Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1874-04-29
stand STEADY Along theLine.
VETO or THE FINANCIAL BILL.

President Grant has vetoed the FL
nancial Bill, which lie bad right to do
if he conscientious believed it to be
detrimental to the general interests oi
the country As far as the veto goes
bis message is clear enough. but when
tie President talks Of resumption Of
specie payrieut he is 80 indefinite that
il is uot understood what be will sup
port, or what particular kind of re-
sumption be will favor; whether re
sumption by leaving the question alone
till time right the matter, or whether
resumption BY legislation, to take effect
quite scon. he fdvors an increase of
the revenue of the Government, but
does set say how. Does be mean by
taxation or BY tariff, 1t is Best not to
quarrel with the President because his
views are not clearly understood, but if
he should in time develope into an ad-
voca.e Of speedy resumption by leg
islstiou, and reduced tariff, the peU-
pie, irrespective Of party, will with
draw from his support. Let US all be
patient, and stand s'steady along the
line." The text of the vetoed bill is as
follows
SECTION !. That the maximum
amount of United States notes is hereby
fixed at S400, 100000.
SEC. .. That $4,000, 900 in notes
for circulation, iu addition TO such cir
eulatiou now allowed by law, shall be
issued to national banking associations
now orgauIze1 or organized hereafter,
and such increased circulation shall be
distributed among the several States as
provided in section | of the act enti-
tied An act to "provide for the 3 per
cent. temporary loan certificates and
for an increase of national bank notes."
approved July II. 1870, and each ma
tional banking association now organ
Ized or hereafter to be organized shall
keep and maintain as part of its re-
serve required by law One-fourth of the
coin received by it as interest on loans
of the United States deposited as. Sc
curity for circulating notes or Govern
ment deposits, aud that thereafter only
Que fourth of the reserve now pre-
scribed By law for national banking as
socla;ions shall consist of balances due
to an association available for the Ie-
demptiOn of its circulating notes from
associations in cities of redemption, and
upon which balance no interest shall be
paid.
The vote on the bill stood l40 yeas,
102 nays.
The veto message reads as follows:
Herewith | return Senate bill No.
6l7, entitled IAN act to fix the amount
of United States notes and the circula
tion Of national banks, and for other
purposes" without my approval. In
doing so | must express my regret at
not being able to give my assent to
measure which has received the sane
tion of a majority of the legislators
chosen By the people to make laws for
:heir guidance. and have stuaiOusly
sought to fnd sufficient arguments to
justify such assent, but unsuccessfully.
Practically, it is a question under dis
cussi0n would give an additional dol
lar to the irredeemable paper currency
of the country, or not, and whether by
requiring thiee-fourths of the reserve
TO be retained by the banks and pro-
hibitiug interest to be received on the
balance, II might not prove a contrac-
tion; but the fact cannot be concealed
that, theoretically, the bill increases
the paper circulation one hundred mil
lion Of dollars, less only the amount OF
reserves restrained from circulation by
the provision of the second sactiou.-
The measure has bsen'supported on the
theory that it would give increased cir
culatlon. 1t is a fair inference, there
fore, that, if in practice the measure
shotldrfail toscreate the abundance of
circulation expected Of it, the friends
of the measure, particularly those out
of Congress, would clsmor for such To-
fation as would give the expected re-
lief
The theory. in my belief..was de-
parture from true principles of finance,
national interest, national obligations
to creditors, Congressional promises,
party pledges on the part of both po-
litical parties, and of personal views
and promises made by me in every an
nual message sent to Congress, and in
each inaugural address. In my annual
message to Congress in December, 500,
the following passages appear
"Amsng the evils growing out Of
the rebellion, and not yet referred to,
is that of an irredeemaole currency.
It;is an eyil'which l hope; will receive
your most earnest attention. 1t is s
duty, and..cne of the highest duties of
Government, to secure to the citizen
medium Of exchange of fixed unvary
ing value. This implies a return to
specie sasis.:and no substitute for it
can be desired. 1t should be COM
menced now and reached at the earliest
practicable moment consistent with a
fair regard TO the interests of the