The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1894-04-06

Do Prs.idsn.'. veto Of the Bland BIN.
oontemplates would be lawfully re-

eontemplates would be lawfully re-
celved even for such purposes.
eWhatever else may be said of the
uncertainties Of expression in this bill,
they certainly ought not to be found
IN legislation affecting subjects so i'm
portant and far-reaching as cur f.
nance and currency. In stating other
and more important reasons for my
disapproval of this section, / shall,
however, assume that under its pro-
visions the treasury nc ties issued in
payment for silver bullion will con-
tinue to be redeemed as heretofore in
silver or gold, at the option of the
holders; and that If, when they are
presented for redemption, or reach
the treasury in any other manner,
there are in the treasury coined silver
dollars equal in nominal value to such
treasury notes, then, and in that case,
the notes will be destroyed and silver
certificates to an equal amount be
substituted.
81 am convinced that this scheme is
IN advised and dangerous, AS anulti-
mate 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
optien Of the holder, will be replaced
4 BY silver certificates which, whatever
may be their character and descrip-
ton, will have none of these qualities.
In anticipation of this result and as
an immediate effect the treasury notes
will naturally appreciate in value and
desirability. The fact that gold can
be realized upon them, and the fur
ther fact that their destruction has
been decreed when they reach the
treasury, must tend to their withdraw
al from general circulation to be inn
mediately presented for gold redemp-
ton or to be boarded for presentation
at more convenient season. The se-
ouel Of both operations will be large
addition to the silver currency in our
circulation and corresponding reduc-
ton Of gold in the treasury. The ar
gument has been made that these
things will not occur at once, because
a long time must elapse before the
coinage Of anything but the seignior-
age can be entered upon. If the ply
steal effects of the execution of the
second section of this bill are not to be
realized until the fu nre. this may
furnish strong reason why it should
not be passed so much In advance !;
but. the postponement of its actual
operation cannot prevent the fear and
loss Of confidence and nervous precau-
ton which would Immediately follow
It's passage and bring about its worst
consequences. Iregard this section of
the bill as embodying plan by which
the government will be obliged to pay
eout its scantv store of gold for no
other purpose than to force an unna-
tural addition of silver money into
the hands of our people. This is an
exact reversal of the policy which
safe finance dictates, If we are to pre-
serve parity between gold and silver
and maintain sensible bimetallism.
ave have now outstanding more
than $33s, OOO, 900 in silver certificates,
issued under existing laws. They are
serving the purpose of money usefully.
Our government gold reserve, amount
ing to only SlO0,0OO,O 900, is directly
charged with the redemption of $685.
100000 Of United States notes. When
.it Is proposed to initiate our silver cur
rency II is time for Strengthening our
gold reserve instead of depicting it. /
cannot conceive of a longer step to-
ward silver mono-metallism than
when we take our gold to buy silver
certificates for circulation, and es-
peclally in view Of the practical diff
cultIes surrounding the replenishment
Of our gold. This leaves me to earnest
II present the desirability of granting
to the secretary of the treasury bet
ter power than now exists to issue
bonds to protect our gold reserve
when, for any reason, IL should be
necessary. Our currency is in such a
.ponfused condition and our financial
affairs are apt to assume at any time
50 critical position that it seems to
me such a course Is dictated by ordi-
nary prudence.
81 am not insensible to the argu-
ments in favor of the coinage OF the
bullion seigniorage now In the treas
ury, and / believe it could be done
safely and with advantage if the Sec
rotary of the treasury had the power
TO issue bonds at low rate of interest
under authority in substitution OF
that now existing and better suited to
the protection of the treasury.
~ hope way will present itself IN
the near future for the adjustment OF
our money affairs in such a compre-
hensive and conservative way as Will
accord to silver its proper place IN our
currency; but in the meantime, ! am
extremely solieitous that whatever ac-
ton we take on this subject may be
such as to prevent any discourage
ment to our people at home and the
destruction Of confidence in our finan-
cial management abroad.
GROVER CLEVELAND,
Executive Mansion. March %, 1894.