The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-05-01
The Presidents Veto message.

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''To the Senate Of the United States:
Herewith return Senate bill No.
6I7, 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 I must ex
press my regret at not being able to
give my assent to a measure which
has received the sanction of a ma
jority Of the Legislators chosen by
the people to make the laws for their
guidance, and I have studiously
sought to find sufficient arguments
to justify such an assent, but unsuc-
cessfully.
practically it is a question Wheth-
er the measure under discussion
whould give an additional dollar to
the irredeemable paper currency of
the country or not, and whether by
requiring three fourths of the re-
serves to be retained by the banks
and prohibiting the interest to be re-
ceived on balance, it might not
prove q contraction; but the fact
cannot be concealed that theoreti-
cally the bill increases the paper cir
culstion some hundred millions of
dollars, less only the amount of re-
serves restrained from circulation by
the provisions of the second section.
The measure has been supported on
the theory that it would give an in
creased circulation. It was a fair
inference, therefore, that if in prac-
tice, the measure should fail to Gre
ate the abundance of circulation ex-
pected Of it, the friends of the meas
ure, particularly those out of Con
gress, would clsmor for such infa-
ton as would give the expected re-
lief The theory in my belief is a |
departure from the true principles
of finance, National interest, nation
al obligations to creditors, Congress
sional promises, party pledges on the
part Of both political parties, and of
the personal views, and the promises
made by me in every annual message
sent to Congress, and in each inaug-
ural address. In my annual mes
sage to Congress in December, 1869,
the following passages appear:
Among the evils growing out of
the Rebellion, and not yet referred
to, ia that OF an irredeemable cur
rency. It is an evil which I hope
will receive your most earnest atten-
tion. 1t is a duty, and one Of the
highest dnties of the Governmental
secure to the citizen a medium Of
exchange of fixed unYarying value.
This implies a return TO a specie
basis, and no substitute for it can be
devised. 1t should be commenced |
now, and reached at the earliest pos
sible moment consistent with fair
regard to the interest of the debtor
class. Immediate resumption, i'll
practicable, would not be desirable.
It would compel the debtor class to
pay beyond their contracts the pre-
MUM on gold at the date Of their
purchase, and would bring bankrupt
cy and ruin to thousands. The iuc-
tuatiOns, however, in the paper value
Of the measure of all values Of gold
is detrimental to the interests of
trade. It makes the man of bust
ness an involuntary gambler, for in
all sales where future payment is to
be made, both parties speculate as to
what will be the value ofth curren
~ to be paid and received. I earn
estly recommend to you such legis-
.atiOn as will insure gradual return
TO specie payments, and put an I'm
mediate stop to the fluctuations in
.he value Of currency.
81 still adhere to the views then
expressed.
"As early as December 4, 1856. the
House Of Representatives passed a
by vote of 144 yeas to
; nays, concurring in the views of I
.he Secretary of the Treasury in re-
alton 10 8 contraction OF the curren
,y, with view to as early q resump-
lion of specie payment as the bust
ness interests Of the country will
permit, and pledging cooperative
action TO this end as speedily as pos
sible. The first act passed by the
Forty first Congress, on the 18th
day of March, 1869, was as follows:
%An act g strengthen the public credit of the
United States:
"'Be it enacted, &C., That in order
10 move any doubt as to the purpose
Of the Government to discharge all
It's obligations to the public credit
ors, and to settle conflicting ques-
ions and interpretations Of the law
1y virtue Of which such obligations
nave been contracted, it is hereby
provided and declared that the faith
IF the United States is solemnly
pledged to the payment, in coin or J
Is equivalent, Of all the obligations |
# the United States, and Of all the {
bearing obligations, except 1
4 cases where the law authorizing 1
he issue ofany such obligations has {
provided that the same
nay be paid in lawful money or in
,ther currency than gold or silver; s
,ut none Of said interest bearing OBJ
igations not already due shall be c
edeemed or paid before maturity,
Inless at such times as the United
states notes shall be convertible into t
DIN at the option Of the holder, or f
t such times SIS the bonds Of the t
United States bearing q lower rate t
4 interest than the bonds to be re- L
'semed can be sold ct par in coin. I