Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-04-05
THE BILL VETOED.
The President Objects to the Bland
Silver Measure.
He Thinks That should It Become a Law
It Would Check the Return OF
Prosperity - Other Reasons
for HIS Action
SUMMARY OF THE VETO.

dent yesterday returned TO the hose
without his approval the Bland bill
directing the coinage of the silver bull
lion held In the treasury, and for other
purposes
The message refers to the terrible
financial disturbance which swept over
the country last year, marked by 'al-
most an entire displacement of faith In
our financial ability and a loss of con-
hdence in our fiscal policy" The re-
peal of the mischievous silver par
chase requirement" he says, has been
followed bya wholesome improvement,
and nothing should be done to check
our convalescence, especially as a re-
lapse Ct this time would almost surely
reduce us TO lower stage of financial
distress than that from which we are
just emerging"
Unfortunately Constructed.
THE entire bill is most unfortunate
ly constructed, the president says,
nearly every sentence in it presenting
uncertainty and inviting controversy
as to its intent 1t appears to have
been meant to provide for the coming
of the so-called seigniorage into stand
ard silver dollars, but there is nothing
in the bill to prevent it from belng
coined into any other description of sill
YER coins now authorized by law"
Il1-Advised and dangerous.
He holds that sound finance does not
commend further infusion of silver
into our currency at this time. unae-
companied by further adequate provi-
sions for the maintenance of a
safe gold reserve He is convinced
that the scheme for retiring
the treasury notes is 'ill-sdvised
and dangerous AS an ultimate
result of its operation the treasury
notes, which are legal tender for all
debts, public and private, and are re-
deemable in gold or silver at the OPP
ton of the holder, would be replaced
by silver certificates that would have
none of those qualities
Against safe Finance.
The president also objects to the bill
as ''embodying plan by which the
government would be obliged TO pay
out its scanty stock of gold for no other
PhA tN(yC Lb6A W AOIO[ oil hnAatuf III
dition Of silver money into the hands Of
the people. This" he says, lis an ex-
act reversal of the policy which safe
finance dictates
Outstanding silver Certificates.
''We have now" the president says.
outstanding more than S33s, 200, 900 in
silver certificates issued under existing
laws. They are serving the purpose of
money usefully and without question.
Our gold reserve amounting to only a
little more than 500, 200, 900, is direct
ly charged with the redemption
of 1916, 600, 900 of United States notes.
When it is proposed to initiate our silver
currency it is time for strengthening
our gold reserve instead of depicting it.
/ cannot conceive of longer step
toward silver recommendation than we
take when we spend our gold TO buy
silver certificates for circulation, es-
pecially in view of the practical diff
culties surrounding the replenishment
of our gold"
More Power to Issue Bonds.
He earnestly recommends that the
secretary of the treasury be granted a
better power than now exists to pro-
tect our gold reserve by the is
sue of bonds when that may be neces-
sary. He thinks If this were done
the bullion seigniorage now in the
treasury could be coined safely
and with advantage He hopes way
will be found for the adjustment of our
monetary affairs in such comprehen-
sive and conservative manner as viii
afford to silver its proper place in our
currency, but expresses his anxiety
that whatever action may be taken on
this matter may be such as to prevent
loss and encouragement to our peo-
pie at home and the destruction Of for
eign confidence in our financial man
agement.