The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-04-06

WASHINGTON. March 20. The follow
ing is the full text Of the presidents
message vetoing the bland seigniorage
bill:
TO rHE nousf or REPRESENTATIVES, Il re-
turn without my approval house uill No, ivno
entitled An acl directing the coinage oi the
silver bullion held IA the treasury and Tor other
purposes.
Ms strong desire 10 avoid Disagreement with
those ia both houses OF congress VINO have
supported this hlll would lead me 10 APPROX.
Il II ! could believe that the public good would
not bc thereby rnia.y crcd and that such ac-
ton on my part would be q proper discharge OF
Official duty lna-much. however, As am Nm
able 70 satisfy myself that the pr9posru lesi>-
latlpn j. either wise or opportunc my Vohccp-
ton OF the obligations ard rc>ponSiNh-
ties attached 70 the great onie@ hold
forbid, the indulgence OF my personal desire.
and intN0rAlly couflne, me to that course
wAisn j. dictate rs my reason and Judgment,
and pointed out hy sincere plrpo-e - pro
tcci and promots the general interests Of our
people.
The financial disturlan which swept over
the country during the last year was un
parailvlel 10 it, severity auu disastrous con
sequences. There seemed TO &c amo>; IN EN-
tire displacement % faith in our financial
ability ana a loss OF confidence in our fiscal
pot " Among those who attempted 10 assign
causes for our distress II was very generally
conceded that the operation OF provision of
law then In force. which required the govern
meut to purr hasn monthly large amount OF
therefor was either entirely, or 20
a large extent responsible for our
condition. Tais led 10 the repeal. on the first
day OF Novem ocr. i>.3. " tins statutory pro-
vision. We had however fallen 50 low In the
depths of depression. and timidty aud appre
hens on had completely gained control IN
financial circles. that our rapid recuperailon
could not br reasonably experted Our rccoN-
cry has. nevertheless. steadily progressed. and
though less than ike moatAs have elapsed since
the repeal OF the mischcvou~ silver purchase
ni>takaby apparent Confidence in our ahso-
lutte solycncy It. 10 such an extent reins,aied.
aud faith IN our disposition 10 adhere
10 sound financial methods l. FAR
restored A. 10 produce the most encouraging
results both at hone and abroad. The wAf'ciS
OF domestic industry have been slow Is >et In
motion and the tide Of foreign investment has
again started In our direction. Our recovery
tcin- we'll under way. nothing should he
dOre 10 check our conXaie>rencc, nor should
we forget that q relapse at this time wouG al
most surely reduce Us to a lower stage OF imam
cill distress than that from v hich We are Just
emerging | believe that II the bill under con-
side ration should become 4 law It would be re.
garGed as a retrogre-sion from the financial
intentions indicated hy our recent repeal
OF the provision forcing silver bullion
purchases. that il would weaken. IL IL did not
destroy. returning faith and confidence Ia oar
solnd financial tendencies. and that rs con
sequence our progress TO renewed business
health would be unfortunately checked and a
return TO our recent distressing pllsh. scrl
ously threatened This proposed Legislation
is - related 20 the currency conditions g-ow
in- out OF the law compelling the purchase OF
silver by the government, tina. glance ~
SUI d conditions. alt partial review OF the
law referre.i 10 may not ne unproitahle
Bctween the lith day OF August, l-.s). wher
the law became operative. ami the 1T day OF
November i~s2. when the clause IL contained
directing the purghasSoi silver was repealed
there were purchased by the secretary Of IN,
treasury more than i6sOolW ounces o.
silver bullion In payment for this
bullion the gov rnment issued II trea~ury notes
or various denominations amo uniting 70 nrari,
si5tppWD which notes were Immediately
added 70 The currency ia circulation among oul
people. such notes were hy the law mais
legal tender In payment Of all debts. pnnlic anc
private. except wnen Otherwise expressly slip
ulAtcl auI are made receivable for customs
taxes ana all public dues aud when : o receive,
might re rsi--ued They were also permitted
10 re held ny banking a. soSiltionS ~ a part N
their lawful reserves On the demand % ia.
holders these treasury notes were TO be re
deemed In goll silver coin Ia th'
discretion 81 the secretary OF he treas
ury hut IL MAS declared part o
tni- redemption provision that il wa
the established policy of the United states 4
maintain the Two metals on a parity with eacf
other upon the present legal ratio or suei
ratIo as may lie provided rs LAW"
The money coined from -ucn bullion was Il
be standard silver dollars. and after directing
the immediate coinage Of little less than =.
Un.t y ounces the law provided that a. much .
the remaining bullion should be fhereaitrl
coined a. might . necessary to provide III
the redemption ~ the treasury notes issued 81
IT, purchase. aud that any gain or -eiguiora.'
arising from such coinage shall be acconntes
FOR and paid into the treasury !"
This gain or seigniorage evidently indicate
so mucn OF the bullion owned ty the govern
ncnf as should remain, after using -nfficien
I amount TO coin As many standard silver dol
I lars As should equal In hummer the dollars rep
resented rs thu treasury not = issued In pay
| mcnt OF the entire quantity Of bullion Thcs'
\ treasury notes now outstanding and IN circula
tioa amount to sios s5i ~. aud although Their
\ ha, been thus FAR but comparatively small
amount % this ulscn ccine !. yet the -o-calie
( gain or sei-nI1ra-- above defined. whicl
would arise from tho coinage ~ the cntir
Z mass has fcen easily a-certaicc 20 be-
aunntity OF bullion sut;icient - make
when coined -. ~ 6-l standard silver dollars
( COn-iderin. the present intrinsic relation IT,
tween goia aud silver the maintenance u IN
1 parity letwesn the Two metals. a. mentione
I In this law can mean nothing less than IN
maintenance " such parity In the csiiInato
{ and confidence ~ the people who Use OF
money IN heir daily transactions. Manifest
the maintenance OF this parity can only be ~
co1pIisAed far - Il Is affected 49, the~
treasury notes and IN the estimation 81 TIA
I holders " The same. y giving 10 such holder
o. their redemption, the coin. whether Il
gold or silver. which they prefer II 10
lows that while in terms the law leave
the choice ~ con TO be paid o
such redemption To the discretion % IA
secretary VI the treasury. the eyereis
OF this discretion II opposed 10 the demands {
the holder Is entirely Inconsistent with TIA
rarity bctwcel tha two metals.
II pO,h gold and silver are to serve as .
mo-. 81 and II they together arr 70 supply !
our F'cple q safe and stable currency tie q
c,sslfy ~ preserving this parity - ohvlou
Such necessity has ieca repeatedly tOncede
In the platforms o. both political parties an
in our federal statutes. IL Is now herr NOR
emphaiicAlly recon eel than IN the recrf
law which repealed the provision under whir
the bullion now on hand was purchased IN
Law insists upon The maiat ,nalec % the parii
Ia value Of ne coins ~ the two metal. and m
equal power 81 every dollar at all times Ia tn
mar Srts AMI Ia the payment Of debts
The secretary Of the treasury has therefore
for the best ~ reasons. not only promptly con
| rlicI with every demand for the redemption
these treasury notes In cold. but the prcs~f
situation. a. wei a. the letter aud spirit Of ia
law appear plainly 10 justify Ii they 10 not CT
ioin npOn him a continuation ~ sucn redcml
lion The conditions ! have cndcayOred
present may I've thus summnr.ze
First The government has purchased m
Tow has on maud. sufficient silver bullion
permit the coinage ~ all the silver dollar
necessary 10 redeem. In such dollars the trea
ury notes issued for this purc chase 81 said sily.
bul!ton ana enough besides to coin a. gar
or --igriorage S.. l5s. f-i additional sian1ar
silver dollars.
second There are outstanding and now |
circulation treasury notes issued Ia Payment
tbs bullion purchas Il amounting to sli. -!
~ Tnese notes ar. legal tender IN pAymer
/ .4f.l snH ~.