Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1894-04-07
sE|GN|ORAGE BILL VETOED
Cleveland Feels 1t Is His DUTY to
KiII the Measure.
The President Believes That II Would
Weaken II Not Destroy the Return
ing Faith In Our SOUND
Financial Tendencies. x

WASHINGTON, March 29.-The presi
dent has vetoed the Bland seigniorage
bill
In his message vetoing the Bland
seigniorage bill the president says that
although he desires to avoid disagree.
sent with those in congress who have
supported the bin his conceptions OF
the obligations and responsibilities at
tached to his office compels him t6
a course pointed out by sincere pur.
pose to protect and promote the gen.
sral interests of the people. The un.
paralelled financial disturbance which
swept over the country last year, was,
he says, very generally conceded to be
caused by the operation of the purchas.
Ing clause of the Sherman act. This
led to the repeal of this provision
on November /, 1893. Though the
recovery has been slow, he says
It has steadily progressed and "A whole
'ome improvement is unInistakably
apparent. At home and abroad conf
dence in our absolute soivency Is rein
stated and has produced encour
aging results. Nothing now should
be done to check our GONZALES
cence. III believe that il the
bill under consideration should becoms
a law it would be regarded as retro
gression from the financial intcntions'
indicated by our recent repeal of the
law forcing silver bullion purchases,
that 1t would weaken If il did not de
stroy the returning faith and confidence
in our sound financial tendencies, and
that rs consequence our pro.
gress to renewed business health
would be unfortunately checked
and return to our recent distressing
plight seriously threatened"
He then partially reviews the pur
chase clause of the Sherman act, sum.
marizing the existing conditions. His
specific objections to the bill under
consideration are that the entire bill is
most unfortunately constructed.
Nearly every sentence presents un GER
tainty and invites controversy as to its
the promoters of the bin
Intended in the first section 10
provide for the coinage Of the bullion
constituting the gain or segniorags
Into standard silver dollars, and yet he
says there is nothing in the section tt
prevent its coinage into any description
Of silver coins now authorized under any
existing law. He does not think tn,
secretary Of the treasury ought to b,
embarrassed by having devolved upor
him the execution OF law so un
certain and confused. In his
Judgment sound finance doe.
not commend a further infusion o,
silver into our currency at this time,
unless the maintenance of a safe gold
reserve is provided for The president
Is also in doubt as TO the meaning OF
the second section and think it doubt.
ful whether the certificates it contem.
plates would be lawfully received for
customs, taxes and all public dues.
The president is convinced that the
scheme whereby the treasury note,
Is 'ued in payment for silver bullion are
TO be retired by silver certificates is il!
advised and dangerous. 1t would place
the treasury notes ut premium and
would result in reduction of gold
In the treasury because the
holders of the treasury notes woulc
Immediately exchange them for gold.
An unnatural addition of silver money
would thus be forced into our hands
and this, he claims. is an exact
reversal of the policy which safe
finance dictates If wo are
TO preserve the parity between
gold and silver and maintain bimetal.
lism. The president earnestly presents
the desirabiity of granting to the Sec
retary Of the treasury more power than
now exists TO issue bonds to protect
our gold reserve when for any reason
II should become necessary.
The president concluded: II am not
tnsensible TO the arguments in favor Of
coming the bullion seigniorage now in
the treasury, and believe it
could be done safely and with
advantage If the secretary of
the treasury had the power to
issue bonds at low rate of interest
under authority in substitution of that
now existing and better suited to the
protection of the treasury. hope
way will present itself in the near
future for the adjustment OF our none.
tary affairs in such comprehensive
and conservative manner as will accord
to silver its proper place in our cur
rency; but in the meantime l am ex-
tremely solicitous that whatever action
we take on this subject may be such as
to prevent loss and encouragement to
our people at home and the destruction
of confidence in our financial manage
ment abroad
''GROvER CLEVELAND,
Executive Mansion March % 1894"