Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1874-04-30
THURSDAY. APRIL %. iS7..
The Presidents Veto Message.
WASHINGTON, April 22.-The following
is the Presidents veto message:
To the ISsaate or the United States

To the Senate OF the United STATES ,
Herewith return the Senate bill mum
Der OH. entitled An Act to fix the amount
of United States notes and the circulation
of National banks and for other purposes
without my approval. Ia doing 80 must
express my regret at not be.nG aoie 10
1--WE my assent 10 measure WINCH h1N 'e-
ceived sanction he majority OF leSl> a
tors chosen by the people To make laws
for their guidance. aud | have stud,ously
sought to lind sufficient arguments to
Justify such assen, but nn>ucce>Siu'lE'
Practically il j. a question whether iac .
measure under discussion would give an
additional dollar to the irredeeniaoie pa
per currency of the country or hot' aHu 7
whether, by requiring three-iOurth> OF TUG
reserves to be retained by the BANKS anu
prohibiting interest 10 be received on lne
balance. il might not prove contraction;
hut the fact cannot be concealed ihat
Theoretically the bill increases the paper
circulation 100000 900, less only the
atueluf OF reserves restrained from circu-
lat.on bv fAe provision Of the second see
ton. The measure has been Supported
on the theory THAI il Would give Increased
circulation. Il j fair Inference, there
fore. that II In practice Congress shohld
;ail to create the abundance OF circulation
expected OF 1t. the friends of the measure
particularly those ont OF Congress. wo''Id
,launor for such imitation . would give eN-
rected relief. The theory. IN my beliei' J.,
= departure from the true principles oi
unauce. National interest, national obii-
cation 10 creditors, Congressional promises.
party pledges on the part OF BON pohtical
i4r,ir, and of the personal views and
PROMISES made by me in every annual
message sent To Congress and IN each IN
augural address.
In nv annual message 10 Congress 10
December. Is6s. the following passage ap
pears:
Among the evils growing out Of the r.
bcIlInn and no; yet referred II. i that OF
suirredr,mable currency. II = an evil
which hope will receive your most ear
nest attention Il i a duty and one OF The
Inches. duties Of government 10 secure -
citizens a medium OF exchange OF fixed.
uuKAryiug value. This implies 4 return 70
"A >aecTe basis ard no substitute for 20 can
be devised Il should be commenced RON
aud reached n the earliest practical mo-
meut consistent with ts.r regard i9 The
Interests OF the debtor class lmucuisie
RESUMPTION. il practicable would not De
desirable. r. would compel t!'- debtor
t-l+s> 10 pay beyond their contracts. The
nreu.ium on gold a. the date of their par-
.-,...,a wound trIur faukrnptey aud Iuiu Ca
thousands The ilur.uafiaH. however. iu
parcr value Of the measure of all values.
eo.a. is detrimental Ia tae in--' Its vI
trade. 4 makes lne m4u 81 business a
involuntary gambler. for Ia Al. sales where
iHiuic l'al mthi a. 4" He ili.'.'1' D''" i'''''''
speculate a. l" Mhat "'t' 'l '-.~ AUG vi
Tue currency 80 "t p"+H "'.1 ''' go "'
earnestly IE-' .'''A.'i~ go ''' 80
such l..is .aiiou a. viii ensure EIadua
return 10 specie payments a.d pa. q" H'
mediate sion 10 4 lc.uat!ou- "a NJ.He 81 the
currency
s'!i a"i4r'e q" N'e g." ,its'
"'- y carr - IF't4uo'' an 4'"'' .''
House e' h'tTc-'tl4dNt' p'>Ne" 'e'''"
i"a "A a No'e "i IA ) e-.> I" nay con
rarria- iu tie views oil ihe secretary 81 'h'
treasury IN Te'Aii3" "a I"e "t-e'Ni'H "
contraction "l ihe c"tteAe! y" IN u Nl'N -"
au early resumption "i specie FANHAeni>
81 the business Interests OF the country WI
permit and piedSinS cooperative action L
thi> end rs spu<dilH n p"~N'''e- Inc ri
al passed by the 4l-t Congress. On u
ism day OF hArch. is55' was a. i"iI"W
-AgL I" - frli"t h"i' ne I'''''''' .
be u enacted ~" I'D "rdes - I''hof
-t 1"uIt - 20 we III ~ .''s
-.,,..- .'''.,'''.' ~
- ,.,',.',,...;.,., ~. Xxx
-, -, i,.,.t, ',t,if,.,.:-.,
.,.r,.as -, +, -.
,.l.rI 'i-,.',.l -
- - H.. ,,-.-...
si''''a '.,1 l',' '',' =.
=. '-' ~ 49,. 49,,
" ny ''''s.I :, - - ,.'" 20 ~. w ','''
- ~ ~ ',''',' =. "a, '', 90
'''''' - que "a a., - 49,
~ 90 Ia
-
80. 80 - -.
H'i' 81 ,'iu II.I -, ''''- a.
- az ei'' '',.' -. 20
-. !'A.H .S..'-I HlA''l". u'iie> d S4'
''"1' - | .'''F' ''''.,'> ''''- nj oE -
~ ''.' ,'''' a. .'.l -. nc
- pr .'''s>' a. 'N.u ''''l 'nl o'""' - -
Hi'ti 7ta'es' 80 ''4- =" i""e' '".e "a :"
teI"-t IMAM 'ie "'hl' 10 oe iei1e",t' Ga
ur >'iH Il. par j" t"''' anu 'l,o ''ie ~ &
A..@ @''e.i.,'H p.ri-.' - '-..',i - III "a
F''N lion Al '"F ca ~ 'i''n'o !''' -
!.l tHe ieee'HP''''' VI "''e1 "'4''7 ""'e
iH com.
NJ NC' e.iI4 LelAA'A9 - Il cvu'ih"' u
ftrH-e "l Tue i4llh 81 '4e As'eu states i
h4"Ne PROV i>loll IL '''e earnest p'.tc,!tIoI
Li"UHeAt 'oI inc it"e'1 l''''H u L "''e
safes Aotes III com
i daclarati on contained in the acc [
june -. 1864, created an obligation tha
The total amount OF United States notes l.
sued or to he issued should never eXcec
S 400 900 coo. The amount in aetna! Gil
culation was actually reduced 10 S356.0J)
90 at which point Congress passed III
act OF Februdry !. Is6S. suSpendinS tn
further reduction OF Currency. and the Sl4
100000 have ever been regarded a r.
serve to be used only IN case OF emrr@ei
g. sucA a nave occurred on seytf1' oc
c.l9lohs ana mus 800 ~, i'SHi an
'Ause s.le 'c'.1'' ~ ~ D.'D -
eAI,eN'il.u'e = ''..; 80. Il - -
80 600 ~, ,,,,i,,
-, .'','i - -.
80 80 =" -. ''li' ~ ia
r3n,n,,,io ~ ;,,,d',i., ~ T.. -. :
-, for rl.,,,rp - =, s,,s.;s ~ a.,
Iii Ia fa1,i ,I,.,r siI,.e, Vii t,I'.the,,Ise
,'f f,acti1,,,I currency a. rani,iI,- - ! o.
ia snrni,rf,.d
W., w., ,ra,,i,r, y, o,otI rao,h.s
"a, Ill. 1l,r ,'airt ,,;rt tho ,,nn,'s,t a
~ -. = :. ~ - -.