The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1894-04-05
CLEVELAND SAYS NO
Submits Message to Congress Veto
ing the Bland Seigniorage Bill.
HE GIVES HIS REASONS
Infusion OF Silver Money Into
the Currency.

The president sent the house the fol-
lowing message vetoing the Bland seig-
niorage bill:
To the House of representatives.
return, without my approval, house bill
number 1896, entitled, "An act direct
Ing the coinage of silver bullion held
In the treasury, and for other pur-
poses" My strong desire to avoid dis
agreement with those In both houses of
congress who have supported this bill
would lead ME to approve 1t, If / could
believe that the public good would not
be thereby endangered, and that such
action on my part would be proper
discharge of my official duty. Inasmuch
however, as am unable to satisfy my
self that the proposed legislation is
either wise or opportune, my concep-
tion of the obligations and RESPONSE
bilities attached to the great ofice
hold forbids the indulgence of my per-
sonal desire, and inexorably confines
me to that course which Is dictated by
my reason and judgment and pointed
out by sincere purpose to protect and
promote the general interests of the
people.
The financial disturbance which swept
over the country during the last year
was unparalleled in its severity and dis
astTous consequences. There seemed
to be an almost entire displacement in
faith In our financial ability and loss of
confidence in our fiscal policy. BY those
who attempt to assign causes for the
distress 1t was very generally conceded
that the operation of the provision of
the law then In force which required
the government to purchase monthly a
large amount of silver bullion and issue
Its notes In payment therefor, was
either entirely, or to large extent, re-
sponsible for our condition. This lead
to the repeal, on the first day of No
vember, 1893, of this statutory provi-
sion. We had, however, fallen so low
In the depths of depression and tImidi-
gained control in financial circles that
our rapid recuperation could not be
reasonably expected. Our recovery
has, nevertheless, ateadily progressed,
and though less than Eve months have
elapsed since the repeal of the mis-
chievous silver purchase requirement
a wholesome Improvement, unmistak-
able apparent confidence in our abso-
lutte solvercy is to such an extent re-
instated, and faith In our disposition to
adhere to sound financial methods SO
far restored as to produce most encour-
aging results both at home and abroad.
The wheels of domestic industry have
been slowly set In motion and the tide
of foreign investment is again started
In our direction. Our recovery being
so we'll under way, nothing should be
done to check our convalescence, 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 emerging. l
believe II the bill under consideration
should become law 1t would be regarded
as retrogression from the financial In
tentions INDUCED by our recent repeal
of the provision forcing silver bullion
purchase; that 1t would weaken If It
did not destroy returning faith and cou-
hdence In our sound financial tenden-
cies, and that In consequence our prog
ress to renewed business health would
be unfortunately checked, and return
to our recent distressing plight serious
ly threatened.
Mr.. Cleveland reviews the recent
financial legislation, calls attention to
the difficulty under the recent law, of
maintaining parity between the
metals, and the necessity of preserving
the parity If both gold and silver are to
circulate together as money. The con-
ditions presented are summarized as
follows:
First-The government has purchased
and now has on hand sufficient silver
bullion to permit of the coinage of all
the silver dollars necessary to redeem
In such dollars the treasury notes issued
for the purchase of said silver bullion
and enough besides to coin, as a gain or
seigniorage, SIS, 156,6s1 additional stand.
ard silver dollars.
Second-There are outstanding and
now In circulation treasury notes issued
In payment of the bullion purchased
amounting to 1852, 1851, $50. These notes
are legal tender IN payment of all debts
public and private, except when other
wise expressly stipulated They are re-
ceivable for customs, taxes and all pub-
Tic dues When held by banking asso-
Citations they may be counted as part
their lawful reserve, and are redeemed
by the government in gold at the option
OF the holders. These adv antageous at
tributes were deliberately attached to
these notes at the time they were issued,
they are fully understood by our people
TO whom such notes have been distrib.
uted as currency, and have inspired con- !
ndence In their safety and value, and
have undoubtedly thus induced their
continued and contented use as money.
instead of anxiety for their redemption.
Having referred to some incidents which
| deem relevant to the subject, It re-
mains for me to submit a specific state