Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1874-04-24
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SPECIAL To THE pIocHE DAILY RECORD.


anu iHcIuueu III tue iteIu VI Juuicih VA
penses, was for bringing Dana, OF the
New York Sun, to Washington, and the
payment of witnesses in the Shepherd
Dana libel suit. The memorialists an
nounced their case closed. The Commit
tee decided to have a private session to-
morrow, and on Friday and Saturday
they would inspect the public
Improvements, providing their own
transportation. and requesting the Dis
trict Government and memorialists to do
the same.
WASHINGTON. April 3D. To the Senate
of the United States: Herewith l re-
turn Senate bill No 627, entitled an Act
to fix the amount Of United States notes
and the circulation of National Banks, and
for other purposes, without my approval.
In doing so l must express my regret at
not being able to give my assent to
measure which has received the sanction
OF the majority of the legislators, chosen
by the people to make thAlaws for their
guidance, and have strenuously sought
to find sufficient argument to justify
such assent, but unsuccessfully. Practi
cally, it is question whether the meas
ure under discussion would give an ad-
ditional dollar to the irredeemable paper
currency OF the country or not, and
whether by requiring three-fourths OF
the reserves to be retained by the banks
and prohibiting interest be reserved on
the baanae, it might not prove a con-
traction. But the fact cannot be con-
cealed that theoretically the bill in
creases the paper circulation 500, O0O,-
COO, less only the amount Of the reserves
retained from circulation by the provis-
ions Of the second section. The meas
ure has been supported on the theory
that it would give an increase of circula-
ton. II is a fair inference, therefore,
that if the measure should fail to create
the abundance of circulation expected OF
it, the friends Of the neutrality-suspicious.
larry those out of would
clamor for such imitation US would give
expected relief The theory, in my be-
lief, is that it is a departure from the
true principles Of finance, the national
Interest, the national obligation to its
creditors, Congressional promises, party
pledges on my part with the political
parties, and from my personal views and
promises, m ,de by me in every annual
message sent to Congress, and in each
inaugural address. In my annual message
to Congress in December, 1862 the fol.
lowing passage appears; Among the
evils growing out Of the rebellion nnd
, not yet referred to, is that OF the cur
rency. 1t is an evil which l hope viii
receive your most earnest attention.
is the duty, and one of the highest dutie
of the Government, to secure to the citi
zens medium of exchange of fixed ant
unvaring value" This implies return
to specie basis, and no substitute for i
can be devised. 1t should be commenced
now and be reached at the earliest prac
teal moment, consistent with fair re
gard to the interests of the debtor class
Immediate resumption, if practicable
would not be desirable. 1t would com
pei the debtor class to pay beyond thei
contracts premium on gold at the dat
of their purchase, and would bring bank
( ruptcy and ruin to thousands. Fluctua
tions, however, in the paper value Of tn
measure of all values, gold, is detri
mental to the interest of trade. 1t make
, the man of business gambler, for in al
sales where future payment is to
made, both parties stipulate as to wha
will be the value of the currency to b
q paid and received. | earnestly recon
4 mend to you such legislation as will in
g sure gradual return to specie paymer
I and put an end to the fluctuations in tn
b value OF currency. I still adhere to th
a views then expressed as early as Deceu
. Der a, 1865. The House of Represent,
!. tives passed a resolution by vote OF IL
II to 6, concurring in the views of the Sc,
a rotary Of the Treasury in relation to Ii
necessity Of the contraction of the Gu
rency, with view of as early resum]
ton OF specie payment as the business il
terests of the country would permi
Y and pledgipg cooperative action to tn
: end as speedily as possible. The fir
Act passed by the Forty-frst Cougre,
: on the 18th of March, 1869, was an A,
to strengthen the public credit of IL
. United States. Here the Act referred {
is inserted in FULLY This Act still r.
mains. 1t is continuing pledge Of Il
Ii faith Of the United States to make pr
vision at the earliest practicable momel
. for the redemption Of United Stat
i notes in coin. A declaration contain,
in the Act of June 20, 1864, created ,
n obligation that the total amount
). United States notes issued, should new
l. exceed $500, 900, 900. The amount in az
l. ual circulation was actually reduced
!. 1856, 000, 900, at which point Congre
s passed an Act February 4, 1868 suspen
Q ing the further reduction of the currenc
s. The S44 ,000, 900 have ever been regard
3 as reserve, to be used only in case
It an emergency, such as has occurred {
II several occasions and must occur agai
l. When FROM any cause the revenues SUI
!. denly fall below the expenditures, an
;. such reserve is necessary, because IL
: fractional currency amounting to $50
600, 900 is redeemable in legal tenders o
: call. 1t may be said that such retur
q OF fractional currency for redemption
v Improbable; but let steps be taken for
r return to specie basis, and it will b
!. found that silver will take the place o
fractional currency as rapidly as it cal
be supplied. When the premium o.
I