Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-05-01
VETO OF THE INITIATION BILL.

VETO OF THE INITIATION BILL
1t is known to our readers that W
have not specially admired the bill re
Gently passed by Congress to fix tn
Greenback and National Bank Not
Currencies at 100000, 900 each an.
for the reason that it did not go fa
enough on the road to infation So fa
as the Greenback Currency was con
cerned, it could possibly add onl,
SIS, 100000 to the circulation as i
lacked only that much of being alread,
800, ZOO, 900. The increase of the
National Bank Note Currency seemed
to us utterly inadequate to meet the
pressing wants of the South and West
Upon the principle however, OF
"small favors thankfully received, &c ,
we were duly grateful for the trife oi
expansion Congress had vOuchsafed tc
rs, but so it seems, the President was
not. lie is opposed to any and all ex-
pansion and initiation, 30 matter how
small
1t will be remembered that he told
the New York delegation that if he
lived in their city he would doubtlcss
entertain their opinions and the init
nation was quite broadly made that
as Re was not Il resident there, but the
Chief Executive of the whole country,
he did rot entertain their views. The
issue conld not possibly have been
presented more clearly or IN fewer
words. Tor it is simply one between
the whole country and It's money cen
tres, which are situated in the Middle
and New England States
The country needs more money aud
cheaper money. The money centres
ask for less money and for dearer
money elsewhere, III order to make Il
better market for the large amount
they have already on hand.
What special inducement has led to
this change of front on the part of
President Grant we know not I'm
fortunately for his good name he does
not enjoy the reputation OF being I'M
influenced in his actions by pecuniary
or other valuable considerations, and
much, doubtless, will he said in this
regard in accounting for the veto.
But it is by no means a necessary
conclusion thai the veto was bought
and paid for. President Grant and
the party he represents have, since the
war ended, been subsely3ent TO the
money interest of the country. His
record, as shown in his messages and
recommendations, and that OF the
Radical party as shown in its plat
forms and acts of legislation, have
uniformly been in support of the
money kings OF the New England and
Middle States.
It is true that the bill just vetoed,
was voted for by radicals as well as by
then opponents, Lut its passage marks
the dawn Of new era i'll the politics
of the United States. The angry pas
sions engendered by the war and its
causes, have at last begun to grow
cool, and with returning reason, the
people of the West have discovered
that like their natural allies, the
people Of the South, they have all
along been hew6rs of wood and draw
ers of water to their money masters of
the Middle and New England States.
That the people of the West have
determined longer to remain ii such
a hunillatinS position, there is much
reason TO believe. They have learned
that there is Il door Of escape for them
that can and viii he opened ly the aid
Of the South. Congress is already n
their over. The only obstacle i'll
their way to immediate relief IS the
President of the United States.
How long the West may permit this
obstacle to remain. it Will lot take
very wise man to foresee. prcs!Aent
Grant has sealed the fate OF his Tarty
and of himself, III vetOing the bill to
increase the currency. So mote it be.