This appears to me to be unjust to those to whom
these bonds are to be paid, and, to the extent of the difference between
their face and real value, looks like repudiating the debts of the
District. My opinion is that to require creditors of the District of
Columbia to receive these bonds at par when it is apparent that to be
converted into money they must be sold at a large discount will not only
prove greatly injurious to the credit of the District, but will reflect
unfavorably upon the credit and good faith of the United States.
I would recommend, therefore, that provision be made at the present
session of Congress to increase the interest upon these bonds, so that
when sold they will bring an equivalent in money, and that the Secretary
of the Treasury be authorized to negotiate the sale of these bonds at
not less than par and pay the proceeds thereof to those who may be
ascertained to have valid claims against the District of Columbia.
U.S. GRANT.
VETO MESSAGES.
EXECUTIVE MANSION, _Washington, April 10, 1874_.
_To the House of Representatives_:
I have the honor to herewith return to you without my approval House
bill No. 1224, entitled "An act for the relief of William H. Denniston,
late an acting second lieutenant, Seventieth New York Volunteers,"
for the reasons set forth in the accompanying letter of the Secretary
of War.
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