The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-30

W A>-LNtE-N, D. C., N2rtN ~
G7HE president today sent 10 the
house Of representatives. a mes
sage ysc5l1s the Bland silver
U Sci sui0rggs bill was present.
ed 10 the h,r's ac u 80 O'Clock and
reads as follows.
To the house Of representatives.: [ re-
turn without my approval house bL. No.
: i5G, entitled, An act directing the coin
aye u the silver oC.rgu held be- tue treas
Try ard t-r other purposes Nv strong
desire % avoid disagree LsC- w I'd those II
both houses c- congress- who have sup
ported this bill. would lead ue 90 approve
i5 II could believe 5LaG the public good
would not be thereby endangered. and
that SUCH action On ~ part would be a
proper discharge ot official duty. mas
much, however as l au unable 20 satisfy
myself that the proposed legislation l.
either wise or 0pgor-Cre, ny conception
Ct the obligations aIt responsibilities at
taCEad % the great Office hold slrbi1s the
indulgence Of ny personal desire and mex.
1rably confines ne 20 that course which
is dictated by mv reason aud Judgment.
and pointed out BY a sincere purpose 60
protect and promote the general interest
Of our people.
The tnalcia. disturbance which swept
over the country during the last year was
unparalleled ln I-s severity and disastrous
Consequence There seemed o. be almost
an entire tIsp .ac-uelt Cs falsl I1 our fin
sncIa. ability aud loss u confidence 10
or fiscal policy. Among those who ar.
tempted 60 ASST 5n ca1sea Tor orr distress I5
was very generally conceded that the
operation ot q provision Of law then Iu
force which required Gle government 90
purchase monthly p .args amount 0f silver
bullion and issue us note. In payment
thereof. was either entirely or % a large
extent, responsible for 1ur condition This
led 90 the repeal on November j. 1898 Of
this statutory pr5yis.0n We mad, however
fallen 30 low 10 tl- depth oS depression
aud timilIty aud apprehension had
40 completely gained control In financial
circles. that C1r rapid rscup-rati0E could
not b. reasonably expected. Our racg7 very
has, nevertheless steadily progressed. aud
though iess than five months have elapsed
since the repeal Of the michia7Ous silver
purchase requirement. a wholesome i'm
povsmeu: is uhmis5a<abiy apparent Con
ddsncr IN 0Ir a1sSiI.e s0lVanCy is % such
an extent rsIBstated ana faith In our dis
position % adhere % so1ul financial
methods is sO FAR restored a. 70 produce
the most encouraging results both at nome
and abroad The wheels u domestic in
dustry have been slowly act in motion and
the tide Of foreign Investment bas again
started In oGr direction.
Our recovery beng 20 we'll under way
nothing should be done % cheek our con
vai-scsDce. nor sh5nld We forget That re-
lapse at tnis iime would almost surely re-
dlca Ds 10 lower stage Of financial lis-
trsss than that from which we are list
emerging
believe that If tho bill under consider-
alton should become Law ID would be- re-
2arded az a rstrogres=iOn from the fnan-
cial intentions indicated by our recent r..
peal of the provision forcing silver bullion
purchases. that 10 would weaken In It did
not destroy returning faith ana confidence
In our sound financial tendencies and that
a. consequence O7r progress 20 renewed
business health would bs unfortunately
checked and a return % our recent dis
tressing plight seriously threatened
This proposed legislation Is 40 related 10
the currency conditions growing out Of the
law compelling the purchase Of silver by
ths government that glance at such con
dtions and u partial review Of the law re-
ferred 10 may not bs Improbable
Between August H. 1890, when tho Law
became operative, and November l., 1898,
purchase u silver was repealed, there
were purchased by the secretary Of the
Treasury more than $4,000 900 ounces OF
silver bullion. In payment for this bal.
lion ithe government issued itB treasury
notes Of various denominations, amounting
to nearly $lJ6 6OOO,O 900, which notes were
Immediately added TO the currency In cir
culation among our people. Such notes
were by the law made legal tender in pay
ment OF all debts, public and private, except
when otherwise expressly stipulated, and
when receivable for customs, taxes. and
all public dues, and when 30 received
might be reissued. They were also per-
mitted to bo held by banking associations
as a part Of their lawful reserves On tho
demand OF the holders these treasury notes
were to be redeemed in gold or silver
\ coin in the discretion OF the secretery Of
the treasury but it was declared as part
)f this redemption provision that II was
the -. lished policy of the United
ates to maintain the two metals on a
rity with each other upon the present
nj ratio or such ratio as may be provided
law" The money coined from such
ion was TO be standard silver dollars,
after directing the immediate coinage
little less than u, 000, 900 ounces the
law provided that as much of the re-
Bmaining bullion should be thereafter
coined as might be necessary to
provide for the redemption of the
treasury notes issued on it purchase,
and that "any gain or seigniorage arising