
Reception Of the Veto by the
Country.
THE VETO.

WARRINGTON, April q, 1874
1he President to-day returned. unsigned to the
senate the bill authorizing an increase Of the cur
yency. which emanated from that body, with the
following Veto Messenger
10 THE SENATE OF THE UNITED STArEs:-
Herewith return Senate bill No. 617 entitled
IAN act to fix the amount Of United States notes
ana the circulation Of national banks and for
ether purposes" without my approval In doing
% must express my regret at not being able to
give my assent to q measure which
has received the sanction OF q ma
jortty Of the legislators chosen by the
people to make laws for their guidance, and have
stadlousy sought to md sudicient arguments to
Justify such assent but unsuccessfully Practi-
cally 1t 10 question whether the measure under
tzredeemable paper currency Of the country or not
and whether. BY requiring tnres-fourths OF the re-
serves toos retained ~ the BANKS ana prohibiting
interest to be received ON the balance, 1t might
not prove contraction.
DRARrURE FROM THE TRUE PRINCIPLES OF FL
But the fact cannot be concealed that, theoreti-
oally, the bill increases the paper circulation
$100, 900, less only the amount OF reserves re-
strained from circulation by the provisions OF the
second section. The measure has been supported
ON the theory that 1t would give increased crcua-
tion. 1t Ia fair inference. therefore, that II In
practice the measure should fail to create the abun
dance OF circulation expected oft the friends Of the
measure. particularly those out OF Congress, would
clam0r for such innatlon as would give the ex-
pected relief The theory, In my belief is q de-
psrture from the true principles OF finance, ma
tional interest," national obligation to creditors,
Congressional promises, party pledges on the part
OF both political parrtes and OF the personal views
and promises made by me in every annual message
sent to Congress and in each inaugural address.
ANNUAL RECOMMENDATIONS.
In my annual message to Congress In December,
1859, the following passages appear:-
Among the evils growing out Of the rebellion
and not Jet referred to is that Of an irredeemabe
currency. 1t is an evil which hope viii receive
your most earnest attention. 1t is duty, and one
OF the highest duties OF the government to secure
20 the citizen q medium OF exchange OF nxed, unva-
xyng value. This implies return TO specie basis,
and no substitute Tor IL can be devised. 1t should
be commenced now and reached at the earliest
practicable moment consistent with q lair regard
TO the interest Of the debtor class. Immediate
resumption, II practicable would not be desirable.
1t would compel the debtor class to pay beyond
their contracts the premium on gold at the
date Of their purchase and would bring bank
however, In the paper value of the measure OF all
values--gold-is detrimental to the interest OF
trade II makes the man OF business an invoun.
tary gambler for IN all sales where future payment
II to be made both parties speculate as to what win
be the value OF the currency to be paid and received
/ earnestly recommend to you, then, such legisla-
tton as will insure gradual return to specie pay
ments and put an immediate stop to fluctuations
In the value OF currency.
rORxKR VIEWS UNCHANGED.
18TH adhere to the views then expressed. As
early as December 4, 1885, the House Of Represent
atives passed a resolution, by vote Of IA yeas
70 nays concurring in the views Of the Secretary
of the Treasury in relation to the necessity of
contraction OF the currency, with view to as
early resumption OF specie payments as the
business interests of.the country would permit,
ana pledging cooperative action to this end as
speedily as possible.
CONGRESSIONAL PLEDGES.
The frst act passed by the Forty first Congress,
on the 18th day of March, 1860, was as ioiiows:-
AN ACT TO STRENGTHEN THE PUBLIC CREDIT or
THE UNITED STATEs:-
be 1t enacted, &c, That In order to remove
any doubt as to the purpose OF the govern
ment to discharge all Its obligations to the public
creditors, and TO settle conflicting questions and in.
terpretations ofthe law by virtue OF which such obi
cations have been Contracted 1t is hereby provided
solemniy pledged TO the payment In coin, or its
equivalent, Of AL the obligations OF the United
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