The Washington times., 1894-03-30
SILVER GETS A SET BACK
At Last Comes the Veto Of the Bland
Seigniorage Bill.
OPINIONS OF PARTY LEADERS
The Message Raises the Issue Fairly and
Squarely Between Monemetallists and
Bimetallists- Coming Campaign Before the
Country to be Fought on this Issue.

While the roll Of the House was being
called ON the contested election case yester.
day, Mr.. Pruden, the Presidents executive
clerk. appeared at the bar OF the House and
transmitted the Presidents special message
vetoing the Bland seigniorage bill. As Mr..
Pruden announced that he was directed to
transmit message in writing and the Presi-
dents approval of sundry House bills, for
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 is veto," said he,
and the word was passed from lip to lip.
The news was received with a mixture OF
joy and sorrow. A few of the eastern Demo-
Gratis plumed themselves on the accuracy Of
their predictions, but to the vast majority the
news of the veto was severe blow and their
expressions of dissatisfaction in some cases
were loud and emphatic.
Representative Bland, author of the bill,
authorized the following statement concern
ing the veto and its effect upon the future of
silver:
.sThe main point OF the veto is that the
President does not wish to infuse into the
currency any more silv until he has more
bonds and a greater 60 d reserve. He 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 interest 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 OPP
posed 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 expenditures.
1.-The message criticises to some extent the
language of the BILL but states that the veto is
not based on that, but on the broader ground,
that the purposes of the bill, il carried out,
would largely initiate the silver currency,
while providing no gold basis to preserve the
parity.
''The first section Of the bill provides for
the coinage of the bullion held under the
Sherman act. That act provides that the bull
lion shall be coined into standard silver dol
lars. The Sherman act is not repealed, and
hence the Presidents observations, that it is
not clear into what kind of coins the bullion
shall be struck, is not lawyer-like, when a
lawyer would know the bill is mere supple
ment to the Sherman act and leaves the bull
lion to be coined under that act. No friend
of the bill in the House or the Senate has
even considered it as wanting in certainty or
requiring any amendment These criticisms
of the bill itself were wholly unnecessary On
the part Of the President, when he gives Con-
gress to understand that no bill could pos
sibly be drawn compelling the coinage of
the silver bullion which would meet his ap-
proval
"A President at all in sympathy with the
purposes of the bill would have signed it.
College professors may criticise its language,
but man who sprung from the people like
Abraham Lincoln and representing not the
money power. but the interests OF the masses,
would have signed the bill although college
professors might have stigmatized him as a
rail splitter"
Concerning the future of the silver move
ment Mr. Bland said:
1T is evident that under the single gold
standard nothing can be done on the currency
question without consulting the few people
who own the gold OF the world. These people
have dictated the veto OF this bill.
THE fight from now on will be whether
the people of this country shall control the
currency by permitting gold and silver TO
come TO the mints free and thus supplying
themselves with constitutional currency, or
whether we are to be mere slaves of the own
ers of gold in Lombard street and Wall street.
THE day is fast approaching when the
peoples President will sign a coinage bill. l
intend to do everything in my power to pre-
sent to the President free coinage bill. and
let him exercise his rules of Lindley-Murray
on that"
The veto reads in part as follows:
To the House of Representatives: / return
without my approval House bill numbered 1856,
entitled IAN act directing the coinage of the
silver bullion held in the Treasury and for other
purposes"
My strong desire to avoid disagreement with
those in both Houses of Congress who have sup
ported this bill, would lead me 10 approve it If
could believe that the public good would not
be thereby endangered, and that such action on
my part would be proper discharge of official
duty. 1nasmuch, however, as ! am unable to
satisfy myself that the proposed legislation is
either wise or opportune, my conception Of the
obligations and responsibilities attached to the
great Office hold forbds the indulgence of my
personal desire, and inexorably confines me TO
that course which is dictated by my reason and
judgment, and pointed out by n sincere purpose
to protect and promote the general interests of
our people
After an elaborate discussion OF the ques-
tions Of finance raised by the coinage of the
seignoirage the President concludes:
am not willing, however, to rest my objection
to this section solely on these grounds; in my
judgment sound finance does not commend a
further infusion of silver into our currency at
this time unaccompanied by further adequate
provision for the maintenance in our Treasury
of a safe gold reserve.