Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1894-04-06
THE VETO MESSAGE.
THE REASONS WHY 1T WAS
DONE

DONE
The Financial Condition Reviswe,
He Makes Many Objections I,
the BiII.
Following is the message of tn
President disappearing the Blan,
bill, sent to the House on the 29tl
ult.:
To the House of Representatives.:
return without my approval Hous'
bill number 1896, entitled can ac
directing the coinage of silver bullion
held in the treasury and for othe
purposes" My strong desire to avoit
disagreement with those in both houses
of Congress, who have supported thi'
bill would lead me to approve it if
could believe that the public goot
would not be thereby endangered, ant
that such action on my part would bt
a proper discharge of my official duty
Inasmuch, however, as l am unable te
convince myself that the proposed leg
islation is either wise or opportune my
conception of the obligations and re
sponsibilities attached to the great Of.
flee hold forbids the indulgence oi
my personal desire, and inexorably
confines me to that course which is
dictated by my reason and judgment
and pointed out by my sincere purpose
to protect and promote the general in
terests of our people.
THE PANIC.
The financial disturbance which
swept over the country during the last
year was unparalleled in its severity and
disastrous consequences. There seemed
to be almost entire displacement in
the faith in our financial ability and
the loss of confidence in our financial
policy. Among those who attempted
to assign causes for our distress it was
very generally conceded that the op-
Grafton of q provision of the law then
in force which required the govern
ment to purchase monthly a large
amount of silver bullion and issue its
notes in payment therefor, was either
entirely or to large extent RESPONSE
BILE for our condition. This led to the
repeal on the first day of November,
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 recuperstion could not be
reasonably expected.
GROWING BETTER.
Our recovery has nevertheless stead
lily progressed, and though less than
five months have elapsed since the
repeal of this mischievous silver pur-
chase requirement, wholesome i'm.
provement is unmistakable, 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 well
under way nothing should be done to
check our convalescence nor should
we forget that q relapse at this time
would almost surely reduce us to q
lower stage of financial distress than
that from which we are just emerging.
REASONS FOR VETO.
believe that if the bill under con-
sideration should become law, it would
be regarded as retrogression from
the financial intentions INDUCED by
our recent repeal of the provision
forcing the silver bullion purchases
that would weaken, il it did not destroy
returning faith and confidence in our
sound financial tendencies, and that.
a. q consequence, our progress to re-
newed business health would be unfor-
tunately checked and return, to our
recent distressing plight seriously
threatened. This proposed legislation
is 80 related to the currency conditions
growing out of the law compelling
purchase of silver by the government
that q glance at such conditions and a
partial review of the law referred to
may not be improbable.
BY WAY OF REVIEW.
Between the 18th day OF August,
1890, when the law became operative
and the first day OF November, 1898
when the clause it contained directing
the purchase of silver was repealed,
there we're purchased by the Secretary
of the Treasury more than one hun
dred and fifty-eight millions Of ounces
of silver bullion. In payment for this
bullion the government issued treasury
notes of various denominations
amounting nearly to $156.OOO. .OOO
which notes were added to the currency
in circulation among our people
Such notes were by law made legal
tender in payment of all debts, public
and private, except when otherwise
expressly stipulated, and were made
receivable for customs taxes and all
public dues, and when so received
might be reissued.
They were also permitted to be held
by banking associations as q part ol
their lawful reserves. On the demand
of the holders these treasury notes
we're to be redeemed in gold or silver
coin, in the discretion of the Secretary
of the Treasury, but it was declared as
a part of this redemption provision
that it was the established policy ol
the United States to maintain the two
metals on a parity with each Other
upon the present legal ratio or such
ratio as may be provided by law. The
money coined from such bullion was
to be standard silver dollars, and after
, directing the immediate coinage OF
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