New-York tribune., 1894-03-30
TEXT OF THE MESSAGE.
MR. c1.EvELAND's REASONS FOR Hm
ACTION.
r,,r srrcvronAGE BILL LOOSELY pRAwN-rra
TENDENCY TO ROB Us OF OUR GoLD-lN
r,vop or low INTEREST BONDS.

Washington. D. c. March 29.-The President toa
day sent to the House Of Representatives the fol-
lowing message yetong the Bland SILVER oeisio''
age bill
To the House of Representatives. ,ru ~,
return without my, approval House % oiii II, mo NO
1896 entitled AN act directing the coinage OF bs sns
silver bullion held in the Treasury ana ior JUICE
My strong desire to avoid disagreement with with
mos noes II his bin would lead me to approve it ~
Could believe that the public good would not oe
woulJ be a proper discharge OF official duty lnas:
much however. as am unable 70 satisfy myset my ,t
portune. my conception Of the obligations and re-
sponsiblities attached the great office nod ror-
oxnraby confines me to that which is die.
tatel by my reason and judgment ana POINTED Tns be
The financial disturbance which swept over the
country during the last year unparalleled IN itS
severity and disastrous consequences Tnere seemen
TO be Almost an entire displacement OF faith In our
dnancai ability and a loss OF confidence in our tis-
cal policy. Among those who attempted 70 assign
causes for our distress it was very generally CON con,
ceded that thu operation OF provision OF law then
in force which required the Government 10 Pur,,
issue lis notes in payment therefor was either en-
tirely to large extent, responsible ior our co"-
TRs led to the repeal. the first day of Novem-
W We had however iallen 50 low in the depths Of
depression, and timidity and apprehension naa 10
completely gained control in financial circles, mat
our rapid recuperation could not be reasonably
expected
FINANCIAL. RECOVERY IN PROGRESS.
our recovery has. nevertheless. steadily pro-
aressed and though less than five months nave
e,apsed since the repeal of the mischievous silver
purchase requirement a wholesome improVemens
is Enthusiastically apparent. Confidence In our abso-
lu,e solvency Is to such extent reinstated ana
faith In our disposition 10 adhere 10 souhd hhahc'a'
methods ia far restored as to produce 'he inose
encouraging results both az home and abroad
The wheels of domestic industry nave been Slow
nd he
ment has again started IN our Glrscron; nav ro,hn.
should be done to check convalescence. nor
should we forget that relapse at this tune woud
distress than that from which are just emerging;
believe that II the BIZ under consideration should
gresson from the financial intentions indicated by
recent repeal Of the pr0yson lorsnf DID
not destroy. returning faith and confidence In our
sound financial tendencies. and that as sonse, s.,
would be unfortunately checked. and a return to
recent distressing Plight seriously threatened
CURRENCY CONDITIONS.
This proposed legislation is so related to the cura
rency conditions growing out Of the law competing
the purchase Of silver by the Government that q
glance at such conditions and a partial review OF
the law referred to. may not be Improbable
law became operative and the lst day OF November.
1888 when the clause 1t contained directing the pur.
by the Secretary OF the Treasury more than l6S.
coo 900 ounces OF silver bullion.
In payment IOT tHls Du:4 ',ouS
its Treasury notes OF various denominations amounts
ing 10 nearly $l5s000O01. which notes were imme-
dIately added to the currency In circulation among
people. - -
Such notes were by the law made legal tendeA
in payment OF all debts, pubic and private ex-
cent when otherwise expressly stipulated and
were made receivable for customs. taxes and all
pubic dues. and when received might be re-
issued They were also permitted to be held By
banking associations a part OF their lawful re-
~
ON the demand OF the holders these Treasury
notes were 10 be redeemed in gold silver coin
in the discretion Of the Secretary Of ae Treas
ury but IL was declared part OF this redemp-
tIon provision that It the established policy
OF the United States to maintain the two metals
on a parity with each other upon the present legal
ratio. or such ratio as may be provided by law.
The money coined from such bullion was to b
standard silver dollars. and after directing the
Immediate coinage Of a little less than @ooo0oo
manning bullion should be thereafter coined q