Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1894-04-05
SILVER BILL VETO.
,,a1and Disapproves the
Bland Coinage Measure.

p1and Coinage Measure.
JUNCTION, D. c., March 29.-The
. ;I,, to-day vetoed the Bland bill
tha coinage of the silver seigniorage.
lho HORSE OF REPRESENTATIVES,: l return
} The - onnroyal House bill numbered 4 1886
l0u, An act directing the coinage OF the sill
tea (i;or held in the Treasury and Tor other
Dt1 NY strong desire 10 avoid dis
g'Gpnt with those III Dotn houses 7s
tollsaod me- to approve it, If 1 could believe
Id Ie' nr'1bIic good would not be thereby en-
the 5 and that such action on my partwould
gere eonar discharge Of official duty. Inas-
4 P,opt"aver, as / am unable to satisfy myself
tnS P ,ayl conception of the obligations and
lil tt;,biIities attached to the great Office 1
oH Iat,i DC the indulgence of my personal de-
j lot G;,royorably confines me to that course
ah = dictated by my reason and Judgment
~ ted out by a sincere purpose TO protect
p}romOte the general interests OF our people.
G,;lnoncial disturbance which swept over
ne t t,,-'r during the last year was unparal
Cot ~ it's severity and disastrous conse-
I'll - There seemed to be almost an entire
S,o1,,p,,t of faith in our financial ability and
ga u Lrlonfidence in our fiscal policy. Among
80 . who attempted to assign causes
S our distress it was very generally
lctu'U Of law then in force which
ion ,.5 " the government to purchase
H. large amount of silver bullion and
lhli Z. notes in payment therefor, was either
't ~ y, ar to large extent responsible for our
lu5 KHAN This led to the repeal, on the 1st
phuI' III. EEoyember, 1898, of this statutory pro-
p u Ne had, however, fallen SO low in the
hon. on. n depression and timidity, and appre-
2 io lad so completely gained control in
s s&, circles. that our rapid recuperation
1 Tro be reasonably expected. Our recovery
rrTertheless, steadily. progressed, and
/ ,rb less than five monthsihaye elapsed since
+5.nesI of the mischievous silver purchase
i,.otaTIy apparent. Confidence in our absc
I' loirency is to such an extent reinstated,
u si.b in our disposition to adhere to sound
aan%iaI methods is so far restored, as to pro-
laa tIo most encouraging results both at home
"a uS ofrad. The wheels OF domestic industry
~ Iesn slowly set in motion, and the tide OF
S.,gn investment has again started in our
nn, rproverv being so well under way, moth
u,ssr@rid be done to check our convalescence,
~ SGId we forget that a relapse at this time
tnd amCst surely reduce us to lower stage
sn11cial distress than that from which we
L ;r.r emerging. I believe that if the bill
ILL., consideration should become law it
Nd he regarded as a retrogression from the
ris intentions divulged by our recent
val Of the provision enforcing silver bullion
ebqsPs. that it would weaken if it did not de-
ID rpturning faith and confidence in our
| Il financial tendencies and that as conse-
nee our progress 10 renewed business health
4 Nd he unfortunately checked and return
ny rprert distressing plight seriously threat
E;, proposed legislation is so related to the
rrcy conditions growing out of the law COM
ame ihe purchase of silver by the government,
Ma Glance at such conditions and a partial re
fTof The law referred to may not be unprofita-
n law became operative. and the list day
yorember, 1893, when the clause it
rrined directing the purchase of silver
! A yeTealed, there were purchased by the
crpaIy Of the treasury more than 16S000,000
mces Of silver bullion. In payment for this
4 sntu the government issues its treasury notes
| various denominations, amounting to nearly
+HN0NQ which notes were Immediately
i Idto the currency in circulation among our
gp.e Such notes were by law made legal
alr in payment of all debts, public and
bya;e except when otherwise expressly
&uaatei, and were made receivable for Gus
pms uzes and all public dues, and when
received might be re-issued. They were also
H0ite5 % be held by banking associations as
par, Of ,lg!G lawful reserves. On the demand
the holders these treasury notes were to be
deemed in odd or silver coin III the discretion
the yceAToT the treasury; but it was de-
lred as part OF this redemption provision
it0es ".3e established policy of the United
ats &c maintain the two metals on Il parity
ia .ath other upon the present legal
toe. sGch atio as may be provided by law"
leGeger coined from such bullion was 70 be
lDlald silver dollars, and after directing the
Me:,ate coinage of a little less than 2S.0o00OO
Me- the law provided that as much of the
Ianjg JHlli0n should be thereafter coined
nigh. be necessary to provide for the re-
&21o2 9the treasury notes issued on its pllr
as' aid that any gain or seigniorage arts
ION SGcn coinage shall be accounted Tor
lat i&t9 ne treasury
Gs gam or seigniorage evidently indicates so
Il he bullion owned by the government
@t remain after using Il sufficient amount
~ as Many standard silver dollars as should
@AHMber the dollars represented by the
I" notes issued in payment of the
Quantity Of bullion. These treas
Notes now outstanding and in
4lo@ amount to 49,, 1851 $50, and although
l&s been thus far but a comparatively
amount of this bullion coined, yet the So
gain or seIgniorage, as above defined,
would arise from the coinage OF the en-
-a~ mas been easily ascertained to be
G. OF bullion sufficient to make when
3,,l9j.GSl standard silver dollars.
oAqgIng the present intrinsic relation be-
S9'U and silver, the maintenance OF the
Y p3|een the two metals as mentioned in
&S can mean nothing less than the main
yv iSucn a parity i'll the estimation and
Ds-.e OF the people who use our money III
@..E transactions. Manitcstly the main
1"y'a. this parity can only be accomplished
w as 1t IS affected by these treasury notes
d tGe estimation OF the holders of the
y giving to such holders, on their re-
.|." d the coin, whether it is gold or sill
,.I, ihey prefer. 1t follows that while in
VI" Jaw leaves the choice of coin to be
S">ac4 redemption to the discretion Of the
NY @, The treasury, the exercise OF this
~v"' II opposed TO the demand of the
s,> entirety inconsistent with the effective
YI"el"iGL maintenance of the parity be-
4 We NO metals.
G": sUs1 and silver are to serve us as mon
'' 49, II IHEcy together are to supply to our
s . >aie and stable currency, the necessity
~rT'.ag this parity is obvious. Such ne
t. 4'S been repeatedly conceded in the
s o; a II Goth political parties and in our
s@tdEeS. is nowhere more emphati-
v7Alltd than in the recent law which
NV t iHt provision under which the bullion
". hahd was purchased. This law insists
~, maintenance of the parity in
W. ,Ae COINS of the two metals and the
ever OF every dollar at all times in the
r-,vr %'s1 IN the payment of debts" The
If ;, y. Inc treasury has, therefore. for the
sn5 suns not only complied with every
sH . 'o' me redemption of these treasury
ta',fs,oo.N' but the present situation, as we'll
1w< rss' ana spirit of the law, appears plain
l,.,at,,,ol,l tney DO not enjoin upon him.
d c Ir' 4:9!A o. sucn redemption.
Be- gtN"'!ohS have endeavored to present
NJ mus summarized:
Mt SoEernmeut has Durcbased and now
Isl. n