The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-04-04
THE BLAND BILL VETOED
TEXT OF PRESIDENT CLEVELANC'S
MESSAGE ON THESUBJECT.

TEXT OF PRESIDENT CLeVELANC'S S
MESSAGE ON TIE SUBJECT.
He Reviews the Finar cisl Condition OF
the Country st LsDg,h-Thtnks The
Measure ll,-sd1i,e ed and Dsnaerous-The
Faulty IN Constr uctioo.
WASHINGTON, March 29.-The Toi-
lowing is the text Of the Presidents
message vetoiDg the selgniorage Dill;
To the House of Representatives: L
return without my approval Hcuse DILL
numbered 1856, entitled "An Act direct'
tnp the coinage of the silver bullion
held in the Treasury and for other pur-
poses.
Nv strong desire to avoid disagree
ment with those in both houses OF Con
gress who have supported this Dill,
Tould lead me to approve it If l could
believe that the public good would not
be thereby endangered ana that sucn
action on my part would be proper
discharge of official duty. lnasmuco,
however, as am unable to satisfy my.
self that the proposed legislation IS
either wise or opportune, my concep-
tion of the obligations and responsible
tiles sttached to the great ofice nol6
forbids the indulgence OF my personal
desire, and inexorably confines me TO
that course which is dictated oy my
reason and judgment and pointed out
by q sin. ere purpose to protect and pro
mote the general interest OF our people.
The financial disturbance which
swept over the country during the last
wear was unparalleled in its severity
and disastrous in its consequences.
There seemed to be almost an entire
disslacement of faith in our hnanclai
ability and a loss of confidence in our
fiscal policy. Among those who at
tempted to assign causes for our dis,
tress it was very generally conceded
that the operation of a provision OF law
then In force which required the gov
ernment to pu,chaee monthly a large
amount of silver bullion. and issue It's
notes in payment therefor, was either
entirely. or to a large extent, responsl-
Bile for. our trouble. This led to the
repeal on tie 1st day of November,
1893. of this statutory provision We
had however. not fallen so low in the
depths of depression and tlmloltV, ana
apprehension bad 80 conpletely cameo
control In financial circles. that our
rapid recuperation could not oe reason
ably expected. Our recovery has, new
errheleSs, steadily progressed, asd
though less than FIVE months haYe
ELAPSED slpce the repleal of the mis-
chieyous silver purchase requirement.,
wholesome improvement is unm1s-
takably apparent. Confidence IN our
absolute sol,ency is to such an extent
reinses,ed and faith in our disposition
to adhere to sound fnanclsl methods Is
so far restored as to produce the MOST
encouraging results, both home and
abroad. The wheels of domestic IN
dustry have been slawly set IN motion,
and the tide of foreign investment mas
4saln started in our direction. Oar
.ecoyery being 50 we'll under way moth.
ing should be done to check ou1 con-
ysIescence, nor should we forget that
relapse at this time would almost sure
" reduce Us to lower ssags of hoan-
cia, distress than that from which we
are just emerging.
I believe that if the bill under consid.
eration should become law, It would
be regarded as 'retrogresslon from
the financial intentions indicated by
our recent repeal Of the provisions
forcing silver bullion purchases that 1t
would weaken If It did not destroy re-
turning faith and confidence in our
sund financial tendencies and that as
consequence our progress would be un-
fortunately checked and a return to
our recent distressing plight seriously
threatened.
This proposed legislation is so relat-
ed to the currency conditions growing
out of the Law compelling the purchase
of silver by the government, thas
glance at such conditions snd a parCial
review of the law referred to may LOT
be Improbable. .ooo
Between the 14th day of August, 1880.
when the law became operative, and
the 1st day of November, 1888, Whe1
the clause in 1t directing the purchase
of silver was repealed, there Were pur-
chased by the Secretary Of the Treas.
ury more than 168,0O0,0O0 ounces Of
silver bullion. In payment for this
bullion the government issued It's
Treasury notes of various denomina.
tions. amounting to nearly Slot, 6,OOO,OOO,
which notes were Immediately added
to the currency in circuletion among
our people, Such notes were, by the
law. made legal tender in payment OF
all Gebts, 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 reissusd. They were
allowed to be held by banking associa-
ttons as q part of their lawful reserves.
On the demand Of the holders, these
treasury notes were TO be redeemed 10
gold or silver coin in the discretion of
the Secretary of the Treasury, but 1t
was declared as part OF tols reoemp'
ton provision "thst it was the estab.
lished policy of the United States to
maintain the two metals on parity
with each other upon the present legal
ratio or sech ratio as may De PROVIDED
BY Law. The money coined from such
bullion was to be standard silSer dollars
and after directing the Immediate coin
ACE of a little less than 100000
ounces. the law provided that as much
of the renaiulng bullion should be
thereafter colneo rs might be necessary
to have for theredemptlon Of the Trea-
sury notes on 1,s purchase, ard that
s.any gain or seigniorage arising from
coinage shall be accounted for and paid
into the Treasury" ibis gain or seign-
forage evidently indicates 80 much Of
the bullion Owned by the government
as should remain after the us,Rg of
sufficient amount to coin as :caDv s,a.,-
dard silver dollars as shaul,
eoua! in number the dollars represent
ed by the Treasury notes issued III pay
ment of the entire quantity of bullon.
These Treas ury notes no~ Outstanding
ard ID circulation smount 10 Sl52 $751;
$50. ard aI' houga there has oeeu thus
far bu, @ C.. u parative'y small amount
of this Eu,lion colne'! ye. the so-cHll-'.
e in or se,gr.icrsse, as above d. h1ed,
which woulo arise from the coihese OF