Morning journal and courier., 1881-03-04
Secretary Sherman replied as follows ::

speed and wishes prosperity and happiness in all J. N. UPTON. Secretary. l H. T. FRENCH, Treasurer Secretary Sherman replied as follows tlemenI have received this mark of your apprecia. ttop and kindness with more emotion than is usual
 four years of important and exacting labor. During that time have doubt that in my intercourse tify that have been have no doubt that have often been abrupt and inpatient and perhaps have
 that ought exercise intercourse with each other Still we have been engaged in the per
 son ss eseas ana
 Now in leaving you to be .transferred to another to punish, but that all friends whom would be glad to reward. Most of you have been here longer public service The Th you hssd of this
 ment may change, may come and go. yet spared from the public service and from this depart
 ment as readily Secretary who might be named the public money, the public interests, all depend upon the exactness with which accounts are kept and andperformed without the signature of many of you
 sign no paper of importance The great body of the
 is only here and there where new questions arise. where important policies to be pursued, the Sec You have the custody and control of the collection and disbursement of the public revenues. Upon your the money is preserved and therefore to you more than to me properly the credit of the perform fu that Whout an9 oa without @ any great violation of duty, you ana perhaps abilities with satisfactory success Our country is now prosperous. Four years ago her financial our paper money below par. We found the public credit impaired in all the markets of the world. By and more than all by the blessings of Divine Provi- dence, we now find our public credit, your paper says. unexampled among the nations of the earth. and safe in the custody of the Treasurer and his suing their dutesevenly and exactly or criticism Now, gentlemen. can say no more. tions of the friendship of all will be glad to shake hands with any who desire to do go.
 Mr. Sherman appeared to be very much affected and his concluding remarks were broken and at times almost inaudible. Many prominent officials, particularly those who have been intimately associated, were very much affected. Whatever may have been said about MT. Sherman's coldness, it is evil dent that he has deep feeling for those around him with whom he associated and to whom he has been attached. He leaves the department possessing the most thorough respect and kindly feeling on the part of all his officers and employees.
 Close of the Present Administration.
 WASHINGTON, March 3.-The administra- tion of President Hayes, so far as the work
 
 closed at o'clock to-day The President and his Cabinet officers will complete their work at noon tomorrow in the Capitol building, where the finishing touches will be put on all bills that may pass both houses to- day and tomorrow, previous to the expira- tion of the Forty-seventh Congress. From to morrow noon until the members of the new Cabinet are confirmed and qualified only the merest routine business will be transact ed. The Funding Bill Vetoed-Text of the
 Veto Message.
 WASHINGTON, March 3.-President Hayes sent to the House of Representatives this morning message vetoing the funding bill as follows: To the House of Representatives:
 Having considered the bill entitled "An to faci itate the refunding of the national debt'I con- strained to return to the House of Representatives in which it originated with the following statement of my objections to it's passage. The imperative sity for prompt action pressure of public du ties in this closing week of my term of office compel sfactory presentation the objections to the bill
 The importance of the passage at the present sion of Congress of suitable for the refund ing of the national debt which is about to mature generally recognized It has been urged upon the | attention Congress by the Secretary of the Treas 1ry and in my last annual message if successfully it will large decrease in the ssty recommend if the bill before me shall ai that another for this purpose be adopted before the present Congress adjourns
 While in my opinion it would be wise to authorize the Secretary of the Treasury in his discretion to offer to the public bonds bearing 3< per centum in erest in aid of refunding T should not deem it my 1uty to nterpose constitutional objection to the passage of the present bill if it did not contain it's fifth section provisions which in my seriously impair the value and banEng system of the country rhis sys em has now been in operation almost twenty years. No safer more beneficial banking system was er established. Its advantages business free currency to the public which for convenience and he security of the bill holder has probably never been equalled by that of any other banking system.
 it's notes secured by the deposit with the govern States The section of the bill before which ates to the national banking system and to which objection is made is not essential part of unding measure.
 The President here quotes the fifth sec ion of the bill, and continues:
 Under this section it is obvious that additional banks will hereafter be organized, except possibly in few cities localities where the prevailing rates of interest in ordinary business extremely low No apital of existing banks be obtained except by he purchase and deposit of three per centnm bonds other bonds of the UnitedS tates be used for he purpose. The thousand illions of other | ponds recently issued by the United States and bear ng higher rate of interest than three cent and therefore better security for the bholder, carrot fter the first of July next be received security rculation, This is Q radical change the | ,anking law It takes from the banks the right they lave heretofore had under the law to purchase and eposit security their circulation any of the issued by the United States. and deprives the jill holder of the best security which the banks ble to give by requiring them todeposit bonds hay ng the least value of any bonds issued by the govern nent. The average rate of taxation of capital en-