Alma record. (Alma, Mich.) 1878-1928, 1894-04-06
THE BILL VETOED.
The President Objects to the Bland
Silver Measure.
He Thinks That should II become Law
IL Would Check the Return of
Prosperity - Other Reasons
for His Action.
SUMMARY OF THE VETO.

SUMMARY OF THE VETO.
WARRINGTON, March 30.-The presi-
dent yesterday returned to the house
without his approval the Bland bill
directing the coinage of the silver bud
lion held in the treasury, and for other
purposes.
The message refers To the terrible
financial distur bance which swept over
the country last year, marked by al
most an entire displacement of faith in
our financial ability and a loss OF con-
fidence in our fiscal policy" 1.-The re-
peal of the mischievous silver pur-
chase requirement" he says, has been
followed by "a wholesome improvement,
and nothing should be done to check
our convalescence, especially as re-
lapse at this time would almost surely
reduce us to a lower stage of financial
distress than that from which we are
just emerging"
Unfortunately Constructed.
''The entire bill is most unfortunate
ly constructed" the president says,
NEARLY every sentence in 1t presenting
uncertainty and inviting controversy
as to its intent. 1t appears to have
been meant TO provide for the coming
of the so-called seigniorage into stand
ard silver dollars, but there is nothing
in the bill to prevent it from being
coined into any other description of sill
yer coins now authorized by law"
IIl-Advised and Dangerous.
He holds that sound finance does not
commend further infusion of silver
into our currency at this time, unac-
companied by further adequate provi-
sions for the maintenance OF u
safe gold reserve. He is convinced
that the scheme for retiring
the treasury notes is 'ill-advised
and dangerous AS an ultimate
result of its operation the treasury
notes, which are legal tender for all
debts, public and private, and are re-
! deemabl in gold or silver at the OPP
ton of the holder, would be replaced
| by silver certificates that would have
none of those qualities.
Against safe Finance.
The president also objects to the bill
as ZEN bodying plan by which the
+ government would be obliged to pay
] OUT us Ntdn " sNOth VI ROlN lOA III OAh'i
purpose than TO force an unnatural adj
/ dition OF silver money into the hands OF
/ the people. This" he says, lis an ex-
act reversal OF the policy which safe
finance dictates
Outstanding silver Certificates.
I'VE have now" the president says,
outstanding more than 1885, 000, 900 in
silver certificates issued under existing
laws. They are serving the purpose OF
money usefully and without question.
Our gold reserve. amounting 10 only q
little more than 100000, 600, is direct
ly charged with the redemption
of S346. 0OO. 900 of United States notes
When it is proposed TO initiate our silvei
currency il is "a time for strengthening
our gold reserve instead of depicting IL
cannot conceive of a longer steE
toward silver recommendation than we
take when we spend our gold TO buy
silver certificates for circulation, IS
pecially in view of the practical diff
cultics surrounding the replenishment
of our gold.
More Power to Issue Bonds.
He earnestly recommends that tn.
/ secretary OF the treasury DE granted
better power than now exists to pro
tect our gold reserve by the is
sue of bonds when that may be neces
sary. He thinks if this were done
the bullion seigniorage now in the
treasury could be coined safely
and with advantage He hopes way
will be found for the adjustment of oui
monetary affairs in such a comprehen
sive and conservative manner as will
afford to silver its proper place in oAr
currency, but expresses his anxiety
that whatever action may be taken or
this matter may be such as to prevent
loss and encouragement to our PEG
pie at home and the destruction of for
eign confidence in our financial man
agement.