together with the
correspondence which has occurred in relation to them. In performing this
duty I have only to add that the importance of the subject thus submitted
to the Senate, can not be over estimated, and I shall cheerfully receive
and consider with the highest respect any further advice the Senate may
think proper to give upon the subject.

A. LINCOLN.

VETO OF A CURRENCY BILL

MESSAGE TO THE SENATE, JUNE 23, 1862.

TO THE SENATE OF THE UNITED STATES:

The bill which has passed the House of Representatives and the Senate,
entitled "An act to repeal that part of an act of Congress which prohibits
the circulation of bank-notes of a less denomination than five dollars in
the District of Columbia," has received my attentive consideration, and
I now return it to the Senate, in which it originated, with the following
objections:

1. The bill proposes to repeal the existing legislation prohibiting the
circulation of bank-notes of a less denomination than five dollars within
the District of Columbia, without permitting the issuing of such bills by
banks not now legally authorized to issue them. In my judgment, it will
be found impracticable, in the present condition of the currency, to make
such a discrimination. The banks have generally suspended specie payments,
and a legal sanction given to the circulation of the irredeemable notes
of one class of them will almost certainly be so extended, in practical
operation, as to include those of all classes, whether authorized or
unauthorized. If this view be correct, the currency of the District,
should this act become a law, will certainly and greatly deteriorate, to
the serious injury of honest trade and honest labor.

2. This bill seems to contemplate no end which cannot be otherwise
more certainly and beneficially attained. During the existing war it is
peculiarly the duty of the National Government to secure to the people
a sound circulating medium. This duty has been, under existing
circumstances, satisfactorily performed, in part at least, by authorizing
the issue of United States notes, receivable for all government dues
except customs, and made a legal tender for all debts, public and private,
except interest on public debt. The object of the bill submitted to
me--namely, that of providing a small note currency during the present
suspension--can be fully accomplished by authorizing the issue, as part
of any new emission of United States notes made nec