The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-23

!; By 3 !, : I E.Ll,IlGRAf:..
Latest q l'Isl News ffou WashIaeten.
Presidents Grants Vote Of she FIsAr ,,,
Hill. %.tsz' !, 2 Sis ~.


o Especial telegram TO the Dispatah.1 b,
WASHINGTON, D. c., April 22.-Tae Pre-
D dens's veto Of the finance bill to.dMy b
creased much feeling, and Is the all-aosor
,, Ing topic Of conversation tonight. His ,
ton is spoken Of By leading Administrati
politieiass, who strongly supported the bi
! as false step to Say the least, and base
\ upon false principles. It vss not expect.
that he would veto the bill up to the vel
Ftime the message was sapounced, and SEN
ssfy most famaiar With him This mornir
stated he would sign it.
The opponents Of the bin, OF course, al
mEeh eiate at the veto, and corpmend tb
action OF the President as % wise and prr
dents one. The friesds OF arp Increased Gu,
rencyaFe crest-fallen, .as they 5ave Do shoy
to pass ohe bill over hisreto, ha1ing patbin
like tbeSeguisite two.tHirds yots. 1t will b
remembered the bill passed only by fpe ma
Jority. S0ce that vot9. Mr.. Gilbert, o
Florida, q hard.money Republican. has se
turned, who, with the new senator from
Massachusetts, (Mr. Washburne), who, VII
be here by the time the rote is taten on
passing the BILL over the veto, will mshe two
additional votes to sustain the Hresidmt;.H
There Is qsite number Of Republicans
who voted for the bill who VIII not vo4e to
pass it notwithstanding the Ftesident's Oh.
lection. They can't see anythingto be gained
by voting against him when there Is no POS
eli m hot kbo III
The bill and the message have been laid OH
the table till next week, when it is-expected
the whole financial discussion will be re-
hashed; and the prospects now are that the
session will be continued till late in the sum-
n,er. AS the bill originated in the Senate
the message went to that body only, and it
must be acted on there before the House can
take itup. TMoE.
FAsssciated Press telegrams.l
The Presidents Veto M essaee.
WASHINGTON, April 22.-The following is
the Presidents veto message:
10, tse Senate of the T.sited States:
Herewith return Senate bill No. GIT, en.
titled can act TO fix the amount Of United
States notes and the circulation of national
banks, and for other purposes" without nv.
approval. In doing so | must express nv
regret ut not being ableto give my assent to
measure which has received the sanction
Of majority Of the legislators chosen by
the people to make laws for their guidance.
and / have studiouslY sought to find suf-
ficient argument to justify such assent. but
unsuccessfnlly. Practically, it is question
whether the measure. under discussion
would give an additional dollar to the ire
deemable paper currency Of the country or
not, and whether, by requiring three. fourths
of the reserves to be retained by the banks
and prohibiting interest to be received, on
the balance, it might not prove contraction; ):
but the fact cannot be concealed that, thee.
retically, the bill increases, the paper circula-
ton SlOG, 900, 900, less only the amount Of
reserves restrained from circulation by the
provisions Of the second section.
The measure has been supported on the
theory that it would give increased circula-
ton. Il is fair Inference, therefore, that if
in practice the measure should fail 10 create
the abundance of circulation expected of it,
the friends of the measure, particularly those
out of Congress, would clamor for such in
flation as would give the expected relief.
The theory, in my belief, is a departure
| from the pure principles of finance, national
| interest, national obligation to creditors,
Congressional promises, party pledges on the
part of both political parties, and Of per-
sonal views and promises made by me in my
annual message to Congress and in each in
| augural address.
In my annual message to Congress in De.
cember, 1869, the following passage appears:
&C Among the evils growing out of the re-
bellion and not yet referred to is that of an
irredeemable currency. 1t is an evil which
| 7 hope will receive your most earnest atten-
| ton; it is duty, and one of the highest du-
| ties of the Government, to secure to the ciH-
zens medium of exchange OF fixed, unGa-
rying value. This implies return to Spe-
| Gle basis, and no substitute for it can be de-
Yised. 1t should commence now, and be
reached ct the earliest practicable mo-
ment Consistent with fair regard
to the interest of the debtor class.
Immediate resumption, if practicable, would
not be desirable; it would compel the debt
or class to pay beyO their contracts the
premium On gold at the date OF their pur'
chase. and would bring bankruptcy and rum
| to thousands. Fluctuations, however, In the
paper value OF the measure of all values OF
| gold is detrimental to the interest Of trade.
! If makes the man of business an involuntary
| gambler: for in all sales where future pay
ment is to be made, both parties speculate
! &C to what will be the value of the currency
To he paid and received. / earnestly re-
commend to YOU then such legislation as Will
ensure a gradual return to specie pa ments,
and put an immediate stop 10 nuctuauohs
in the value of currency"
still adhere to the views then expressed:
AS early as December 4, 1865, the house OF
Representatives passed resolution DS a
vote of IA yeas to 6 nays, concurring IN lne
views of the Secretary of the Treasury IN
relation to the necessity of contraction
of the currency, with view to as early
resumption of specie payments as Inc Dusl'
ness interests of the country Will permit,
and hedging cooperative action TO this ena
az sneedily as possible. The first acs passed
hy the Forty first Congress the 18TH Gay Oh
March, 1860, was as follows: =. =.
Dan act to strengthen the public credlt
Of the United States: Be it enacted, Co
that in order to remove any doubt as to the
nurpose of the Government to discharge
nil its obligations to the public creditors,
and to settle conflicting questions ana inter
nrctations of the law by virtue Oh Which
4 such obligations have been contracted,
il is hereby provided and declared that
fine faith of the United States IS solemnly
pledged to the payment in coin or Its equlVa;;
) lent of all the obligations of the United
STATES, and of all the interest-bearlDg oollga-
tiops. except in cases where the law author-
iZipg the issue Of such obligations has ex-
pressly provided that the same may be pald
in lawful money, or in other currency IMAM
+ gold and silver; but none of the sald inte,
!, Testbearing obligations not already que shai!
Il. roaoor,ed ar maid before unless at such