The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-30
ON THE BLAND BILL.
The President Sends in His DiSap-
prevail Of the Measure.


Soon supplant the Treasury Notes
In the CircuIation-Furt Infusion
Of silver Into Our Currency Danger
Gus Unless Accompanied by Pro-
visions for the Maintenance of a
safe Gold Reserve.
Washington, March 90. - President
Cleveland sent to congress to-day a mes
SAGE yetoing the Bland seigniorage bill.
Following is the text of the message:
TO the House of representatives. re
turn without my approval House bill num-
bsred 1886 entitled AN act directing the
coinage Of the silver bullion held in the treas
ury. and for other purposes"
Ny strong desire to avoid disagreement
with those in both houses of congress who
have supported this bill would lead me to
approve it if ] could telieve that the public
GOOD would not be thereby endangered and
that such action on my part would be proper
discharge Of official duty Inasmuch. how
ever as I am unable to satisfy myself that
the proposed legislation is either wise or op-
perfume my conception of the obligations and
responsibilities attached to the great office
hold. fortids the indulgence of my personal
desire and inexorably confines me to that
course which is dictated by my reason and
Judgment, and pointed out by a sincere pur-
pose 10 protect and promote the general in
teTest Of our people.
The financial disturbance which swept over
the country during the last year was unpar-
alleled IN its severity and disastrous conse-
Qucuces There seemed to be almost an en-
tire displacement of faith in our financial
AGILITY ana a loss OF confidence in our fnan-
JiaI policy. Among those who attempted to
assign causes Tor our distress it was very gen.
orally conceded that the operation OF pro
vision OF law then In force which required the
a large amount of silver bullion
and issue its Il ties in payment therefor was
either entirely, or to a large extent respon-
slple for our condition. This led to the re-
peal, on Nov. 1. 1893, OF this statutory pro
vision We had, however fallen so low in
the depths Of depression, and timidity and
apprehension had so completely gained con
trol IN financial circles that our rapid re eu-
IeruJiOu could not be reasonably expected
ON THE MEND.
Our recovery has, nevertheless, steadily
progressed and. though less than five months
have elapsed since the repeal of the mis-
Chievous silver purchase requirement, a
wholesome Improvement is Enthusiastically ap-
parent. Confidence in our absolute solvency
is to such an extent reinstated and faith in
our disposition to adhere to sound financial
methods, is so far restored as to produce the
most encouraging results both at home and
road. The wheels OF domestic industry
OF loreiEn Investment has again started in
our direction. Our recovery being so well un-
der way. nothing should lie done to check our
conyalescence; nor should we forget that
relapse at this time would almost surely re
duce Is tOa lower stage of financial distress
than thar from which we are just emerging
believe that if the iii under consideration
sa0uIa Sa rs,5 become r3e9 law it would
from the financial intentions indicated by our
recent repeal OF the provision forcing silver
yu!lon purchases, that 1t would weaken, if it
Nlu not Destroy the returning faith and con-
udehce III our sound financial tendencies and
mat as consequence our progress to re
heNed business health would be unfOrtun-
atelE checked and return to our recent dis
uesSlng plight seriously threatened
THE SILVER SITUATION
This proposed legislation is so related to
lhe current condition. growing out of the law
compelling the purchase OF silver by the
government, that glance at such conditions
ana a partial review of the law referred to
may not be Improbable. Between Aug. IA,
i5vO Hnen the law ecame operative, and
Ei.y,. EGg !, 1893, when the clause 1t contained
was repealed there we're purchased
ny the secretary of the Treasury more
ihaA lbSO,O,OOJ of ounces of silver bullion. IN
-5Aeht ior TINS luliOn the government is
sueU IT'S treasury notes of various denOmina-
uuAs. amounting to nearly Sl56 00J 900. which
uoyes were Immediately added to the cur
Itucy IN circulation among our people. Such
ut u'ut ol az ueDLS, pubic and private except
NAeh otherwise expressly stipulated, and
were made receivable for customs
lAEes, and all public duties and when
3D. received might be reissued. They
were also permitted to be held by banking as
S3s.4tonS as part Of their lawful reserves.
rL lhe demand OF the holders these treasury
AoJes were to he redeemed in gold or silver
com Il the discretion of the Secretary of the
LIcdsuty; but 1t was declared as a part of
lutS redemption provision that 1t was THE
TStaotsAed policy of the United States to
a"i-ydtu 80 Ihe TWO metals on parity with
Ssn olher upon the present legal ratio or
'O'" Iauo as may lie provided by law"
THE sEIGNIoRAGE.
ne money coined from such bullion was to
W. sldhGed silver dollars, and after directing
,". immediate coinage of a little less thah
e'WVU ounces, the law provided that as
,aa.u OF the remaining bullion should be
hereafter coined as might lie ne ceSSarV to
II.'-Ge Tor the redemption OF the treasury
uo'aa issued In its purchase. and that any
en- or selgnloraRe arising from such
Image shall lie accounted for and paid into
'g LI- aSury. This gain or seigniOrage evi-
N"tS lnllcateS so much OF the bullion owned
.'. lae government as should remain after
N.u7 suhctent amount to coin as many
'""udTu silver dollars as should equal in
t,-.N,.gI tr.I..'gI the dollars represented by the
0o9ut5 notes issued In payment of the entire
,'HVy OF uulnOn. These treasury notes
no" outstanding and in circulation amount
tl3-,S'I ~. and although there has been
'I-9 Du4hon coined yet the so-caled gain or
a,i-AiordEe. as above defined, which would
1g ,,g rom the coinage of the entire mass, has
bNJH easily ascGrtained to be a quantity of
r.i''iou sumclent TO make when coined 55 1885,
vi standard silver dollars
MAITENANCE OF PARITY.
considering tine present intrinsic relation
rr,"ten god and silver, the maintenance of
yig FGtlty tetween the two metals, as men
t.-eu IN this law. can mean nothing less
a M such "a Qrif in
ys.IiLaton and confidence of the people who
E2t oar money in their daily transactions
,~-ttIeStly the maintenance Of this
fu'ay can only be accomplished, so
.. r' as tl is atc1Jed by these treasury notes,
80 u -H the estim3 zion Of the holders of the
gtl, " giving to such holders, on their re
y, Elloh the DIN, whether il is gold or sill
a. "hitn they prefer. ~ follows that while
Ho In ms the law leaves the choice Of coin to
o.. td'u on such redemption to the discretion
~ ~ ,ue secretary OF the Treasury, the eXer-
J-5 ,2g Oh tnls discretion. If opposed to the de-
,,,iu .liuS OF the holder, Is entirely inconsistent
of "t.L u, lhe euectlve and aeneQcial maintenance
my parity between the two metals.
, ooth gold and silver are to serve us as
1''2'ey, ana II they together are to supply to
r. teopIe sale and stable currency. the
~, S9tly OF preserving this parity is obvious.
ia 81. a. necessity has been repeatedly conceded
10, 'tc 'tc pAtiOrmS of both political parties and
aoIi ltdetul statutes. II Is nowhere more
Ia pLa lc4uy recognized than In the recent
rgtt ,"n'cn repealed the provision under
r,i ri Il .he bullion now on hand was purchased.
f,9 III" insists upon the maintenance OF
va, aflly in value of the coins of the two
fI taI7 and the equal power of every dollar at
ha nu1rf larf