The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1894-04-07

den has vetoed The Bland selgnlorage
bill.
In his message vetoing the Bland
.eigniorage Bill the president says tina.
although he desires to avoid disagree
aent with those in congress who have
supported the bill his conceptions OF
the obligations and responsibilities at
ssched to. his office compels him to
= course pointed out by a sincere pur.
pose to protect and promote the, gen,
.ral interests Of thepeople. The un.
paralelled financial disturbance which
iwept over the country last year, was,
he says, very generally conceded to be
caused by the operation OF She purchus.
Ing clause of the Sherman act. This
led to the repeal of this provision
on November /, 1893. Though the
recovery has been slow, he says
1t has steadily progressed and a whole
tome improvement is Enthusiastically
apparent. At home and abroad conf.
aence in III absolute Aolyency is rein
stated and has produced encour
iging results. Nothing now should
be done to check our GONZALES
cence. ~ halieve that If the
Ulll uuucT COHSDll6TdLlOu SuOull DcCOLlt
q law it would be regarded asa retro
erosion from the financial intentions:
indicated by our recent repeal Of this
that 1t would weaken il it did not de
stroy the returning faith and confidence
in our sound financial tendencies. and
that as a consequence our pro.
gress to renewed business health
would be unfortunately checked
and a return TO our recent distressing
plight seriously t~hreatened."&
He then partially reviews the pur
chase clause of the Sherman act, SUN.
marizing the existing conditions. His
specific objections to the bill under
consideration are that the entire bill is
most unfortunately constructed.
Nearly every sentence presents nh GER
tainty n invites controversy as to its
meaning and intent. He believes tina,
the promoters Of the bin
Intended in the first section to
provide for the coinage of the bullion
constituting the gain or seigniorag.
Into standard shareholders, and yet h.
rays there is nothing in the section te
prevent its coinage into any description
Of silver coins low authorized under any
existing law. He does not think the
secretary of the treasury ought ito be
embarrassed by having devolved upor
him the execution OF a law so IN
certain and confused. In hi.
Judgment sound finance doe.
not commend q further infusion OF
silver into our currency at this time.
unless the maintenance of a safe gold
reserve is provided for. The president
Is also in doubt as to the meaning OF
the second section and think it doubt,
ful whether the certificates it contem.
plates would be lawfully received for
customs, taxes and all-public dues.
The president is convinced that tho
scheme whereby the treasury note,
Issued in payment for silver bullion ara
to be retired by silver certificates is i'll
advised and dangerous. 1t would place
the treasury notes ut apremium and
would result in a. reduction Of gold
In the treasury because the
holders of the treasury notes would
immediately exchange them for gold.
An unnatural additionsof silver money
would thus be forced into our hands
and this, he aciaims. is an exact
reversal of the policy which safe
finance dictates if we are
to preserve the parity between
Rolu Auu silver uuu HAIL Laiu OlC1otaEe
lism. The presideqt earnestly presents
the desirabflity of granting to the sec
rotary Of the treasufvInore power than
how exists to issue bonds to protect
BUR gold reserve when for any reason
1t should become necessary.
The president concluded: II am not
lnsensiblc to heterogeneous in favor of
coming the bullion seigniorage now in
the treasury, and l believe it
could be done safely and with
advantage. .sif stlass. secretary OF
the treasury sha1A the power to
issue bonds at a low rate OF interest
under authority in substitution Of that
now existing and better suited to the
protection of the treasury. / hope a
way will present itself in the near
future for the adjustment of our none.
tary affairs iii such q comprehensive
and conservative manner as will accord
to silver its proper place in our cur.
rency; but in the meantime l am ex
tremely solicitous that Whatever action
we take on this subject may be such as
to prevent loss and encouragement to
u people at home and the destruction
of confidence in our financial manage
ment abroad.
"GRovER CLEVELAND,