Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-04-05
BLAND BILL VETOED
HOUSE RECEIVES PRESIDENT
CLEVELAND'S MESSAGE.
The MEASURE NEITHER WISE
NOR OPPORTUNE.
The Enactment of This Legislation
Would Check Our Recovery from
the Financial Depression of Last
1ear-Duty Ccmpels Cleveland TO
Disagree with Congress.

Washington, March 29.-President
Cleveland today sent to the house of
Representatives his message yctoing
the Bland silver seigniorage coinage
Dill In the beginning of his message
the president says: My 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 believe that the
| public good would not be thereby ell
! dangered and that such action on nv
| part would be a proper discharge of
Official duty. Inasmuch, however, as ]
am unable to satisfy myself that the
! proposed legislation is either wise OF
opportune, my conception of the OBJ,
legations and responsibilities attached
to the great Office [ hold forbids the
indulgence Of my personal desire and
1neXorably confines me to that course
which is dictated by my reason and
Judgment and pointed out by a sincere
purpose to protect and promote the
general interests Of our people,"
! The message then takes up the panic
of last year, with the general loss of
confidence in our fiscal policy, for
which he says the Sherman silver
bullion purchase law was largely re-
sponsible. That law was repealed last
November, but the country had fallen
so low in depression and timidity that
even this did not lead to an Immediate
revival of credit and business.
There has, however, been a gradual
and substantial improvement, and the
most encouraging results attained at
home and abroad. Our recovery be-
ing so we'll under way, nothing should
be done to check our cOnYaleScence.
nor should we forget that a relapse at
| this time would almost surely reduce
us to a lower stage of financial dis
treSS
The president expresses the beIier
that II this bill becomes a law it would
weaken IL not destroy returning faith
and confidence in our sound financial
tendencies, and that, as a consequence,
our progress to renewed business
health would be unfortunately checked
and return to our distressing plight
seriously threatened.
He says this law is closely related
to the repealed Sherman act, and pro-
ceeds to sketch the operation of that
act.
1.-The entire bill is most unfortunately
constructed. Nearly every sentence
presents uncertainty and invites con-
troversy as to it's meaning and intent.
The first section is especially faulty
IN this respect and it is extremity
doubtful whether it's language will per-
init the cOnsummation of its supposed
purposes.
Il am led to believe that the pro-
motors of the bill intended in this sec
ton to provide for the coinage of the
bullion constituting the gain or seign-
forage, as it is called, into standard
silver dollars, and yet there is posi-
lively nothing in the section to pre-
vent its coinage into any description
of silver coins now authorized under
any existing law. / suppose this sec
tlon was also intended, in case the
needs of the treasury called for money
faster than the Seigniorage bullion
could actually be coined, to permit the
issue of silver certificates in advance
of such coinage; but it's language
would seem to permit the issuance of
such certificates to double the amount
Of such seigniorage as stated, one-half
of which would not represent an ounce
Of silver in the treasury.
1.-The debate upon this section in the
congress developed an earnest and
positive difference of opinion as to
its object and meaning. In any event
am clear that the present perplexi-
ties and embarrassments of the secre-
tary af the treasury ought not to be
augmented by devolving upon him the
execution of a law so uncertain and
confused
81 am not willing, however, to rest
my objection solely on these grounds;
in my judgment sound finance does not
commend further infusion of silver
into our currency at this time, IN
accompanied by further adequate pro-
vision for the maintenance in our
treasury of safe gold reserve"
The president considers the Bland
scheme i'll advised and dangerous. He
thinks that a loss of confidence would
have followed it's passag
He regards the bill as embodying a
plan by which the government Will be
obliged to pay out it's scanty store Of
gold for no other purpose than to force
an unnatural addition of silver into
the hands of the people.
The act is a reversal of a policy of
safe finance, for the preservation of
parity between gold and silver and q
sensible bi-metalism. The gold re-
serve amounts to only a little more
than S100,O0O,0OO and is directly
charged with the redemption of $780,
100000 Of United States notes. The
imitation of silver currency should be
accompanied by strengthening instead
Of depicting the gold reserve. The
present bill, enacted would be long
step toward silver mono-metalism.
The president then recommends in |
creased power to the secretary of the |
treasury in Strengthening the gold re-
serve. The proposition to coin the
seignoriage could safely be done with |
advantage if the secretary could sell |
bonds at q 1ovvor OTTO of intnraSt