St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-03-30
GROWERS VETO.
Full Text of the Presidents Mes.
sage on the Bill.

Full Text of the Presidents Mes.
sage on the Bill.
WASHINGTON. March 29.-The presi.
dent today sent to the house of repre-
sentatiyes the following message. veto.
ing the Bland silver seigniOrage bill:
To the House of Representatives:
return without my approval house
bill numbered 1896, entitled IAN act
directing the coinage of the silver bull.
ion held in the treasury, and for other
purposes"
My strong desire to avoid disagree
ment with those in both houses of con.
gress 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 OH my part would be aproper
discharge of official duty. Inasmuch,
however, as l ain unable to satisfy N.Y.
self that the proposed legislation
is either wise or opportune, my
conception of the obligations
and responsibilities attached to
The great Office I hold forbids
the indulgence of my. personal desire,
and lnexorably confines me to that
course which is dictated by my reason
and Judgment, and pointed out by q
sincere purpose to protect and promote
the interests OF our people. The finan-
cial disturbance which swept over the
country the past year was unparalleled
in its severity and disastrous conSe-
quence. 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
attempted to assign causes for our dis
tresS it was very generally conceded
that the operation OF provision of law,
to enforce which required the govern
ment to purchase monthly large
amomnt of
SILVER BULLION,
and issue its notes in payment therefor,
was either entirely, or to a large extent,
espOnsible for our condition. This led
to the repeal Oh the 1st day of Novem-
Der. 1893, of this statutory provision.
We had, however, fallen SO low in the
depths of depression, and timidity and
apprehension had SO completely gained
control in financial circles, that our rapid
remuneration 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 pur.
chase requirement, wholesome i'm
proyement is unmistakably apparent.
Confidence in our absolute Solvency is
TO such an extent relnStated and faith
in our disposition to adhere to sound
financial methods so far restored as 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 relapse at this time would almost
surely reduce us to lower stage of
financial distress than that from which
we are just emerging.
| believe that if the bill under conSid.
Grafton should become law, it would
he regarded as a retrogression from the
financial intentions indicated by our
recent repeal of the provision forcing
silver bullion purchases; that it would
weaken if it did not destroy returning
faith and confidence in our sound
FINANCIAL TENDENCIES,
and that, as a consequence, our progress
to renewed business health would he
unfortunately checked, and return to
our recent Distressing plight seriously
threatened.
This proposed legislation is so related
to the currency conditions growing out
of the law compelling the purchase OF
silver by the government that glance
at such conditions, and apartial review
of the law referred to, may not be un-
profitable.
Between the 14th of August. 1890,
Continued On FOnrth Page.