Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1874-04-26
VETO OF THE INITIATION BILL.

Herewith | return Senate bill No. Ill.
entitled ".An Act to fix the mou ef
| nitcd S;a'eS notes and the circulation
of National Banks. and for ether rur-
poses. without my approval. In do
ing 50 | must express my resre: at not
u able ~ give my assent IL a nCa =.
ure which has received the sanction Il
the majority ot the legislators chosen
hv the people ~ make laws iOr Their
guidance, and | have >trenuou>lv
sought to- find sufficient argument 10
Justify such assent. but Un>~ucce~>tullv.
Fr ~lciicaitN. Il IL Il question whether
the measure under discussion would
= We an additional dollar to our ire
dremahic paper currency or not. and
whether Ivy rcqul ing thrce-tourtl> OF
The reserves to I've re.ainCd Ivy the
banks and prohibiting interest I" he
received on the balance. il might mo-
prove IA contraction, but the fact can
not be concealed that theoretically the
bill
INCREASES r.ArER CIRCULATION $780,
10000.
Less only the mount Of the reserves
re>traine! from circulation by con>ti-
tut.onal p~rNi>ion>. The second section
ai the Measure has been supported on
the theory that il would give an in
crease of circulation. 1t Is a tair infer
cnce. therefore. that il the practice of
the measure should fail To create the
abundance of circulation expected of it.
the friends of the measure. particular
ly those out of Congress-. would clam
or for such imitation aS would give
the expected relief. The theory i'll my
y. l,,t i n " ~, rftlry frAnl fIa lrilp
principles of finance. the national i'll
tere>ts. the national obligations tocred-
itor>. Congressional promises. party
pledges and my personal views and
promises. made in each of my inau"u-
raj addresses. and in INV annual mes
sage to Congress. December Is. l>69. i'll
which the following passage appears:
among the evils growing out of the
rebellion. and not Vet referred IT.. l.
that OF irredermahlc currency. Ii is
an evil which | hope will receive
your most earn.S st attention. 1t is the
duty. and one of the highest duti, : y.
he Government. 10 secure To the citi-
zan Il medium OF exchange OF "A fixed
and unNarving value. This implies "A
return To = specie basis. and lie >ub>ti-
ute for il can be devised. 1t should
be commenced nov. and reached IA
the e~arlies, practicable moment con.
>i>tent with Il fair regard to the inter
e>t> OF the debtor class. Immediate
resumption. if practicable. would not
he desirable. Ii would compel the
lebtor class 10 pay beyond their eoi :
tracts IA premium on gold at the da.e 81
their purchase. and would bring bank
ruptcv and ruin to thousands. Eluc-
tuatinn> however. i'll paper. valued by
The measure of all values. gold. i de-
rimental to The interests oil trade. Ii
makes the man of business
An INVOLUNTARY GAMBLER.
for III all sales where future PAYMENT
is To he made. both parties Speculate a>
70 what will be the value of currency
10 be paid and received. | earnestly
recommend Ia You such legislation IL
Will insure the gradual return To- >pe-
Gle payment. and put an immediate
stop to the fluctuations in the value of
CURRENCY / still adhere To the views
then expressed. As early As Deem
Der 4, l>65. the House OF Representa-
tive> passed a resolution, 10y n NO'e of
III to i. cunrurring in the views of the
Secretary OF the Treasury in relation To
the necessity ot a contraction of the
currency. with a View To as early Il re-
stump ion OF specie payment rs the
business int rests ofthe country would
permit, pled-ing cooperative action to
this end As speedily as possible. The
first Act passed by the Fortv-tir>t
Congress on the 18th of March, l>6a.
was All Act to strengthen the public
credit of the Uni Ell States. This .\ct
Still remains as containing the pledge
Of the nitei States to make provision
al the earliest practicable moment for
the
REDEMPTION OF U:>IrED STATES NOTES