The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1894-04-03
The Presidents Veto of the Bland
Bill.

The expected message of Presi-
dent Cleveland vetoing the Bland
Seigniorage Bill, was sent to Con
gress on Thursday. The message
is long one, and Mr. Cleveland
seems to attach more Importance to
the bill'than it, possibly, deserves.
lie saw in the coinage of the silver
an the vaults Of the Treasury, a
menace to the financial interests of
she country, that one farther re-
moved from the influence of Wall
Street would probably not have
discovered. He fears if the bill
should become law it would I'M
settle confidence in the Govern
ment's financial system, and only
be cause for further withdrawal of
gold from the Treasury, thus Great
ing still wider spread financial
uneasiness and disaster. He sees
in the Sherman Silver Purchase
Law the potent factor of all the
financial distress that has visited
us the last year, and thinks that
it i'was either entirely or to large
extent responsible for our cOndi-
ton" The proposed bill he char
.acterizes Gas a retrogression from
the financial intentions indicated
by our recent repeal of the provis-
ion. forcing silver bullion pur-
chases."
The concluding paragraph of
the message seems to contain the
rather broad intimation that, if the
silver men will pass a law granting
the Secretary of the Treasury the
power TO issue bonds at low rate |
of interest then he might be in
duced to see his way clear to sign |
u silver coinage bill. In 9th
words, if Congress will take care
of Wall Street, he will see that 9TH
er interests are protected. The |
following is the text of the para
graph referred to:
~ 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
safely and with advantage if the
Secretary of the Treasury had the
power to issue bonds at low rat,
of interest under authority in sub
'stitutiOn of that now existing and
better suited to the protection f
THE Treasury. | hope 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 to silver it's proper place in
our currency, but in the meantime
4 am extremely 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 man
agement abroad"
We fear Mr.. Cleveland has made
"a mistake that will cost the party
dear. The more conservative ele
ment Of the Democratic party fails
to see that this bill is loaded with
the deadly explosives Mr.. Cleve-
lands friends of the East pretend
90 see in it. Again, this element
of the party does not recognize
that vast amount of good that the
ultra-silver men think is locked up
i'm its folds. We do not believe the
measure, if allowed to become a
Jaw, would have been source of
either great good or great harm.
We look upon Mr., Cleveland's
action as a piece of bad politics.
Whilst we do not believe the bill,
III allowed to become law, would
seriously affect the business inter
ests Of the country, either for good
or bad, it will only be accepted by |
the one wing of the party as a
further declaration that the Presi-
dent is welded to the interests and
wishes of the so-called gold bugs