The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-03-30

BIZ WASHINGTON, D. G., March 20.-Tho
President to-day sort to tho house OF
representatives, tho following message
vetoing tho Bland seiIniorNgo bill:
70 The AOus: Of Representatives.:
return without my approval house
bill numbered 4,500, entitled "An net
directing the coinage OF tho silver bull
lion held in the treasury, and for other
purposes"
My strong desire to avoid disagree
ment with those in both house, OF con-
gress who have supported this bill
would load mo to approve 1t II could
believe that the public good would not
be thereby endangered, and that such
action on my part would DO proper
discharge OF official duty. Inasmuch,
however, as 1 am unable TO satisfy my.
self that tho proposed legislation Ia
either wise or opportune, my conccp.
ton OF the obligations and Responsible.
ties attached 10 the great office hold
forbids the indulgence OF my personal
desire and inexorably contines mo 10
that course which Is dictated by my
reasons judgment aud pointed out by
sincere purpose to protect and promote
the general interests Of our people.
The financial disturbance which
swept over tho country during the last
year, was unparalleled in Its severity
and consequences. There seemed to be
almost an entire displacement OF faith
in our financial ability, and loss OF
confidence in our fiscal policy. Among
those who attempted TO assign causes
for ourdistress. it was very generally con-
coded that tho operation OF provision
OF law then in force which required the
government 10 purchase monthly q
largo amount OF silver bullion, and is
sue its notes in payment therefor, was
either entirely or to large extent re-
sponsible for our condition. This led
to the repeal on the first day Of Novem-
Der, 1898, OF this statutory provision.
We had. however, fallen 30 low in the
depths OF depression, and timidity andap-
prehension had SO completely gained
control in financial circles, that our rap-
id reruperation could not DO reasonably
expected. Our recovery has neverthe-
lesO steadily progressed, and though less
than five months have elapsed since tho
repeal OF the mischiOvous silver purchase
requirement. O wholesome improve.
mcnt is Enthusiastically apparent. Con-
tidence in our absolute solvency is to
such an extent reinstated, aud faith in
our disposition to adhere to sound finan-
cial methods is 80 far restored, % to
produce the most encouraging results
both at homo 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.
A DANGEROUS BILL.
Our recovery being SO well under way
nothing should BIO dono to check our
convalescence, nor should We forget
that relapse at this time would almost
surely reduce us TO lower stage OF
financial distress than that from which
We arc just emerging.
l believe that il the bill uudor con-
sidcration should become law it would
DO regarded as retrogression from the
financial intentions indicated by our re-
cent repeal Of the provision forcing sill
yer bullion purchases; that it would
weaken If it did not destroy returning
faith and confidence in our sound finan-
cial tendencies, and that as conse-
quenco our progress to renewed bust
ness health would be unfortunately
checked and return to our recent dis
tressing plight seriously threatened.
This proposed legislation is 20 related
to the currency conditions growing out
OF the law compelling the purchase OF
silver by the government, that n glance
at such conditions and partial review
of the law referred to may not be I'M
profitable.
Between tho fourteenth day of Au-
gust, 1890, when the law became opera.
tive, and tho first day OF November,
1898, when the clause it contained d.
recting the purchase OF silver was re-.
pealed, there was purchased by tho sec.
rotary OF the Treasury more than SlGS,-
100000 ounces OF silver bullion. In
payment ior this bullion the govern
ment issued it's treasury notes OF yeri-
Gus denominations, amounting to nearly
$l56, 100000, which notes were inmedi.
ately added TO the currency in circula-
ton among our people. Such notes
were by the law mado legal ten
der in payment OF oil debts, pub
lie aud private, except when other
wise expressly stipulated, aud were made
received Tor customs. taxes and all pub.
lie dues, ari when so received might DO
reissued. They were also permitted to
be held by banking associations ms q
part OF their lawful reserves. On the
demand OF the holders these treasury
notes were to be redeemed in gold or sill
yer coin in the discretion OF the secre-
tary OF the treasury, but it was declared
as lpart OF this redemption provision
that it was ",he established policy of
the United States to maintain the two
metals on n parity with each other upon
the present legal ratio, or SUCH ratio as
may be provided by law" The money
coined from such bullion was to be
s standard silver dollars, and attor direct
~ ing the immediate coinage OF little less
4 than twenty.eight million ounces, tho
law provided that rs much OF tho re.
naming bullion should be thereafter
coined rs might be necessary to provide
for the redemption OF he,reasury uoteI
issued on its purchase and thui ANY
HalIl VI sciS ufse"L iS'Ilb rom such coin
age shall be accounted for aud paid into
tho treasury" This gain, or scignior.
age, evidently indicates SO much OF tho
bullion owned by tho government. as
should remain after using n sufficient
amount to coin ms many standard silver
dollars as should equal in number the
dollars representated by tho treasury
notes issued in payment OF the entire
quantity OF bullion. These TREASURY
notes now outstanding and in circuIa-
ton amount to Sl52,95l.2SO, and al