The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-03-30
THE BLAND BILL VETOED.
,ar rREsrDENrS cHIEF oBJEcTIoN
~ 70 1HE SECOND SECTION

Az
w.r. Given the Secretary 90 Issue
READ. 10 Protect the Gois Reserve.
a.. President Thiuk- the Buiiion
anchorage Couid Ne ssreiy Coi.ed.
w,surSoroy. March 2o.-Ths President to-
A, .snf to the House OF Representatives .
-..ssse vetoinG the Bland Silver SsiRnioraee
MI. Il reads as follows:
.. ., g,u.. 0, R.J~c.,rannr.':
Ir.turn without my approval House bill No.
ma, entitled An act directing the coinage
= t n,bsr purposes" My strong desire TO avoid
MM,,sgresment with those in both Houses Of
ConsLesst %p spproye il II could 6eIieys thai
~. unmbljc good would not be thereby endan-
W.. .syeJ and that such action on nv. part would
mnsh, however. as 1 am unable to satisfy my
Iii that the proposed legislation IL either wise
or opportun ne my soncsntson1 o. the oeiiga.i,1ns
fbold forbids the indulgence OF my personal
bssire and inexorably confines me to that
s.sogsmept, and pointed out by = sincere pur-
rcse to protect and promote the general inter-
." TS q. I'M financial disturbance which swept over
IN. country during the last year was unparal-
isled in its severity and disastrous conse-
duu..pgispiscsmsnt Of faith in our financial abi-
i,r and loss Of confidence In our fiscal policy.
Among those who attempted to assign causes
fnFO
iiS,t m. operation OF a provision Of law then
in force which required the Government to
purchase monthly large amount 81 silver
". .ncusiSis i Tor our condition. This led to the
repeal on tho lst day, OF November. 1893. OF,
W. We had however. fallen so low in the depths
o,Sspression and timidlty, and apprehension
hal 40 completely gained control In financial
circles that our rapid recuperation coull not
BE- reasonably expected. Our recovery has,
is.. tban i've months have elapsed since the
repeal VI the mischievoue silver purchase re-
auiremsnt. a wholesome Improvement is un-
IN stakAbly apparent Confidence in our alb
scluts solyencJ is to such an extent reinstated,
and faith in our disposition to adhere to sound
financial methodsis so Jar restored; as 20 FRO.
nome and abroad. The wheels OF domestic In
dustry have been slowly set In motion, and the
tide Of foreign Investment has again started
:" Our recovery being so we'll under way.
nothing shout DC done to cheek our eonva.
at this time would almost surely reduce US to
a lower stage OF financial distress than that
that II IN. bill under consideration should be-
come q law. 1t would be regarded as a retro
cres;ion from the financial Intentions indi.
forcing silver bullion purchases. that It would
weaken II It did not destroy returning faith
s sn. and that as a conseauence our progress
10 renewed business health would be unfor-
tunstcly checked: and a return to our recent
distressing plight seriously threatened.
This proposed legislation 10 so related to tho
currency conditions growing OUT OF the law
s eTnmen that glance at such conditions aud
: partial rs,ieT OF TIE law referred TO- may not
August. 1850. when the law became operative.
and the LIST day OF Novem ber. 1893. when the
clause it contained directing the purchase OF
By the Secretary Of the Treasury more than
one hundred and sixty-eight millions OF
ounces q silver bullion. In payment for
Treasury notes Of various lamentations.
amounting to nearly Sl5UO QUO. 600. which notes
were Immediately added to the currency in
were BY the law made legal tender in payment
Of all debts. public and private, except when
receivable for customs. taxes and all public
dues, and when sc received might be reissued.
They we're also permitted to be held BY %, bank
TH...Hry notes were to 6e redeemed in gold
part Of this. redemption provision that It
states 10 maintain the two IN etals ON a parity
With each other upon the present legal ratio
Tho money coined from such bullion was to be
standard silver dollars. and after directing
The Immediate coinage Of little less than
much Of the remaining bullion should be
coined as might be necessary to
notss issued on It's purchase. and that any
gain or seignioIage arising from such coinage
,hall be accounted for and paid into the
This gain or seigniorage evidently indicates
so much OF the bullion owned by the Govern
SoaS as i sa soin s mann sV.r ao
lars as should equal in number the dollars
represented by the Treasury notes issued In
These Treasury notes now outstanding and in
circulation amount to Sl52. S5l $50. and AL
sTe Seeo bs
the so-called gain or ssignioraRe, as above de-
nn-d. which would arise from the coinage OF
BE- q quantity Of hulllon sufficient to make.
when coined 5o.l5o.oSl standard silver dol
lars.
Considering the present intrinsic relation
between gold and silver. the maintenance OF
the parity between tho two metals. IS men
the malntenance OF such q parity In the ssti-
nation and confidence OF the people who use
our money In their daily transactions Mani
20 accomplished. SO far as IL IL affected By
these Treasury notes. and In the estimation OF
or tns tn. eo
u IL gold or silver. which they prefer. Itfolows
that While in terms tho law leaves the choice
discretion OF the Secretary OF the Treasury.
the exercise Of this discretion. II opposed to
as the sf and mSn
tsnanee OF the parity between the two metals.
IL both gold aud silver are to serve US as
money, and IL they together ars to supply 10
our people a safe and stable currency, the ne
sessitJ Of preserving this parity 10 obvious;
such necessity has been repeatedly conceded
70 the Platforms OF both political PARTIES and
IN our Federal statutes. II IL nowhere more
alphabetically recognized than In the recent
law which repealed the provision under which
tbs bullion now on hand was purchased. This
Jaw insists upon the maintenance OF the
parity In value OF the coins OF the two metals
An1 the equal power OF every dollar at all times
10 The mArEets and in the payment OF debts
, The Secretary OF the Treasury has hersto-
lote Tor the lest OF reasons not only complied
WIN eEsTy demand for the TedemUtiOn OF
Ihsse Treasury notes In gel l. but the present
sIuatlon AS well as the letter and spirit OF the
laA, appear plainly TO Justify, II they do not
sse!o.n upon him. continuation OF such re-
The conditions have endeayorsd to present
may b, thus summarized:
~ The Government has purchased and
now has on hand sufficient silver bull ion to
permit the coinage OF all the silver dollars
necessary to redeem. In such dollars. the
Treasury notes issued for the purchase OF
s4h silver bullion. and enough besides to coin
a. gam or seigntorags 90. l5o. bSl additional
sAndATi silver dollars.
= There are outstanding and now In circu-
,,tttoh Treasury notes issued in payment for
he bulll0n purchased Amountingto sl02.Sol.-
~ hsss notes are legal tender In payment
.. all deDts, public and private. except when
o'nel Wise expressly stipulated; they are re-