The Daily Texarkanian., 1894-03-30
sEIGNIORAGE BILL VETOED.
The President Vetoes the Measure
and Gives his Alleged Reasons
Therefor.


that, on yesterday, President Cleve-
land sent to the House of Represen-
tatives the following message, CON
tanning his veto of the Bland Silver
Seigniorage bill;
To the House of Representatives:
l return without my approval
House bill No. 1896, entitled can
act directing the coinage of the
silver bullion held in the Treasury
and for other purposes.
My strong desire to avoid disa-
greement with those in both Houses
of Congress who have supported
this bill, would lead me to approve
it if l could believe the public good
would not be thereby endangered,
and that such action on my part
would be a proper discharge of
official duty Inasmuch, however,
as | am unable to satisfy myself
that the proposed legislation is
either wise or oppOrtune, my con-
ception of the obligations and re-
sponsibilities attached to the Office
hold forbids the indulgence of my
personal desire, and inexorably con-
fines me to that course, which is
dictated by my reason and judg-
ment, and pointed out by a sincere
purpose to protect andpromote the
general interests of our people.
The financial disturbance, which
swept over the country during the
last year was, unparalleled in its
severity and disastrous consequence
es. There seemed to be almost an
entire displacement of faith in our
financial ability and a loss of conf
dence in our fiscal policy. Among
those attempted to assign causes
for our distress it was generally
conceded that the operation of a
provision of law was then in force
and required the government to
purchase monthly large amount
of silver bullion and issue it's note in
payment therefor, was either en-
tirely, or toa large extent response
bic for our condition This led to
the repeal on the first day of No
vember, 1898, of this statutory
| provision.
We had, however, fallen so low in
the depths of depression and timidi-
ty, and apprehension had so COM
pletely gained control of financial
circles that our rapid recuperation
could not be reasonably expected.
Our recovery, has, nevertheless,
steadily progressed, and though
less than five months have elapsed
since the repeal of the mischievous
silver purchase requirement,
wholesome improvement is unmis-
takably apparent Confidence in
our absolute solvency is to such an
extent reinstated and faith in our
disposition to adhere to sound f.
nancial methods is so far restored
as to produce the most encouraging
results both at home and abroad,
The wheels of domestic industry
have been slowly set in motion and
the tide of foreign investment has
started in our direction.
Continuing at great length and
indulging in what has been justly
termed "damnable iteration" of
the "gold bug" theory, Mr.. Cleve-
land concludes as follows:
am not insensible to the argu-
ments in favor of coming the bull
lion seigniorage now in the treas
ury, and | believe it could be done
with safety and advantage if the
Secretary of the Treasury had the
power to issue bonds at a low rate
of interest under authority, in sub
stitution of that now existing and
better suited to the protection of
the treasury,
hope a way will present itself in
the near future for the adjustment
of our monetary affairs in such a
comprehensive and conservative
manner as will afford silver it's pro-
per place in our currency, but in
the meantime am extremely solic-
itous that whatever action we take
on this subject may be such as to
prevent loss and Encouragement to
our people at home and the de-
struction of our financial manage
ment abroad,
GROVER CLEVELAND.
Executive Mansion, March 20, 1894
THE NICARAGUA CANAL.