The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1894-03-30
BLAND'S BILL VETOED.
PRESIDENT CLEARLY STATES
HIS REASONS.
Would Be Bad Financial Policy To
1sna, mpt To Shove More Sill
90 a., NL, n Circulation,
sEIGNIoRAGE M. Y BE COINED BY AID
OLA BOND ISSUE,
Bill Very Doiootively Constructed In Both Sec
dOns-Par,ioular Stress Laid Upon its Ef-
feet On Notes aud the Gold Reserve,

! Washington, March 2a.-rhe president
today sent to the house of representatives
( the following message vetoins the Bland
silver siegniorage bill:
! The House OF Representatives:
l raturn without my approval house, bill
No, A59G, entitled. AN act directing the
| coinage Of the silver bullion held in the
treasury and for other purposes"
My strong desire TO avoid disagreement
with those in both houses of congress who
have supported this bin would lead me
to approve 1t II 1 could believe that the
public good would not be thereby endau-
gered and that such action on my part
would be proper discharge OF my official
duty. Inasmuch, however. as j am un-
able to satisfy myself that the proposed
legislation is either wise or opportune, my
conception of the obligations and responsi-
bilties attached to the great Office l hold
forbds the indulgence of my personal
desire and ineXorably confines me TO that
course which is dictated by reason and
judgment and pointed out by a sincere
purpose to protect and promote the gen
eral interests of our people.
The financial disturbance which swept
over the country during the last year
was unparalleled in its severity and dis
astrous consequences. There seemed to be
almost entire displacement Of faith in
our financial stability and loss Of con
tidence in our flscM policy. With others
who attempted to assign causes Tor our
distress, / willingly conceded mat the
operation Of a provision OF law then IN
force which required the government to
purchase monthly large amount OF silver
bullion and issue its notes in payment
thereof was either entirely or 10 u large
extent responsible for our condition. This
led to The repeal on the LIST DAY OF NoNcm-
Der, 1883, OF this statutory provision.
We had, however, fallen SO low in the
depths Of depression and timlditY and
apprehension mad so completely gained
control in financial circles that our rapid
recuperation could not reasonably De tN-
pectcd. our recovery has nevertheless
steadily progressed, and though less than
iiVe months have elapsed since the repeal
Of The mischievious silver purchase re-
uuircment q wholesale Improvement Is
Enthusiastically apparent. Confidence in our
absolute sOlYenCy is 70 such an extent re-
instnted and faith In our disposition TO
adhere TO sound financial methods is so
far restored as 10 produce the most en-
couragiug results both al home ana
abroad
The wheels of domestic industry have
been slowly set in motion and the tide
of foreign Investment has AGAIN started
in our direction. our recovery being so
well under way nothing should be done
to check our convalescence; nor should
we forget that relapse AT this time
would almost surely reduce us to lower
stage OF financial distress than that from
which we are emerging
/ believe that If the bill under consld-
Grafton should become law II would be
regarded as a rctroEression from the imam
Ella! Intentions indicated by our recent
report Of the provision forcing silver bull
lion purchases: that IL would weaken II II
dM not destroy returning taith and con-
deuCe in our SOUND financial tendencies
ana that as ID consequence our progress
To- renewed business health would be
unfortunately checked and q return TO
OUR recent distressing plight seriously
threatened. This proposed legislation
is So related To the currency conditions
growing OUT of the compelled purchase
OF silver by the government that a glance
at such conditions ana q par,ial review
of the law referred 10 may not be unpro-
Between August II 1890, when the law
became operative. and November /, 1899
when the clause IL contained directing
the purchase of silver was repealed there
We're purchased by The secretary OF the
treasury more than lGS,Ol1,0Dl of ounces
of silver bullion, In payment for this
bullion the government issued Its treas