The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1894-03-31
THE PRESIDENT DISAPPROvES
OF MIR. BLAND'S MEASURE.
lLL-ADYISED AND DANGEROUS
Mr. cleveland Believes ~ Would Force
cut our uoid supply and bring on
Another Panic Issue OF Low Rate
bond. to Preserve the Gold
supply OF the Treasury
Advocated.

WAsHlNGroN March 30 Tho prcSi.
dent Yesterday sent to the house oi
representatives the following mcssag,
vetoing the Bland silver seignioraRt
hill.
10 the House of Repre- scntativcs. I return
without my approval Louise bili numbered 80,
entitled I'm act dirCctiur tho COMA oi the
silver bullion held iu the treasury AMI fol
other purno tes
My strou dcsir1 to avoid dis 10 ere 'mant wi "a
those iu botl houses ut ColEru = VINO ivc
supported thi, bill would l'ai IN to approve
IL N ! could believe that the pubic ood would
not he thereby cndargere and that such
action on my part would he Troper dischars q
oi official duty lna-much however, as am
unable TO satisfy myself that IA propose ed
ie islation IS either wise or oppnrtunc, my
conception OF the obli cations AMI res ponsibiii.
ties attached TO the great onic3 hold forbids
the indul tcn,c OF my personal dcsirc, and
lnexoraby confines me TO that course which
is dictated by my reason ana jud ment and
pointed ou' by sincere purpose 10 protect
snd promote the trncral interests OF our
people
CONCEDED CAUSE or THE PANIC.
The financial disturbance which syopt over
the country during the last year was unparal
leled ia its severity and disastrous conse.
quences There seemed To be almost an en-.
tire displacement Of faith IN our financial
ability and loss OF confidence In our fiscal
policy Among those who attempted 10 as
sign causes for our distress it was very en-
orally conceded that the operation OF q pro
vision Of law then IN force which required the
government - purchase monthly q
lar. amount OF silver bullion and issue
It's note, IN payment there or. was either en-
iirelY. or TO larse extent, responsible Tor our
condition. This led to the repeal on the hrst
day Of November 1893 OF this statutory pro
vision. We had. however. fallen 80 low In the
Ia nj a -
hensiCn had 50 completely CAMEL control in
financial circles that our rapid recuperatiou
could not re lsonaby he expected.
Our recovery mas. nevertheless, steadily pro
gressed. and though less than hvc months
have elapsed since the repc II OF the msehiev
Gus silver purchase requirement, whole % ne
improvement Is unmistakIby apparent Con-
fldence in our alb olute solVency Is to such m
extent reinstated and faith In our disposition
10 adhere to soun financial method Is 80 faI
restored as 10 promote the most encouraA ed
results, both AZ bome aud abroad. The wheels
Of domestic INDUSTRY have been slow y
sot in motion and the tide OF foreign inNe {.
ment has again ST irted In our direction Our
re .overy being 50 well under way. nothing
should be done 10 check our conNhlcsccn, Q
nor should we forget that n relapse at this
tim would almost surely reduce us toa lower
stte OF financial distress than that from
which we are just emcr IN
} believe that II the bill under consideration
should be com a law II would be r. ,arded a
rctrogress ion from the tFancial intentions in
dulgcd by our recent repeal OF the provision
forcing SILVER DulllO ! nufA iHAl " WhNtN
weaken II IL did not destroy returning faitl
and con hdeuce IN our sound financial tendcn
cies and that as IS consequence our pro sress tS
renewed business health would be un ortu
nateiy checked and return to our recent dls
tressing plight seriou 'ly threatened
The president then reviews the cur
rency conditions growing out of tn,
sherman silver law, and continues:
The conditions have endeavorci to pre-
sent may be thus summdFl2oi;
! Eirst-Thc government has purchaScd an1
now has on hand sum .ient silver bullion L
permit the coina o OF all the silver dollar
i neces sary to redeem In such dohn =, tn
treasury notes issued for the purchase OF stl
| ver bullion and enou h besides to coin as gall
or seiRniota :, 55,l5idsl aldit onal stAnGar'
silver dollars
| Second-There are outstanding nDd now II
! circulation treasury notes issued in pGSmep
| OF the bullion purchased amounttn to VI -
| p5l,2D These notes are legal tender in ply
ment OF all dobig, public and private, cxcep
when otherwise expressly stipulated, they ar
| recoverable for customs, taxes, and all publ
d es whom held by banking associations tho
may bo counted as part OF their lawft
reserves and they aro redeemed by tho "ovcrr
ment In gold at the option of the holders
| These advantageous attributes were %
| liberatelv attached TO those notes at the tim
! OF their issue. thew are fully undeFst pod b
our people TO whom such notes have been dti
/ trlbuted s Currclyy and have un nioubtedl
( thu Induced their continued and contCnte
use as IQrey, instead OF anxiety Tor their r.
demptioR