The Dakota chief. (Gann Valley, Buffalo County, S.D.) 18??-1913, 1894-04-05
Eyp BILL VETOED.
.-n1 DECLINES TO IN
Foopsc THE MEASURE.
,.J to the House without
.oyaI scigniorage Might lie
~, Issue of Low Interest
l.,c Boais.
=, Rob Is Of Our Gold.

woe Clcve'a3d has vetoed tho
h,J Long before the House
TO ORDER Thursday morning
had spread over the floor
e. . yaiorage bill had teen We
.t,r. a cording to a WASH
0' III. atch, when the positive an
-. wa, made it caused little
Tae Presidents objec-
,nn bill. in brief, r that the
,o.cjy urawn and would rob us
'o' w. d. lie says he believes the
81 the bullion seigniorage
saf ly and advantageously
.roviJrd authority were given
",tlry OF the Treasury to issue
~. 4 lew rate of interest. He
h, De for d comprehens We
n,.tof "a monetary affairs in
|. .me in q way t. accord to sill
nroaer pla in our currency.
veto mes age the President
~ stron. desire to avoid dis
l,rcr' Nitl those in both houses
ess who have supported this
cad me to approve it if |
ns,ieve that the public good
MI lie thereby endangered, and
c1 action on my part would be
e..i.cha ge Of official duty.
.mnru. however, as | am unable
ki.fy myself that the proposed leg
!, elthcr MS or o%pportune,
n. ption of the obligations and
.,biitics attached to the great
Thod forbids the indulgence of
crsl mai desire and inexorably con-
re to that course which is die
by my reason and Judgment and
d ont by ii sincere purpose to
k,t and promote tne general inter-
b our leople.
1aancial disturbance which swept
the country during the last year was
kaueled IN It's severity and disastrous
Im.nres. There seemed to be almost
hare displacement OF faith in our
ta, aiitity and = loss OF confidence In
b,cal policy. Among those who at
49,
ed tn assign causes for our distress it
ferv Generally conceded that the OPP
bu of 70 provision of law then in force
r|ccgi.cd the Government TO pur-
monthly II large amount OF silver
j. AID ISSUE its notes in payment
fJr MS either entirely or to IL large
u rc,pJnsibie for our condition.
5 led to the repeal, on Nov. /, 1893,
IS statutory provision. We had, how
Len SO low in the depths of de-
boa aud timidity, and apprehension
b completely gained control in finan-
kIce,, thai Ii rapid Iecuperation
not be reasonably expected. Our re-
y Ia, nevertheless, steadily pro-
+, and though less than tive months
e .p,ei Ii &c the repeal Of the mis-
ous silver purchase requirement a
p me Improvement is Enthusiastically
pe.r Confidence in our absolute SOL
Is - such an extent reinstated, and
IN our disposition to adhere to sound
Fial methods is SO far restored as to
Pee the most encouraging results, both
PIE and abroad.
"httlS VI dOiiltSltC uuuSCTN nave
EsloNly set IN motion, and the tide OF
IN investment has again started in
direction. Our recovery being SO we'll
Hay nothing should be done to
\ cur cOnvalescence. Tor should we
y that a relapse at this time would al
surely reduce us TO "a lower stage OF
|ciai distress than that from which We
E>t emerging.
e!leVe Ihat If the bill under consider
SHOULD become IL law it would be re-
FL as Il rctrosression from the finan-
|Nle1tions indu ged by our recent re-
ri the provision forcing silver bullion
bass; that it would weaken if 1t did
|estroy returning faith and confidence
I sound financial tendencies. and that
Consequence eur progress to renewed
Fess health would be unfortunately
yea ana Il return to u recent dis
inS plight seriously threatened.
m-Advised and Dangerous.
pa convinced that this scheme is ill
'ed and dangerous. AS an ultimate
! OF its operation. treasury notes
are legal tender Tor all de BITS. public
private, and which are redeemable in
or silver. at he option OF the holder.
oe replaced by silver certificates
=, Whatever may be their character
description, will have none OF these
'e> In anticipation OF this re-
ana as an immediate effect,
notes will naturally ap-
IN value and desirability.
4ael That gold can be realized upon
ahu IN further fact that their de-
'"a has been decreed when they
: 1Ae Treasury. must tend to tn.
travail from general circulation. (,
~'a'e Y presented for gold REDEEM
10 We boarded for presentation at ii
"'enient season. The sequel OF
gprfati'ns will be IA large addition to
"'er 'urrency in our circulation and
'e~> pohGlns reduction OF gold In the
'rsumeEt has been made that these
III NOT occur at once, because a
,n,' must elapse before the coinage
'n'i'- Z the seiGniorage can be en-.
Ji''h II the physical effects OF the
; wi OF The second section OF this bill
y 10 De realized until far in the fu.
may furnish a strong reason why
. he passed SO much in adj
'Nt me postponement OF its
operation cannot prevent
, ana loss of confidence and
lr pio>'fation which would imme-
:" 40" It's passage and bring about
Consequences.
overflow of News,
''. ZONES. of POrtaro Ia Dro;r;o