The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1894-03-30
BLAND BILL VETOED.
The President Declares 1t Ill Ad-
vised and Dangerous.
FAULTY IN ITS CONSTRUCTION.

TO It's Meaning aud Intent-More Power
to Issue Bonds Urged.
| WASHINGTON, March 30.-The president
yesterday sent to the house of representa-
tives message vetoing the Bland silver
seigniorage bill. After referring at length
/ TO existing financial depression and the
repeal of the Sherman silver purchase law
| he proceeds in part as follows:
| believe that IA uhe bill under considera-
/ tion should become a law it would be re-
garded as a retrogression from the finan-
cial intentions indicated by our recent re-
| peal of the provision forcing silver bullion
| purchases, that it would weaken if 1t did
not destroy returning faith and confidence
/ in our sound financial tendencies, and that,
as a consequence, our progress to renewed
| business no d would be unfortunately
J. checked ana a return to our recent dis
tressed plight seriously threatened
| Considering the present intrinsic rela-
tion between gold and silver, the main
tenance of the parity between the two
metals as mentioned in this law can mean
nothing less than the maintenance of such
parity in the estimation and confidence
of the people who use our money in their
daily transactions.
Manifestly the maintenance of this par
! ity can only be accomplished, so far as it
is affected by these treasury notes and in
! the estimation of the holders of the same,
by giving to such holders, on their re-
| demption, the coin, whether it is gold or
silver, which they prefer.
| 1t follows that while in terms the law
| leaves the choice of coin to be paid on such
redemption to the discretion of the secre-
tary of the treasury, the exercises of this
! discretion, if opposed TO the demands of
the holder, is entirely inconsistent with
the effective and beneficial maintenance of
the parity between the two metals.
If both gold and silver are to serve us
for money, and if they together are to
supply to our people safe and stable cur
rency, the necessity for preserving this
parity is obvious. Such necessity has been
repeatedly conceded in the platforms of
both political parties and in our federal
statutes.
The law insists upon the maintenance
of the parity in value Of the coins of the
two metals and the equal power of every
dollar at all times in the markets and in
the payment of debts"
The secretary of the treasury has, there
fore, for the best of reasons, not only
promptly complied with every demand
for the red l,ion of these treasury notes
in gold, bu, ,ae present situation, as well
as the letter and spirit Of the law, appear
plainly to justify, if they do not enjoin
upon him, continuance of such redemp-
| ton.
The entire bill is most unfortunately
constructed. Nearly every sentence pre-
sents uncertainty, and invites controversy
as to its meaning and intent. The first
section is especially faulty in this respect,
and it is extremely doubtful whether its
language will permit the consnmmation
of its supposed purposes.
am led to believe that the promoters
Of the bill intended in this section to pro
vide for the coinage of the bullion consti
tuting the gain or segniorage, as it il
called, into standard silver dollars; and
vet there is positively nothing in the sec
ton to prevent its coinage into any de
( scription of silver coins now authorized
under any existing law.
Doubts also arise as to the meaning anC
t construction of the second section of the
bill. If the silver dollars therein directed
to be coined are, as the section provides
'- to be held in the treasury for the redemp
: tion of treasury notes, tits suggested that
,, strictly speaking, certificates cannot beis
= ! sued on such coin lin the manner nov
!; ! provided by law because these dollar
u are money held in the treasury for the ex
press purpose Of redeeming treasury notes
: on demand, which would ordinarily meal
that they were set apart for the purpose o
substituting them for these treasury notes
am convinced that this scheme is il
- advised and dangerous. As an ultimat
y. result of its operations treasury notes
- which are legal tender for all debts, pull
:, lie and private, and which are redeemabl
Ie in gold or silver, at the option of tn
n holder will be replaced by silver certit
~ Gates, which, whatever may be their chal
A acter and description, will have none q
# these qualities,
We have now outstanding more tina
n S33s. 600, 900 silver certificates issued unde
n. existing laws. They are serving the pul
40 pose of money usefully and without que'
m tion. Our gold reserve, amounting to onl
". a little more than Sl000OO,000, is directl
es charged with the redemption of $346, OK
n. of United States notes.
When it is proposed to initiate our silvt
currency it is time for strengthening ou
gold reserve instead of depicting it.
L cannot conceive of a longer step T.
or wards silver monometallism than we tax
e. when we spend our gold to buy silver ce
rs tificates for circulation, especially in vie
ty OF the practical difficulties suToundin
n the replenishment of our gold.
lbs This leads me to earnestly present IL
desirabilty of granting to the secretal
of the treasury better power than no
exists to issue bonds to protect our gol
IL reserve when, for any reason, it should
ng necessary.
eli Our currency is in such a confused co
he ditiou, and our financial affairs are apt
ty assume at any time so critical positiC
that it seems to me such a course is di
- tated by ordinary prudence.
/ am not insensible to the arguments
en- favor of coming the bullion seigniorai
lla uow in the treasury, and l believe it cou
as as be done safely and with advantage, if &
e's secretary of the treasury had the power
", issue bonds at low rate of interest und
be authority in substitution Of that now e
Ids isting and better suited to the protects
oe- of the treasury.
~ ~ hope way will present itself in t