The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1894-03-30
CLEVELAND'S NO.
Presidents ANTICIPATED Veto OF the
Bland Seigniarage Bill Sent
TO the House.
The Grounds Upon Which He Puts II
Are That the Bill Ii Loosely
Drawn \
And Would Rob Us OF Our Gold-The
Seigniorage Could Be Coined by
Issuing More Bonds.

WASHINGTON. March 20.-The presi-
dent has sentt the house OF representa-
tiyes the following message. vetoing
the Bland silver seigniorage bill:
To the House of Representatives:
/ return without my approval, House
Bill No. 4,596, entitled IAN act direct
ing the coinage of the silver bullion
held in the treasury, and for other pur-
poses"
Ny strong desire to avoid disagree
ment with those in both houses OF con-
gress who have supported this bin would
lead me to approve it il ! could believe
that the public good would not be
thereby endangered, and that such
action on my part would be . proper
discharge OF official duty. Inasmuch,
however, as I ann unable TO satisfy my
self that the proposed legislation 10
either wise or opportune, my concep-
ton of the obligations and responsible
ties attached to the great Office ! hold.
forbids the indulgence Of my personal
desire, and inexorably confines me to
that course which Is dictated by my
reason and Judgment. and pointed out
by a sincere purpose TO protect and pro-
mote the general interests of our people.
The financial disturbances which
swept over the country during the past
year was unparalleled in ito severity
and disastrous consequences. There
seemed TO be almost N entire displace-
ment of faith in our financial ability
and a loss of confidence in our fiscal
policy. Among those who attempted to
assign causes for our distress it was
very generally conceded that the opera
tion Of . provision Of law, TO enforce
which required the government to pur-
chase monthly a large amount Of silver
bullion and issue its notes In payment
therefor, was either entirely or too large
extent responsible for our coalition.
This led to the repeal on the first day of
November, 1898, of this statutory pro-
vision. We had, however, fallen SO
low in
The Depths of Depression,
timidity and apprehension had SO COM
pletely gained control in financial
circles that our rapid r~ecuperation could
not be reasonably expected. Our recov-
cry has, nevertheless, steadily pro-
crossed, and though less than five
months have elapsed since the rapeal of
the mischieyous silver purchase require
ment q wholesome Improvement IL un-
mistakably apparent. Corfidence in
our absolute solyency Is TO such an ex-
tent reinstated. and faith In our DISPOSE
ton to adhere to sound financial
methods is so far restored as
to produce the most encouraging results
both at home and abroad.
The wheels of domestic industry have
been slowly set in motion, and the tide
of foreign investment has again started
in our direction.
Our recovery being sc we'll under
way nothing should be done to cheek
our convalescence, nor should we forget
that a relapse at this time would almost
surely reduce us to q lower stage Of fla.
ancial distress than that from which we
are just emerging.
Would he Retrogression.
] believe that If the bill under consid.
Grafton should become a law it would
be regarded as a retrogression from The
financial intentions indulged by our re.
cent repeal OF the provision fore.
ing silver bullion purchases;
that it would weaken if Ii
did not destroy returning faith and con
| idence in our sound financial tendencies
and that as a consequence our progress.
to renewed business health would be an
fortunately checked and q return to on
recent distressing plight seriousl,
threatened.
This proposed legislation is SO relatet
to the currency conditions growing on.
of the law compelling the purchase d
silver ly the government, that a glanc.
at such conditions and a partial review
of the law referred to may not be nm
profitable.
The president then recites the enact
ment OF the Sherman law, and the pur
chases of silver and other proceeding
Hereunder. He also recites the claus
J in the repeal act which expressly stipu
lates that the policy Of the government
is TO keep the two money metals on
parity, continuing az follows:
Considering the present intrinsic rels
ton between gold and silver, the main
tenance of the parity between these tw
metals q mentioned la this law ca
mean nothing less than the MAR
tenance OF such q parity in the estims
ton and confidence Of the people VIII
use d money In daily transaction
Manifestly the maintenace of this parit
can only be accomplished SO far as il
affected by these treasury notes, and i
the estimation Of the holders of Eli
{ sarie. by giving to such holders. 3
! their redemption, the coin, whether IL
/ gold or silver. which they prefer.
follows that. while in terms the Ia
I leaves the choice Of scoin to be paid d
such redemption TO the discretion /
D the secretary OF the treasury, the exc
I Else OF this discretion. Ii opposed to u
demands OF the holder,
- Entirely Inconsistent
9 with the effective and beneficial mai
. tenance OF the parity between the tv
. metals. III both gold and silver arc
3 serve ne as money, and If they /
9 yesher are to supply TO our people / IL
and stable currency. the nacaaaifw