The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1894-04-04
The Veto.

On Thursday of last week the presi-
dent sent to the house of representa-
tives his message vetoing the Bland
bill for the coinage of the seigniorage
and the remainder of the silver bullion
purchased under the Sherman act. The
president discusses the financial situa-
ton at considerable length, and gives
his reasons for denying the bill his ap-
proval. These are the faulty construc-
ton of the bill, "nearly every SEN
tence of which presents uncertainty
and invites controversy as to its mean
ing and intent" These uncertain
ties were exposed and discussed in
the senate by Senator Sherman and
others after the craft of the partisans of
the bill had carried the measure beyond
the amendment stage. But the presi-
dent is not willing to rest his objec-
tions to the first section of the bill
solely on the ground of unfortunate
construction, involving uncertainty as
to its meaning and intent. In his
| judgment, sound finance does not
commend a further infusion of silver
into our currency at this time, unac-
companied by further adequate provi-
sion for the maintenance in our treas
ury of a safe gold reserve"
Doubts also arise In the mind of the
president as to the meaning and intent
of the second section of the bill. These
grow out of the proposed substitution
of silver certificates for the treasury
notes issued in payment for silver bull
lion. The treasury notes are a legal
tender for all debts, public and private,
and are practically redeemable in gold;
the silver certificates which will re-
place these treasury notes, whatever
may be their character and description,
will have none of these qualities. The
treasury notes will appreciate in value.
They will be boarded or withdrawn
from general circulation, to be imme-
diately presented for redemption, and
8" the sequel of both operations will be
large addition to the silver currency
in our circulation, and a corresponding
reduction of gold i'll the treasury" If,
as the friends of the bill argue, these
things cannot occur at once because a
long time must elapse before the coin
age of anything but the seigniorage,
the president thinks this good reason
why this part of the bill should not be-
come law so long in advance of the
time when it can have practical effect.
The president is led to the conclusion
that the second section embodies a
plan by which the government will be
obliged to pay out its scanty store of
gold for no other purpose than to force
an unnatural addition of silver money
into the hands of our people,"
In view of the fact that there are
now 1888 100000 of silver certificates,
and that the gold reserve-now only
about 800, 900, 0OO-is directly charged
with the redemption of $346 900, 900 OF
United States notes, the president is
! not favorably impressed with the prop
: osition to spend gold to buy silver
| certificates, and is led earnestly to
, present the desirability of granting tC
l the secretary of the treasury better
power than now exists to issue bonds
r to protect our gold reserve when TO
| any reason it should be necessary"
9 While the president is unquestion
t ably sound in his financial views and de
a serves commentator for his courage il
Q maintaining his convictions against tn