Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1874-05-01
oUNBURY, MAY !, 1874.
TIE PRESIDENTS VETO. On u e fir

TIE PRESIDENTS VETO. - On d first
page Of this paper viii be found The vet"
message Of President Grant, of the Senate
financial bin. AS it was generally believed
that the President was favorable TO the bill.
his veto message creates a great surprise.
His reasons for vetoing the bill is, that il
authorizes an increase of the paper curren-
CIV to the extent of one hundred millions oi
dollars, and that it made no provision for
She resumption of specie payment. Thai
over four millions of the currency author
;zed to be issued TO new National Banks III
The different States, remain still unclaimed.
He regrets that he cannot give his assent
10 q measure sanctioned by majority al
the peoples representatives. lie doubts
whether the measure would add dollar {"
the irredeemable paper currency OF th'
country, and whether, by requiring three
fourths Of the reserves TO be retained by the
banks.au prohibiting interest on balances,
would not really prove to be a contraction.
But theoretically, the bill increases the
paper circulation, and has been support
ed on that ground. This theory of inaa-
t!on be regards as "a departure from the
true principles Of finance. national in
serest, national obligations 10 creditors.
Congressional promises, party pledges on
the part of both politica! parties, and the
personal views and promises by him in
every annual message sent to Congress.
and in each inaugural address" and he
quotes from his annual message OF 1869.
He then refers to Congressional pledges OF
the same character, and holds them 'as a
continuing pledge OF faith of the United
States, 10 make provisions al the earliest
Practicable moment for the redemption OF
the United States notes into coin. He
iayors the boarding Of enough gold to re-
.anie specie payment. The question will
here arise whether the government could
also redeem its legal tenders iu gold when
demanded, and where the gold is TO come
from. We cannot hoard what wc do not
have. The various mines of the country
produce about S6G. 1000. 900 of gold annual
ly. We owe in Europe, as 4 Government,
about 81. .oeO. .O00.O 900 represented by bonds
bearing gold interest, at an average rate OF
six per cent. To meet this interest we
must send 10 Europe $50. oGQ, 600 in gold
annually, or an equivalent. We have in
the country. iu stock about SlJ0,0j0.0o0 in
gold. 4 portion of this is used as currency
n California and along the Pacific Coast.
About 100000 on the average is in the
United States Treasury, out Of which sales
arc made from time to time, 10 enable the
12e-clan: 10 obtain a supply for duty pur-
poses, and 10 meet the purchase Of bonds
On the part of the Government. Thus the
whole amount Of gold in the country is &C.
counted fo-.
The whole south and west (Pcunsylva-
MA included, are in favor Of an expansion
Of currency TO relieve the stagnation oi
business that is now prevailing. New
York and the New England States have
an unjust proportion Of banking privileges
which aids them in developing their indus
tries. consequently they oppose from selfish
motives. any measure for making the mo
nev market easier. Much OF the currency
IS, no doubt. boarded in eastern cities with
the expectation Depreciation, which if not
driven into circulation, or remeded by in
lation 10 certain extent To supply its
place. will drive Us into a greater panic.
Il Is evident that something must be dOre
sf a.. a
southern States, and restore confidence by
giving larger circulation, either by in
creasing the issue or forcing into circuia-
ton that which is in the hands of eastern
money changers and spectators, who are
watching every opportunity to take advan-
tage Of our depressed state Of ahairs in
mining and manufacturing indu tries in
this, and the western States. Unless a
remedy is soon applied the wheel of progress
mus; stop entirely, and as our imports far
exceed our exports we shall be unaole
10 keep any gold in the country, or keep
currency in circulation for the want Of ac
tivity in American industries, for as CAPT
lal commands labor. 30 does labor COM
mand capital, and neither can he increased
withou. the other.
That the President 10 sincere in his views
lherc is no doubt, and he may be correct
II The principle laid down in his veto mes
sage, but he certainly could not have taken
into consideration The effect thar tie o....
;.y % money has upon the masses upon
whom ihe county depends for the develop
men. and expansion of our resources, from
which the revenue is obtained 10 sustain
our national credit. Business enlarges in
proportion TO the amount Of capital invest
q, and iG no money is put in circulation
it cannot be expected that there can be IN
increase IN revenues. Nor should one
part Of the country be allowed 10 keep an
oYerplus % deprive the other entirely of
developing her industries, and stop the
manufacture of material for export 20
bring back the gold paid for interest on
bonds held in Europe.
We admit that the previous legislation
# Congress pledges the nation 10 an ulti
mate redemption Of the national liabilities
n coin, but that legislation does not fix a
definite time for such redemption, and it
does not follow that this is the proper time
Eor making the experiment when parts of
The country are short in currency to de
yelop its resources. The time for redemp.
ion will come, and must come, but we can
work up TO il only in gradual way, and
must be content to let time bear fts part in
bringing about the result.
What course viii be pursued by the
friends If the vetoed bill will he developed
IN due time. Some OF the ablest men in
the country are its friends, and we hope
they will not let the matter fai! without
further effort. The question is truly a
complicated one. and hard TO comprehend,
and hence the difference Of opinion among
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