People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1894-04-06


dent to-day sent to the house of repre-
sentatives the following message veto
ing the Bland silver seigniorage bill:
To the House Of Representatives return
without my approval house bill numbered 1896
entitled An act directing the coinage OF the
silver bullion held in the treasury and for
other purposes"
My stron desire 10 avoid disagreement with
those in both houses OF con re S who have
supported this bill would lead me to approve
1t II could believe that the public good would
not be thereby endangered and that such
action on my part would be proper discharge
OF official duty InaSmuch, however, as am
unable TO satisfy myself that the proposed
lie islation is either wise or opportune. my
conception OF the obligations and responsible.
ties attached TO the great office hold forbids
the Indulgence OF my personal desire, and
lnexorably confines me 10 that course which
is dictated by my reason and jud ment and
pointed out by sincere purpose TO protect
and promote the general interests OF our
people
CONCEDED CAUSE OF THE PANIC.
The financial disturbance which swept over
the country during the last year was unparal.
leled in its severity and disastrous conse.
Quences There seemed TO be almost an en-.
tire displacement Of faith in our financial
ability and loss Of confidence in our fiscal
policy. Among those who attempted 10 as
sign causes for our distress il was very zen.
orally conceded that the operation Of pro-
vision OF law then in force which required the
government TO purchase monthly q
large amount OF silver bullion and issue
its notes IN payment there or, was either en-.
tlrelY. or 10 lar e extent, res OOnsible for our
condition. This led to the repeal. on the first
day Of November 1888 OF this statutory pro-
vision. We had, however, fallnn so low in the
depths Of depression and timid ty and aDpre.
hension had so completely sned control in
financial circles that our rapid recuperation
could not reasonably be expected.
Our recovery mas nevertheless, steadily pro
crossed and though less than five months
have elapsed since the repeal Of the mischiev.
Gus silver purchase requirement, whole one
improvement Il Enthusiastically apparent Con.
hdence in our ABSOLUTE solven'y is TO such an
extent reinstated and faith in our disposition
TO adhere TO sound financial methods is so far
restored as TO promote the most encouraged
results, both at home and abroad. The wheels
Of domestic industry have been sloYy
set in motion and the tide OF foreign invest.
ment has again ST lrted in our direction Our
recovery being SO we'll under way. nothing
should be done TO check our c0nYalescence,
nor should we forget that a relapse at this
time would almost surely reduce US toa lower
stage OF financial distress than that from
which we are just emerrin.
believe that il the bill under consideration
should become law it would be re garded as
retrogress ion from the financial intentions in.
M nv RnNf ~ Nh.n 81
forcing silver bullion purchases. that il would
weaken II 1t did not destroy returning faith
and confidence in our sound financial tenden.
cies and that as consequence our progress 10
renewed business health would be un ortu-
nately checked and a return to our recent dis.
tressing plight seriously threatened
The president then reviews the cur
rency conditions growing out of the
Sherman silver law, and continues:
The conditions have endeavored to pre-
sent may be thus summarized:
First-The government has purchased and
now has on hand sufficient silver bullion TO
permit the COINAGE OF all the silver dollars
necessary to redeem in such dollars, the
treasury notes issued for the purchase OF sill
yer bullion and enough besides TO coin as gain
or seigniorage, 55,l56,6Sl additional standard
silver dollars
Second-There are outstanding and now in
circulation treasury notes issued in payment
OF the bullion purchased amounting TO $751;
s0l,2 30 These notes are legal tender in pay
ment OF all debts, public and private, except
when otherwise expressly stipulated, they are
recoverable for customs, taxes. and all public
dues, when held by banking associations they
may be counted as part OF their lawful
reserves and they are redeemed by the govern.
ment In gold at the option OF the holders.
These advantageous attributes were de-
liberately attached to these notes at the time
OF their issue, thev are fully understood by
our people to whom such notes have been dis.
tr1buted as currency and have undoubtedly
thus induced their continued and contented
use as money, instead OF anxiety for their re-
demption.
THE BILL REVIEWED.
Having referred to some incidents which I
deem relevant 10 the subject it remains for me
10 submit specific statement OF my objec-
tons 10 the bill now under consideration
This bill consists Of two sec ons, excludlnr
one which merely appropriates a sum sum.
Client to carry the at int, effect The first
section provides for the immediate coinage Of
the silver bullion in the treasury, which rep
fesents the so-called gain or seigniorage, which
would arise from the coming of all the bullion
on hand, which gain or seignloraIe this section
declares TO be $50 lO6,6Sl. II directs that the
money so coined or the certificates issued
thereon shall be used in the payment OF public
expenditures, and provides that II the needs
OF the treasury demands it the secretary az
the treasury may in his discretion issue silver
certificates in excess OF such coinage not ex.
ceedinI the amount Of seigniorage In said sec.
ton authorized to be coined
The second section declares that as soon as
possible after the coinage Of this seignOirage.
the remainder OF the bullion held by the gov
eminent shall be coined into legal tender
standard silver dollars, and that they shall be
held in the treasury for the redemption OF
treasury notes issued In the purchase OF said
bullion. II provides that as fast as bullion
shall be coined for the redemption Of said
notes they shall be re-issued but that they
shall be cancelled and DESTROYED in amounts
equal TO the coin held at any time in the treas.
ury derived from the coinage provided for,
and that silver certificates shall be issued on
such coin in the manner now provided by law.
II is, however, especially declared in said
Sc ction that the act shall not be constructed
10 ehange existing laws relating to the legal
tender character or mode OF redemption OF the
treasury notes issued for the purchase OF the
silver bullion TO be coined
MOST UNFORTUNATELY CONSTRUCTED.
The entire bill is most unfortunately con.
structed Nearly every sentence presents IN.
certainty and invites controversy as to its
meaning and intent The first section is
especially faulty in this respect and 1t is ex-
tremely doubtful whether its language will
permit the consummation Of its supposed pur-
poses. lam led to believe that the promot rs
OF the bill intended in this section to
provide for the coinage Of the bullion constl.
tuting the gain or seignorage, as it is called,
into standard silver dollars and yet there is
positively nothing in the section to prevent its
coinage into any description OF silver coins
now authorized under any existing law sup.
pose this section was also intended. in case
the needs OF the treasury called for money
faster than the seigniorage bullion
could actually be coined, 10 present the issue
OF certificates in advance Of such coinage but
It's language would seem TO permit the issu-
ance OF such certificates 10 double the amount
Of selgniorage as stated one half OF which
would not represent an ounce Of silver in the
treasury. The debate upon this section in
congress developed an earnest and positive
olnerenee OF opinion as TO its object and
meaning In any event. am clear that the
present perplexities and embarrassments Of
The secretary ~ the traa anght nof IN ~