The New York Herald Newspaper, April 24, 1874, Page 3

THE VETO VICTORY. Congratulations Showering In Upon the President. Pleasing Scene at the White House. REPUBLICAN ALARM. Senatorial Supporters of Inflation at 2 Caucus Meeting. A Faint Attempt at Rallying After the Defeat. VIEWS AND OPINIONS. Senators, Representatives, Lobbyists and Bankers Support the Mortuary Message. England, France and Germany Applaud the Veto. AMERIOAN OREDIT STRENGTHENED. (HERALD CABLE DESPATCHES FROM LONDON, PARIS AND FRANKFORT. } Lonvon, April 23, 1874. Only one opinion prevails among the monied classes, namely, that the veto will ect beneficially on American credit. Any other course would have been considered fatal. MEN OF MONEY INTERVIEWED. Thave seen nearly all the prominent bank- ems, bullion dealers and brokers and the largest investors of money. They unani- mously applaud the measure. Many persons felt confident the President would show pluck. Otherwise inflation, it was generally con- sidered, would break the principle of resump- tion and, specie payment being indefinitely postponed, it would act injuriously on present investments and lead to a total cessation of farther purchases of securities on European account. THE EUROPEAN RESPONSE. The response to the veto will soon be mani- feat in increased investments in American se- curities. The late depression prevents an im- mediate rise, in view of the apprehension which prevailed when the measure passed Congress. . & TRIUMPH FOR THE HERALD. The general impression is that the Hznarp The Feeling in Parie—French Oapital- iste Heassured and the Merchants Made Lonpor, April 23, 1874. The Paris correspondent of the Hznatp gays the veto is extremely well received by the fimanciers, bankers and merchants. There are no two opinions but that it is the best thing which has been done since the taking of Richmond. The French capitalists dreaded fn increase of paper ; now confidence is re- stored they look for a speedy return to specie payment. ‘Wheat the Solid Men of Frankfort Say. Lompon, April 23, 1874. The Heaaxp correspondent at Frankfort re- echoes the reports from other quarters of the excellent impression produced by the veto and of its vast importance in allaying the fear of a constant expansion and as the only rational mode of return to sound financial Ddasis. BAILWAY INVESTORS ANXIOUS AND GRUMBLING, The absorbing topic is, will the railways pay their debts or drift into repudiation? The German investors are disgusted. What the English Prefs Says ox President’s Action. Lonvox, April 24—6 A. M. The Post says President Grant has once more saved his country from a great peril. His veto deserves full as much applause and gratitude as the victories of Vicksburg and the Wilderness. It has no doubt that eventually the West and South will be grateful for the act. THE VETO IN WASHINGTON. Warninoron, April 23, 1874. Congratulations poured in upon the President to- all parte of the country. The first mes was & synopsis of the HenaLy’s support of his veto. There were a members of Congress present at the received. As the President, for those present, read the despatch very mach embarrassed when he had made himself the medium of un- ‘Wittingly sounding his own praise. After this came @ Synopsis of the leading editorials in other papers ia New York and Boston. As though awaiting the Verdict of the press the President, who had, up to this time, been somewhat reticent, unbent himself to members in generai more than he has at any time since the Guancisi question pressed itself upon bis attention by the debaces in Congress. Bald the President to an intimate friend :— “140 NOt exaggerate when | say that the desire to conscientiously discharge my daty bas caused the tm themselves. Some of them im their suggestions were unique; but the great mass of them were as weinteresting a4 6 debate in Congress. I have been competied to patientiy listen to the views of time he did not aliow nim Belf to foreclose as to what would be his final action, parrying every argument in nis mind in aver of the approva! of the vill; at the same UUme he could not overcome the inward conviction that the Dill ought NOt to Becomes iaw. Monday evening he drafted (1.0 outtines of the first part of the message and persected it on the following day, but not in time for consideration ip the Cabinet. THE STRIKING PRaTURS IN THE VETO, and what surprised Both those opposed and those in favor of the vill the most, was the President’s defence of the $40,008,000 reserve, So confident were the friends of the bill that the President must approve it, that when Mr. Butler was asked if the President was likely to veto it he exclaimed, “Never!” “But still he has the right to do it,” remarked his iriend. Now that the veto Is fairly before Congress, with BO possible hope of a two-thirds vote to pass the Dill, {tis invereating to know that there are now pending before the Senate two House villa, which, if passed, will be vetoed by the President as summarily as the Senate dills—vis., tne House Boon last, Up to _Carrency bill, which also provides, without pro- vision for specie payment, that the circulation of legal tender shall be $400,000,000, and the other | ‘bill Which passea the House, declaring that the Mmit of legal tender circulation shall be $400,000, 000, 4 BEPUBLICAN CAUCUS DISCUSSION, As itis probable that the Senute bil) vetoed by the President will come up for consideration on Tuesday next it was deemed advisable by the re- Publican Senators who supported the measure to hold a caucus and agree upon some plan of action. The caucus was held after the early adjournment | Of the Senate to-day, in the room of the President protem., Senator Carpenter, who presided. All the republican Senators who voted for the mea- sure were present, except Senator Wright, of Towa. and one or two others who were absent from the city. The only positive measnre agreed upon was that every member who voted for the bill should stand by his record when the vote upon. whether the bill should become a law is taken. It was argued that to change front now would be a contession that the President's judgment was superior to that of individual Senators, and that, as their votes had been given after months of serious debate, ad- herence to their views could not possibly be con- strued as intending to antagonize the administra- tion. The question was opened whether speeches should be made or whether a vote should be pro- ceaded with om the part of the supporters of the bill without discussion. There was nothing finally concluded in tnis regard, save that should there be speeches, every member pledged himself to careiully avoid saying anything that might pos- sibly be construed as an indication of disaffection in the republican party. Senator Morton, who was obliged to leave the Capitol before the caucus was held, requested Senator Cameron to say for him that the democratic members of the Senate were quite as qi as the repub- lican members, It not a question of politics, but a question concerning tne adminis- tration of the financial interests of the country; whether the prosperity of the country which de- manded an increased yorume of the curreney should be retarded the demands of the country should be resp; Senator Cameron also took occasion to announce his determination to stand by his vote to the last, and from what he had been able to glean from the democratic Senators they, too, would not desert the republican friends of expansion. He had nothing to regret, and mot one word to addin de- fence of his position, — FERRY’S. DERP INDIGNATION. Senator Ferry, of Michigan, exhibited most evidently the deep regret and disappointment felt by his brother Senators who have co-operated with him under the lead of Morton. He said that he has never in his political life experienced so mauch surprise at any action of the President as this, But nothing rash or illktempered is to be done, and no occasion will be given for the enemies of the republican party to think that there will be sgh ae As late as last Saturday night the though not im so many words, gave reason to believe that he had made up his mind to ‘sign the bill, This occurred during @ conversation held with him in: the presence of General Logan, and the frm convic- tion was entertained by them until Monday foliow- ing that he would do so, until Senator Mortun on that day declined to see him, when it became evident that@ change had taken place. Senator Ferry had no severe or unkind thing to say of the President, but believed he had:made a great mistake—gone back entirely on his friends ana changed his mind, under some strange and un- ‘known influences. The friends of the bill were go- ing to stand more firm than ever by it, and will, on no account, yield an tota, There is no question of this, arid not one Senator will change from the po- sition he has taken up. A deep disgust settled on Senator Ferry’s face as he spoke, equalled only by the terrible tnander cloud which has settled on General Logan’s dark face since the explosion. It ‘was urged upon every member of the caucus to consider the proceedings as strictly confidential, and under no circumstances to divulge them. With this understanding the caucus adjourned at five o'clock, to meet at Senator Morton’s quarters, where the discussion was again renewed this even- ing as to the policy in the forthcoming debate. The democratic members will also stand with the re- publicans, under the leadership of Senator Merri- mon, “the father of tne bill.” VIEWS OF THE SENATORS AND REPRESENTATIVES, Senator Cameron, of Pennsylvania, turther says of the President’s veto—This is the worat. shot the republican party has ever yet received; that it would divide up such States as Michigan, Iowa and Kansas, which are the very backbone of the republican party; and he would not even be sur- prised if it would divide up Pennsylvania, He avows himself as very much displeased and is in favor of making a bitter ight. Senator Carpenter, of Wisconsin, thought it Would postpone the final action on Anances until next fall, when a new Congress is to be elected and when the next campaign issue would be ‘“in- flation,” and an inflation Congress would be elected. This would seem to argue that the House then thinking absolutely and undeviatingly in one way, the Senate would be obliged eventually to consider the ex- pediency of inclining somewhat in the same direc- tion. Senator Hamlin, of Maine, thought the veto the greatest act of President Grant's life; that it would make the East a unit for him, and the democrats would not dare oppose him in the East. The West was not so united for inflation, especially duimois, Indiana and Ohio. Their interesta are identical with the other Nortnern States, He ap- Pears to be alone in the belief that the veto ia the breaking up of the democratic party in the East. Judge Kelley, of Pennsylvania, says the veto of the bill is unimportant. The doctrines of the message are fatal to the repub- ean party, inasmuch as the Presiden! Position that there must be no increase of Treasury or bank notes until they shall be inter- changeable with gold makes an appeal to the people necessary and inevitable. The currency question will be the issue next, in the coming Con- gressional elections, when the republicans of New England and the bard money democrats of tne country will coalesce, while the republicans of the centre, West ana South, will coalesce with liberal democrats such as Holman of Indiana, Beck of Kentucky and Buckner of Missouri, who believe in free banking and the right of the people to the benefit of the national credit, as against the mo- nopoly, held by the national banks of New Eng: land and New York cit PENTON’S SORUTINY OF THE VETO, Senator Fenton freely and faily in a conversa- tion to-day expressed his opinions on this veto message and its probable consequences upon the country, upon the legislation of Congress and upon the republican party. “First,” said he, “in com- mon with ali classes of our New York people, I re- joice in the gooa fortune to the country of this veto message, but there are several points in it in which I think the President. is mistaken, and one in which he assames an antenable position. It is this:—The $44,000,000 of greenbacks, he says, have siways been regarded as a reserve to properation of the Elo message OR Monday piver- | by uepd only ip camp Of AQ omergency, uch as has occurred on several occasions {and such as must occur where from any | cause revenues fall below expenditares, and such Feserve is necessary, he says, because the frac- | tonal currency of $60,000,000 Is redeemable in legal ) tenders om call. “Here,” said Senator Fenton, “the President assumes his right, established un- Ger the iaw, to the full control of the greenback re- serve, which I consider @ grave mistake. It is a @angerous power to sssume, and a power which, if the President can be justified tn exercising it under exteting laws, should be taken away froin him, for {tis @ power of $44,000,000 expansion or contrac. ton. Again, the President says that paper money ts vaiuabie exactly m proportion to the amount of coim into which tt can be converted. ‘This is true of amall sams of of money, but not of the volume 01 paper currency in any country. For Instance, in the volume of our paper money $1 tn | old to $2 im paper brings paper to par with gold. 4m France, witn a much smaller proportion than one-third of gold, their paper money ia less than | One per cent below gold standard. We can never Rave resumption upon the theory that it requires @ dolar in gold for every dollar we have in paper. Public confidence will cover two-thirds of the } stock needed for redemption. Nevertheless, the Veto rests upon the true ground of fidelity to our pledges.” “But, Governor, what are to be the political con- sequences of this veto? Does it not demolish the repablican perty 1’ Bx-Goverpor Fzwtow—I think so. This veto isa general surprise to the country and the republican party. The country was adapting itself to the | basis of this currency bill. This veto unsetties all tnese arrangements. Disturbances in business agairs are coming, and hard times to many, and imMatienists will charge these things upon this unlooked-for veto. The republican party will be broken up thereby. Here the great political mis- take of the President has been his apparent indif- | ference to harmony in his party; he has per- mitted it blindly to drift along on this question, when, if deeply concerned in its integrityy he should have called some of the leading men of | the Senate, generally considered as possessing his | confidence, to a consultation irom time to time and should have iniormed them of this or that Proposition in the Currency bill which ne could not approach. It appears that he has pursued another course, and has thereby disappointed Many of his most ardent supporters in the West and south. J apprehend, tharefore, that the re- publican party will be broken to pieces by this tre- mendous shock, DISCOMFORT OF THE INDIANA SENATOR. Senator Pratt, of Indiana, one of the steadiest supporters of the vetoed bill, appeared to-day se- riously perplexed with the sudden ana unexpected change in the situation. He had but little to sey to inquisitive visitors, beyond the expression of a hope tnat some way out of our existing financial diMcuities satis.actory jor the time being to the West and South would be discovered and adopted before the close of tne session. He is evidently Much disappointed in the Prestdent’s unexpected line o1 action on the Currency bil. LOGAN CANNOT UNDERSTAND IT, Senator Logan says he does not know what to think about the President's action. it has con- founded and disappointed all his friends, He has killed things im Hitmols and has created a great deal of dissatisfaction among the people there. He can’t say what will be the effect o1 it Anancially in Illinois, but he thinks the President has acted in direct contravention of the wishes of the nepad- ican party there.. ‘THE QUESTION IN MARYLAND, Senator Dennis, of Maryland, says tne State of Maryland will be about equally divided on the | question of approval or disapproval as to results financially. The people ot Maryland are not so ‘muen in favor of an increased banking circulation as they are in favor of such banking facilities as woulda be afforded by free bankers. He thinks it will strengthen the democratic party there, and 1s of opinion that Grant has made a very stirring Move, though he does mot approve of the policy Which dictated it, and he looks upon it with con- cern and annoyance in view of the complete over- throw of what has been so long worked at in the Senate to secure a- solution ofa Snancial problem. THE MINNESOTA INTERESTS, Senator Ramaey, of Minnesota, says that ms peo- ple will not suffer very severely from this veto, be- cause they are not involved to any great extent in hazardous speculations, They are, however, in common with the other States of the Northwest, im need of more currency, though the Senator has had very few memorials trom them in regard to this bill, He understands that in Ohicago, where speculation is apt to rama littie wild, there is great excitement, and also at Indianapolis, another Speculative centre, especially m, railroad enter- prises, Speaking, however, for tne people of Min- nesota, he thought they would weather this storm without any serious disturbances, financial or political. The veto, however, would evidently | creates wide political commotion, but he hoped | there would be no disastrous results, political or otherwise, to the general interests of the country. Senator Windom, also of Minnesota, one of the supporters of the bill, looks upon the vetoas a great mistake, at least in a political sense, as will ‘be manifest at the next fall election. He does not think that there was anytbing in the bill so vicious as to warrant @ veto. The action of the President will not be sustained by the republican party in the Northwest. He voted for the bill reluctantly; but as it was the best and only measure of relief that he thought likely Congress would pass at this session for that reason he did not vote agsinst it. ‘MB, TREMAIN’S IDBAS, Lyman Tremain, Member of Congress at Large from. New York, is bigniy pleased’ with the veto, and says that tt ends all nope the inflationists may have had for getting through measures at this session of Congress, [fa bill for free banking and fixing a day for the redemption of specio payment should be introduced it would undoubtedly receive the sanction of those who are anxious that our | financial condition should rest upon a hard money basis. 4 VOICE FROM OREGON. Senator Mitchell, of Oregon, regards the veto as | @ great political mistake. His State is by no means & unit tor hard money. The lack of cur- rency on the Pacific slope is as seriously felt asin the West and Sonth, and it was for this reason that he supported the Merrimon amendment. Wnhat the effect of the veto would be ultimately he would not at present attempt to say. Senator Lewis, of Virginia, who voted for the bill, gives as bis opinion that the veto is the death | of the republican party in Virginia. It has for some time been on the decline, and recent efforts | had been made by which it was hoped to unite the Bourbon element with the, stronger | republican sentiment and maintain the | State intact for the administration, But what of hope there may have been ts dispelled by the President’s action yesterday. The people of Vir- ginia wanted more currency. The Senator did not understand financial questions, but in response to the sentiment of the people whom he represented he had voted for the bill, and would do so again. Senator Johnston, of Virginia, one of the demo- cratic supporters of the bill, says that the people Of the State were never more unanimous on the question of the expansion of the currency than | now. The President’s veto was evidence that their desires would not be respected and he be- lieved that a general depression would follow, IN THE HOUSE TO-DAY the storm was not flerce in its manifestation, but somewhat bitter in its intensity. The conserva- tives are generally pursuing a wise course in keep- ing ® still tongue and their own counsel. Ass leading New England member said in reference to Mr, Tremain, and his action yesterday, “Why should we crow? This is a family quarrel, and there ig no need of going outside. We have got the inside of the track,and muat win, and, for one, I am for letting the majority down easy.” Mr. Sawyer, of Wisconsin, one of the shrewdest Men on the floor, Who ts the only anti-inflation republican from his State, put. the position in this wise:—"We don’t want any quarrel. I think my- self the President might have signed this bill as the best compromise, without. loss of principle or inconsistency; but he did not think so, and we ought to acquiesce, I never thought the bill amounted to much, and voted for it only because I am really convinced the people of the Weat demanfea npmething of the soth’ €Q Mr. Sawyer’s view is decidedly of the soothing order. As far as the Northwestern republicans are concerned they are openly hostile to the veto, ali but two, Mr. Sawyer and Mr. Wal- dron of Michigan, of whom the remark is made, “He ts a banker and of course would go the other way.” The democrats divide evenly, Mr. Eldridge going for inflation and Mr, Mitchell against. It was openly said that there wonld not be a Con- greseman re-elected who accepted or acquiesced in the President’s views in the three Northwestern States, The same assertion is made of the central West. Ohio leans by ® small ma- jority to the President by direct sympathy. 4 canvass o: that delegation gives two or ‘three majority in the delegations of Indiana, Mli- nois, fowa, Missouri, Kansas and Nebraska, in all fisty-eight members, of whom seventeen are demo- crats, There are but ten known of either party as opposed to some measure, of inflation, Judge Buckner, of Missouri, wno is a democrat, has taken @ prominent part in suggesting a war on the na- tional bank system and in favoring a Treasury cur- rency instead. He said in conversation to-day that the large majority of the democratic members had In conterence resolved tu make antagonism to the national banking system their war cry. This was, he said, the policy of the democracy in the West and South. He said also thatin bis opinion the excitement over the policy of rigid resump- tion indicated in the message, rather than the veto of the bill, would in the Weat and South almost obliterate party lines, and is was sustained by others of either party. Representative Stannard, of St. Louia, ex- Lieutenant Governor of Missouri, and the largest miller in the Missouri Valley, who voted for tne bill as & compromise measure, says to-night that the feeling is much quieter, He, like Sawyer, thinks the Premdent might have signed without destroying the consistency of bis record, Stan- nard says he ts placed in somewhat of a false poal- tlon by the circumstances attending this bill and the veto generally. He agrees with those who urge the desirability of resumption; but he can, not see that we can now name a day. In his Judgment such action would be to piace the busi- ness interests at the mercy of a ring of gold brokers, THE SENTIMENT OF THE LOBBY. Tt 18 diMcuit to average the sentiments here in respect to the veto message, it being varioualy re- garded, according as the particular interests cen- tring here are affected. There are no commer- ciai interests Of sutficient consequence to call out an influential expression of opinion; but as the general welfare of the city depends upon the con- dition of the National Treasury and its capacity for disbursement there is 4 tendency to regard an Indation of the currency im the absence of a redundant revenue as on the whole a local benefit. One of the consequences of expansion not brought into prominence by the discussion of the, vetoed bill, but now confessed more freely, is the facility that would have been afforded by the $44,000,000 addition to the legal tenders for meeting the pend- img demands for government aid and expendi- tures without an increase of taxation. There seems to be little doubt that ifthe bill had been ‘approved Congress would have been induced to vote liberal appropriations out of the $44,000,000 for the Centennial, ior District improvements, for public works and buildings, principally in the West and South; for steamship subsidies, for additions to the mail service, for continued explorations of the Western Territories and for comprehensive surveys and partial beginnings of systems of inter- nal transportation development and improvement. Powerful combinations exist for the furtherance of all these objects, but it seems to be admitted that if the $44,000,000 are to retain the character of @ reserve to be used only for emergencies and called in as speedily as possible whenever drawn ‘Upon, a8 indicated in the veto message, these sev- eral sections will be curtailed and some of them entirely obliterated. Quite a number of votes are understood to have been gained for the $40,000,000 section of the bill by timely suggestions*to mem- bers of the benefit to be derived for their districts and for themselves by the liberal appropriations sure to follow enactment of tne bill ana the Patronage and they might thereby com- mand in ald of their re-election to their seats next fail Outside of Congress and the lobby, however, the feeling of the large body of employés of the government is strongly with the President. The effect of expansion upon fixed salaries payable in & paper currency seems to have been shrewdly calculated, and there is a strong sense of relief from & virtusl decrease of income smong the sala- Tied class. THE VETO IN WALL STREET. A Tumble in Stocks and a General “Un- londing”—What Is Thought of the ‘Veto by the Bulls and Bears. The President's veto of tlie Four Hundred Million bill, which threw the brokers of the inflation order into such spasms of agony on Wednesday evening, had apparently an all-night effect upon the ma- jority of them, judging from the sleepy looks they wore yesterday morning and the early hour at which they appeared on the street, There was no denying the fact that almost every one of the operators was in a feverish state of excitement— those who had been loading up for weeks past in anticipation of the President's signing the bill, as ‘well as the shorts, who were anxious, in the cor- tainty that prices would open at a decline, to profit handsomely in the near future by the gen- eral tumble of the aay. Hours before the Board opened for business the street was alive with the bulls and bears, who, assembled here and there in groups, discussed THE PROES AND OONS OP THE SITUATION and the probable effect on the market. When the doors of the Exchange were finally thrown open there was a tremendous rush to get in on the part of the crowd, every ane manifesting as much eagerness to pgeh and crash each other into pulp in order to be Of the first in the room, as though a failure in the attempt would forfeit his life. It Would be quite impossible to describe the scene that ensued when everybody who had the right to get in the Board succeeded in securing standing room, Everything was coniusion, and the ex- cited brokers made it worse confounded by their discordant yells, their calla and shouts and the ‘wild gesticulations they indulged in while en- deavoring to make themselves seen as well as heard by others whom they desired to transact business with. The general expectation that the market would open with lower prices than were quoted Wednesday afternoon, and which was made all the more positive by the deal- ings haa at the Fifth Avenue Hotel that evening, was fully realized. A deciine of from }¢ to 3% along the entire list occurred. Wabash fell from 41% to 38, and Northwest trom 46% to 44. Central alone stood firm. The dealings entered into were really tremendous, those having long lines of stock as well as the bears apparently vying with each other to create 4 BEARISH FRRLING ALL ROUND, That they succeeded admirabiy the general fall in stocks and the tumble gold took at first, touching NEW YORK HEKALD, _FRIDAY, APRIL 24, 1874.—TRIPLE SHEET. as low at one time as 112%, amply proved. This | effect upon gold, however, it was asserted by some, Was not so much the effect of the general feeling caused by the veto as by the announcement that the May interest due on government bonds, with- out rebate, would be prepaid on Saturday next. At any rate it was quite plain during the day that three or four parties who have been leading bears for a long ay t had a great teal to do with the nemsing Se the tock list received, ‘and u bearish tendescues created on all The transactions, as has al- Feady been said, were hie} enormoun, Fg the all Western renoon especial 000 sbarea of Caton being sold. aa r 4 Lake ee over 8,000 Pacific and 11,000 ‘nion Pacific before twelve o'clock. Later inthe aay the feverish state of excl! it which reas. quite 8 diMcult ti cat, me ieetis tran ators’ views as to THE PROBABLE FUTCRE OF THR VETO; usiness to give heed Sy eiegine it it re- Jerred to nis‘5wn “asks “ual ain ap te How. every! Ta, in graaually subsided an: cre actions at the td each one was too eet ‘own individual over, turing the ait noun Huhano rep reporter had ry vies several rators well known on “ihe ‘and also with one. of the oe the Bank of New York, Said of the operatora:—"'I will be candid enough with you w say that at one time 1 the jt ought to sign AcliberaWon and pindying phe ma Seorts 9,000 | have been compe! to bo ge en So and I lust tell you that T chenged my ming before ee veto was ade known. You ans uue tient today 18 @ good dea) but the pry does not 8 fron the vi Sy cor prin; an! like @ used by eto, Not at att. ‘Most of us who pelteved we tell aa well as anybody which way the wind had discounted ibis currency question very thoroughly and the goueral conpienes come cet Sat Sen ee td natu at evel should have trimmed his sails accordingly, result 4 what you see to-day. There is wae DOUS UNLOADING OF going on by those who, under the im ression that ee eee ngued and that a rise in Prices would be the result, had been | up with a view to making a good thing out the situation. Then, again, you must have not! to- bear’ feeling are deter: One $00. to tekutied feeling and bring down prices, A people have been hi pee Bo one, I ink, seriouny, for lust evening any’ ‘who was in @ bad corner had ample time after the news ot the vetoing of the bill had arrived to make 8 compromuse if he had his transactions with & man who did not want to be tog hard on him. There have been no faliures, and ing from the here betog ‘aspect of affairs there ia no enter oe eto is aed and f think thay mi feeling wil a One, and it t this fe bene btn every ‘aay from this out; the market wil become stocks will be $0.0 more om the Henge orev ae vale than cecree of C4 tions of cliques who ma; manipulate them, 64 aaa a The Fonater, in conversation director, was spoken to as follows:—‘‘Myself and all the officers of the leading national banks, [ oF were from the start opposed to inflation, THE SENSE OF MONEYED MEN of this city, and every cy cay rin. the Union, { think, was 0} toit. We were told, and the Pres- ident was threatened with the tien, that if the bill was vetved the most disastrous joo ERS oa trade, now languishing, wo ther; that, mm lact, there would be in nthe Wes West an South a Ananctal crash that would | leave its mark upon every department of in- dustry in p) land, that would m: the the ‘rich man general soene of disaster. Now, ery Sppalting ge 2 bot what one it was cal slight effec! comparative! ig on Wali street, iteve that there would be no ve! accordingly in his stock operations. President Grant never did a wiser thing in his life than when he penned that veto, and men who now, because of some selfish motives of their own, because it has demolished some fine plans they were anxious should coin them fortunes, denounce the President Will, before a yeat gues over their beads, acknowl- edge that they have been MISLED AND FOLLOWED FALSE GODS. Hereafter, if Congress acts wisely, we, al) of us— Mnancters, tradesmen and day laborers alike—wiil know what qronnd we are standing on. We will tae eek that the Pi eS policy is a hee ry this was a @ foolish by the vei ing, which the con tl wee the Pr atuat et ple to ” tne whole e wood the nation? astoed and name of Hee ping the faith of the government pledged to ts creditors intact and inviolate. rane has sur- fesse many of us in this act of his, for we were, we hard money men, as we are called, led to be- Heve, by mai hings we considered good signs, that he would not be imdependent enough to do just what some of his stanchest supporters in the House and Senate wished him not to do, He has shown himself master of himeelf and 4 GOOD FRIEND TO THE FROSraRIEY OF THR OOUH- For this he deserves the. ‘thanks of the nation, and, as I have said before, he wit! surely receive them in abundance—il not now, at least in a short time to come, when peopie come to understand better than some now do the dangers we have escaped by the act of the President. GOVERNOR DIX ON THE PRESI- DENT’S VETO. ALBANY, April 23, 1874, @pvernor Dix, in a conversation with your cor- Tespondent this morning, said, in regard to the President’s veto of the Inflation bill:—‘‘I am exceed- ingly rejoiced at the action of President Grant. He has done his duty nobly. He might have signed the bill, and said he was acting in obedience to the voice of the people as expressed by a ma- jority of its representatives in Congress; but in the course he adopted he raised himeelf to the summit of statesmanship by disregarding clamor on all sides and consulting only the best interests action, 4nd in almost every instance warmly com- mendatory. It was generally conceded that the temporary good likely to result from inflation would weigh as uothing to the untversal financial disaster certain to eventuate, and, far- ther, that the true interests of the cotton and sugar producing region lay in encouraging the early resumption of specie payment. President’ Oglesby, of the Loutsiana Natioval, says that there 1s at present nearly $18,000,000 capital in the New: Orleans banks against only $9,000,000 loans, @ healthier condition than he has ever witnesssed in ® residence of over thirty years. In response to inquiries whether an increased circulation would assist to any great extent in facilitating develop. ments and movements of crops the replies were invariably in the negative. GRANT'S ARGUMENTS AGAINGT INFLATION, a8 adduced in the veto message, were bighly com- mended and regarded ag unanswerable. Consider- able complaint was elicited concerning the arbi- trary disposition of the national banking capital at Washington, and most of the presi- dents agreed in the view that true and ample relief for the South would be found in the aban- donments of this unjust system. President jonny, Phelps, of the Cotton Exchange, and J. H. Oglesby, of the Chamber of Commerce, eulogized the Presi- dent highly, They pronounced the doctrine of decrying our own securities ds heinous, and di pm ‘Southern sentiment ts in favor of inflation, has been wren, represented at Washington Governor Kellogg ana Auditor Clinton bo! President, course tn decided approval of the course, Mayor Wiltz and Adminis dsiness ‘man in the. city rejoiced at at seaneae the President. Fyen the broke joined in commending the veto with but tew ex- ceptions, Money, they said, was cheap and len enough without incret the volume at t! Wa geet Soo poomiaae tances as lore currency ‘wanted it coulda eo Dational banks as per par value of bonds d ted. im excess with the government, A rapid bul careful RAID AMONG THE MERCANTILE HOUSES only served to endorse the po ging: ing sentimeoct. As gst the di paper the pina of the ve no} dent down the heft of their weriul intellects to the consideration or the ques- on, The latter paper says, however, in its, Gnan- cial column :—‘‘A persistent rebel, as General Neal be once called him, cannot withhold the honor and admiration due to Genoral Grant ior bis nerve and consistency in defying the Congressional ma- {erly and Oe BY, the principles laid down in inaugural mes! Conversation wii Pe few planters accessible de- dary t the same satisfactory Seniennts ax ten} in ie Parishes as purened in the cit neral Grate has certainly addea no lit ie ms Dae popu- larity. In conolusion it should be added that the services of the HERALD in influencing the issue found to be well known and appreciated through- out ness circies. CONFLICTING OPINIONS OF MIS- SOURLANS. Sr. Louis, Mo., April, 23, 1874, The President’s veto of the Finance bill has created considerable surprise here, and is to-nignt the subject of conversation among leading bual+ ness men 82 well as politicians, Your correspona< ent, meeting several of the latter, inquired ‘thetr opinion on it, which they freely expressed. Lieutenant Governor Charles P. Jobnson, who was Known as a liveral republican during the existence: 0} that party and who was elected on the same ticket with Governor Woodson, hed no hesitation, in expressing his ideas when approached om the subject, He said:—“I was surprised to hear tbat the President had vetoed the Finance Dill, but, in my opinion, he has acted wisely.. Lam satisied that the sontimentin the West and South- West is strongly in favor of inflation, and, while I expected the Executive to favor the measure, I was obliged to confess that the weight of ment hus thus fur been with non-ipfationis' T have no doubt that, for a time, = iatetien maeasure would have resulted favor: to this 8e0~ tion of the pountry; ‘but there would have beeu @ Fonction. Tam in favor of wearing out the pres- ent oi We can do i sad Sans ee pe gle et ite. No nation of the country asa whole. His veto is not tor the North nor the East, but forthe entire nation. It will take little time to have the wisdom of his action universally admitted. Prestdent Grant had sufiictent diacernment to see that the ory for infla- tion me but au ephemeral craving for relief irom financial pressure that no amount of e: sion — a ie unhaney could ast, itis @ complaint de- her remedy than inflation: The boston ag ofthe West and Southwest will endorse the Prestdent’s veto. Inflation would have eae results disastrous to the masses of ghe people. The.working man would be the first to suffer. While ‘wages would retain their present Jevel the necessaries of life would necessarily ad- vance. In this view of the matter itis only right that President Grant should recetve the thanks of ‘the peopie jor having the courage and wisdom to ‘act acco! CJ dictates of calm common sense and hone: HE! and ably argued the mppeneone issue 01 inflation. JERSEY'S | JOY. Citizens of all parties in New Jersey unite in ap- plauding President Grant for his bold and heroic stand against inflation and national dishonor. It is conceded on all sides that the soldier-President has proved that the pen is, indeed, mightier than the sword, since, with one stroke, it has schieved @ victory as great as any won with the swora in war. [here is expressed in all Circles ® general be- hief that the country will henceforth breathe a purer and a better financial atmosphere. In Newark there is great rejoicing ce ead ie ge ry the in select circles, where on all occasioi first consideration and nd pasriotiens the the fase THE SENTIMENT OF NEW ENG- LAND. Boston, Mass., April 28, 1874, There has been throughout the day animated discussions among all classes of the business and laboring community regarding the President’s veto of the inflation bill. On State street, the moneyed centre of the city, the brokers and bankers have, ag a general thing, accepted the veto as the best act of the President since the close of the war. The journais throughout the State and New England have spoken of it in the most laudatory terms, The Boston Journal of this evening, ina leading editorial, says:- At present, of course, everything {sin a whirl at Wash- fenton over over the President's veto. The inflationists are bg Beyer paren an ening» rupture of the re- publican party, an upriai ‘est and South and ay other things itoident ot their boast o! carr: ir point. souna money men are all delig some of them are in danger of rman, sly. All sections, parties and classes are in and it will take some little time for the elements to settle fon deal eee uf ion stands. e: cont and patriotic tat and ‘Conger, of Michigan, the ae ae in praise and the latter in condem- maton of tl ce sree ent’s Maes A td is a business ques- the welfare and the morals tion aitect the} Ofte peoples oad it needs ail the lspamionate shousht an can be ht ki feeling whic! ug! bear its discussion. fries of sound | gurrency. at pate, ould example reet conduct in this matter. ey have had fo fortune of ling the President the United States standing pressure—and most formidable i! cenamuane mf pi is approval tos measure which was consistent. Wit onorable record of a3 Oak of ae ne arty, and ‘which, Sieh it had rH iW. Wot uid have stimulated all the evil effects now aby tne industry and business of the country: So the ee ant Ft some but Cog) yet to pp he tor the men fi 208 it ts Eire that Pram, hare aed oD gr gm en yeaa ge Frekdeue ars dy qt on thar ide a w the ple. it may tak sins Jesteston to, "isguiwea etree Hana a any pi ion necessary r Pa) ome can, therefore, afora ay nt and forbe: The views as ex zeroed by the niiewmen. at the Faneuil Hall meet Dg, the resolution yee mousty at that ne: ng, together wit $e press tation of the proceediugs to the President i by the Hon, William a . and of Boston's most wealtny and induential ci zone, have had their effect, 7 the gentlemen who o1 foiated at the mee well as the (nstigators of it, are the recipients of * ro} " warm tulations irom the business nity upou the success which has crowned, nthe labors, LOUISIANA UPHOLDS THE PRESI- New ORLEANS, April 23, 1874, The announcement of the President's veto cre- ated no excitement whatever among the masses here, they having long since lost interest in all public matters or measures other than those affecting their own desperate poiiti- cal condition, In financial circies; how- ever, the case was diferent. Interviews with the leading bank presidents discovered them ther periously 1 | Keely alive to the importance of the President's to depart from the principles of RF se ene tn of necessity, Not the condition of things now, pa Rp Gi ey of fe at @ stench republican, who Ponce ly aeadpreny aud has, to eeasissing Se sted the financial managem: the School Board during the been President of that body, gave are utuarainene ate rity oi our Ger- Man citizens, in the following language :—“I xe Grant credit for having done ae very @ Very sens ib) thing. I bee have been better satisfied bi Qongrens. provided tor me ment of im} duties in greenbacks. ink that ii eae measure io figment, better the condition of the laboring clauses ane when javoring would really Fahne us de ‘ag ov money, and lead to panics. meen of inflation would not, Ieay Classes I mean both those who work with their hands and those who work with ir bra. Though there is @ greas demand io to the beat interests, of just that class who now clamor for inflation.”’ Colode! Dave toy oar one of Fs, present Po- lice Commissioners and chairman of the Demo- cratic Central Committee, expressed bimeelf in hia usual emphatic manner. He said:—‘‘The govern- ment has made a great mistake. If the adminis- tration - La yt at Savane Boyes nn of hard money 1 fie, ie trying to efect an absurdity. used tc to co a iipeci Man, but have gotten pear over that. Greenbacks are mo “and” Misslasippl valleys ts" generat valleys is and deeply felt and the people looked to ernment to Ria) this Bawa We ‘canavs aford here to fon bi twelve and en per cent inter in conseque: of which everything is dead. There is noting d in mercbaudise, and Teal estate {5 simost worthless. I venture to that there has not been @ dollar's worth of rei estate bought in St. Louis for specaiation within five years. The truth of the matter is that tho East ts the creditor ae ty of this country and the ‘West is the debtor. e must have more money to develop this section or We ure at & standstill. THE PRESS ON THE VETO. “Second Only to the Capture of Vicks: burg.” ently in vetoing ti Currency act. deleat of ‘he horde of ingationiats apd inet rabble of repudiators led by See Morton and Maynard,, ig a service second only to that rendered in the capture of Vickaburg and accomplisi in the sur- render of Lee. President G plighted faith of the Fepudiates it. The community will now to forecast the future and conform themselves to it. “Playing Hamlet lot Without ® Prince.” outer Forney’s Philadelphia Press.) It be impossible to make General Grant's to Message a nn test, Any attempts in, Veto this age _ ioe ice confusion worse founded, With v deference to our President, we him thai eka a. beg remind referring to the rginal ms, pantioan party and to jas attempted to play Tamiet Wi without the the grit gen Premdent Grant bi tten that in last the American were struck by staggering from fe @: in th dae xcept yor ene 1088 edlation, Ba wnere ¢money mmanoitoy ferry es sermzivena, an pon the manumnet 01 dent upon the manutacturers— the oppressed farmers of the West and the r Ghiraric meater it coed ee ent of the tes ae declaration that the panic shall be permanent, PUBLIO MEBTING TO THANK PRESIDENT GRANT, New Yor, April 23, 1874, To Tas EDITOR OF THE HERALD;— The President having vetoed the inflation bill, D think it but justice that the delegation which pro. sented him with the petition from this city against inflation should call a niass meeting, whereby our citizens may express in such ® body their thanks poten mm hd sn oble action, and that the pe elegation be requested to present nim with resolenons of said meet: Of course, none Can doubt the sense of resolutions emanating from Men who gave their hearty assent to Te. ress r isaue of irredee! ct careng. ree M Siig ot 615 Broaaway. TAXATION OF NATIONAL BANKS. To THE EDITOR OF THE HERALD:— I would respectiuily refer you to the report of the Comptroller of the Currency, so that you may, see what taxes national banks pay, 88 you seem 1 think they are nondescripts and not sein of pend Their capital on coun and, ans Ly Cee reed, which Virtually throws $4 pots bonds into taxation. The tax on gress Fr cent per annum and the Cy on “Ss de) one-half of one per cent Der annum, faz the Comptroiler says, is imposed we "5 ae natlonali ty.