Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1894-04-05
HOUSE RECEIVES PRESIDENT
CLEVELANn'S MESSAGE.
THE MEASURE NEITHER WISE
NOR OPPORTUNE.
The Enactment Of This Legislation
Would Check our Recovery from
the Financial Depression of Last
Year-Duty CCmpels Cleveland 10
Disagree with Congress.

W at1lAAA- Lblis AldltH % EtSlutlL
I Cleveland today sent to the house Of
representatives, his message yctoing
the Bland silver seigniorage coinage
. bill. In the beginning Of his message
/ the president says. My strong desire
/ 10 avoid disagreement with those in
both houses Of congress who have
supported this bill would lead me to
I approve it, if l could believe that the
public good would not be thereby en-
/ dangered and that such action on my
part would be a proper discharge of
official duty Inasmuch, however as /
am unable to satisfy my5elf that the
/ proposed legislation is either wise or
+ Opp0rtune, my conception Of the OBJ
legations and responsibilities attached
to the great Office l hold forbids the
I indulgence Of my personal desire and
/ ineXorably confines me 10 that course
I which is dictated by my reason and
judgment and pointed out by a sincere
purpose to protect and promote the
+ general interests Of our people
4 The message then takes up the panic
Of last year with the general loss OF
/ confidence in our fiscal policy, for
which he says the Sherman silver
bullion purchase law was largely re-
i sponsible That law was repealed last
( November, but the country had fallen
so low in depression and timidity that
even this did not lead to an immediate
/ revival of credit and business.
There has, however, been a gradual
and substantial improvement, and the
most encouraging results attained at
home and abroad Our recovery be
ing so well under way, nothing should
be done 70 check our convalesccnce,
nor should we forget that a relapse at
this time would almost surely reduce
us to lower stage Of financial dis
treSS
The president expresses the BELIEF
that if this bill becomes a law il would
weaken if not destroy returning faith
and confidence in our sound financial
tendencies, and that as a consequence,
our progress to renewed business
health would be unfortunately checked
and a return to our distressing plight
seriously threatened.
He says this law is closely related
to the repealed sherman act. and pro
ceeds to sketch the operation Of that
act.
The entire bill is most unfortunately
constructed Nearly every sentence
presents uncertainty and invites CON
! troversy as to its meaning and intent.
The first section is especially faulty
in this respect and it is EXTREMITY
doubtful whether its language viii per
NIT the consummation Of its supposed
purposes.
81 am led to believe that the pro
oters of the bill intended in this sec
ton to provide Cor the coinage Of the
bnllion constituting the gain or scign-
forage, as it IS called. iutu standard
silver dollars, and vet there Is posi-
lively nothing in the section to pre-
vent its coinage into any description
of silver coins now authorized under
any existing law. I suppose this sec
ton was also intended, i'm case the
needs Of the treasury called for money
faster than the seigniorage bullion
could actually be coined, to permit the
issue of silver certificates in advance
of such coinage; hut its language
would seem to permit the issuance Of
such certificates to double the amount
Of such seiguiorage as stated, Ouehalf
of which would not represent an ounce
of silver in the treasury.
The debate upon this section in the
4 congress developed an earnest and
positive difference Of opinion as to
its object and meaning In any event
/ am clear that he present perpleNi-
ties and embarrassments of the seCre-
tary af the treasury ought not TO be-
augmented by deyolving upon him the
execution of a law so uncertain and
confused.
Il am not willing, however, to rest
ny objection solely on these grounds;
tn my Judgment sound finance does not
commend a further infusion of silver
into our currency at this time. I'M
accompanied by further adequate pro
vision for the maintenance in our
treasury Of a safe gold reserve"
The president considers the Bland
scheme i'll advised and dangerous He /
/ thinks that a loss Of confidence would
have followed its passage
4 He regards the bill as empOdyluG a
plan by which the government viii be
obliged to pay out its scanty store Of
gold for no other purpose than to force
an unnatural addition Of silver into
the hands Of the people.
The act is a reversal Of a policy Of
safe finance. for the preservation OF
parity between gold and silver and a
sensible Oi-metalism The gold re-
serve amounts to only little more
than SlOoOO0OO0 and is directly
charged with the redemption of SS46,
100000 Of United States notes. The
imitation Of silver currency should be
accompanied by strengthening instead
Of depicting the gold reserve. The
present bill. enacted. would be long
step toward silver mono-metalism.
The president then recommends in