The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1894-04-07
SILVER BILL VETOED.
Grover Cleveland's Reasons
for Disapproval.
THE MEASURE Is VERY FAULTY.

Wssid Tssd 10 Check Rstsra 10 Pros.
Psrity and Dspists the Geld Reserve
Secretary Of The Treasury Wssia -
ua@psEsd BY Its Prssisisss.
WAsMlsarox. The President sent Ia
the House the following message vetoina
the Bland seigniossge bill:
To the House OF Representatives:
return without my approval HOUSE bill
No. I. 56, entitled An At directing the
coinage Of the silver bullion held in this
treasury and Tor other purposes" My
strong desire to avoid . disagreement
with thosS In both Houses Of Congress
who have supported this bill would lead
me to approve il II could believe the
public good would not be endangered,
and that such action on my part would
he proper discharge OF my official duty.
Inasinuch, however. ~ ! an unable Ia
satisfy myself that the proposed iegisls-
ton Mas either wise or oppoFtune. my
conception Of the obligations and re-
sponsibillti1s attached To the great Office
hold forbids tho indulgence Of my per
sonAi desire, and inexoFAbly confines me
to that course which il dictated by my
rrason and judgnens aud pointed out
by sincere purpose TO project and pro-
mote the general interests Of our people.
LAsr WARS PANIC.
The financial disturbance which swept
over the country during last year was
unparalleled In its severity and disas-
trons consequences. There seemed to he
an almost entire displacement Of faith
tss as.- sst ak.itasS L. -
hdencr In our fissal policy. Among those
who attempted 10 assign the causes for
ons Distress u was very generally con-
erissi that tho operation of the provision
oi the las then In tosu- which required
the government TO purchase monthly q
lafg. amount of silver balboa and 10 10.
Sue It's notrs In payment therefor sas
either ~asirrss or Ia large extent re-
sponsibie for our condition. This lr.i TO
Tie repeal On the iss day of November,
lsss. OF this statutory provision. We
had. however. fallen - low In tho depths
al drps-ssaoa, and ttmidity aud appsr-
hcnsion had 20 completely xainrd COZ.
uol In financial circles. that car rapid
rr-uprfatioa could not l- reasonably cx.
pcctcd.
sit0nr snsosnsS.
Our r~eos~ry has nevertheless steadily
ptSxfwsscd, and though lrss than nve
ta.snti.s have elapsed sincu the svpral Of
IT, ss.i~hs~sons silver purchase rrquirs-
nn,.s, y wholesome improvement 10 un.
I'm isiaksliy Appar~us. Conhdrnoc In
our absolute s,irency 10 10 such an ex-
tent ruinssAled and faith IN our dispssi-
tson 10 adhere 10 sound financial meth
DDS No lar RESTORED ~ 10 produce the
most encouraging F~suits 10th 81 home
and abroad. Tbs wheels OF domestic in.
dustry have b~cn slo~iy SGT In motion,
and the tide II foswlgu investment, 10
ssasr stArsrsi in our dirvction. Our re-
.,scry being NO veil under way. nothing
shpald he done 10 chr~k our cousalcs-
crnc-, nor should 90 fory~s thai q re-
larse ., this time woald almost surely
frdae~ us 10 . lower staer III financial
DISTRESS than iha, from which 90 arr
tust emerging. believe that " sh~ bill
snsles consideration should become Q
Law IL would 10 regarded ~ . Fesfugrvs-
zion from the financial Intentions IN
juls~, by our rccvnt r~p~a. oi the pro.
vision forcing silver bullion purchases;
that II ~oald weaken. II IL did not de.
ssroy. the r~surnin. faith and confidence
IN our spupd financial tendencies, aud
that IN consequence our psusrrss 20 re-
nr~rsi business health could be unior-
suna,ely checked and rvtnrn 90 our re-
cent distressing plight seriously threat
en-i.
sstsraiSrp ONLY nv CONFIDENCE.
Considering the present intrinsic rcia-
ton bct~ccn gold and silver. tho main.
'snancr 81 = parity between the two
metals. as mentioned In this Law, can
mean poihin. less than . maintenance
Of sucb parity in the estimation and
confidence OF the pcoplc who use our
money In daily transactions. Manifest
~ n maintenance 81 this parity can only
t~ accomplished. 20 Tar a. u IL affected
10y these treasury notee and in the c.ti-
nation Of the holders OF the same, by
giving such holders on their rrslem piion
In ooin either gold or silver, which they
prrter. II follows that while In terms
tho Law leave. the choice oi coin 10 he
paid on such redemption to the discre-
lion ot the Secretary Of the Treasury.
the exercise 81 this discretion. u opposed
tn III. demands ii the holder, IL entirely
inconsistent with tho effective beneficial
maintenance ri parity between the
two metals. II both gold and silver are
tn serve us ~ money. and II they to-
rsther are 10 supply to our people q
safe, stable currency. the Necessity Of
preserving this parity is obvious. Such
Necessity has been repeatedly cnnceslcd
In the platforms Of both political parties
and In our federal statutes. II Ia now
here more emphatically recognized than
In the recent Law which repealed the
provision under which the bullion now
on hand MAS purchased.
DOLLARS ov KauaL VALUE.
This Law insists on the maintenance Of
u parity In the value OF the coins Of the
[two metals and the equal power Of every
dollar at all times In the markets and In
Ethe payment of debts. The Secrc.
Gary Of the Treasury has therefore,
Tor the bert Of reasons, not only COM
|plied with the every demand Tor the
redemption Of these treasury notes In
|Iold. but the present situation, a. well
e the letter and spirit Of the Law, ap-
pear plainly TO Justify, u they do not
snjoin upon him, the continuation of
Duch redemption. The conditions have
Dndeavored TO present may be thus sum.
married:
1 First-The government has purchased
Ind now has on hand sufficient silver
bullion to permit the coinage Of all the
Dilver dollars necessary 10 redeem In
1nch dollars the treasury notes issued
br the purchase Of said silver bullion,
md enough besides 70 coin, "a gain or
Digniora9e, SO, 1865 ,8sl additional stand
nd silver dollars.
6econd-There are outstanding and
ow In circulation treasury notes issued
payment Of the bullion purchased
mounting to t1b2, 1851 DO. These notes
legal tender In payment Of all debts,
bile and private, except when other