The times. [volume] (Richmond, Va.) 1890-1903, 1894-03-30
SEICNIORAGG BILL VETOED,
President Cleveland Returns The Measure
With His 0bjeCil.lS.
UNCERTAINTY As TO Its MEANING.
lie Thinks its Eject Would be Injurious TO
Commercial Intcrests-Nhst sh"nid Dc
Done-Fun Text Of the Message.

president to-day sent 20 the House Vl
representatives the following message
,e,olng the Bland silver seigniorage bill:
To the House OF Representatives:
return without my approval House
nm numbered 1856. entitled "An act di-
rccung the Coinage Of the silver bullion
hoid IN the Treasury and for other pur-
roses"
Nv strone desire to avoid disagreement
With those in both houses OF Congress
rho have supported this bin would iead
me to approve 10 if couu peiirFo
hat the public good would not be there
,.,, srf,rcored and that such action ON
nv part would De- a proper discharge o.
official duty lnasmuch, however as
am unable 10 satisfy myself that the
proposed legislation is either wise OF
Dnr0rtuno my conception OF the onll-a-
lions and responsibilities attached to the
great office / hold forbids the indulgence
.f nv personal desire and ineNoiaDly
confines me 90 that course Whlch Is
dictated by my reason and Judgment ana
pointed out hy sincere purpose TO pro
tcct and promote the general interests OF
our people
THE financial disturbance which swept
was unparalleled Boo lts severity and dis
asfr0us consequences. There seemed 90
ne almost an entire displacement OF
Ni'h in our financial ability and loss OF
r.n1dence in our fiscal policy. Among
rose who attempted to assign causes
f0r our distress 90 was very generally
conceded that thc operation of provi-
sion of law. then In force. which required
fhe Government 90 purchase monthly
large amount of silver bullion and issue its
notes in payment therefor. was either
entirely, or 20 "a large extent. responsible
Isr our condition. This led to the repeal
.r the lst day of November. 1893. Of
fHIe statutory provision. We had. how
..or. fallen so low in the depths OF
depression. and timidity and apprehension
Dad so completely eainsd control in
financial circles that our rapid recupera-
t0n could not be reasonably expected
Ow recovery has. nevertheless. steadily
progressed. and. though less than five
months have elapsed since the repeal Of
fhe mischievous silver-purchase require
n.nt "a wholesome Improvement is un-
mI.fakahlv apparent. Confidence in our
absolute solvency is 20 such an extent
foirstatcd and faith In our disposition
to adhere TO sound financial methods is
sn far restored as 90 produce the most
encouraging results. both 40 home and
abroad The wheels of domestic industry
have been slowly set I'm motion. and the
eide Of foreign Investment has again
started in our direction
our recovery being so well under way.
nothing should be done 10 check our
,anFaIesceuce; nor should we forget that
relapse az this time would almost |
surely reduce us TO "a lower stage of |
fr-Urir1 tiEtf,sr than that from which [
r. are just emerging.
would weaken Returning Faith
believe that 81 the bin under con-
Iteration should become a law II would
f. regarded as retrogression from the
financial intentions indicated boy our rec
cent repeal of the provision forcing sl- |
VDr bullion purchases. that ID would /
weaken if it sid not destroy returning /
faith ana confidence in our sound iln1n- !
cial tendencies and that ass consequence /
our progress 60 renewed business health |
would be unfortunately checked and |
return to our recent distressing plight |
eriOusiy threatened
This proposed legislation is so related |
io the currency conditions growing ont |
of the law compelling the purchase of /
liver by thc Government that q glance |
no such conditions ald "a partial review /
If the Law referred o. may not Doe un- |
profitable
Between the 18th Day Of August. 1899. |
when the laW became operative ANA the |
lst day oi November. 1885, when the |
clause Do contained directing the purchase I
of silver was repealed. there were pur- /
chased hN Che Secretary of the Treasury 1
more than one hundred and sixty-eignt |
millions of ounces Of silver bullion. In |
payment FOR this bullion the Government /
issued ls Treasury notes of various de-
hundred and hfty-six millions of dollars. /
which notes were Immediately added to
tNe currency in circulation among our
people, Such notes were by the law made-
i.tal tender in Payment of an debts. pub
e and private except when otherwise
trressiy stipulated. and were made re-
..Fable for customs. taxes and AN pub
I. dues. and when SO received might !
boz reissued They were also permitted 10 |
be- held by banking associations as "a part
y their lawful reserves. ON the demand
lf the holders these Treasury notes were
% be redeemed in gold or silver coin In
ne discretion OF the Secretary OF the
Treasury. but IL was declared as a pert
y this redemption provision that il was
the established policy of the United
states 90 maintain the two metals ON
4rty with each other upon the present
lei by law The money coined from
lrh bullion was 10 be standard silver
'oliars, and after directing the imme-
iatc coinage OF a little less than twenty
rht million ounces the law provided
Hlt as much Of the remaining bullion
hould he thereafter coined as might be
ecossary 20 provide for the redemption
II the Treasury notes issued on its pur-
base. and that amy gain or seieniofage
ing from such coinage shall be ac-
'nniod for and paid into the Treasury"
bis gain or segniorage evidently ind-
.fes so much OF the bullion owned by
Ne Government as should remain after
sing sufficient amount 20 coin as many
'andard silver dollars as should equal
l number the dollars represented bv the
feasury notes issued I'm payment Of the
ntlre Quantity OF bullion. These Treas
ry notes now outstanding and I'm circu-
uon amount 10 sl5295l 80. and although
here has been thus far but compara
Feiy small amount Of this bullion COIN
NJ yet the so-called gain or scigniorage.
above defined. which would arise from
le coinage Of the entire mass has been
isiiy ascertained 10 be a quantity Of
ullon sufficient 10 make when coined
fty five millions one hundred and nfty-
y thousand six hundred and eighty-one
andard silver dollars
The Parity fse'ween the Two Metals
Considering the present intrinsic relation
'twccn gold and silver the maintenance
the parity between the two metals.
mentioned in this law, can mean Moth
~ less than ~ |