The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-30
He Is, However, Willing to Coin the
SeigniOrage if Authority Is Given
to Issue More Bonds.
HIS MESSAGE CRITICISED
Some Disappointed Because He
Did Not DenOunce Fiat Money,
And Others Because He Proposes Plan
He Once Rejected-Silverites Will
Defy the Administration.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal
WASHINGTON, March @.-President
Cleveland sent long message to the House
of Representatives to-day. vetoing the
Bland BILL The document is a disappoint-
ment to those of Mr.. Cleveland's friends
who had expected a ringing message de-
nouncing fiat money and declaring for a
maintenance of the Nations financial honor.
The essence of the message lies in the
ten last paragraphs in which Mr.. Cleve-
land practically proposes to Congress that
If ii will authorize the Secretary OF the
Treasury to issue per cent bonds the
Pre- sident will not oppose the coming OF the
seigniorage. In his eager anxiety TO favor
Eastern sentiment by vetoing the bill and,
at the sama time, to conciliate Southern
and Western Democrats by pretending
frlendliness TO silver Mr.. Cleveland has not
hesitated to stultify himself In a most pitt
full way. His proposition to coin the seign-
forage in return for authority TO issue low
interest-bearing bonds is almost identically
the famous Faulkner compromise which he
encouraged Senator German to prepare at
the extra session last summer during the
fight for the unconditional repeal Of the
pur chasing clause of the Sherman act, and
which Mr. Cleveland afterward SO con-
ten.ptuously repudiated The Faulkner COM
promise contained only the further pro-
vision postponing the repeal until July /,
1894; otherwise it was precisely the propo-
sition that Mr. Cleveland now offers TO
the silver men. There was most bitter COM
ment to-day among those Democratic Sem
ators whom President Cleveland then aban-
dored. In the language Of one of the Sem
ators, who was prominently identified with
the compromise. "If Mr.. Cleveland had
stood by the proposition which he encour-
aged us to make we would now have a
powerful, harmonious party, proud Of our
record in the past and confident Of victory
next fall. Instead of that we are hopeless
ly divided and certain Of ignominious de-
feat"
There is no reason to believe that the
proposition which Mr. Cleveland rejected
last summer will be accepted now. A bill
will be introduced in the House, shortly,
embodying the administration proposition.
but Mr.. Bland and other silver leaders
prophesy it's defeat None Of the friends
Of the late seigniorage bill will father IT.
and certainly no Eastern Democrat can
afford to become it's champion. Mr.. Bland
and his friends unanimous In the opin-
ion that Mr.. Cleveland. by his veto, has
clearly defined the issue. They reject his
compromise with contempt Mr.. Bland will
introduce a free coinage bill in a few days.
and will take up again the old fight, de-
flying the administration and declining all
overtures such as the one indicated in the
message.
The appearance Of the administration bill
to coin the seigniorage and TO authorize
bonds will be the immediate signal for the
revival of the Bailey resolutions enioining
the Secretary Of the Treasury from the
0f In
There Is no reason to doubt that Mr.. Ball
ey's resolution will pass the House by the
same strength by which the administration
bill will be defeated. Should Mr.. Cleveland
rely on some Of the subservient cuckoos
in the Senate he will find the Republican
minority determined to oppose the coinage
of the seigniorage by every means in its
power.
1--WE are opposed to any proposition look
| ing to the coming Of the seigniorage," said
| Senator Allison this evening with the
| tariff bill on the threshold OF the Senate
| chamber, Mr. Cleveland cannot afford to
| interject into the strife any irritant in
the shape Of silver legislation, in which he
cannot even depend upon the undivided sup
| port Of his own party. There are too many
| prominent Democratic Senators still smart
ing under the humiliation and disgrace that
4
| noUnced in public the Faulkner compromise
he had instigated in private, TO permit at
| this time the enactment OF the measure he
| rejected then"
Little stress is laid by Senators OF both
| parties on the threat to defeat the tariff
| bill by adding free coinage amendment
| to it This is Senator Stewards scheme.
| 1.-The Apaches of finance" he said this
afternoon, in his own picturesque language.
to the Journal correspondent, have at last
| come forth out of the brush. We see their
schemes but we will not yet disclose our
purpose" But the purpose has already been
| disclosed by Senator Stewards introduction
| of his free silver bill.
Senator Harris, Of Tennessee, disposed OF
the proposition in his brusque way. The
plan to kill the tariff bill with free coin
age amendment is not worthy a sane man"
Senator German, with his customary dipls-
macy, said: II cannot deny that the veto Of
| the seigniorage bill has exasperated the
friends OF silver, and in their annoyance
they may obstruct the tariff bill. But he
| party Will redeem its pledge to frame q
revenue tariff measure
| Republican Senators are naturally unwil-
ling to be quoted conceding the pas
sage of the tariff BILL but the leaders Of
the party point to their own uiIvarying
opposition to free coinage as sufficient evil
dence that they will not avail themselves
of resorting TO a free coinage bill TO defeat
the tariff bill.
BIand's Reply to the Veto.
WASHINGTON, March g. Representa-
tive Bland, author of the Bland silver