The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1874-05-01
VETO.
MESSAGE OF PRESIDENT GRANT VEToING THE
SENATE FINANCE BILL.

To the Senate Of the United States:
Herewith I return Senate bill No. Gil. enti-
tied A act to fix the amount of United
States notes and the circulation of national
banks, and for other purposes" without my
approval. In doing 80. l must express my re-
greet at not being able to give my assent to a
measure which has received the sanction of a
majority of Legislators chosen by the people
to make laws for their guidance. and 1 have
studiously sought to find sufficient arguments
to justify such assent, but unsuccessfully.
Practically, it is a question whether the meas
IRE under discussion would give an additional
dollar to the irredecmable paper currency of
the country or not, and whether. by requiring
tlree-fourths of the reserves to be retained by
banks and prohibiting interest to be received
on the balance. it might not prove a ~contrac-
ton. But the fact cannot be concealed that,
theoretically, the bill increases the paper cir
~culation 300, 600, COO, less only the amount of
reserves restrained from circulation by the
provisions of the second section. The meas
ure has been supported on the theory that it
would give increased circulation. 1t is z fair
inference. therefore, that, if in practice the
measure should fail to create the abundance
of circulation expected of it. tho friends of
the measure. particularly those out Of Con-
gress, would clamor for such imitation ~
would give the expected relief. Th:s theory.
in my belief. is a departure from the true
principles OF finance, national interest, nation
alobligations to creditors. Congressional PROM
;ses. party pledges on the part of both the
political parties, and OF the personal views and
promises made by me in every annual message
sent to Congress, and i'll my inaugural ad-
dress.
In my annual message to Congress il De-
cember, 1SG9. the following Passages appear:
among the evils growing out of the re-
beilion. and not yet referred to. IL that OF an
irredee mable currency. 1t is an evil which /
hope viii receive your most earnest attention.
1t is = duty, and one OF tine highest dutics, OF
the Government, to secure to the citizen 4
Medium Of exchange of fixed. rnvarying
value. Tli- implies a return TO a specie basis.
and no substitute for it can he devised. 1t
should be commenced now, and reached at the
earliest practicable moment consistent with a
fair regard TO the interests OF tie debtor class.
Immediate resumption, if practicable. would
not be desirable. 1t would compel the debtor
class to pay. beyond their contracts. the pre-
MUM on gold at the date of their purchases.
and would bring bankruptcy and ruin 10 thou
sands. Fiuctuation. however. III the paper
value of the measure of all values. gold, is
detrimental To hcintcrcsts of trade. 1t makes
the man of business an involuntary gambler.
for, II AL sales where future payment i to lie
made, both parties speculate As 20 what will he
the valve of :he currency to DO paid and re-
ceivcd. / earnestly recommend to you. then.
suchlegi-la;.on a. viii in-urc a gradual return
to specie payment, and put all immediate stop
to the fluctuations il the value OF currency "
| r;iil adhere to tho views then expressed.
a. early rs Dee. 4, 1865. thc House OF Repre-
a-sed l. resolution. BY = vote OF ~
yeas 10 6 nays, corcurrins in the Jews of the
OF :hc Treasury, i'll relation to the
of n contraction of the currency
with a view TO as early Il resumption OF specie
payments ~ the business interests Of the
country will permit, and plcdginG cooperative
to this end. as speedily AZ possible.
The first act passed by the For,y-iirst Con-
sress, on :he 18th day of March, lsC9, was AZ
An Act to Strengthen the Public Credit Of the
United States.
'Be Il enacted. ETC., That. i'll order to remove
any doub. "a to the purpose of the Govern
ment to discharge all its obligations to the
creditors, and to settle conflicting ques-
aud interpretations of the Law in virtue
Of which sucl obligations have been contract
ed, it is hereby provided and declared tba, the
faith Of the United States is solemuly pledged
TO TIE payment in coin, or its equivalent. of
the obligations of the United States, and
of all the intcrcst-bearing obligations, except
in cases where the law authorizing the Issue
Of any such obligations has expressly pro-
vided that the same be paid in lawful
or other currency than gold ami
but none of said interest-beariug
obligations not already due shall be redeemed
Or paid before maturity, unless at such time
notes Of the United States shall be convertible
into coin at tho option of the holder, or
unless 4: such time bonds OF the United States
n lower rate Of interest than the
bonds to be redeemed can be sold Mt par in
coin and the United States also solemnly
its faith 10 make provision at tho oar
Hest practicable moment for the redemption
Of United States in coin"
This act still remains as a continuing pledge
Of tho United States to make provision at the
earliest practicable moment for tho redemp-
Lion Of tho United States notes IN coin. A
declaration contained in the act OF June 20,
1864. created m obligation that the total
of United States notes issued, or to
be issued, should never exceed 300, 900, 900.