Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-03-30
HE VETOES IT.
The President Puts Both Feet
On Seigniorage Bill.
Says 1t Would Kill What Little Busi-
ness Improvement We Have.
Democrats Wild oWr The veic-Now Tor
Break in The Party.

Break IN the Parry.
WASHINGTON, March 29.-The President
in his veto Of the seigniorage bill, says
MY strorg de.ire to avoid disagreement
with those in bo.h Houses of Congress who
have supported this bill would lead me to
approve it il / could believe the pub ic
good would not be thereby endangered, and
that such action on my part would be a
proper discharge OF tfficial duty. mas
much, however, as am unable to sstisfy
myself that the proposed legislation 10 ei her
Aise or opporune, my c inception of .le
Obligations and responsibilities attached to
the great Office hold forbids the indulg-
eGca Of a"y personal dc.ire and inexorably
confines ME IL that course which i, dictated
by my reason and judgment, and pointed
out by zinc. re purpose to prote ct and
promote the general interests of our peo-
plp."
He refers to the DISASTROUS financial dis
turbsnce which SWEET Lver the countr,
Turing the last year, and to the recover,
therefrom, which. lie rays, has fteadil,
brogr essed, and, though less than five
months have elapsed since the repeal of
the mischievous silver purchase law, u
wholesome improvement is unmistakatl, !,
apparent. Confide nee in our absolute sol
vency il to such an exteLt reinstallt d, and
faith in our dispo.itiOn to adhere to sounr
financial metL DDS is so FIR restored as 4
produce the most encouraging results, botl
At home ard abroad. Our recovery bein.
20 VT II under way, nothing should be don
10 check our convalescence; nor should vi
forget that a relapse at this time would
Utmost surely reduce US to lower stage VI
financial distress than that from which We
ire just emerging.
II believe that If the bill under consider
.tion should become a law it would be re.
iarded as retrOgrestion from the financial
the provision forcing silver bullion pur-
chases, that it would weaken if it did no
lestroy returning faith and confidence il
our sound financial tendencies, and that as
conse quence, our progress to renewed
business health would be unfortunately
checked and return to our recent distress
ing plight seriously threatened"
The President notes the relation Of the
proposed legislation to the currency condi-
ions growing out Of the law compelling the
purchase of silver by the government, con-
,iders these conditions and partly reviews
he law referred to.
Continuing he says: "Considering the
present intrinsic relations 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 main
tenance of such parity in the estimation
and confidence of the people who use ou'
money in their daily transactions. Mani.
testify the maintenance so this parity car
only be accomplished, of far a. it is affected
" treasury notes, and in the estimation Of
che holders of the same by giving to sucl
holders on their redemption the coin
xht tber it is gold or silver, which they pre-
ter. 1t follows that while ia terms the Law
leaves the choice of coin to be ?, lid on sue
redemption to the discretion of the secre.
cary of the treasury, the exercise of thi'
discretion, if opposed to the demands OF
the holder is enurely inconsistent with tn
effective and beneficial maintenance of tn
parity between the metals. If both gol
md silver are to serve US as money and il
they together are to supply to our people .
safe and stable currency, the necessity OF
preserving this parity 10 obvious. Sucl
necessity has been repeatedly conceded il
the platforms Of both political parties and
ia our federal statutes"
"The conditions I have endeavored t.
present may be thus summarized:
"N). The government has purchased
md now has on hanA suffi, lent oliver bull
lion to permit the coinage of all the silver
lollars necessary to redeem, in such dol
lars, the treasury notes issued for the pur-
.hsse of said silver bullion and enough be-
sides to coin, - q gain or aeigniorage, 55,-
l56. .6sl standard siver dollars.
"(2). There are outstanding and. now
IN circulation treasury notes issued in pay
ment of the bullion purchased amounting
10 sl52. .951 ,2SO. The notes are legal ten
Ter ia payment of all debts, public and pri-
yate. except when otherwise expressly stip-
ulated, they are receivable for customs,
taxes and all public duty. When held BY
banking associations they may be counteo
A. part Of their lawful reserves and the.
are redeemed by the government Ia god
a the option of the holders. These advan.
tseeous attributes were liberately At
cached to these notes at the time of their
i.sue, they are fully understood BY our peo-
ple to whom such notes have been issued
a currency, and have inap'red confidence
in their faith and value, and have undoubt-
edly ,hus induced their continued and con-
tented use of money instead Of anxiety for
their redemption.
s.The entire bill" the President saws. 'it
most unfortunately constructed. Nearly
every sentence presents uncertainty and in
vites controversy ~ to its meaning aud in
tent. The first sentence is extremely faulty
in this respect, and il is espe ,ially doubtful
whether iss lsnguaee viii permit the con-
summation Of its supposed purposes.
IL am led to believe that the promoter
Of the bill intended ia this section to pro-
vide for the coinags of the bullion consti-
sutioR the gain or seigniorge, ~ it il called,
into standsrd .ilver dollare, and yet thert
& positively nothing ia the section to pre-
vent its coinage into any description OF sill
ver coins now authorized under any exist
ing Law.
II suppose this section was also intended
in case the needs Of the treasury called for
money faster than the seigniorsge bullion
could actually be coined, to permit the
issue Of silver certificates ia advance Of
such coinage; but ito language would seem
10 permit the issuance Of such certificates
10 double the amount Of seigni ,rags -
stated, on6.half Of which would not repre-
eent a ounc6 Of diver in the treasury.
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