The Princeton union., 1894-04-05
BLAND BILL VETOED.
THH sEIGNIOnAGE MEASURE Is
KNOCKED OUT BY THE PRESIDENT
Mr.. Cleveland Says the Bill II Loose
IL Drawn and Would Rob Us Of Our
Gold-He Favors Coming the seisE-s
nioraEe Under Restrictions.

Washington, March 3Q-The president
sent to the house of representatives the
message vetoing the Bland silver bill.
He bases his veto on the ground that the
bill is loosely drawn and would rob us Of
our gold. He says he believes the COIN
ing of the bullion sesgniorage might be
safely and advantageously done provided
authority were given the secretary of the
treasury to issue the bonds at a low rate
of interest. He expresses a hope for q
comprehensive adjustment of our none
tary affairs in short time in way to
accord to silver its proper place in our
currency. The message says:
Il return without my approval house
bill numbered 1896, entitled An act di-
recting the coinage Of the silver bullion
held in the treasury, and for other pur-
poses. My strong desire to avoid disa-
greement with those in both houses of
congress who have supported this bill
would lead me to approve it if could
believe that the public good would not be
thereby endangered, and that such action
on my part would be a proper discharge
of official duty. Irasmuch, however, as
/ am unable to satisfy myself that the
proposed legislation is either wise oE 0p-
Fortune, my conception of the obliga tions
and responsibilities attached to the great
Office hold forbids the indulgence Of
my personal desire, and inexorably con-
fines 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 peo-
pie. We have now outstanding more
than $36S, 100000 in silver certificates is
1J,oH nrHor oyicfi0c 1ox TFno1
ing the purpose of money usefully and
without question. Our gold reserve,
amounting to only little more than
500, 100000, is directly charged with the
redemption of $346, 100000 of United
States notes. When it is proposed to in
fate our silver currency it is a time for
Strengthening our gold reserve instead of
depicting it. I cannot conceive of long
er step toward monometalism than we
take when we spend our gold to buy silver
C tiicates for circulation, ard especially
in view of the practical difficulties sur
rounding the replenishment of our gold.
This leads me to earnestly present the
desirability of granting to the secretary
Of the treasury a better power than now
exists to issue bonds to protect our gold
1eserve when for any reason it should be
necessary. Our currency is in such q
confused condition and our financial af-
fairs are apt to assume at any time so
critical a position that it seems to me
such course is dictated by ordinary
prudence. an not insensible to the ar-
guments in favor of coming the bullion
seignio1age now in the treasury, and I
believe it could be done safely and with
advantage if the secretary of the treas
ury had the power to issue bonds ut a
low rate of interest under authority, in
substitution of that now existing, and bet
ter suited to the protection of the treas
ury. hope way will present itself in
the near future for the adjustment of our
monetary affairs in such comprehensive
and conservative manner as will afford
to silver its proper place in our currency,
but in the meantime am extremely So
licitous that whatever action we take
on this subject may be such as to pre-
vent loss and encouragement to our peo-
pie at home, and the destruction of con-
hdence IN our financial MANAGEMENT
abroad"