Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1894-03-30
FOR THE PUBLIC GOOD
The Bland SeigniOrage
Bill Is Vetoed.
NO SURPRISE CREATED.
Text of the Measure Which Has Long
Been Topic Of Discussion.

WASHINGTON, March 30 - The presi-
dents veto message did not create any
surprise in the senate where IL was gen
orally expected by both the friends and
opponents Of the BILL with few excep-
tiOns among silver Democrats who had
held on 20 the last 20 the hope that the
action OF congress would be sustained.
Expressions were varied, and were, OF
course, ia all cases colored by the predi-
lections Of the senators who spoke. Sena-
tor Eyre observed the recommendation
as 20 bonds, which he characterized as
cunning" He considered the veto was
the correct thing. and said the message
was a strong one.
The why and wherefore.
In vetoing the bill the president re-
views the financial conditions, and says
that the recovery being so we'll under
way, nothing should be done 10 check
conyalescence His main objections TO
the bill are its unfortunate construction,
and that Il will not maintain parity Of
the two metals He says the present per-
plexitiss and embarrassments of the
secretary Of the treasury ought not 10 be
augmented by dsvolving upon him the
execution OF law so uncertain and con
fused
lie is convinced that the scheme pro-
posed by the second section Of the bill is
ill-advised and dangerous and that It's
ultimate result would be TO replace legal
tender treasury notes by silver oertih.
Gates, which are not legal tender
He closes by urging the desrability Of
granting to the secretary OF the treasury
better power than now exists 90 issue
bonds 90 protect the gold reserve II this
could be done, he thinks the bullion
seigniorage now in the treasury could be
safely coined.
The Vetoed BiII.
Section /. The secretary OF the treasury
shall Immediately cause 10 be coined, as fast
as possible, the silver bullion held In the
treasury purchased under the act OF July IA,
1890, entitled "an act directing the purchase
Of silver bullion, and the issuing Of treasury
notes thereon, and for other purposes" 10 the
amount Of the seigniorage OF such bullion, 10
wit: The sum Of $50, .bol, and such coin and
silver certificates issued thereon shall be used
In the payment Of current expenditures, and
the secretary of the treasury, may, in his dis
erection, II the needs OF the treasury demand
H. issue silver certificates I'm excess OF said
coinage, provided that said excess shall not
exceed the amount OF the seigniorage, as
herein authorized TO be coined.
Section 2. After the coinage provided for in
the first section of this act. the remainder OF
said act Of July IA. 1890. shall be coined into
legal tender standard silver dollars As fast as
possible, and the coin shall be held in the
treasury for the redemption Of the treasury
notes issued In the purchase Of said bullion.
Section g. As fast a. the bullion shall DO
coined for the redemption OF said notes, tho
notes shall not be reissued, but shall be can
celled and destroyed, in amount equal 20 the
coin held al any time in the treasury derived
from the coinage herein provided for, and ell
yer certificates shall be issued on such coin,
iu the manner now provided by law, provided
that this act shall not be construed 20 change
existing law relating 20 the legal tender char
acter or mode Of redemption OF the treasury
notes issued under said act Of July Il, $780,
Section T. 4 sufficient sum OF money IS
hereby Appropriated 10 carry into effect the
provisions OF this act
Not Discouraged.
Representative Hender followed the
presentation Of the presidents veto mes
sage by submitting bill for the coinage
OF the silver seigniorage. The text Is the
same AS the Bland BILL omitting the sec
ond section and some OF the explanatory
language OF the first section. 1t briefly
directs the secretary OF the treasury to
coin a. fast as possible the silver seignior-
age into legal tender standard silver dol
lars. The bill was referred 10 the coinage
committee.
what Bland Has to Say.
Representative Bland, author Of the
Bland seigDiorage bill, authorized the
following statement, concerning the veto
and its effect upon the future of silver:
"The main point Of the veto Is that the
president does not wish 20 infuse into the
currency any more silver until he has
more bonds and greater gold reserve.
"Ele insists on the fight that has been
In progress for the last year, on the one
hand by those who wish TO increase the
bonded debt in the interests of national
banks by selling bonds for gold and for
money TO pay the current expenditures of
the government, and on the other hand
by the representatives Of the people, who
are opposed 10 bond issues and i'm favor Of
coming the silver bullion-the assets we
have on hsnd-and using this money in
the payment OF current expenses.
THE message criticizes 10 some extent
the language Of the BILL but it states that
the veto is not based on that, but on the
broader ground that the purposes of the
bill, If carried out, would largely initiate
the silver currency, while providing no
gold basis 90 preserve the parity.
"The day is fast approaching, when the
peoples president will sign a coinage bill
intend TO do everything in my power 20
present to the president free coinage bill,
and let him exercise his rules Of Lindley
Murray on that"