Year: 1874

the views Of the principal business and men
upon subject OF the national finances aud the ehect
OF the Presidents Among the dispatches received
| was the following: -. ,
| To CYRUS W. FIELD, ESQ.,. Neuo- York:


Cincinnati sends hearty congratulations 10 Now WIuih
! for Presidents veto. JULIUS DEAlLA'


John j. Cisco e1-Assistant Treasurer OF the United
States expressed hearty approval of the Presidents
Veto believed that by this exercise OF his power no
had saved the honor Of the nation. We want SAID me-
neither expansion contraction at the present time
is OF the greatest Importance that there should De
on the part OF the Government Wise and welldefned
financial policy that will lead to return 10 specie pay
! ments.


This veto in my opinion, he said, will lead to such
policy. An Immediate return TO specie payments
would be unwIse but there should be step IN that
direction since that must be the ultimate cure for our
financial difficulties. Tue fears OF many that any steps
toward resumption must parayze trade and produce
general shnkage of values certainly no longer be
entertained, since without such cause we have ex'
! perenced through the late panic the dreaded
results 1t is now time ~ comprehend
! the producing these results, ana
we should not longer attribute them to reasons
which have not existed and 1t is now good time to
| adopt sound policy. The condition OF foreign


trade is every way favorable to such change, and with
an intelligent administration OF the Government
| finances, specie payments may be safely reached
within years. The West, that part OF 1t which
demanding imitation, is entirely mistaken There is
now abundance OF currency, but 1t is of avail to at
tempt TO get for nothing and however great the e1
panson this would sti be Those who have some
thing to give in return are seldom troubled 10 OBJ
tain currency Imitation, moreover while 1t cannot
remedy would serve to aggrayete the evils The crash
OF last Fall was the result OF that policy and was In
evtable. We had been Initiating and Initiating until
finally the bubble burst. We had been going on in the
wrong direction all the time. Were imitation TO be con-
,ha apdvp ha far han
ever The West fairly represented in the national
Congress. There such strong sentiment among the
people In that section has been pretended. They
want labor capital, the south wants good gov
ernmeu well labor and capital; then both VIII get
plen.y OF currency The veto will not be unfavOraby
received In the West, while the East and North are
unit ia ite praise 1t have only good effect upon
trade. 1t places people upon their feet and enables
them to see where they stand They can now move Oh
with their intelligently Up to this time there
have been grave apprehensons both In this country and
Europe in relation TO the acton of Congress, and now
the President has put men their and prevented
national disgrace. There may be division or parties
upon this question: but the right can alone succeed Inc
people OF the United States are in favor OF SOUND ana
honorable measures aud these must hayeIn regard
TO free banking Mr. Cisco said This system will do we'll
with specie payments, but free banks, without re-
dempton, will not answer The Presidents views upon
this subject entirely right


A. T. Stewart said he approved OF the veto, ana
thought the result would be beneficial The document
was an able one, and covered the whole ground upon
which the infsuonsts stood II would have tendency
TO improve the trade OF the country but 1t was too late
10 have any impression the Spring trade Business
had been checked through multiplicity OF causes, and
could only be revived by extraordinary and personal
e1ertion. Tue restoration OF confidence in the integrity


OF the Government would aid that exerton, and this he
believed had accomplished by the Presidents veto
OF the Finance bill.


Mr. Francis A. Palmer, President OF the Broadway
Bank said the effect OF the veto and would be very
good throughout the whole country. 1t would allow
largo amount OF money to remain in New-YOrk in gen.
era use the Finance bill would have locked IL
up In the vaults OF banks From conversations
he had held with o number OF leading business men
during the day. he convinced that the Veto although
totally uncx ted had restored confidence, and would
have tendency revive the dropping trade OF the city
Mr. John O. Jones' President Of the Chemical Bank,
said he et surprised when he read the veto message
He had not expected such document; IN fact II was
than he could have even hoped In his opinion
II was an admirable paper and could not fail In having
n good effect, both financially and commercially. He
had oopyersed with large number OF persons during


the morning and one he had met expressed great
oon6dence In the SUCCESS of the veto means Of
s,orine a healthy tone 10 all financial and commercial
operations.


Mr. Preston B. Spring Of the nrm OF g. b. Chttenden


Co. dry goods merchants, said the effect OF the veto
business would he thouRHt pe BehciaiN boVu' "Ho
was approved by all sound business lmen so far as he
could learn. BY making basis for values merchants
would know better how 70 conduct their purchases
few upsound men would perhaps dsapprove the
measure; but Inuatiop would have had with them only
the effect Of retarding financial crisis without remoV'
,pe the difficulty The feeling fer imitation the West
WAS not In his opinion strong as had been repre-
septed He had seen purchasers from Chicago and
elsewhere who we're bitterly opposed to imitation as
almost any one In New-YoTk could be- He believed
that this restoration Of confidence would give healthy
tone to trade In general, although the season had
GREATLY advanced while the depressing influences
caused by the uncertainty had lasted.


Fx.Judge Edwards Perepont, who was In Washing
ton inst before the veto message sgned, made the
following statement: regard the veto OF very
importance look upon 1t as an act under all 'he
circumstances requiring great courage and great char
scter The value Of il financially will depend 80 much
pnon the Legislation which follows, that no one can
safeIy nudge OF its ultimate effect but II leaves GER
,ointv that the President will not depart from MS
ayowed principles, often repeated, upon this SUBJECT
and in nv Judgment II will lead TO early legislation
even before the adjournment Of the present Congress-
| which will greatly improve our financial con
dition II We begin policy which tends toward maj
redemption Of our unredeemed promises VIII restore
confidence 10 business and nfuse life into all tue
enterprises OF the country The reason that all business


is parayzed is not the want OF money but the want
Of confidence in the future It'll not important tha
| we should return 10 early payments 10 specie ." ~
that our policy should take that direction and convince
that we mean honest and to do a. the o'
ernment has pledged us at the earliest practical oppo
tunty Iam co onyinced that the West and the South VIII
see Finh Pare.