The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1894-03-30
BLAND'S BILL VETOED
A VOluminOus Message From
President Cleveland
OBJECTIONS FULLY SPECIFIED
He Says hhe Seigni0rage, Bill is
Family in Construction and Will
Work Serious.
OBJECTIONS FULLY SPECIFIED
Associated Press.

.
Associated Press.
Washington, March 29-The presiden
has vetoed the Bland seigniorage bill.
In his message the president says
THE recovery from the recent depres
sion is steady progressing. The wheels
of domestic industry have been SLOWLY
set in motion, and the tide of foreign
investment has again started in our di
lection. Our recovery being so well un.
der way, nothing should be done tc
check our convalescence, nor should we
forget that a relapse at this time would
almost surely reduce us to a lower stage
of financial distress than that from
which we are just emerging"
The message, owing to the relations of
the Bland bill to the currency condi-
tions of the silver purchase law lately
repealed, partially reviews that law
The president then submits a specific
statement of his objections to the seign-
forage bill, as follows:
1T is a bill that consists of two sec
tions, excluding one which merely ap-
propriates a sum sufficient to carry the
act into effect. The first section pro-
vides for the immediate coinage of the
silver bullion in the treasury, which
represents the co-called gain or seign-
ionage which would arise from the coin
ing of all the bullion on hand. which
gain or seigniorage this section declares
to be $55,156,6S1. It directs that the
money so coined, or certificates issued |
thereon, shall be used in payment of
public expenditures, and provides that
If the needs of the treasury demand it.
the secretary of the treasury may, in
MS discretion, issue silver certificates in
excess Of such coinage not exceeding
he amount of the seigniorage in said
section authorized to be coined. The
second section directs that as soon as
possible after the coinage of this seign-
orage, che remainder of the bullion held
'y the government shall be coined into {
egal tender standard silver dollars, and
hat they shall be held in the treasury
or the redemption of treasury notes i
ssued in the purchase of said bullion. S
t provides that as fast as the bullion /
hall be coined for the redemption of
aid notes they shall not be issued, butt =
hall be cancelled and destroyed in
mounts equal to the coin held at any d
me in the treasury derived from the d
oinage provided for, and that silver
ertificates shall be issued on such coin Is
| the manner now provided by law 1t e.
, however especially declared in said L
'ction that the act shall not be con- .
rued to change the existing laws re- a.
ting to the legal tender character or a.
ode of redemption Of treasury notes CO
sued for the purchase of the silver
lllion to be coined. The entire bill is
ost unfortunately construed; nearly q
'ery sentence presents an uncertainty b.
Id invites a controversy as to its Il
Gaming and intent. The first section Is g
pecially faulty in this respect, and 1t a,
extremely doubtful whether it's Ian of
.uge will permit Of the consummation of
its supposed purposes. nj
II cannot conceive of longer step to- =,
ard silver monometalism than we take on
hen we spend our gold to buy silver wi
rtifcates for circulation, especially in gil
ew of the practical difficulties sur IN
undlng the replenishment of our gold.
lis leads me to earnestly present the
Of granting the secretary Of Mt
: treasury better power than now ex-
s to issue bonds to protect our gold S''
erve when for any reason It should ,,,t
necessary. hope way will present Ioc
ELI in the near future for the ADJUST wi
mt Of our monetary affairs in such his
and conservative man
as viii afford to silver its proper 6
ce in our currency. ors
The present ScIplexities and embar- tod
sments Of the secretary Of the treas mo
ought not TO be augmented by de- ~ ~
wing upon him the execution Of a Ne
50 uncertain and confused. I am bar