Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1874-04-30
VETO.
The President DisapprOves of the
Sentate Finance.
BiIl for His Signature.

y
fully. Practically, it is a question
would give an additional dollar to ths
irredeemable paper currency of thu
country or not, and whether by requir
ing three-fOurth of the reserve to bt
retained banks. and prohibiting inter
est to be received on the balance, il
might not proves a contraction. But tn,
fact can not but BE conceded that theo
retically the bill increases the papel
circulation by $10O, ,O0O, 900, less only tn,
amount OF the reserve restricted from
circulation by provisions of the secont
section. The measure has been sup
ported on the theory that it woulc
give increased circulation. 1t is fail
inference, therefore, that if in practict
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 clamOl
for such initiation as would give the ex
pected relief. The theory in my belize
is departure from the true principles
OF fnance-nationa interests, national
obligations to creditors, Congressional
promises, party pledges on the part OF
both political parties, and of the person.
al views and promises made by me in
every annual message sent to Congress,
and in each inaugural address. In my
annual message to Congress in Decem-
ber, 1863, the following passages ap-
pear: Among the evils growing out
of the rebellion, and not yet referred to,
is that of an irredeemable currency its
an evil which hope will receive your
most earnest attention !; its duty, and
one of the higeSt duties of the Govern
ment, to secure the citizens medium
of exchanges of fixed unvarying value.
This implies return TO specil basis,
and no substitute for it can be devised.
1t should be commenced now and
reached at the earliest practical mo-
ment consistent with fair regard to
tie interest of the debtor class. An
immediate resumption if practicable
would not be desirable. 1t would
compel the debtof class to pay beyond
their contracts, the premium on gold
at.the date of their purchase, and would
bring bankruptcy and ruin to thous-
ands. Fluctuations, however, in the
paper value of the measure of all
values, gold, is detrimental to the in
terest of trade. 1t makS the man of
business an involuntary gambler, for in
all sale where future payment is to be
made both parties speculate as TO what
will be the value of the currency TO be
paid and received" I earnestly re-
commend to you then such Legislation
rs would secure the gradual return to
specie payments and put an immediate
stop to fluctuations in the value of the
CURRENCY. / still adhere to the views
then expressed. As early as December
q, 1865, the House OF Representatives
passed resolution by a vote of IA to
8 nays, cOncurring in the views of the
Secretary of the Treasury in relation to
the necessity of contraction of the cur
rency with the view to as early re-
sumption of specie payments as the
business interests of the country would
permit, and pledging cooperative ac-
tiOn to this end as speedily as possible.
The first act pass by the Forty-first
Congress, on the 18th day of MarcL,
1869, was as follows:
]" An acr to strengthen the public
credit of the United States.
Be it enacted, De-, That in order to
remove any doubt as to the purpose of
the Government to discharge all its
obligations to public creditors, and to
settle conflicting questions ard inter-
pretati0ns of the law by virtue of which
such obligations have been contracted,
il is hereby provided and declared that
the faith of the United States is sOlmnly
pledged to the payment in coin or its
equivalent OF all obligations of the
United tateS and all the interest bear
ind obligation, except in cases where
the law authorizing the issue of any
such obligations has expressly provided
the same may be paid in lawful money
or in other currency than gold and
silver, but none of said interest bearing
not already due shall be re-
deemed or paid before maturity unless
at such times as the United States notes
shall be convertible into coin at the
option of the holder, or unless at such
time bonds of the United States bear
ing lower rate of interest than bonds
to be redeemed can be sold at par in
coin, and the United States also SOL
emnly pledges its faith to make pro-
vision at the earliest practicable period
for the redemption of United States
notes in coin." This act still remains
IS containing pledges of the faith of the
United States to make provision at the
earliest practicable moment for the re-
1emption of the United States notes In
,Oin. A declaration contained in the
ict of June 10th, 1864, created an Obli-
cation that the total amount of United
States notes issued or to be issued should
never exceed S400, ,000, 900. The amount
IN actual circulation was actually re-
iuced to 1856, ,000, 900; at which point
Congress passed the act of February |
ith, 1868, suspending further reduction |
Of the currency. The forty-fuur mil |
ions have even been regarded as a re- |
serve to be used only in case of emer-
yency, such as has occurred on several
occasions and must occur when from |
any cause revenues suddenly fall be- |
ow the expenditures and such re-
serve Is necessary because the fractional
amounting to fifty millions
s redeemable in legal tender on all.
1t may be said that such return OF
fractional currency for redemption is |
but let steps be taken for
1 return to a specie basis and it will be |
Iound that silver will take the place of
fractional currency as rapidly as it can
be supplied. When the premium on
gold reaches sufficiently low point
That the amount of United States notes |
are to be issued permanently within
proper limits, and the Treasury sol
as to be able to redeem
them in coin on demand, it will then
be safe to inaugurate q system of free
with such provisions as tol
make compulsory redemption of circu-
4. r l. l. T.. k..1
BILE and made equivalent to coin. Asl