New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-17
APPEALING TO The PRESIDENT.

T. S. JAFFRAY URGES PRESIDENT GRANT TO VETO
THE SENATE CURRENCY BILI4-THE MEASURE A
VIOLATION OF THE FAITH OF THE UNITED
sTATEs-FALLACIEs OF THE ISFLATIoNIsTs.
The following letter from Mr.. L. s. Jaiiray is to
be presented to the President to day by Mr.. Cyrus
w. Field:
To The President Of the United States.
SIR: / beg most respectfully to urge upon you the
prOprety of vetong the Senate Currency bill Just passed
by both Houses of Congress This bill is a violation Of
the faith Of the United States and IL should become
law would be a lasting disgrace to the nation 1t VIII
very much impair the credit OF the United States all
the world, and will prevent future investments IN
our securities, and will llarge proportion OF
those now held abroad be returned TO for payment
1t is the first istep fatal downward that can
but end in disgrace and repudaton lie; this first step
be taken aud the subsequent will DO easy and
rapid 1t violates the sanctity of contracts, enabling
debtors to pay off their Obligations in deprecated cur
rency and thus defrdud their creditors OF portion
Of their just demands.
The argument of the innltionsts is that "a the ma
iorty the people debtors the Issue OF fresh ire
deemable paper would facilitate the payment OF their
debts and that thus the majority Of the nation would be
benefited by The proposed BILL This argument is en-
tlrey faIaciOus well unprinciped II the debtors
are really majority surely that Is reason FOR
passing law enable them to cheat the minority
nation. But the statement that the debtors are the
majority is utterly Tho creditors are In an i'm
mense majority proof OF which need only state that
the deposors the savings banks " this State alone
number more than sOcOOO, number exceeding that OF
all the voters the State You surely cannot sanction
the defraudng these poor people out OF part oil Their
hard earnings! The freedmen OF the South belong
almost entirely the creditor class They have not the
power 10 run iuto debt, but they have TO Work on
credit waiting for their pay either 10 the end OF each
month, or the gathering OF the crop You cannot
surely concur in forcing these people TO re-
ceive q diminished amount Of money when their
payday comes You will ind by careful examination
that the creditor class is enormously In the
majority throughout the United States and thus the
contemplated spoiation Will fall upon the of the
people, and Will benefit only small minority. But
have too much faith in the honesty aud independence OF
tire people of the United States to suppose for one mo
en that this minority would consent to save money at
the expense of their neighbors feel sure that the peo
pie Of the whole country-or the West and the SOUTH rs
well as OF the North aud the East opposed to the
dangerous and dishonest measures now before Congress
and am confident that your veto of this bill VIII DO
hailed with Joy throughout the length and breadth oil
the land.
look upon the present crisis the ravest In the MS
tory OF the United States tins civil alone excepted
Unless you Sir shall now take decided stand and stop
This alarming of the inatonsts, the country
is fear doomed to 90 through the most disastrous ex
perence In s history. There Is still time to stop the
mpending ruin trust that you Will take that nrn
and independent stand betting your weknown char
aeter and exalted position and exercise your prerosa-
tive in yetoing the bill With great respect have the
honor to be your obedient servant.
Ns,s.y York April 16. 1874 EDWARD 5. JAFFRAY.