Condon globe. (Condon, Gilliam Co., Or.) 189?-1919, 1894-04-06


perity and DspIete the Gold Reserve
Secretary Of the Treasury Would be
I Hampsred by Sts Provisions.
WASHINGTON. The President sent to
the House the following message yetoing
the Bland seigniorage bill:
To the House OF Representatives: !
return without my approval House bill
No. 1896, entitled "An act directing the
coinage OF the silver bullion held in the
treasury and for other purposes" My
strong desire to avoid q disagreement
with those in both Houses OF Congress
who have supported this bill would lead
me to approve IL II could believe the
public good would not be endangered,
and that such action on my part would
be proper discharge OF my official duty.
Inasmuch, however, as / am unable to
satisfy myself that the proposed legisla-
tion was either wise or opportune, my
conception, OF the obligations and re-
sponsibiIities attached to the great Office
| hold forbids the indulgence of my per-
sonal desire, and inexorably confines me
to that course which is dictated by my
reason and judgment and pointed ont
by sincere purpose to protect and pro-
mote the general interests OF our people.
Last YEARS PANIC.
The financial disturbance which swept
over the country during last year was
unparalleled in it's severity and disas-
troua consequences. There seemed to be
an almost entire displacement OF faith
in our financial ability and loss OF con-
fidence in our fiscal policy. Among those
who attempted to assign the causes for
our distress 1t was very generally con-
ceded that the operation Of the provision
OF the law then in force which required
the government to purchase monthly q
large amount OF silver bullion and to is-
sue its notes in payment therefor was
either entirely or to large extent re-
sponsibIe for our condition. This led to
the repeal on the LIST day of November,
1892, OF this statutory provision. We
had, however, fallen so low in the depths
of depression, and timidity and appre-
hension had so completely gained con-
troll in financial circles, that our rapid
|recuperation could not be reasonably ex-
pected.
4 SLIGHT RECOVERY.
Our recovery has nevertheless steadily
progressed, and though less than five
months have elapsed since the repeal OF
the mischievous silver purchase require
ment, wholesome improvement IL un-
mistakably apparent. Confidence in
our absolute solvency is to such an ex-
tent reinstated and faith in our DISPOSE
tion to adhere to sound financial meth
dds so far restored as to produce the
most encouraging results both at home
and abroad. The wheels OF domestic in
dustry have been slowly set in motion,
and the tide of foreign investment is
again started in our direction. Our re-
covery being so well under way, nothing
should be done to check our GONZALES
cence, nor should we forget that re-
lapse at this time would almost surely
reduce us to q lower stage of financial
distress than that from which we are
just emerging. ! believe that il the bill
under consideration should become q
law 1t would be regarded as retrogres-
sion from the financial intentions in
dulged by our recent repeal of the pro-
vision forcing silver bullion purchases I;
that it would weaken, ii it did not de-
stroy, the returning faith and confidence
in our sound financial tendencies, and
that in consequence our progress to re-
newed business health would be unfor-
tunately checked and a return to our re-
cent distressing plight seriously threat
ened.