Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-03-30

AAACAsS VI SnS uSSACS Va tuC tIS8DuIy OUkut
not to be augmented by devolving upon him
Che execution Of Law 90 uncertain and
confused. am not willing, however, to
rest my objection to this section solely OF
these grounds; in my judgment sound
finance dUes not commend q further infu-
sion Of silver into our currency at this
time, unaccompanied by further adequate
provisions for the maintenance in our treas
ury of safe gold reserve.
doubts also arise as to the meaning and
construction of the second section of the
bill. Whatever else may be said of the un-
certainties of expression in this bill, they
certainly ought net to be found in legisla-
tion affecting subjects SO important and far
reaching as our finances and corrency.
In stating other and more important
reasons for my disapproval of this section,
l shall, however, assume that under its pro-
visions the treasury notes issued in pay
ment for silver bullion will continue to
be redeemed as heretofore, in silver or gold
at the option of the holders.
"Also that if when they are pressed for
redemption or reach the treasury in any
other manner there are in the treasury
coined silver dollars equal in nominal value
to such treasury note, then and in that case
notes will be destroyed and silver certifi-
Gates to an equal amount be substituted.
II am convinced that this scheme is ILL.,
advised and dangerous. regard this Sec
ton of the bill as embodying plan BY
which the government will be obliged to
pay out its scanty store of gold for no other
purpose than to force an unnatural addition
Of silver money into the hands of our peo-
pie.
"This is an exact reversal of the policy
which safe finance dictates if we are to pre-.
'erve parity between gold and silver and
maintain sensible bimetallism.
II cannot conceive of longer step
toward silver monometallism than we take
when we spend our gold to buy silver cer-
t.ficAtes for circulation, especially in view
# the practical difficulties surrounding the
teplenishment of our gold.
This leads me to earnestly present the
desirability of granting to the secretary of
the treasury better power than now ex-
lists to issue bonds to protect our gold re-
serve when for any reason it should be nec-
essary.
"Our currency is in such confused con.
ditiOn and our financial affairs are apt to
assume at any time so critical . position
that it seems to me such course as dc
tated by ordinary prudence.
II am not insensible to the arguments in
favor of coming the bullion seigniorage
now in the treasury and believe it could
be done safely and with advantage if the
secretary of the treasury had the power to
issue bonds at a low rate of interest under
authority, in substitution of that now ex-
sting and better suited to the protection of
the treasury.
~ hope way will present itself in the
near future for the adjustment of our
monetary affairs in such comprehensive
and conservative manner as will accord to
silver its proper place in our currency.
"In the meantime l am extremely s0lici-
tous that whatever action we take on ttis
,ubject may be as to prevent loss and dis.
,ouragement to our people at home and the
destruction of confidence in our financial
management abroad"
GROVER CLEVELAND.
Mr.. Bland, author of the seigniorage bill,
today said he would attempt at once to
pass the bill over the Presidents veto.
In discussing the veto Senator Hale said :
1T is q source of great qualification TO
know that we have a barrier against silver
legislation. l certainly approve OF the
message"
Senator Frye said: "The sentiments ex-
pressed in the veto are sound and meet With
ny approval"
Secretary Carlisle, who is in New York,
said the Presidents veto would tend still
further to settle the silver question.