Crawford avalanche. (Grayling, Mich.) 1879-19??, 1894-04-05
would Rob Us Of Our Gold.

Would Rob Us of Our Gold.
President Cleveland has vetoed tho
Bland bill. Long before the House
was called to order Thursday morning
the news had spread over the floor
that the seigniorage bill had been ve-
toed, and later, according to Wash
ington dispatch, when the positive an
nouncement was made 1t caused little
excitement. The Presidents objec.
tions to the bill, in brief, are that the
bill is loosely drawn and would rob US
OF our gold. He says he believes the
coinage of the bullion seigniorage
might be safely and advantageously
done provided authority were given
the Secretary of the Treasury to issue
bonds at low rate OF interest He
expresses hope for comprehensive
adjustment of our monetary affairs in
a short time in way to accord to sill
YER it's proper place in our currency. .
In his veto message the President
says: "My strong desire to avoid dis
agreement with those In both houses
OF Congress who have supported this
bill would lead me to approve 1t If
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 / am unable
to satisfy myself that the proposed leg
islation is either wise or OppOrtune,
my conception of the obligations and
| responsibilities attached to the great
Office hold forbids the indulgence Of
my personal desire and inexorably con-
| fines me to that course which is die
tated by my reason and judgment and
| pointed out by a sincere purpose to
protect and promote the general inter-
| ests OF our people.
The financial disturbance which swept
| over the country during the last year was
unparalleled In its severity and disastrous
| 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 at
tempted to assign causes for our distress II
| was very generally conceded that the OPP
| GRAFTON of a provision of law then In force
which required the Government to pur-
chase monthly a large amount of silver
bullion aud issue its notes In payment
therefor was either entirely or to a large
| extent esponsible for our condition
This led to tho repeal. on Nov /. 1893.
Of this statutory provision. We had, how
ever. fallen so low in the depths of de-
preston and timidity, and apprehension
had 80 completely gained control in anan-
cial circles that our rapid recuperation
| could not be reasonably expected. Our re-
covery has nevertheless, steadily pro-
| gressed, and though less than Eve months
have elapsed since the repeal of the mis-
| chievous silver purchase requirement. q
wholesome Improvement is Enthusiastically
| apparent Confidence In our absolute sol
| vency Is to such an extent reinstated, and
faith In our disposition 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 SO we'll
| under way nothing should be done to
| check our conyalescence, nor should we
forget that a relapse at this time would al
| most surely reduce us to a lower stage OF
financial distress than that from which we
are just emerging.
believe that IL the bill under consider
| alton should become law IL would be re-
| garded as O retrog ogression from the fnan-
cial intent tions INDUCED by our recent re-
| peal of the provision forcing silver bullion
| purchases; that IL would weaken II 1t did
not destroy returning faith and confidence
| In our sound inancial tendencies and that
| as consequence our progress 20 renewed
business health would be unfortunately
| checked and q return to our recent dis
tressing plight seriously threatened.
| ul-Advised and Dangerous.
| I am ced that this scheme is ILL
/ advised and dangerous As an ultimate
| result of its operation. treasury notes
which are legal tender for all dobts. public
/ and private and which are redeemable In
| gold or silver. at the option OF the holder.
will be replaced by silver certificates
| which. whatever NAV be their character
and description. Will have mono of these
qualities In anticipation of this re-
suit and as an immediate effect.
| the treasury notes will naturally ap-
preciate in value and desirability.
| The fact that gold can be realized upon
| them, and the further fact that their de-
| structiou has been decreed when they
reach the Treasury. must tend TO their
| withdrawal from general circulation. to be
Immediately presented for gold redemp-
| tion or to be boarded for presentation at q
| moro convenient season. The sequel Of
both operations will be a large addition to
| the silver currency In our circulation and
| q corresponding reduction of gold In the
| Treasury.
| The argument has been made that these
| things will not occur at once, because a
| long time must elapse before the coinage
| Of nything but the seigniorage can be en-
tered upon II the physical effects of the
| execution of the second section of this bill
arc not TO be realized until far In the fu-
| ture this may furnish a strong reason why
IL should not be passed so much IN ad-
vsnce; but the postponement OF its
actual operation cannot prevent
nervous prostration which would imme-
diately follow its passage and bring about
| its worst consequences.
/