The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-04-23
VETO MESSAGE.
The President Declines to Sign the
senate Bill and Gives His Reasons
Tor Withholding His Sienatnre.

Senate Bill and Gives His Reason
Tor Withholding His Signature,
WASHINGTON, April 29.-The follow.
ing Is the Presidents veto message.
10 The Senate Of tho United States
herewith return to the Senate the
bill number CIT, entitled an act to fix the
amount Of United States notes and circu.
lation of National Banks, and for other
purposes, without my approval. In do
ing so, l must express my regret at not
being able to give my assent to O meas.
ure which has received the sanction Of A
majority ofthe legislators chosen BY the
people to make laws for their guidance
and have studiously sought to find suf.
nclent argument to justify such an assent
out unsuccesstully. Practically, Il Ia a
question whether the measure under dis.
cusaton would give an additional dollar
to the irredeemsble paper currency Of The
country or not, and whether by require
ing three-tourths Of the reserve 10 be re.
tained by banks, and prohibiting in.
terest to be received on tho balance, Il
might not prove contraction. But the fact
can not but be conceded that theoretical.
~ the bill increases the paper circulation
by $lOO,OOOIO00, less only the amount al
the reserve restricted from circulation bv
provisions Of the second section. The
measure has been supported on the the
ory that 1t would give increased circuIa-
lion. 1t IS fair inference, therefore, that
II In practice the measure should fail to
create the abundance of circulation ex.
pected OF 1t, the friends Of the measure
particularly those out Of Congress, would
clamor for such initiation as would give
the expected relief. The theory in INV
belief Is Q departure from the true princi.
pies OF fnance-national interests. ma.
tional obligations to creditors, CONGRESS-
lonal promises, party pledges on the mart
OF both political parties, and Of the mar.
sonal views and promises made by me in
every annual message sent to Congress
and in each inaugural address, In INV
annual message to Congress In Decem.
per 1S69, the following passages appear
Among the evils growing ont Of t6e re-.
bellion, and not yet referred to, Ia that Of An
lrredeemable currency; Its an evil which
l hope will receive your most earnest al
tention; It's duty, and ono OF The hjphest
duties OF the Government, to secure the
citizens q medium ol exchanges Of fixed
unvarying value. This implies a return TO
a specil basis, and no substitute for II
can be devised. Il should be commenced
now and reached at the earliest practical
moment consistent with q fair regard 10 The
interest OF the debtor class. An Immediate
resumption ifpracticAble would not be de.
slrable. 1t would compel the debtor class
70 pay beyond their contracts, the prem
ium on gold at the date of their purchase.
and would bring bankruptcy and ruin TO
thousands. Fluctuations, however, In the
paper value OF the measure Of all values,
gold Is detrimental to the interest Of trade
II makes the man ot business an involun-
tarY gambler, for in all sales where
future payment Is 10 be made bo,h
parties speculate as 10 what will he
the value OF the currency To be Maid and
received" earnestly recommended n
you then such legislation as would secrse
the gradual return TO specie payments
and put an immediate stop TO fluctuationS
In the value Of the currency. / ass stilI s5
here to the views then expressed AZ
early as December 2s, 1865, the House of
Representatives passed resolution hv 4
vote OF l44 yeas 70 0 nays, concurrinS in
INC views Of the Secretary Of the Treas
ury 10 relation to the necessity Of n con-
traction OF the currency with The yiew to
0s early q resumntion nj anocio no,,r,nn,.
IS the business interests Of the Country
would permit, and pledging cooperative
action to this end as speedily as possible. |
Inc first act passed by the Forty.flnt
congress, on the 18Th day Of March, 1869,
was as follows:
"An Act to strengthen tho public credit
OF the United States. ,..
b Il enacted, &t, That in order to 70.
move any doubt as to the purpose OF
the Government to discharge all It's |
Obligations TO public creditors, and |
to. settle conflicting questions and |