Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1894-04-06
PRESIDENTS VETO.
He WithhOIdS Approval Of the
Bland Bill.
LOOSELY DRAWN MEASURE
Then Again Mr.. Cleveland Believes
1t Would Rob the Treasury or
Gold and Would Retard the Re-
vival of Business Prosperity
in the Country.

vivaI of Business Prosperity
In the Country.
The President sent to the House of Repre-
sentatiyes message vetoing the Bland silver
seigniorage bill.
The President vetoes the bill on the ground
that it is loosely drawn and would rob us OF
our gold.
The veto message was SEPT to Congress
within the 10 days given by the constitution.
Sundays are not included in this 10 days
There is no question here as to the legality
of the veto. The message in full is as fol-
lows:
TO The House of r personalities: return
without my approval House Bul NO. 1900, Gu
titled "An act directing the coinage OF the
silver bullion held in the Treasury and for
other purposes.
NV strong desire to avoid disagreement
with those in both Houses in Congress who
have supported this bill would lead me to aP..
prove it If could believe that the public good
would not be thereby endangered, and that
such action on my part would be proper
discharge of official duty, Inasmuch, now
ever, as am unable to satisfy myself that the
proposed legislation rs either wise or oppor-
tune. my conception of the obligations and
RESPONSIBILITIES attached to the great office |
hold forbids the indulgence of my personal
desire and nexorably confines me to that
course which is dictated by my reason and
Judgment and pointed out by sincere pur-
pose to protect and promote the general IL
terests Of our people
The financial disturbance which swept over
the country during thel last year was unparall-
eled in its severityand disastrous consequences.
There seemed to be almost an entire displace-
ment Of faith in our financial ability and
loss of confidence in our fiscal policy.
Among those who attempted to assign
causes for our distress it was very generally
conceded that the operation of provision of
law then in force, which required the govern
ment to purchase monthly large amount OF
silver bullion and issue its notes in payment
therefor, was either entirely, or to large ex-
tent, responsible for our condition.
REPEAL OF THE SILVER LAW.
This led to the repeal, on the 1st day of
November, 1898, of this statutory provision.
We had, however, fallen so low in the depths
Of depression, and timidity and apprehension
had 80 completely gained control in financial
circles. that our rapid recuperation could not
be reasonably expected. Our recovery has,
nevertheless. steadily progressed, and, though
less than five months have elapsed since the
repeal of the mischievous silver-purchase re-
quirement, wholesome improvement IS IN
mistakably apparent Confidence In our ab-
solute solvency is to such an extent reinstated
and faith in our disposition to adhere to
sound financial methods Is so far restored as
to produce the most encouraging results both
at home and abroad. The wheels OF domestic
industry have been slowly set in motion ana
the tide of foreign investment has again
started in our direction.
Our recovery being so we'll under way
nothing should be done to check our conya-
lescence; nor should we forget that a relapse
at this time would almost surely reduce us to
a lower stage of financial distress than that
from which we are just emerging.
I believe that If the billunder consideration
should become law it would be regarded as
a retroqression from the financial intentions
indicated by our recent repeal of the proyis-
ion forcing silver bullion purchases; that II
would weaken, if it did not destroy, returning
faith and confidence in our sound financial
! tendencies, and that as a consequence our
progress to renewed business health would be
unfortunately checked and a return to our
recent distressing plight seriously threatened.
INTRINSIC VALUE OF SILVER.
Considering the present intrinsic relation
between gold and silver, the maintenance OF
the parity between the two metals, as men,
toned in this law. can mean nothing less
than the maintenance of such parity in the
estimation and confidence of the people who
use our money in their daily transactions.
Manifestly the maintenance Of this parity
can only be accomplished so far as it is al
fected by these Treasury notes, and in the es-
.timation of the holder of the same by giving
to such holders. on their redemption, the
coin, whether it is gold or silver, which they
prefer.
II follows that while in terms the law Leaves
the choice of coin to he paid on such redemp-
ton to the discretion of the Secretary oil the
Treasury. the exercise of this discretion, il
opposed to the demands of the holder, is en-
tirely inconsistent with the effective and bene-
nciai maintenance Of the parity between the
two metals. If both gold and silver are tc
serve us as money, and If they together are tc
supply our people safe and stable currency
the necessity of preserving this parity Is OBJ
vious Such necessity has been repeatedly
conceded in the platforms of both political
parties and in our federal statutes. 1t is no
where more emphatically recognized than IL
the recent law which repealed the provision
under which the bullion now on hand was
purchased. This law insists upon the main
tenance of the parity in value OF the COINS o.
the two metals and the equal power Of every
dollar at all times in the markets and in the
payment of debts.
The Secretary Of the Treasury has, there
fore for the best of reasons, not only
promptly complied with every demand for tht
redemption of these Treasury notes in gold
but the present situation, as well as the lettel
and spirit Of the law appears plainly to justi
| fyaff It does not enjoin upon him contlnua
ton of such redemption.
CONDITIONS PRESENTED.
The conditions 1 have endeavored to pre-
sent may be thus summarized:
First-The Government has purchased ant
now has on hand sufficient silver bullion t
permit the coinage of all the silver dollar
necessary to redeem in such dollars, tn
Treasury notes issued for the purchase OF SAT-
silver bullion and enough besides to coin, a
gain or seigniorage. 55,l56,6S1 add1tiona
standard silver dollars.
Second-There are outstanding and now Il
circulation Treasury notes issued in paymen
of the bullion purchased amounting to SloZ'
OF $50 These notes are legal tender /
payment of all debts. public and private, eN
cent when otherwise expressly stipulate
they are receivable for customs, taxes and a
public dues; when held by banking assoeia
tions they may be counted as part Of thel
lawful reserves, and they are redeemed by tn
government in gold at the option OF the hole
ers. These advantageous attributes were az
Iiberately attached to these notes at the tlm
of their issue. They were fully understoo
by our people, to whom such notes nave pee pee
distributed as currency, ana nave lnspiae
confidence in their safety and value, and haN
| Ii. 4l,.,- i -inIi1cnd their cOntlnne