The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1894-04-06
BLAND BILL VETOED
THE sErGNIORAGE MEASURE Is
KNOCKED OUT by THE PRESIDENT
MIR. Cleveland snys the DiIl I. Loose-
" Drawn and Would Rah lis of Our
GOld-He FayOrn COining the Scig.
niornge Under Restrictions.

Washington, March :W.-The president
sent to the house of representatives the
message vctoins the Bland silver bill.
He bases his veto on the ground that tine
bill is loosely drawn and would rob us of
our gold. He says he believes the coin-
ing of the bullion seigliorage might be
safely and utlvantageously done provided
prthority We're given the secretary of the
treasury to issue the bonds at II low rate
of interest. He expresses Il hope for Il
comprehensive adjustment of our mone-
tary affairs in IL short time in way 10
accord To silver its proper place in our
currency. The message says:
Il return without my approval house
bill numbered 459G, entitled An act Ill
rcctng the coinage of the silver bullion
held in the treasury. and for other pur-
poses. My strong desire to avoid disa-
grecmcnt with those i'll both houses Of
congress who have supported this hill
would lead mo to approve it If l could
believe that the public good would not be
thereby endangered, and that such action
OH my part would he Il proper discharge
of official duty. lLasmuch, however, as
! am unable to satisfy myself that the
proposed legislation is either wise "r oi'-
fortune, my conception of the obligations
and responsibilities attached to the great
office l hold forl,ids the indulgence" of
my personal desire, and inexorably coll-
fines me to tl,at course which is dictated
by my reason and Judgment and pointed
out by a sincere purpose to protect and
promote the general interests of the l'co-
pie. We have now outstanding more
than $:NiS.tH0.UU in silver certificates is
srcl under existing laws. They are scrv-
ing the purpose of money usefully and
without question. Our gold reserve,
amounting to only little more than
$1OO,GtlO.G00, is directly charged with the
redemption Of S:i4G.HA,tNO of United
States notes. When it is pr"lnsed to ILL.,
fate our silver currency it is Il time for
sti, ngtlicning our gold reserve instead of
depicting ii. ! cannot conceive of II long
er step toward recommendation than We
take when we spend our gold to buy silver
G. ,ificntcs for circulation. ard especially
in view of the practical difficulties sur
rounding the r"plcnishment of our gold
This leads ire to earnestly present the
desirability of granting to the secretary
cf the treasury II better power than now
exists to issue bonds to protect our gold
reserve when for any reason it should bC
necessary. Our currency is in such Il
confused condition and our financial af-
fairs are apt to assume ut any time 50
critical a position that it seems to Tue
such IL course is dictated by ordinary
prudence. l am not insensiblc to the ar
guments in favor of coming the bullion
scigniolagc now in the treasury. and
believe it could be done safely an,i with
advantage if the secretary of the treas
ury had the power to issue bonds ut a
low rate of interest under authority, in
substitution of that now existing and bet
ter suited 10 the protection of the treas
ury. ! hope a way will present itself in
the near future for the adjustment of our
monetary affairs in such II comprehensive
and conservative manner as will afford
TO silver its proper place in our currency,
but in the meantime ! am extremely So
licitOus that whatever action we take
OH this subject may be such rs to pre-
vent loss and discourngcmcpt to our pco-
pie at home, and the destruction of con-
fidcncc in our financial management
abroad"