The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1894-03-30
BLAND BILL VETOED.
The President Declares 1t III Ad-
vised and Dangerous.
FAULTY IN ITS CONSTRUCTION.

Uncertainty and Invites Controversy as
to Its Meaning and Intont-More Power
to Issue Bonds Urged.
WAsmINGToN March 0-The president
yesterday sent to the house of representa-
tives a message vetoing the Bland silver
scigniorage bill. After referring al length
TO existing financial depression and the
repeal of the Sherman silver purchase Law
lie proceeds in part MS follows:
j believe that if the bill under considern-
tion should become n law it would be re-
parded as retrogression from the finan-
cial intentions indicated by our recent re-
peal of the provision forcing silver bullion
purchases, that il would weaken IL II did
not destroy returning faith and confidence
in our sound financial tendencies, ,aud that,
rs consequences, Our progress to renewed
business health would be unfortunately
checked and r return to our recent dis
tressed plight seriously threatened
Considering the present intrinsic reln-
tion between gold aud silver, the MAIN
teuancc of the purity between the two
metals as mentioned in this law can mean
nothing less than the maintenance of such
a parity in the estimation and confidence
of the people who use our money in their
daily transactions.
Manifestly the maintenance of this par
ity can only be accomplished so far rs it
is affected by these treasury notes and in
the estimation Of the holders of the same,
by giving TO such holders, on their re-
demp,iun, the coin, whether il is gold or
silver. which they prefer,
II follows that while in terms the law
leaves the choice of coin to be paid on such
redemption to tho discretion of the secre-
tnry OF the treasury, the exercises CT this
discretion II opposed to the demands of
the holder, is entirely inconsistent with
the effective and beneficial maintenance Of
the parity between the two metals.
If both gold and silver are to serve US
for money, aud IL they together are 10
supply to our people a safe and stable cur
rcncy, the necessity for preserving this
parity is obvious Such necessity has been
repeatedly conceded In he platforms Of
both politicai parties and in our federal
statutes.
The law insists upon the maintenance
of the parity in value of the coins OF the
two metals and the equsl power of every
dollar ut all times in the markets and in
the payment of debts,
The secretary Of the treasury has, there
fore, for the best OF reasons, not only
promptly complied with every demand
in gold, but the present situation, as well
a. the letter and spirit of The law, appear
plainly 10 justify, if they do moi enjoin
upon him, n continuance Of such redemp-
tion.
The entire bill l. most unfortunately
constructed. Nearly every sentence pre-
sentl uncertainty, aud invites controversy
as TO its meaning and intent The first
section is especially faulty in this respect,
and il is extremely doubtful whether its
language will permit the contamination
oi its supposed purposes,
am led To believe that the promoters
OF the bill intended in this section to pro-
vide for he coinage of the bullion consti-
tutug the gain or seigniorage. as it Is
called. into standard silver dollars; and
yet there is positively nothing in the sec
tion to prevent its coinage into any de-
scription of silver coins now authorized
under any existing law
Doubts also arise Ms TO the meaning and
construction OF the second section OF The
bill. If the silver dollars therein directed
to be coiucd are R- the section provides
to be held Ia the treasury for the redcmp-
tiou Of treasury notes, 1t il suggested that
strctly speaking, certificates cannot be is
sued on such coin lin the manner now
provided by law" because these dollars
arc money held in ths treasury for the ex-
press purpose Of redeuming treasury notes,
on demand, which would ordinarily mean
that they were set apart for the purpose of
substituting them for these treasury notes
] am convinced that his scheme is ill
advised and dangerous. AS an ultimate
result of its operations treasury notes,
which are legal tender for all debts, pub
lie and private, and which are redeelnable
- -
holder, will he replaced by silver cerlin.
Gates, which, whatever may be their char
acter and description, will have none of
these qualities.
We have now outstanding more than
t33S, 600 o0J silver certificates Issued under
existing laws. They arc serving the pur-
pose of money tlscfullY and without CUES
tion. Our gold reserve, amounting to only
little more than Sla0.U01G0 GEO, is directly
charged with the redemption of sJ46, ,000, 900
of 'nted States notes.
When ii Is proposed to initiate our silver
currency II is time for strengthening our
gold reserve, instead of depicting it.
cannot conceive of longer step to-
wards silver mou0metallism than we take
whan we spend our gold to buy silver cer-
tifcates for circulation, especially In view
Of the practical difficulties surrounding
the fcpieillStlnlent OF Our gold,
This leads me to earnestly present the
desirability of granting to the secretary
of the treasury better power than now
exists to issue bonds to protect our gold
reserve when, for any reason, it should be
necessary,
Our currency is In such "A confused con
dition, and our financial affairs are apt to
assume nt any time so critical u position
that it seems to me such course is die
tatcd by ordinary prudence.
Ann not lnseneiblp to the arguments in
/ favor of coming the bullion scigniorage
now in he treasury, and believe it could
| lie done safely aud with advantage, If the
! secretary Of the treasury had the power tC
| is7ue bonds at a low rate of interest under
authority in substitution of that now ex.
isting aad better suited to the protection
| OF the treasury.
| hope way will present itself in the
near future for the adjustment of oui
monetary affairs in such comprehensive
aud conservative manner as will accord tc
silver its proper place iu our currency.
| New Jerseys Senate.
TREHToN, March 3o.-The senate mel
Inst evening for the purpose of passing
the Hudson and Essex freeholder bills
! The bills were amended, and therefore