The Providence news. (Providence [R.I.]) 1891-1906, 1894-03-30
MORE ABOUT THAT VETO.
The Text Of the Bland Bill Given in
Connection with 1t,
~Give Me a Bond Issue and You Can
Coin the Seigniorage," Says MIR.
Cleveland to Congress.


WASHINGTON. March 3O.-At 1928 yes
tsrday. while the roll of the house was
being called on a contested election case,
Mr.. Pruden, the presidents executive
clerk, appeared at the bar of the house,
and transmitted the presidents special
message vetoing the Bland seigniorags
bill.
As Mr.. Pruden announced that he WAS
directed to transmit a message in writing,
and the presidents approval Of sundry
house bills. for a moment the Democrats
believed that possibly Mr.. Cleveland had
signed the Bland bill.
Members rushed down the aisles from
all directions and crowded about the
speakers desk. Speaker Crisp himself
broke the seal. One glance was enough:
1T 10 a veto" said he, and the word was
passed from lip to lip.
The news was received with a mixture
Of joy and sorrow. To large majority
of Democrats the news was severe blow,
and their expressions Of dissatisfaction I'm
some cases were loud and emphatic. The
Republicans seemed to be greatly elated
at the confusion and havoc created in the
Democratic camp by the message.
Reasons For the Veto
views the financial conditions, and says
that the recovery being so well under
way, nothing should be done To check
convalescencs. His main objections to
tha bill are its unfortunate construction,
and that it will not maintain parity OF
the two metals. He says the present per-
plexities aud embarrassments of the
secretary of the treasury ought not to be
augmented by devolving upon him the
execution Of a law 80 uncertain and con-
fused.
He is convinced that the scheme pro-
posed by the second section Of the bill is
ill-advised and dangerous, and that its
ultimate result would be TO replace legal
tender treasury notes by silver certifi-
Gates, which are not legal tender
He closes by urging the desirability Of
granting to the secretary of the treasury
better power than now exists TO issue
bonds to protect the gold reserve If this
could be done, he thinks the bullion
seigniorage now in the treasury could be
safely coined.
Text Of the Bland BiiI.
Section 1. The secretary of the treasury
shall Immediately cause to be coined, as fast
~ possible, the silver bullion held in the
treasury purchased under the act Of July IA,
1890. entitled ian act directing the purchase
of silver bullion, and the issuing OF treasury
notes thereon. and for other purposes" To the
amount Of the segniorage OF such bullion, 10
wit: The sum of S55, l56, ,6Sl, aud such coin and
silver certificates issued thereon shall be used
in tine payment OF current expenditures, and
the secretary OF the treasury, may, in his dis
cretion, IL the needs OF the treasury demand
It, issue silver certificates in excess OF said
coinage. provided that said excess shall not
exceed the amount Of the segniorage, as
herein authorized 10 be coined.
Section z. After the coinage provided for In
the first section of this act. the remainder OF
the silver bullion purchased in pursuance of
said act Of July II, 1890 shall be coined into
legal tender standard silver dollars as fast as
possible, and the coin shall be held in tho
treasury for the redemption of the treasury
notes issued in the purchase of said bullion.
Sections g. As fast as the bullion shall be
coined for the redemption of said notes, tho
notes shall not be reissued, but shall be can
celled and destroyed, In amount equal to the
coin held at any time In the treasury derived
from the coinage herein provided for and sill
yer certificates shall be issued on such coin,
in the manner now provided by law, provided
that this act shall not be construed 10 change
existing law relating to the legal tender char
acter or mode Of redemption of the treasury
notes issued under said act OF July IA, 1890.
Section I. sufficient sum of money is
hereby appropriated to carry into effect the
provisions Of this act
Hands Statement.
Representative Bland, author Of the
Bland seigniorage bill, authorized the
following statement. concerning the veto
and its effect upon the future of silver:
THE main point of the veto in that the
president does not wish to infuse into the
currency any more silver until he has
more bonds and greater gold reserve.
"Hs insists on the fight that has been
In progress for the last year, on the one
hand by those who wish to increase the
bonded debt in the interests OF national
banks by selling bonds for gold and for
money to pay the current expenditures of
the government, and on the other hand
by the representatives of the people, who
are opposed to bond issues and in favor of
coming the silver bullion-the assets we
have on hand-and using this money in
the payment OF current expenses.
''The message criticizes to some extent
the language of the bill, but 1t states that
the veto il not based on that, but on the
broader ground that the purposes Of the
bill, il carried ont, .would largely initiate
the silver currency, while providing no
gold basis to preserve the parity.
''The day Is fast approaching, when the
peoples president will sign coinage bill.
intend to do everything in my power TO
present to the president free coinage bill,
and let him exercise his rules of Lindley
Murray on that"
And still Another.
Representative Hender followed the
presentation Of the presidents veto mes
sage by submitting bill for the coinage
of the silver seigniorage. The text is the
same as the Bland bill, emitting the Sec
ond section and some of the explanatory
language of the first section. 1t briefly
directs the secretary of the treasury 20
coin ~ fast as possible the silver seignior-
pge into legal tender standard silver dol
lars The bill was referred TO the coinage
committee.