The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-03-30

I
Means-Its Contradictions Pointed Out
and Its Effect on the Country, If Made
Law, Predicted-Bland VIII Try
| Again.
Washington, March 29.-The President
sent to Congress today message veto
ing the Bland seigniorage bill.
Mr.. Bland. the author of the bill, said
he would attempt at once to pass the bill
over the Presidents veto.
| In discussing the veto, Senator Hale
said; ''It is source of great qualification
that we have a barrier against silver
again. l certainly approve of the mes
sage" Senator Frye saidi "The senti.
ments expressed in the veto are sound
and meet with my approval"
| The message follows:
| To the House of Representatives:
| return without my approval House
| bill number 495, entitled "A n Act
| Directing the Coinage of the Silver Bull
lion Held in the Treasury and for Other
Purposes"
| My strong desire to avoid disagreement
with both houses of Congress who
have supported this bill would lead me
| to approve 1t if I could believe that the
| dangered, and that such action on my
part would be a proper discharge of Off
| cial duty.
Inasmuoh, however, as I am unable to
satisfy myself that the proposed legisla-
| tion is either wise or opDortune, my con-
| ception of the obligations and response.
| bilitiss attached to the great Office I
| hold forbids the indulgence of my per-
sonal desire ana inexorably confines me
| to that course which is dictated by my
reason and judgment, and pointed out
| by sincere purposeato protect ana pro-
mote the generalsinterest OF ourspeople.
| The financial distur bance which swept
over tie country during the last year
was unparalleled in its severity and dis
| astrous consequences.
| There seemed to be almost an entire dis
placement of faith in our financial abil-
| ity and a loss of confidence in. our fiscal
policy.
Among those who attempted to assign
| causes for our distress it was very gene
rally conceded chat the operation of
| provision of law then in force which re-
| ouired the government to purchase
monthly large amount of silver bul.
| lion and issue it's notes in payment
| therefor, was either entirely or to q
| large extent responsible for our con-
| dition.
This Led to the Repeal
on the first day of November, 1898. OF
this statutory provision.
We had, however. fallen so low in the
depths of depression. and timidity and
apprehension had SO completely gained
control in our financial circles that our
rapid recuperation could not be reason
hly Qypenta6
Our recovery has, nevertheless, stead
lily progressed, and though less than five
months have elapsed since the repeal of
the mischievous silver-purchase require
ment, wholesome Improvement is un
| mistakably apparent.
Confidence in our absolute 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 andsabroad.
The wheels of domestic industry have
been set slowly in motion, and the tide
of foreign investment has again started
| in our direction.
Our recovery being well underway
nothing should be done to check our
convalescence; nor should We forget
| that relapse at this time would almost
surely reduce us to lower stage Of
| financial distress than that from which
we are just emerging.
believe that if the bill under con-
struction should become law, it
| would be regarded as retrogression
| from the financial intentions indicated by
our recent repeal of the provision forcing
silver bullion purchases; that it would
weaken, if it did not destroy, returning
! faith and confidence in our sound fin
anciaI tendencies, and that, as conse-
quence, our progress to renewed business
| health would be unfortunately checked
and return to our recent distressing
| plight seriously threatened.
This proposed legislation is so related
to the current conditions growing out of
the law compelling the purchase of: sill
yer by the government that glance at
such conditions and partial review of
the law referred to
May Not be Improbable.
Between the 18th day of August, 1890,
when the law became operative, and the
1st day of November, 1898, when the
clause it contained directing the pur-
chase of silver was repealed, there were
purchased by the secretary of the trsa-
sury more than $4,000, 900 ounces of
silver bullion.
In payment for. this bullion the gov
ernment issued it's treasury notes of var
ious denominations, amounting TO near
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