The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1894-04-06
Would Rob Us OF Our Gold.

WOuiu hob ts ot Ouf ooios
President Cleve ard has vetoed tho
Bland bill. Long before the House
was called to order Thursday morning
the news had spread over the floor
that the seigniorage bill had teen ve-
toed, and later, according to Wash
ington dispatch, when the positive an
nouncement was made 1t caused little
excitement. The Presidents objec-
tions to the bill. in brief, are that the
bill is loosely drawn and would rob US
of our gold. He Gays he believes the
coinage of the bullion seigniorage
might bs SAT ly and advantageously
done provided authority were given
the Secretary of the Treasury to issue
bonds at low rate OF interest. he
expresses ope for comprehensive
adjustment of cur monetary affairs in
a short time in way ID accord to sill
YER its proper place In our currency.
In his veto message the President
says: my strong deslle TO avoid dis
agreement with those in both houses
OF Congress who have supported this
bill would lead me to approve 1T II |
could believe that the public good
woul not be thereby endangered, and
that such action on my part would be
q proper discharge Of official duty.
"Inasmuch, however, as | am unable
to satisfy myself that the proposed leg
islation Is either wise or opportune,
my C inception of the obligations 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 die
%ot 0I h., mud ind nnnnnf and
pointed out by sincere purpose to
protect and promote the general inter-
ests of our people.
The financial disturbance which swept
over the country during the last year was
unparalleled in its severity and disastrous
consequences. There seemed to be almost
an entire displacement of faith In our
financial ability and loss of confidence in
our fiscal policy. Among those who at
tempted to assign causes for our distress IL
was very generally conceded that the OPP
Grafton of provision of law then In force
which required the Government to pur-
chase monthly large amount of silver
bullion aud issuo its notes In payment
therefor was either entirely or TO a large
extent responsible for our condition
This led to tho repeal, on Nov. 4, 1894.
ever. fallen so low In the depths of de-
preston and timidlty, and apprehension
had so completely gained control in finan-
cial circles, that our rapid Iecuperation
could not be reasonably expected. Our re-
covery has. nevertheless, steadily pro-
crossed, and though less than five mon this
have elapsed since the repeal OF the mis-
chievous silver purchase requirement a
wholesome improvement is unmistakably
nj ga In a -n Int a anl
vency Is to such an extent reinstated, and
faith In our disposition to adhere to sound
financial methods Is so far restored m to
produce the most encouraging results both
at home and 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 we'll
under way nothing should be done to
check our convalescence, nor should we
forget that a relapse at this time would al
most surely reduce US to a lower stage OF
are just emerging.
believe that II the bill under consider
alton should become a law IL would be re-
garded as a retrogression from the fnan-
cial intentions INDUCED by our recent re-
peal OF the provision forcing silver bullion
purchases; that it would weaken IL 1t did
not destroy returning faith and confidence
In our sound financial tendencies and that
as a consequence our progress TO renewed
business health would be unfortunately
checked and return to our recent dis
tressing plight seriously threatened.
ul-Advised and Dangerous.
am convin ced that this scheme Is Ill
advised and dangerous AS an ultima e
result OF its operation, treasury notes
which are ley gal tender for all debts, public
and private, and which are redeemable In
gold or silver, at The option OF the holder,
Will be replaced by silver certificates
which. whatever may be their character
and description, will have none of these
qualities In anticipation Of this re-
suit and as an Immediate effect,
the treasury notes will naturally APP
pre- ciate in value and desirability.
The fact that gold can be realized upon
them, and the further fact that their de-
structioa has been decreed when they
reach the Treasury, must tend to their
withdrawal from general circulation, to be
Immediately presented for gold redemp-
tion or to be boarded for presentation at a
more convenient season. The sequel Of
both operations will be large addition to
the silver currency In our circulation and
a corresponding reduction OF gold In the
Treasury.
The argument has teen made that these
things Will not occur at once, because a
Gong time must elapse before the coinage
~ anything but the seigniorage can be en-
tered upon. IL the physical effects OF the
execution OF the second section OF this bill
are not to be realized until far In the fu-
ture this may furnish n strong reason why
IL should not be passed so much In adj
vance; but the postponement OF its
actual operation cannot prevent
the fear and loss OF confidence and
nervous prostration which would imme-
dIately follow its passage and bring abou,
its worst consequences