Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1894-04-06
SEIGNl0RAGE BILL VETOED
The President Gives His Reasons for
Not Approving the Measure.
The BILL Is UHTlxELY AND FAULTY
Just Recovering From the Recent Financial
Depression, Nothing Should Be Done
to Check Our ConValsscence.


to Check Our ConValsscence.
WASHINGTON, March 29.-The president
has vetoed the Bland seigniorage bill. In
bis message the president says:
1.-THE recovery from the recent depres-
sion is steadily progressing. The wheels
Of domestic industry have been slowly set
in motion and the tide of foreign invest
ment has again started in our direction.
Our recovery being 30 we'll under way,
nothing should be done to check our
nor should We forget that
q relapse at this time would almost
surely reduce us to a lower stage OF
financial distress than that from which
we are just emerging"
The message, owing to the relations of
the Bland bill to the currency conditions
Of the silver purchase law lately re-
pealed, partially reviews that law. The
president then submits specific state
ment of his objections to the seigniorage
bill as follows:
This bill consists of two sections, ex-
GLIDING the one which merely appropri-
ates sum sufficient to carry the act into
effect. The first section provides for the
immediate coinage of the silver bullion
in the treasury, which represents the go
called gain or seigniorage, which would
arise from coming all the bullion on
hand, which gain or eeigniorage this sec
ton declares to be $55, 156, 68l. 1t directs
that the money 80 coined or certifica es
issued thereon, shall be used in payment
of public expenditures, and provides that
If the needs of the treasury demand it
the secretary of the treasury may in his
discretion issue silver certificates IN ex-
GEES of such coinage, not exceeding the
amount of seigniorage in said section au-
thorized to be coined. The second Sec
ton directs that az soon as possible after
the coinage Of this seigniorage the re-
mainder Of the bullion held by the gov
eminent ehall be coined into legal tender
standard silver dollars, and that they
shall be held in the treasury for the re-
demption of treasury notes issued in pur-
chase of said bullion. 1t provides that
as fast as the bullion shall be coined for
the redemption of said notes they shall
not be reiesued, but shall be cancelled
and destroyed in amounts equal to the
coin held at any time in the treasury de-
rived from the coinage provided for, and
that silver certificates shall be issued on
/
by law. 1t is, however, especially de.
clared in said section that the act shal
not be construed to change the existing
laws relating to the legal tender char
acter or mode of redemption of the treas
ury notes issued for the purchase of sill
yer bullion to be coined. The entire bill il
most unfortunately constructed. Nearly
every sentence presents uncertainty anc
invites controversy as to it's meaning
and intent. The first section is es
pecially faulty in this respect, and it il
extremely doubtful whether its Language
will permit the contamination of its sup
posed purposes.
"The present perplexities and embar.
easements of the secretary of the treasury
ought not to be augmented by devolvine
upon him the execution of laws 80 un
certain and confused. l am not willing
however, to rest my objection to this
section solely on these grounds. Ia my
judgment sound finance does not com
mend the further infusion of silver into
our currency at this time, unaccom
panied by further adequate provision fol
the maintenance in our treasury of a SAFE
gold reserve. Doubts also arise as to tn,
meaning and construction of the seconS
section of the bill.
"In stating other and more importan
reasons for my disapproval of this sec
ton, l shall assume that under it's pro
visions treasury notes issued in paymen
for silver bullion will continue to be re
deemed as heretofore in silver or gold a
the option of holders, and if when the,
are presented for redemption or they reacl
the treasury in any other manner Their
are in the treasury coined silver dollar
equal in nominal value to such treasur,
notes, then and in that case the note
will be destroyed and silver certificate
equal to the amount substituted. l an
convinced this scheme is i'll advised an,
dangerous. AS an ultimate result
of its operation treasury note
which are legal tender for all debt
public and private, and which
are redeemable in gold or silver at tn
option of the holder, will be replaced b.
silver certificates, which, whatever ma
be their character and description, vii
have none of these qualities. In antici
patton of this result and as an imme
date effect, treasury notes will naturall
appreciate In value and desirability
The fact that gold can be released upo
them, and the further fact that thei
distraction has been decreed when the
reach the treasury, must tend to thei
withdrawal from general circulation to b
Immediately presented for gold redemp
ton or to be boarded for presentation q
a more convenient season. The seaue
of both operations will be large add
ton to the silver currency in our circu
lation and a corresponding reduction {
gold in the treasury.
81 cannot conceive of longer ste
toward silver mon ometalism than W
take when we spend our gold to bu
silver certificates for circulation, espt
cially in view of the practical difficu
ties surrounding the repleni shment {
our gold. This leads me to earl
estly present the desirability
granting the secretary OF tn
treasury better power than no
exists to issue bonds to protect our gol
reserve when, for any reason, it shoul
, be necessary. hope way will preser
| itself in the near future for the adius
ment Of our monetary affairs in such
comprehensive and conservative mann,
as will afford to silver its proper place i
|, our currency"
HFuNr