The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-03-30

notes issued In the purchase Of said bullion.
II provides that as fast as the bullion shall Be
shall not be reissued, but shall be cancelled
end DESTROYED In amounts equal to the coin
TIE coinSse pr9vid. cd for and At silver s eer
tilcates shall he Issued on such coin In the
especially declared in said section that the act
shall not be construed to change existing laws
relsmhE 10 ine iega1tsn1er character or mode
Tor the purchase OF the silver bullion to be
The entire bill is most unfortunately con-
structed Nearly every sentence presents un-
certainty and invites controversy as to lts
cially faulty in this respect and II IL extremely
doubtful whether its language will permit the
| am led to believe that the prom otefs Of the
bill INTENDED this section 70 provide for the
ou tns u SS & silver
=: section e prevent iis coinage into e 7
was also iptended. in case tie nssdr OF the
seiCniorage bullion could actually be coined.
to permit the issue OF silver certificates In Rd-
seem to permit the Issuance Of such csftIii-
Gates to double the amount OF seigniorage as
stated one hall o. nhieh would not Fsp5:ssns
upon this section In the Congress Developed
an earnest and positive diferepce OF opinion
am clear that the present per pie I tiles and en-
barrassments Of the Secretary OF the Treasury
ought not to be augmented by devolving upon
him the, execution OF = law so uncertain and
confused
1 am not willing. however. to rect my obieo-
tion to this section solely on these grounds In
my judgment. sound finance does not com mend
inrtheE infusion OF silver into our currency
at this time. unaccom panied by further ade-
nuate provision for the maintenance In our
Treasury of = safe gold reserve.
construction OF the second section OF the Bill.
II tho silver dollars therein directed TO he
in the Treasury for the REDEEM ption OF Treas.
ury notes. 1t 10 suggested that, strictly epeak-
"in the manner now provided by law" be-
Treasury for the express purpose Of redsssmipg
purpose Of substisS,Ins them for These
nlsh a basis for eertincates according to
silver certificates can properly be issued upon
these dollars. there is nothing In the section to
tRese .Tsa.s II sSes were to be- % the
same character as silver certificates in circu.
iation under exciting , law. they would at beet e;
public dues. aud under the language Of this
section Il is. to say the least. extremely doubt
full whether the certificates IL contemp lates
would be lawfully received even for such pur-
poses.
ties of expression in this bill. they certainly
ought not TO lie found in legislation affecting
SUBJECTS so Important anu 1hf-TeNCnlnH hs our
finances and currency. In stating other and
more i'm port ant reasons for my disapproval OF
THIS nset9n shall iS sssq nn, shas Sn
In payment for silver bullion will continue to
be redce ned. q. beretofore. In silver Or gold.
they are presented for redemption. or reach
the Treasury in any other manner. there are
nominal value TO such Treasury notes. then,
and In that case. the notes will be destroyed
and silver certificates to an equal amount
substitutpd
I am convinced that this scheme is ill-ad-
vised and DANGEROUS. As an ultimate result
OF its operation Treasury notes. which are
and which are. red oema6ie in gold or silver,
10y silver esrtihcates which. whatever may
be their character and description. will have
this result. and as an INN ediate eject. the
treasury notes win natuTslly appreciate u
can ruf be realissd upon thenl. and tho further
fact that their destruction has been decreed
when shsy reach the %gss tend to
or to be boarded Tor presentation at a more
lions will be a large addition to the silver cur
rency in our circulation and corresponding
hs. Ssen mad. tina. these
thing. wa not occur g once 6sesuss long
upon. II the physical effects Of tho execution
be realized until lar In the future. this may
furnish strong reason why Il should not 10
ment OF its actual operation cannot prevent
the fear and loss OF confidence and nervous
It's passage and bring about it's worst conss-
auences. / regard this section OF the bill as
viii Se oSses
natural addition q silver money into the hands a
OF our people. This is an exact reversal OF the
policy which safe finance dictates II We are to
preserve parity between gold and silver and
We have now outstanding more than three
hundred and thirty-eight millions OF dollars In
They are serving the purpose Of money use
fully and without question: Our gold reserve.
56o0no Is d liz 0a charged WITH the rsde@p
ton Of 1916 900. 900 OF United states notes
When II Is proposed to initiate our silver cur,
reserve instead Of depicting IT,. 1 cannot con-
ceiye OF a longer step toward silver monomet;
TO buy silver certificates for circulation. espe-
cially In view OF the practical difficulties sur
This leads me to earnestly present the de-
STABILITY OF granting to the Secretary OF the
..S. rca
for any reason IL should no necessary. our
currency i IN srfh confused ~, =; condition; and
time so critical position. that 1t seems TO me
such a course is dictated By ordinary pru-
/ am not insensihls to the arguments In
favor OF roining the bullion seigniorAge now
safely and with advantage II the Secretary OF
the Treasury had the power to issue bonds at
n low rate Of interest. under authority, In sub
stitution OF that now existing and better
suited TO the prot ection OF tho Treasury.
hope a way will present itself In the near
future for the adjustment OF our monetary
affairs in such com Prehensiye and sonserya-
tive manner as will afford to silver its proper
place in our currency. but In the m can time
am extremely solicitous that whatever action
wa take on this subject may be such as to pre-
vent loss and diseouraRement to our Eeopls at
home and the destruction OF confidence In our
financial management abroad
GRovFR CLEvKLAED.
EXECUTIVE MANSION. March %. 1894.