The news boy., 1894-04-07

certificates shall be issued on such coin in
however, especially declared in said section,
thst, the aet shalt not be, construyd to change
ss ssaraSser rs or mode sSfs y sE s d .
ur1y notes issued for the purchase Of the silver
bullion TO be coined.
n'ss a + most com
certainty and Invites controversy .fs 70 its
meaning and intent. The first section is cs'
doSu oa IN wsaseT hs Re aa Is VIII
ss ,o Il E Ppssd psr
81 the he biz intended IN this section e provide
Standard dollars; Ss and yet S there i IS positive:
IL , nSanE sonase In into ss sey ees
coins now authorized under any existing law.
I suppose this section was also intended, in
money faster than the seigniotsge buliiot,
could actually TO coined to permit the issue Of
silver certificates In ADVANCE Of such coinage;
Stance OF such certificates to dodbls tie
amount OF the .seigniorage as stated. one-half
OF which would not represent an ounce of sill.
yer In the treasury. The debate upon this sec:
tion in the congress developed n earnest and
positive difference OF opinion. as to Its object
AID meaning. In any event 1 am clear that
the present porplexities and embarrassments
OF the secretary Of the treasury ought not to be
augmented by devolving upon him the execu.
tion OF q law so uncertain and confused tenor.
=, um no.. however willing TO rest my objec.
tiou to this section solely on these. In my
Judgment sound Bu5ucc does not commend 3
further infusion OF silver into ouf currency a.
this time unaccompanied by further adequate
p.or.sics for the maintenance In our treasury
OF a safe gold reserve ID! ,.
Doubts also arise to the meaning snS cen;
sttuc.ion, Of the second section of the bill. II
TIC silre- dollars therein directed to be coined
are as the section pi5rides to be. held In
the treasury for the redemptioE q
speaking, certificates can not be issued on
such coin I'm the manner now provided by
law because these dollars are money held in
the treasury for the express purpose of re.
deeining treasury notes. on demand. which
would ordinarily mean that they were set
earart for the putrose q substituting them 70.
held In such way as to furnish basis for
certificates according. to any provision OF ex;
listing law II even silver certificates can he
p.opefly Issued upon these dollars, there ID
nothing in the section to indicate the char
acteristics and functions OF these certificates.
shey TO es p %
isting laws they would ut least be receivable
only for customs, taxes and all public dues;
and under the language OF this section il is. to
say the least extremely doubtful whether the
certificates it contemplates would be lawfully
received even for such purposes Whatever
else may be said OF The uncertainties OF ex.
preston in this bill they certainty ought not
10 be found in legislation affecting Subjects n6
Important and far-reaching as our finances and
cu.re-cy. . ..s
In stating other end more important reasons
for my disapproval Of this section I -helI. how,
ever. assume that under its provisions tho
buon w eonnne to be as here
tofore in silver or gold at the option Of the
holders; ard that If when they are offered for
manner there are In the treasury coined sill
ss' e sSss S''' Ss sSsa S'as aas
destroyed and silver certificates to. an amount
be substituted. 1 am convinced tbot this
scheme is ill-advised and dangerous. As an
which ore tegnt terdet Tor all debts public and
private. and which are redeehiabte N. gold or
silver at the option OF the holder, will be re-
placed by, silver certificates, WHICH. whatever
may be their character and declaration will
tlepation Of this result and as an i'm:
naturally appreciate in value and desiratility.
The fact that gold can be realized upon them.
and the further fact that their destruction has
been decreed when they. reach the treasury:
must lend to their withdrawal from general
circulation to be Immediately presented for
redemption or to be boarded for presentat,o lon
at more convenient season. The seQual OF
both operations will be q large addition to the
silver currency In our circulation and d
corresponding, reags,iOn Of gos in shs
| that these things will not occur at once be-
cause long time must elapse before the coin
age Of anything but the seigntorage can be en-
ecution Of the second section OF this bill are
not to be realized until in the far future, this
| may furnish strong reason why 1t should not
be passed so much in advance but the post
ponement Of its actual operation can not pre-.
vent the fear and loss OF confidence and nerv.
Gus precaution which would Immediately follow
it's passage and bring about its worst conse.
Quences. l regard this section OF the bill as
| embodying a plan by which the government
will be obliged to pay out its scanty score OF
gold for no other purpose than to force an un.
| natural addition OF silver money IN the hands
Of our people. This is an exact reversal OF the
policy which safe finance dictates il we are to
preserve parity between gold and silver and
maintain sensible bi.metallism.
We have now outstanding more than 1895.
ing laws They are serving the purpose OF
money usetully and without question. Our
gold reserve, amounting to only little more
redemption Of s3ls, 900 0oJ Of United States
notes. When 1t is proposed to initiate our sill.
| yer currency it IS n time for strengthening
Our gold reserve instead OF depicting it. can
not conceive OF a longer step toward silve.
monometallism than we take when we spend
our gold TO buy silver certificates for circula.
tion, and especially in view OF the practical
difficulties surrounding the replenishmeut oil
| our gold.
This leads me to earnestly present the de
,rsasuFy o better to power .hay
now exists to Issue bonds to pro
tect our gold reserve, when for any
| in such confused condition, and our financial
affairs are apt to assume at any time so critical
| q position. that II seems TO me such course Is
dictated by ordinary prudence.
lam not lnsensible TO the arguments in favor
Of coming the bullion seigniorage now in the
| treasury. aud believe II could be done safely
| and with advantage, II the secretary Of the
| treasury had the power to issue bonds at low
| rate OF interest under auth ority, in substitu
| tion OF that now existing. and better suited tC
| the protection OF the treasury
hope way will present itself in the neal
| future for the adjustment OF our monetary af
| tive manner as will accord TO silver its
proper place in our currency; but in
| the meantime / am extremely solicitious
| that whatever action we take on this subject
may be such as to prevent loss and discourage
ment to our people at home and the destruc
| tioH Of confidence in our financial management
abroad. GROVER CLEVELAND.
Executive Mansion, March 30, 1894
|