The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-04-07
NOT APPROVED.
The President Vetoes the Bland
Seigniorage Bill.
He Believes No More Silver Should he In
fused Into the Currency-His Rec
ommendation as to tho Gold
Reserve.

WASHINGTON, March 3O-The presi-
dent yesterdaysent to the house of repre-.
sentatives the following message veto
ing the Bland silver seigniorage bill:
To the House OF Representatives: l return
without nv approval house bill numbered
ass6 entitled AN act directing the coinage of
the silver bullion held In the treasury and for
other purposes y
My strong desire to avoid disagreement with
those In both h uses OF congress who have sup
Ioried this bill would lead me to approve 1t IL
could be ieve that the public good would not be
thereby endangered and that such action on my
part would be proper discharge Of official
duty lnasmuch. however. as l an unable to
satisfy myself that the proposed legislation Is
either wise or opportu tune my conception Of the
obligations and responsibilities attached to the
great Office hold forbidS the indulgence OF my
personal desire. and inexorably confines me to
that course which Is dictated by my reason
and judgment and pointed out by q sincere pur-
pose to protect and promote the general inter
ests of our peop.e.
The financial disturbance which swept over
the country during the last year was unparal-
le.ed In its severity and disastrous conse-
Quences. There seemed to be almost an entire
displacement OF faith In our financial ability
and q loss Of confidence in our fiscal policy
Among those who attempted to assign causes
Tor our distress II wns very generally conceded
that the Grafton OF q provision OF law then in
force which required the government to pur-
chase monthly u large amount of silver bullion
and issue its notes in payment therefor, was
either entirely, or to q large extent responsi.
BILE for our condition This led TO the repeal
on the first day Of November 1893 of this stat
utory provision We had, however fallen so
low In the depths OF depression and timiditv
ana apprehension had SO completely gained
control In financial circles that our rapid recu.
peration could not reasonably be expected
Our recovery has. nevertheless, steadily pro-
gressed. and though less than Ave months have
elapsed since the repeal OF the mischievous sill
yer purchase requirement. o wholesome i'm
provement is Enthusiastically apparent Con,
fidence In our absolute soivency Is to such an
extent reinstated and faith In our disposition
to adhere to sound financial methods is SO far
restored rs to promote the most encouraged re.
suits both at home and abroad The wheels
OF domestic industry have been slowly set in
motion and the tide Of foreign Investment has
again started In our direction Our recovery
being so well under way, nothing should be
done to check our convalescence. nor should
we forget that a relapse At this time would al
most surely reduce US 70 a lower stage OF
financial distress than that from which we are
just emerging.
l believe that II the bill under considera ton
should become law II would be regarded as
retrogression from the financial Intentions in
dulged by our recent repeal OF the provision
forcing silver bullion purchases that Il would
weaken II 1t did not destroy returning faith and
confidence In our sound financial tendencies
and that Is consequence our progress to re-
newed business health would be unfortunately
checked and return to our recent distressing
plight seriously threatened
This proposed legislation Is SO related to the
currency conditions growing out OF the law
compelling the purchase Of silver by the gov
ernment that glance at such conditions and
q partial review of the law referred to, may
- fo0np ohtable. Between the 18th OF Au
4 hav. ttn1 t~~~ al,
! oay OF November. 1898, when the clause
fned directiHsy- the purchase Of silver
V11 Ioenied there were purchased by the Soc
rctafy OF the treasury more fhsa-l6 QUO
OF ounces OF silver bullion In payment for
his bullion the gov rnment Issues its treasury