The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1894-04-11
PRESIDENTS VETO.

IItIJIUuliI NJ IuIV'
The Bland Seigniorage Bill Re
turned Without Approval.
uLEVELANDs REASONS IN FULL
The BaI as Drawn would Lessd to q Finan
cisl Relapee-would Favor Coming h.
seixnsorage If III Secretary Of the Treas
urYIs Given Authority to Issue Bond'
to Keep Up the Gold Reserve.
WASHINGTON, March 30.--The follow.
ing is 8 full text of the presidents mes
sage vetoing the Bland bill:
70 the House OF Representatives:
Ireturn without my approval house
bill numbered 1856, entitled IAN act
directing the coinage OF silver bullion
held in the treasury. and for other pur
poses"
My strong desire to avoid disagreement
with those in both houses Of congress
who have supported this bill would lead
me to approve 1t Il / could believe that
the pubic good would not be thereby
endangered and that such action on my
part would be a proper discharge O! Off
eial duty.
Inasmuch, however, as l am unable
to satisfy myself that the proposed legis.
lation is either wise or opportune. my
conception OF the obligations and re
sponsibflities attached to the great
Office + held, forbids indulgence OF my
personal desire and inexorably confines
me to tllaS course which ia dictated by
my reason and judgment, and pointed
out by sincere purpose to protect and
promote the general interests OF GU,
people.
The financial disturbance which swept
over the country during last year was
unparalleled in its severity and disas-
trous consequences. There seemed to be
almost entire.4- a displacement OF faith in
our financial ability and loss OF conf
denee IN our fiscal policy. Among those
who attempted to assign causes for our
distress, it was very generally conceded
that the operation Of. the provision OF
the law then In force which required the
government to purchase monthly a
large amount of oliver bullion and Issue
it's notes in payment therefor, was either
entirely, or to a large extent, response
BILE for our condition. This led to the
repeal, on the first day OF November.
1895, of this statutory provision. We
had even fallen SO low in the depths OF
depression and timidity and apprehen-
sion, had SO completely gained control
IN financial circles, that our rapid recu-
peration could not be reasonably ex-
pected. Our recovery has, nevertheless,
steadily progressed, and, though less
than five months have elapsed since the
repeal OF the mischievous silver purchase
requirement, wholesome improvement
Is Enthusiastically apparent
Confidence in our absolute solvency is
to such an extent re-instated, and faith
in our disposition to adhere to sound
financial methods is so far restored as
to produce most encouraging results.
both at home and abroad. The wheels
OF domestic industry have been slowly
set in motion, and the tide of foreign
investments has again started in our d.
rection.
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 sure
y reduce us to d lower stage OF financial
distress than that from which we are
just emerging.
Ibeneve that II the blu under consider
alton should become law, tt would be re-
garded as retrogression from the fnan-
cial intentions indicated by u recent
repeal OF the provision for the coinage OF
silver bullion purchases; that it would
weaken Il It did not destroy the return
ing faith and confidence in our sound
financial tendencies, and that as a conse-
quence III progress to renewed business
health would be unfortunately checked,
and a return to our recent distressing
plight seriously threatened.
This proposed legislation is 80 related
to the currency conditions growing out
OF the law compelling the purchase OF sill
yer by the government that a glance at
such conditions and a partial review OF
the Law referred to may not be unproht-
able.
Between the fourteenth day OF August,
1890, when the law became operative.
and the first day OF November, 1898,
when the clause it contained directing
the purchase OF silver was repealed, there
were purchased by the secretary OF the
treasury more than one hundred and
Mxty-eight millions OF ounces OF silver
bullion, and in payment for this bullion
the government issued its treasury notes
OF various denominations amounting to
nearly one hundred and ffty-six millions
Of dollars, which notes wereimmediateiy
added to the currency in circulation