The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1894-04-05
VETOED.
The President Refuses to Sign
the Seigniorage Bill
lie Sends u Message to Congress Giving In
Detail Els Reasons for This Action
He Says the BIZ Is Neither
Wise Nor Opportune Full
Text OF the Veto.


WASHINGTON, March 3O.-Tle follow
ing is the full text of the presidents
message vetoing the Bland seigniorage
bill:
To the House Of Representatives:
return without my approval house bill num-
bered 1856. entitled Gan act directing the Coin
age OF the silver bullion held in tho treasury
and for other purposes
Ny strong desire TO avoid disagreement VILE
those in both houses OF congress who have sup
ported this bill, would lead me to approve Ii II
could believe that the public good would not De
thereby endangered ani that such action on
my part would De proper discharge OF Official
duty. Inasinuch, however, ~ L I'm unaoic 10
satisfy myself that the proposed legislation IS
either wise or opportune, my conception OF the
obligations and responsibilities attached 10 the
great Office hold fOrbids the indulgence OF my
personal desire, and inexorably confines me 10
that course which is dicta ted By my reason ana
Judgment, and pointed out by q sincere purpose
to protect ard promote the general interests OF
our people.
The financial disturbance which swept over
the country during the last year was unparal'
lclcd IN its severity and disastrous consc'
quenceS
There seemed 10 Re almost an entire displace-
mcnt OF faith in our financial ability and LOSE
OF confidence in our fiscal policy. Among those
who attempted TO assign causes for our dlStress
1t was very generally conceded that The opera
ton OK a provision Of law then in force when
required the government to purchase monthly
large amount OF silver bullion and issue It's
notes in payments therefor, was either entire
ly, or to n large extent, responsible for our con-
dition This led to the repeal Oh the lSt day OF
November 1881 OF this statutory provision We
had however, fallen SO low In the depths Of de-
preston, and timidity and apprehension had SO
completely gained control ju financial circles
that our rapid rccunration could not be reason
ably expected.
Our recovery. has, nevertheless. steadily pro
crossed, and though less than five months have
elapsed since the repeal OF the mischicvous sill
yer purchase requirement. Il wholesome I'M
p:ovcmcnt Is Enthusiastically apparent Contt-
dcncc in orr absolute sovcncy IS 10 such an OK
tent reinStatcd and faith II, our disposition to
adhere 10 sound financial methods is so far re-
stored as to produce the most encouraging re-
suits both AZ home and abroad. The wheels OF
domestic industry have been slowly set in mo-
ton and the tide OF foreign investment has
again started IN our direction
Our recovery being 90 we'll under way, moth
ing should be done 10 check our conyalcSccncc;
nor should We forget that relapse at this time
would almost surely o.iuce uS 10 C. lower stage
OF financial distress than from WHICH we arc
just emerging. believe that il the bill under
considera ton should become a law il would be
regarded rs u rctro"rcsSun from the financial
intentions indicated by our recent repeal OF tic
provision forcing silver bullion purchases; that
It would weaken, II it did not destroy, return
irg faith and confidence in our sound financial
tendencies and that as a consequence our prog
rcsS 10 renewed businces health would be I'M
fortunately checked and Il return To our recent
distressing plight seriously threatened
This proposed legislation is so related 10 Inc
currency conditions growing out OF the law
compelling The purchase OF silver b. the gov
crnn:ent thata glance ut sub con iitions and =
partial review Of the law referred to- MAY not
be uproiliale.
Between the 18th dar of August. 1900 when
The law became operative, and The LIST da; OF
November lS9' when The Clause it contained
directing the purchis" of silver was repealed,
there. were purchased IL, The secretary OF The
treasury more than lbs, 10JD;U ounces Of silver
iullioa. IN payment for This b Lion the gov
crnncnt issued IT.; treasury not-S or various tie
nOn!Ma !iuES. amounting ~ nearly l.60o,oOo,
which notes were INN c;liaf"ly ::l!c,l to The cur
rcnry IN circulation among our pCOp.c. Such
note, " Gre by tue law made cis:tl tender IT. pay
meat OF all debts p"hl.c ana private. except
Y
ll::dc receivable :or c,.Stoa,s tax, S and III pub
lie cues aud vhrn so received might be rcis
sued. They were also p. r';illcu 10 lie held by
the lankmg associations Il part OF their law.
ful reserves.
On the demand Oi tI.c holders thcS. treasury
notes we're o he rode enc. il gold or silver coin
in The dis. rction Of tic secretary OF The treas
Try: but il WAS declare as u part OF this re-
dc,nption prov sion that it Vas THE established
POLICY OF the United Safes to maintain The two
metal on u parity With each other rron the
present legal ratio or such ratio rs may be pro.
yidcd by law.
The mnECy coined from such bullion was to
he standard silver Goi.ars. md after directing
TIE Immediate con 20 ut i little less than :S
OGJ WD ounces. The law ,,rovi.cd that rs much
OF ih,ercmainnt bullion si:ouh! hc thereafter
coined as in 81 be; essay 30 provide Tor the
redemption OF the treasury notes issued on its
purchase and that an gain or scsnoragc
arising from such coinage snail be accounted
for and paid into ,hc tire >ir'
This "a II or Sr'rniora"c nGtc tics 50 much OF
the bullion owned nt the GOV. rmcnt as shu Id
remain az cr uSin. j su:li hi n,nuunt TO coin
as IN nv standor ri silver dollars - should cq III
IN number The ,lo.laro represented Ivy the lr AS
ury notes issued IN payment nf tie entire guam
tty nf bullion. These treasury rOtcS now ont
Standing AMI in circulllrn Hmo mt 10 ,".Jl
Isl ard although III, re- Las been thus far hui y
comparatively small ar,orn: OF this buln,sn
coined set the SG.callcti .;:in Or sc.,nioragc rs
above c;incd, which wo III arise from the 60 n
w" o. the eht;rc mass; H., ccll cen easily ~
cerlain.d to le n guam i'y of bullion sufficient
10 maize when coined lfty.;irc !nill!OnS CEe
hundred sud ff:y,.iX .hr!;s,nd, liz hundred AMI
cighty-one standard dollars. CONSIDERING: thu
present intrinsic rc:aiioa l. twce.i goal ;l, Sill
Yer the main:cnancr Of the parity between The
two metals as mentioned in tbs lax, can mean
nothing less ll."u III ,9t.!!;"Il.rn.C Q: Slrh Is
ltlri: IL tie i:Ld, on ard cou;.Icnvc q, III"
IcOn]c WHO use our money in their daily ;r.:nS
actions.
n.anires,l7 the maintenance Of this !.arity
can only u" a"C0",.!i-" y. lar as /; : =, ted
by ,hcsc IT.. SUI rec. NJ in he TIM .iina
Ci tic oh - O: h ~. by .r.viG: :;;..
hciicrS OK lie / r. a. !1.' on, III" g, H. hcihec
i: is Gol or silver vhici ,iiey prefer. 1t fol-
lows HAT Wii.c i. ,.rln> til" Law ic VS. tho
choice ~ COLI 10 r.. ~ ra S'itl redemption 10
the CiScrc !. u q; ;hc 90 :rv ~ tr irr;isl.r,.
the exercise I Ills rt;i..i. i; clinoSrd t. the
demands al nc n..;,:. e" = c::ircl: i,con- i>lcnt
wi h ti:t T.. ii. c AZ ere. cd MA n;enaitr OF
The purity Ia t~tc : i"3 ;aat-.!,
II toh s. at ) v.'s urc f. cry. &c rs
none ; uad il :hc go ~ are s'iDnly our
PC o. H. Il SAT. ;:r, stat: / rrcuc .c lctCs,:t;
OF preserving, lbs p.,''y is nlyi:i, :,uc!l IL"
ccss:Iy has hccn rap tod.y con cd:.d in the
platforms o. BOT: y &. p!rirs .,u in DER
federal siatl:"s il Is no..l: 70 i:.:.:c rlnp.lai
irally rvcog:,'Z Il iha: Ii The recent iay VIII b
repeated Ia: l:ovisio? ln.,cr wh'rh Inc hi'l.icI
HOW on lEint. y'% nEr' his. |. q. il1 n>.S,.;
upon the i..nirntlcc Of The p.r i, v,lc III
the coins th, tNr .nct.i..;.,.i.l i.'oq.u power
OF Gerry dollar III I'll 4: Il III rItr.irls ard
Ia The payment ~ .irbt> -