Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1894-04-06
BLAND BILL VETOED.
The President Declares It Ill Ad-
vised and Dangerous.

vetoing the Bland SILVER seignorage
bill. After referring at length to
lexistlng financial depression and
the repeal of the Sherman law he
proceeds in part as follows:
l believe that If the bill under
consideration should become law
it would be regarded as retro
gression from the financial int n
tons indicated By our recent re-
peal of the provision forcing silver
bullion purchases, that it would
weaken it 1t did not destroy re.
turning faith aud confidence in our
sound financial tendencies, and
that, as a consequence, our pro-
gress to renewed business health
would be unfortunately checked
aud a return to our recent dis.
tressed plight seriously threatened.
Considering the presentintrinslc
relation between gold and silver,
the maintenance of the parity be.
tween the two metals as mentioned
in this law can mean nothing less
than the maintenance of such a
party III the estimation aud con-
fdence of the people who use our
money in their daily transactions.
Nanitestly The maintenance of
this parity can only be plish-
ed, so far as it is affected by these
treasury notes and IN the estima
ton of the holders Of the same, by
giving to such holders on their re-
demptlon, the coin, whether it is
gold or silver, which they prefer.
1t follows that while in terms
the law leaves the choice of coin to
he paid on such redemption to the
discretion of the secretary of the
treasury, the exercise Of this dis
erection, if opposed TO the demands
of the holder, is entirely inconsls-
tent with the effective and benef
clal maintenance Of the parity be-
tween the two metals.
IT both gold and silver are to
serve US for money, and if they
together are to supply to our
people safe and stable currency,
the necessity for preserving this
parity is obvious. Such necessity
has bee repeatedly conceded in
the platforms of both political par.
ties and in our federal statutes.
The law insists upon the "main
tenance of the parity IN value of the
coins of the two metals and the
equal power of every dollar at all
times in the markets and IN the
paymen, of debts"
The secretary of the treasury has
therefore, for the best of reasons,
not only promptly complied with
every demand for the redemption
of these treasury notes in gold, but
the present situation, as we'll as
tue letter and spirit of the law,
appear plainly to Justify, if they do
not enjoln upon him, a continuance
of such redemption.
The entire bill is most unfor-
tunately constructed. Nearly
every sentence presents uncertainty
and invites controversy as to Its
meaning and intent. The first
section is especially faulty in this
respect, and it is extremely doubt
It'll whether its language viii
permit the cpnsummatlOn of its
supposed purposes.
am led to believe that the
promoters of the bill int en-
ded in this section to provide for
the coinage of the bullion cOnsti-
tuting the gain or seigniorage, as
lit Is called, into standard silver
dollars; and yet there Is positively
nothing in the section to prevent
! It's coinage into any description of
silver coins now authorized under
any existing law.
DJubts also arise as to the
meaning and construction of the
second section of the bill. If the
SILVER dollars therein directed to be
coined are as the, section provides
to be held IN the treasury for the
redemption of treasury notes, it ls,
suggested that, strictly speaking
certificates cJnnOt be issued on
such coin Sin the manner now pro.
vidcd by Law" because these dollars
are money held in the treasury for
the express purpose OF redeeming
treasury notes, on demand, which
would ordinarily mean that they
were set apart for the purpose of
substituting them for these treasury
notes.
I am convinced that this scheme
is I'll advised and dangerous. As
all ultimate result oflts operations
treasury notes, which are legal ten.
n 4