Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-03-29
SEIGNIORAGE VETO.
Tho President Returns tho Bill With
Objections.
IT'S A CRUDE, BAD MEASURE.
A Lengthy Argument as 10 The Evil
Ensels We Are Just EscaP.
Ing, Bic, Etc.


solgniofagc bill;
To the House Of Representatives. 1
return without my approval the House
bill number l,595, entitled, can aoi
Directing the Coinage Of Silver Bullion
Held Ia the Treasury aud for other
Purposes"
My strong IIosire 10 avoid disagree.
munt with those In both houses Of Con.
arcss, who have supported this bill,
would lead.me to approve It, II l could
believe the public good wouii not be
thereby o dangercd and such action
ON my part would be- the proper die.
charge Of my official duty. inasmuch,
however, ~ I am unable to satisfy my.
seli that the proposed lcgi latlon 10
either wise OF oppofiuno, my concep.
lion Of tho obligations aud re.
probabilities attached 10 the grca,
uficc hold ioThids the IN.
diligence In my personal desires, anj
incxombly confines me 10 that course
which I. dictated By my reason and
judgment aud pointed out by sincere
purpose % protect anu promote the
re ersl intcrc6iG oi the people. Tue
financial disturbance whioh swept
over the country duriug tho last year
was uupar llclud In ns severity anu
disastrous In ils oOIstquencc. There
iecmed ~ be almost an entire dleplac.-
munt OF faith In our financial ability
aud loss u confidence In our fiscal
golicy. Among those who attempted
70 nsHlgn causes for our distress, " was
very generally conceded that the opera
ton OF the provision Of the law then he
force, which required the government TO
purchase monthly n large amount Of
silver hullion nud issue H. notes ~ nay.
mrnt therefor WAS, either entirely OF TO
large extent, responsible Tor our CON
iitl0n. This led 10 the repeal, on the
lust day OF November, 1898, Of this
statutory provision. We had, how.
ever, fallen 10 low In tho depths Of De.
preston and timidity aud apprehension
hud 90 completely gainud control Ia
financial circles that our rapid rccupcfa'
ton could not be reasonably expected.
Our recovery has, nevertheless, stead.
ny progressed, and though Ices than
i've m0nths have elapsed since the
repeal Of the mischiev0us silver pur.
chase requirement, wholesome im-
pfovcmont u unmistaknbly apparent,
aud confidence In our absolute solyency
IL 10 such extent TeinHtated, and the
faith in our disposition 10 adhere g.
Hluud financial methods l. % far re.
stored o. 20 produce most encouraging
results both ut home and abroad.
After discussing az great length the
necessity Of maintaining confidence In
aud tho parity Of the metals OF cur
c0inagc, the President continues;
Having referred 20 some incidents
which 1 deem relevant 10 tho subject,
it remains for mo 10 submit specific
statement Of my objections 10 the bill
now under consideration.
This bill consists OF two sections, ex.
GLIDING one which merely apptoprates
sum sufficient 10 carry tho act into
effect. The flfat section provides Tor
tho immediate coihago Oh silver bull.
lion In the treasury which represents
the called gain or seignioTago which
would arise from coming all the bull.
lion on hand, which gain or HeigniDr-
age this section declares TO be g5b, 1855, %
0sl. IL directs that the money No
coined, or the certificates issued there.
on, shall be- used la tho payment Of
public expenditure, anu provides that
u the needs Uf the tfeaiutv demand n,
the secretary Of the treasury mas Ia
his discretion, issue silver certificates
in excess Of such coinage not oAct l.
Ing tho amount u solgnionge 10 DO
coined. The second section directs
that as soon as possible alter
the coinage OF this fuigniOmgH the
remainder Of the bullion held by
the government shall be coined iatO
- - al a.
that they shall be- held Ia the treasury
for the redemption Of the treasury
notes issued In purchase Of said bul-
lion. IL provides that as fast Aa the
bullion shall be coined for the rodemp.
ton OF said notes, they shall not be- ro.
issued, but shall be Cancelled and dee.
tTOyed Ia amounts equal 10 hecOin held
at any time In the treasury derived
from the coinage provided for, aud
that silver certificates shall be issued
on such coin la the manner now pro-
vidtd by law. 10 H., however, especially
declared la said section that the act
shall not be construed 10 change the OK
isting laws relating 20 the legal tender
character or mode Of redemption
Of the treasury notes tssuel for
the purchase Of the silver bullion 10 DO
coined. The entire bill Ia most unfor.
tunately constructed. Nearly every
sentence presents uncertainty and
Invites controversy as 10 IT. meaning
anu Intent. The first section II
especially faulty In this respect aud II
is extremely doubtful whether its
language will permit tho consumma'
ton Of ia supposed purposei'
lam not wiIling however 10 rest my
objection to this section sliely ON these
gfounda. In my judgment sound
finance does not commend the further
Infusion OF silver into our currency nc
this time unaccompaniod by further
adequate provision for tho mainten-
uuoein our treasury Of q she goll re-
spfye.
Doubts also arise as TO the meaning
nnd construction OF tho second section
OF this bill. II silver dollars therein
directed 10 be coined are, az the section
provides, 10 be- held In the treasury iyf
the redemption OF treasury notes, II II
suggested that, strictly speaking cor
tihcates cannot he Issued ON such coin
sin the manner now provided by law
because these dollars nro money held IN
the treasury for the express purpose OF
Tedeeming treasury notes on demanu'
Whatever else may be said Of the UNI
eerlainlles VI expression In thia bill,
thoy certainly ought not 10 be found
Ia Liquidation affecting subject "a
important and far reaching nh our