The farmers' union. (Memphis, Mo.) 1891-1895, 1894-04-05
BLAND BILL VETOED
PRESIDENT DECLINES TO lfi-
DORSE THE MEASURE.
BNl L. Returned to the House without
His Approval - Scigniorage Might He
Coined ON an Issue OF Low Interest
Bearing Bonds.
Would Rob Is Of Our Gold.

Bearing Bonds.
Would Rob Us OF Our Gold.
President Cleveland has vetoed the
Bland bill. Long before the House
was called to order Thursday morning
the news had spread over the floor
that the seigniorage bill had teen ve-
toed, and later, according to WASH
ingtOn dispatch, when the positive an
nouncemen- was made it caused little
excitement. The Presidents objec-
tions to the bill. in brief, arc that the
bill is loosely drawn and would rob us
OF our gold. He says he believes the
coinage of the bullion seigniOrage
might b, sally and advantageously
done provided authority were given
the Secretary of the Treasury to issue
bonds at low rate OF interest. He
expresses hope for u cOmprchens vo
adjustment of our monetary affairs in
q short time in a way t. accord to sill
YER its proper place in our currency.
In his veto message the President
says: My strong desire to avoid dis
agreement with those in both houses
OF Congress who have supported this
bill would lead me to approve it if |
could believe that the public good
would not be thereby endangered, and
q proper discharge of official duty.
"Inasmuch, however, as am unable
to satisfy myself that the proposed leg
islation is either wise Or opportune,
my C inception of the obligations and
responsibilities attached to the great
Office hold forbids the Indulgence of
my persona. desire and incxorably con-
fines mo to that course which is die
tated by my reason and judgment and
pointed out by a sincere purpose to
protect and promote the general inter-
ests of our people.
The financial disturbance which swept
over the country during the last year was
unparalleled in its severity and disastrous
consequences There seemed to be almost
an entire displacement OF faith in our
financial ability and a loss OF confidence in
our fiscal policy. Among those who at
tempted to assign causes for our distress it
was very generally conceded that the op-
Grafton OF a provision of law then In force
which required the Government to pur-
chase monthly large amount OF silver
bullion aud issu, its notes In payment
therefor was either entirely or to "A large
extent res ponsibe for our condition.
This led to tho repeal, on Nov. 1. 1893,
OF this statutory provision. We had, how
ever. fallen 40 low In the depths of de-
preston and timidity, and apprehension
had so completely gained control in fnan-
cial circles. that our rapid recuperation
could not be reasonably OK pected Our re-
covery has nevertheless, steadily pro-
crossed. and though less than tive months
have elapsed since the repeal Of the mis-.
chievOus silver purchase requirement. q
wholesome Improvement is unmistaka ably
n C(nf in hsnis col
vency Is to such an extent reinstated, and
faith In our disposition to adhere to sound
financial me tnOds Is SO far restored As 70
produce the most encouraging results. both
at home and abroad
The wheels OF domestic industry have
been slowly set In motion. aud tho tide Of
foreign investment has again started in
our direction Our recovery being SO we'll
under way nothing should be done to
check our convaiescence. nor should NO
forget that u relapse at this time would al
most surely reduce US to a lower stage OF
financial distress than that from which We
are just emerging.
believe that IL the bill under consider
alton should become law 1t would be re-
garded AS q retrOgression from the finan-
cial intentions INDUCED by our recent re-
peal OF the provision forcing silver bullion
purchases; that 1t would weaken II It did
not destroy returning faith and con fidence
in our sound financial tend encies. and thaS
business health would bO unfortunately
| checked and a return to our recent dis
,ressing plight seriously threatened.
| Ill-Advised and Dangerous.
! am convinc ed that this scheme il ILL.,
advised and dangerous As an ultimate
| result OF its operation. treasury notes
which are legal tender for all debts. public
and private. and which are redeemable In
! gold or silver. at The option of the holder.
" liza "
| which. whatever may be their character
| and description. will have none OF these
Qualities In anticipation OF this re-
suit and as o, an immediate v effect.
. preciate in value and dcsirsbility.
The fact that gold can DO realized upon
them. and the further fact that their de-
struction has been decreed whom they
i reach the Ire asury. must tend to their
/ withdrawal from general circulation. 70 b
| Immediately presented for gold redemp-
ton or TO be boarded for presentation At =
more convenient season. Tho sequel OF
| both operations will be a large addition q
! the silver currency IN our circul alton aud
corresponding reduction OF gold In tho
| Treasury.
| The argument has besn made that these
things will not occur at once, because =
long time must elapse before the coinage
| tered upon. II the physical effects Of tho
| execution OF the second section Of this bill
| arc not to be realized until far In the fu-
ture this may furnish strong reason Why
It should not bs passed 30 much in adj
| vance: but The postponement OF it,
| actual operation cannot prevent
/. the fear and loss OF con Rdence and
| nervous prostrntfon which would imme-
dfately follow ITS passage and bring about
| It's worst consequences
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