The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-30
SEATTLE. SRfDAr. MARCH 30.


vETo or THE sxissToRAGE BILL
President Clsveiand's veto Of the seign-
forage bill Is an able document and worthy
to rank with his message to the extra ses-
sion which repealed the silver purchase
clause OF the Sherman act Of July. 1890
When President Cleveland issued his mes
sage urging tho repeal of the Sherman sii-
yer purchase bill he burnt his bridges be-
hind him, and logically he could not
possibly have signed the Bland silver
seigniorage bill. Nevertheless IL WAS easy
for him to have written "a good Lord and
good devil" veto, but this be has not done.
He has vetoed the bali without quaiisica-
ton on the right ground; he has stood BY
his guns. and his message ought to be
most instructive and valuable reading to
every honest. candid man who desires to
think rightly and Get wisely on the great
question Of sound national finance. Presi-
dent Cleveland hits the nail exactly on
the head when he says:
IL believe II the bill under consideration
should become Law IL would be regarded
% q retrogrsssiop from the financial inten-
lions INDUCED by our recent repeal OF the
provision forcing silver bullion purchases.
that IL would weaken. IL IL did not destroy.
returning faith and condolences IN our
sound financial tendencies. and that In
consequence our progress to renewed busi-
ness health would be unfortunately
checked and return TO our recent distress-
Ing plight would be seriously threatened"
Tho president is right. The had signed
the Bland ssigniorags bill We would prob
ably have had another tremendous hnsn-
cial panic in Wall street. whose influence
would have been felt clear 10 the Pacific.
Everybody knows that the business of the
country cannot stand another shock Of
this sort. We have wiihstood the storm
wonderfully on this Coast thus far, but
another frightfui panic at tho East would
certainly bring disaster on this Coast.
Fnrthermors 1t would DO the height Of
folly to pass this bill ct time when Eu-
rope, including even England. 10 beginning
90 seriously discuss the wisdom and ne
cesslty Of international bi-mettAiism.
which In the only condition under which
We could have and maintain saiutary free
coinage Of silver. In Germany and England
strong men are urging the necessity
OF international bi-metallism. and this
movement has followed sharp upon the
heels OF the repeal of the Sherman silver
purchase law. To take any s,ep in the
other direction would he to lose oil We
hare gained by tho repeal of the silver
purchase, and President Cleveland 10 right
when ho says:
II cannot conceive Of longer step to-
wards silver mouo-metailism than We take
when we spend our gold to buy silver GER
tificates for circulation. especially in view
of the practical difficulties surrounding
the replenishment oil our gold.
Ell regard this section of the bill as en-.
bodying q plan by which the government
will be Obliged to ray out its store of gold
for no other purpose than To force an I'M
natural addition Of silver money in the
hands Of the People This is an exact re-
verssl Of the policy which safe finance die
tween gold and silver and maintain a
sensible bi-metallism."
Let 10 be noted here that President CIeve-
declares himself In favor of sensible BIZ
metailism," as President Harrison and
Governor Mckinley already have done,
and relieves himself clearly from tho
charge so often made THAI he Was = gold
mono.metailist. he is not: he only refuses
20 be silver mono-metaliiss. and he
ing To little more than sioo, ooo ooo; with
ssssl 90, COO of silver certificates outstand-
Ing; with ssi8. eco 40 of greenbscks IL no
t,mc 10 further inaats our silver currency /,
1t IL a time for strengthening our gold re-
serve instead of depicting IL coneernins
the practical esfec, OF the Riand silver
sslsniorage bill the president says;
"As the ultimate result; OF it, operation
the treasury notes which are legal tender
for all debts, public and private. and which
are rsdeema ble IN gold or silver at the
option Of the holder viii be replaced hy
silver certificates. which. whatever may be
their character and description. will have
none Of these qualities. In anticipation of
this result ana as immediate effect treas
ury notes " III naturally appreciate in value
and deSiFaelity. The tact that gold can
be realized upon them and the further fact
that their destruction has been decreet
when they reach the treasury, must tenn
90 their Withdrawal from general eircuia-
sion 10 be immediately presented tor gold
redemption cr 90 he boarded for pre.en,a-
fion at more convenient season. The
sequel of bota operations NiIl Re larss
addition ~ tae silver currency in cur cir
ealatian and . corresponding reduction of
gold in the treasury"
This argument 81 the president 4, ah.o-
lutely unanswerah,e: the facts, the fr.
ures, she logic - all with the prssiden,
and against the hill. and We are glad tina,
President Cleveland. like rresiden, Grant
tn 1854. has net been afraid to take the -.
spcnslhllisy and veto this bin.
When history with her iron pen write,
Abe record OF President Cleveland II.
message, urging tho repeai - the Shsr.
man purchase Law. and his message veto
lag the Hand selgaiorass hill. viii te -
saraei a. the brightest roses In his ofscsal
eaapies. The veto Of President Graa, in
is-& Of the imitation hsll and the presen:
veto Of President Cleveland are slgusl
illustrations Of the wisdom OF the trainers
81 our constitution when they endowed
she executive wira this rF-regs,ive. The
rslSs.pss VI aAauias tas KsdsxAl sxsea,