The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1894-04-07
Submits a Message TO Congress Veto
ing the Bland Seigniorage Bill.
HE GIVES HIS REASONS
The President Does Not Want Further
Infusion of Silver Money Into
the Currency.


lowing message vetoing the Bland seig-
niorage bill:
To the House of representatives.
return, without my approval, house bill
number 1896, entitled, "An act direct
ing the coinage of silver bullion held
in the treasury, and for other pur-
poses" My strong desire to avoid dis.
agreement with those In both houses of
congress who have supported this bill
would lead me to approve 1t, if could
believe that the public good would not
be thereby endangered, and that such
action on my part would be proper
discharge of my official duty. Inasmuch
however, as am unable to satisfy my
self that the proposed legislation is
either wise or opportune, my concep.
tion of the obligations and response
bilities attached to the great office !
hold forbids the indulgence of my per
sonal desire, and inexorably confines
me to that course which is dictated by
my reason and judgment and pointed
out by sincere purpose to protect and
promote the general interests of the
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 an almost entire displacement in
faith in our financial ability and loss of
confidence in our fiscal policy. BY those
who attempt to assign causes for the
distress 1t was very generally conceded
that the operation of the provision of
the law then in force which required
the government to purchase monthly
large amount of silver bullion and issue
its notes in payment therefor, was
either entirely, or to large extent, re-
sponsible for our condition. This lead
to the repeal, on the first day of No
vember, 1898, of this statutory provi-
sion. We had, however, fallen so low
in the depths of depression and timidi-
ty and apprehension had so completely
gained control in financial circles that
our rapid recuperation could not be
reasonably expected. Our recovery
has, nevertheless, steadily progressed,
and though less than five months have
elapsed since the repeal of the mis-
chievous silver purchase requirement
a wholesome improvement, unmistak-
able apparent confidence in our abso-
lutte solvency is to such an extent re-
instated, and faith in our disposition to
adhere to sound financial methods so
far restored as to produce most encour-
aging results both at home and abroad.
The wheels of domestic industry have
been slowly set in motion and the tide
of foreign investment is 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 a relapse at this
time would almost surely reduce us to a
lower stage of financial distress thar
that from which we are emerging.
believe if the bill under consideration
should become law 1t would be regarded
as a retrogression from the financial in
tentions INDUCED by our recent repea
of the provision forcing silver bullion
purchase; that it would weaken if i
did not destroy returning faith and con
fidence in our sound financial tenden
cies, and that in consequence our prog
ress to renewed business health woul,
be unfortunately checked, and return
TO our recent distressing plight serious
ly threatened.
Mr.. Cleveland reviews the recen
financial legislation, calls attention t
the difficulty under the recent law, o
maintaining a parity between tn
metals, and the necessity of preserving
the parity if both gold and silver are t.
circulate together as money The cor
ditions presented are summarized a
follows:
First-The government has purchase
and now has on hand sufficient silve
bullion to permit of the coinage of al
the silver dollars necessary TO redeer
in such dollars the treasury notes issue
for the purchase of said silver bulllo
and enough besides to coin, as gain O
seigniorage, $3.50, 6s1 additional stanC
ard silver dollars.
Second-There are outstanding an
now in circulation treasury notes issue
in payment Of the bullion purchase
amounting to S152, 951, ESQ. These note