The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1874-05-01
The Veto Message.


dents message, vetoing the currency
biH;t
To the Senate NJ the United States. tgH
Herewith lreturn Senate bill No. GIT
entitled an act 10 fix the amount of Uni
ted States notes and circulation of Ma.
tional hanks and for other purposes.
without nav approval In doing so, |
must express nv regret nj not being
able 10 give my assent 10 matter which
has received the sanction of a majority
of the Legislators chosen by the people
10 make laws for their guidance end
have studiously sought 10 find sufficient
arguments TO justify such assent, but
uusuccessrully,
Practically, II is a question whether
the measure undor discussion would
give. an additional dollar Ia the IRE.
deemable paper currency OF the couE-.
try or not, and whether by refunding
thrce-iourths of the reserves TO be re.
tanned by banks, and prohibiting inter.
est to be received on the balance. Il
might no. prove contraction. But the
fact cannot be concealed that theoreil.
cally the bill increases paper crcula.
tion one hundred millions Of dollars.
less only the amount of reserves re-
strained from circulation by the provis-
ions of the second section. The mea-
sure has been supported on the theory
that II wonld give increased circulation.
Ii is fair inference. therefore, that if in
practice the measure should fail to cre-
ate the abundance differentiation expect
ed of it, the ireads of the measure, par
ticularly those ont Of Congress, would
clamor for such initiation as would give
the expected relief. The theory. IN my
belief, is departure from the true priu-
ciples of finance, national interest, na
tional obligations to creditors, Congress
sional promises party pledges on the
part of both political parties, aud of the
personal views and promises made by
me IL, every annual message sent To
Congress, and in each inaugural ad.
dress. In my annual message 10 Con.
gress in December. 1869, the following
passages appear: Among the evils
growing out OF the rebellion, and not
set referred to, is that of an irrcdcema.
bic currency. 1t is an evil which hope
will receive your most earnest atten-
tion. 1t is your duty. aud the highest
duty Of the Government, to secure the
citizen medium of exchange of fixed
unvarying value. This implies return
to spccie payment, and no substitute for
il can be devised. 1t should be com.
menced now, and reached at the earliest
practicable moment consistent with a
fair regard to the interest of the debtor
class.
Immediate assumptions If practicable,
would not he desirable. IL wonld COM
pei the debtor class TO pay, bcyoad
their contracts. tho nramiun on Uold nj
the date of their purchase, and w0nld
bring bankruptcy and ruin 10 thousands.
Fluctuation. however, in the paper value
of the measure Of all values, gold, is de.
trmental to the interest OF trade. II
makes the man OF business an involun-
tary gambler; for in all sales, where
future payment is to be made, both par.
ties speculate as to what will be the val
nc Of the currency 10 be paid aud re.
ceiyed earnestly recommend TO you
then such legislation as will insure n
gradual return to specie payments. and
put an immediate stop TO fluctuations in
the value of the currency" | still ad-
hero to the views then expressed.
AS early as December 4, 1868, the
House o! Representatives passed res
olu,ion, by vote of la yeas to 6 nays,
concurring in the views Of the Sccrcta-
ry OF the Treasury, in relation 10 the
necessity Of n contraction of the curren-
ton Of specie payments as the business
Of the country win permit, and pledg.
ing conservative action TO this end as
speedily as possible. The first act pass.
ed by the Forty-frst Congress on the
18th day Of March. 1869, was as follows: !:
An act to strengthen the public credit
Of the United States: BE il enacted. etc,
That in order to remove any doubt as
to the purpose Of the Government to
discharge all its obligations to the pub
lie creditors, and To settle conflicting
questions and Interpretation Of the law
by virtue OF which such obligations
have been contracted il is hereby pro.
vided and declared that the faith Of the
United States is solomenly pledged 10
the payment, In coin or its equivalent,
OF all the obligations Of the United
States, and of all the interest bearing
obligations, except in cases whore the
law authorizing the issue of auy such
obligations has expressly provided that
the same may be paid in lawful money
or in other currency than gold aud sill
yer, but none Of said interest bearing OBJ
legations already due. shall be redeemed
or paid before maturity, unless at such
time as the United States notes shall be
Into coin at the option Of
the holder; or unless Mt such time bonds
OF the United States bearing lower
rate OF interest than bonds to be re.
deemed, can be sold at par IN coin. Tie
United States also solomenly pledges its
faith to make provision at the earliest
period for the redemption Of
United States notes in coin. This act
still remains as a continuing pledge Of
the faith Of tho United States to mako
provision at tho earliest practical mo.
ment for the redemption Of the United
States notes in coin. a declaration con-
tanned in the act of June 20, 1861 Great
ed an obligation that the total amount
of Ifuiip1 SfatnE nnioa ieaup1 mr. IN no