The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-04-04
Nhe ggerala aud Uels'5.
The PRESIDENTS VETO. !.
Mr.. ClevelaEd vetoes the Bland seiGnior-
age Bill aud Gives His Reasons. His
Message In FnlI-Read it for
Yourseif.

MI Cleveland vetoes the Bland seignior-
age Bill aud Gives His Reasons. His
Message In FulI-Read it for
Yourself.
WASHINGTON, March 2o.-The fol-
ing is the text of the Presidents mes
sage vetoing the seigniorage bill:
To the House of Representatives: 1
return without my approval the House
bAl numbered 1856, entitled, AN Act
directing the coinage of the silver
bullion held in the treasury and for
other purposes"
My strong desire to avoid disagree
meut with those in both houses OF
Congress who have supported this bill,
would lead me to approve it, if / could
believe that the PUBLIC good would not
be thereby endangered, and that such
action on my part would be a proper
discharge of official duty. lnasmuch,
however, as I am unable to satisfy my
self that the proposed legislation is
either wise or opportune, my coneep-
ton of the obligation and responsihili-
ties attached to the great office I hold
for bids the indulgence of my personal
desire, and inexorably confine me to
that course which is dictated by my
reason and Judgment, and pointed out
bya sincere purpose to protect and
promote the general interest Of our
people.
LAST YEARS PANIC.
The financial disturbance which
swept over the country during the last
year was unparalled in its severity and
disastrous consequences. There seemed
to be almost.an entire displacement Of
faith in our financial ability and loss
Of confidence in our financial policy.
Among those who attempted to assign
causes for the distress it was very
generally conceded that the operation
of the provision of law then in force
which required the Government OF
purchase monthly large amount OF
5 silver bullion and issue: its notes in
payment therefor was either entirely,
or TO large extent, responsible for our
condition. This led to repeal on tbs
first day of November, 1898, Of this
statutory provision. We had, how
ever, fallen so low in the depths of
depression; and tlmidity and appre-
hension had 90 completely gained con-
troll in financial circles that our rapid
recuperation could not be reasonably
expected.
GOOD EFFECTS OF SILVER PURCHASE
REPEAL.
Our recovery has, nevertheless stead
lily progressed, and, though less than
five months have elapsed since the
repeal of the mischieyous silver pur-
chase requirement, a wholesome ln-
progement is Enthusiastically 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 aad abroad. The wheels
of domestic industry have been slowly
set in motion and the tide Of foreign
investment has again stated in our direc-
ton. Our recovery being so we'll under
way, rothing should be done to check
our con7alesence; 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.
DANGERS OF a, MIssTEP.
I believe that if this bill become a
/. law it would weaken, if not destroy,
confidence 10 our currency, and that as
a consequence our progress to, renewed
business health would be unfortunate
" 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
silver by the Government thata glance
at such conditions and a partial review
of the law referred to may be not un-
profitable.
SILVER PURcRAsEs UNDER SHERMAN's
Between the 14th day Of August,
1890, when the law became operative,
and the 1st day of November, 1893,
when the clause it contained directing
the purchase of silver was repealed,
there were purchased by the Secretary
of the Treasury more than 1853, 100000
ounces of silver bullion. In payment
for this bullion the Government issued
its treasury notes of various denomina-
tions, amounting to nearly Sl56, 600, ,00G,
which were Immediately added to the
currency in circulation among our peo-
pie. Such notes were by the law made
legal tender in paymen: of all debts,
public and private, except when other
wise expressly stipulated, and Were