The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-04-23
California State Grange in
Session.
Wintcrmute Indicted for
Murder.
Verdict of 1000 against a
Saloon in Princeton.

WASHINGTON, April 22.- The following
is the Presidents message vetoing the cur
rency bill:
| To the Senate Of the United States:
| Herewith | return Senate bill No. GIT,
entitled, AN Act to fix the Amount OF
United States Notes and Circulation OF Ma
tional Banks and for Other Purposes,
without my approval In doing so | must
express my regret at not being able to give
Inv assent to the measure which has re-
lceived the sanction of majority OF the
Legislators chosen by the people to make
laws for their guidance, and L have stu
diously sought to find sufficient argument
to Justify such assent, but unsuccesstully y.
Practically it is a question whether the
j. measure under discussion would give an
T. additional dollar to the irredeemable paper
CURRENCY of the country or not, and wheth-
er by requiring three-fourths OF the re-
. serves to be retained by the banks and pro-
= hibiting interest to be received on balance
| it might not prove contraction. But the
fact cannot be concealed that theoretically
the bill increases the paper Circulation
SlOO, ,OoO, 900, less only the amount OF re
serves restrained from circulation by th'
provisions of the second section. Tit
measure has been supported on the theor!
that it would give an increase to the clrcu
llation. 1t is fair inference, therefore
that if in practice the measure should fal
to create the abundance Of circulation ex
pected of it, the friends of the measure
particularly those out of Congress, woul'
clamor for such initiation as would give tn
expected relief. The theory, in my belief
6 is departure from the
TRUE PRINCIPLES OF FINANCE,
national interest, national obligations
creditors, Congressional promises, pledge
on the part of political parties, and OF tn
personal 7iews and promises made by IL
in every annual message sent to Congre'
q and in each inaugural address, In my al
nual message to Congress In Deceme9
1869, the following passage appears: :,
Among the evils growing out OF tn
rebellion and not yet referred to, Is that
P. lirredeemable currency. 1t is an evil whit
l hope will receive your most earnest a
tention. 1t is the duty, and one OF Il
highest duties of government, to secure
e. citizens medium of exchange OF fix
10 and unvarying value. This implies a
RETURN TO A SPECIE BASIS,
-, and no substitute for it can be devised.
In should be commenced now and reached
g the most practicable moment consiste
= with fair regard to the interest of t
,. debtor class. Immediate resumption,
practicable, would not be desirable
would compel the debtor class to pay /
\ yopd their contract premium on gold
the date of their purchase and woJ
81 bring bankruptcy and ruin to THOUSAND
Il Fluctuation, however, in the paper val
81 of measures of all values OF gold, is det
4 mental to the interest OF trade. 1t mai
the man in business an involuntary ga
Il bier, for in all sales where the future p
81 ment is to be made both parties specul
4 as to what will be the value OF the C
Il rency to be paid and received. | ca
4 estly recommend to you, then. such lea
lation as will insure gradual return
] specie payments and put an 1mmedl
= stop to fluctuations in the value OF the C
rency.
| still adhere to the views then EXPIRE
ed. Early as December, l4thl 1865,
House Of Representatives passed n
] luton concurring in the views OF the {
retary of the Treasury in relation to
necessity of contraction of the cure
with view TO as early resumption
specie payments as the business inter
of the country would permit, pledging
AND operation to this end as speedily as
sible. The first act passed by the Fo
rs. first Congress on the 18th OF March, II
- was AN Act to
STRENGTHEN THE PUBLIC CREDIT
of the United States. Here act retel
to is inserted in full.) This act still
mains as continuing the pledge OF faiti
the United States to make provisions
the earliest practical moment for the
demption of United States notes In {
The declaration contained in the ac
June 80, 1864, created the obligation
the total amount of United States I
;ssned or to be issued should never ex
S4Oo, 900, 900. The amount in az
circulation was actually reduced to s;
0Oo, 900, at which point Congress pa
the act of February 4, 1868, suspen
further reduction of the currency.
S44 .OO0, 600 have ever been regarded
reserve to be used only In case OF an e
gopcy, such as has occurred on severa
casions and must occur when from
cause the revenues suddenly tall
the expenditures, and such reyenu
necessary because fractional curl
amounting to $5O,OO0,000 is irredeeu
in legal tenders on call Lit may be
that such return of fractional cur
for redemption is improbable, but let
he taken for return to a specie basl
it will be found that silver will take the
of fractional currency as rapidly as it {
sup piled. When the premium OF
reaches sufficiently low point, witt
amount of United States notes to
sued fixed permanently within the p
limits, and the treasury so strengthen
to be able to redeem them in coin G
mand, it will then be safe to inaugul
SYSTEM OF FREE BANKING.