The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-03-29

IT ROBs us OF GOLD

WASHINGTON, March 29. The presi
dent today sent to the house the follow
Ing message. vesoing the Bland seiguior-
age BILL
He puts it On the ground that the bill
Is loosely drawn and would rob us "a our
GOLD He says be believes the coinage
Of the bullion seigniorage might be
safely and advanrageou done provided
authority were given secretary of the
treasury to issue bonds at low rate of
interest He expresses a hope for a
comprehensive adjustment of our none
tary affairs in short time in a way to
accord to silver. its proper place in our
currency.
4g tae House of Representatives.
"l return without my approval house
bill 80. 5496, entitled sAn act directing
fhe coinage of the silver bullion held ia
tae treasury, and for other purposes
~1y strong cezire to avoid disagree
meut with those in both houses of con-
gress who have supported this bill
Holll1 lead nae 10 approve of il If / could
believe that the public good would not
thereby be endangered and that such
action uu my part would be proper dis
charge UT official duty. Inasmuch. how
ever. as am unable TO satisfy myself
that the proposed legislation is either
obligations and res pOns DilltIes attached
to the great Office 4 hold. farbids the in
dulgence Of my personal desire. and in
exClably confines me 10 that course
which IS dictated by my reason and
judgment, and pointed out By a sincere
purpose TO protect and promote the gen
eral interests of our people
- lie financial disturbance which swept
over the country during the last year was
unparalleled in its severity and disas-
tr4us conseg guelces. There seemed to
le almost al antlra displacement Of faith
in our financial Ability and q lack of con-
E4ence in our fiscal policy. Among
those who attempted to assign causes
for eut distress II was very generally
conceded That the operation of a provis-
len Of law then ID force which required
the government To purchase monthly a
large amount of silver bullion and issue
its notes In payment therefor. was either
entirely. or to IL large extent responsible
for our condition.
~Ihis led to che repeal. on the first dav
of November. 1893 cf this statutory pro-
vision. WE ha2, however. fallen So i0w
iA tire depths IA depression and timidity.
and appreheas lou had So completely
gained control b financial circles that
CTR rapid recuperation could not be rea-
sonahly expected Our recovery has
nevertheless steadily progressed. and
though less than i've months have
elapsed since the repeal Of the mis-
chlevous silver purchase requirement. q
wholesome Improvement IS Enthusiastically
apparent. Confidence in our absolute
solyencT IS To such an extent reinstated
and faith in OUR disposition to adhere to
sound financial methods is 50 FAR restored
rs to produce THE most encourapfnlr REL
suits beth at home ana abroad
AIha wheels of domestic industry have
been slowly set in motion and the tide of
foreign investm emit BIAS again started ia
our direction Our recovery being 81
well under way nothing should be done
to check our ConValesence. nor should
we forget that a relapse at this time
would almost surely reduce as to a lower
stage Of financial distress than that from
which zve are just emerging.
Fl believe ft-af ll the bill under con-
sideration should become a law. it would
he regarded AS 4 retrogres-ion from the
financial Intentions indulged by our
recent repeal cf the provision fore-
1nA SILVER Dltlicn purchases. THAT
II would weaken 1T 1t did hot
destroy returning faith and confidence
ln our sound financial tendencies. and
EAal IS consequence our progress to
renewed business health would be un-
fortunately checked and a return to our
recent distressing plight seriously threat
ened
~Ihis proposed legislation is SO related
e me currency conditions growing out
q the law com pelling the purchase of
silver cV The Government that 4 Glance
al sach conditions ANA partial review of
FRS la" referred to may not BE unproht
Amount or silver Notes rssnea.
~Be-ween the l4th day 0f August 1890.
when the law became operative and fhe
tle Isl day ot Novembe 1893. when the
cause lJ contained directing the pur-
Gaase ot SILVER was repealed. there was
purchased by the secretary of the treas
ury more than 6S millions of ounces of
silver bullion ln payment for this bull