Rutherford B. Hayes: “To the Senate: I transmit herewith, in compliance with a resolution of the Senate of the 6th of December last, a report…”

While, in my opinion, it would be unwise to authorize the Secretary of the Treasury, in his discretion, to offer to the public bonds bearing 3 1/2 per cent interest in aid of refunding, I should not deem it my duty to interpose my…

The imperative necessity for prompt action and the pressure of public duties in this closing week of my term of office compel me to refrain from any attempt to make a full and satisfactory presentation of the objections to the bill.

Provided, That this withdrawal shall not affect any existing valid adverse rights of any party.

I can not but regard the fifth section of the bill as a step in the direction of the destruction of the national banking system.