The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-03-30
The Bland Bill Full OF Ambigui-
ties and Opportunities for
Differences.
SO the President Returns II 70
the House Without His
Approval
RsasoSs Given at Length for Such Ae-
tion the Part OF the Chief
Executive.

10 tne mouse OF hepfeeentntiNes; 4 re-
turn without my approval house bill nun
ber 1896, entitlel "An act directing the
coinage OF silver bullion held in ths treas
ury, rnd for other purposes" Ny strong
desire 10 avoid Disagreement with
those in both houses OF congress who have
supl ortsd this bill would lead me to ap-
Prove II. IL could believe public good
would not be thereby endangered. and that
such action on my part would be a proper
disohSTRe Of official duty. Inasmuob.
however. a. am unable 10 satisfy my
self that the proposed legislation 10 either
wise or ops ortune, my conception Of the
obligations and responsibilities attached 10
the great office hold forbids indulgence In
my personal desiis and ineIorsb!y con
fnss me to that course which is dictated By
my reason and judgment. and pointed out
by sincere purpose 20 protect and pro-
mote the general interests Of our people.
The financial disturbance which swept
over the country during tue last year was
unparalleled In its severity and disastrous
consequences. There seemed to be On al
most entire displacement In the faith in our
fnanancial ability and loss of confdsnes
In our fiscal policy. Among those VINO
attempted 90 assign causes for our distress,
it was very generally conceded that tho
operation Of the provisions Of the Law then
in force. which required the government TO
purchase monthly a large amount Of silver
bullion, and issue its notes in payment
therefor. either entirely or to a large extent,
was responsible for our condition. This
lead TO repeal. on the frat day OF Novem-
her. 1898. OF this statutory provision. We
had. however, fallen so low in the depths of
depression and timidity. and spprshension
had 30 completely gained control in
financial circles that our rapid recnpeTation
could not be reasonably expected. Our
recovery has. nevertheless. steadily pro-
gresssd, aud though less than i've months
have elapsed since the repeal of the mis-
chievous silver purchase requirement,
wholesome improvement 10 unmistAkably
apparent, confidence in our absolute SOL
voncy 10 10 such tXtsnt rsinstAted, and faith
/ In our disposition TO adhere 90 sound
| financial methods so far restored. as to
produce the mOst encouraging results both
at home and abroad. The wheels OF do
nestle industry have been slowly set Ia
motion, IND the tide Of foreign investment
has again started IN our direction. Our
recovery being 90 we'll under waJ. nothing
should be done TO check our conValesenoe,
nor should we forget that relapse at this
time Would almost surely reduce us 10
lower stage OF financial distress than that
from which we are just engaging.
believe, il the bill under consideration
should become law, 10 would be regarded
Rs a rotToeression from the financial inten-
tious indnlged By our recent repeal Of the
provision forcing silver bullion purchases,
that ID would weaken. il II cid not destroy,
returning faith nnd confidence In our
sound financial tsndenciss, and that Ia
consequence our progress to renewed bus
insss health would bo unfortunately
checked and retu n 10 our recent distressing
plight seriously threatened.
This PROPOSED legislation relating to the
currency conditions growing out Of tho Law
compsllinQ the purchase OF silver by the
government and the conditions growing
out Of IL, may be thus summarized;
Q.) The government has purchased and
now has on hand sufficient silve' bullion Co
ermit the oOinaas of all tho silver dollars
necessary to redeem, In such dollars, treas
ury notes issued for the pu' 'chass OF said
silver bullion. aud enough besides to coin,
rs gain OF ssigniorag age 55. l56. .6s7 additional
standard silver dollars.
ca There are outstanding and now In
| circulation treasury notes, issued in pay
ment OF bullion purchased, amounting to
! Slb2 95l, $50. these notes are legal tender
| In payment of ali debts. public aud private.
| Except when otherwise expressly stipulated
/ they are IecolNaOls Tor customs tenes auu
| all pubic dues. When held by banking
assooiAtions they may DO counted as part
of their lawful reserve. and are redeemed
/ by the government In gold. at the option
! OF the holders. These advantageous attri-
butea we're deliberately attached TO these
notes at the time they were issued. They
are folly understood by our people. 10
whom such notes have been distributed as
| currency. and have inspired confidence In
their safety and value. and have undoubt-
odly thus induced their oontinued and cou-
tented use as moneJ, instead OF anxiety for
, their redemption.
Having iefs red TO some incidents which
l deem relevant 60 the subject, Il remains
/ fof me TO submit q specific statement of
nv objections 10 tue bill now under con-
sideration. This bill conSists OF tvo sec
tons excluding the one which merely ap-
pTopriates q sum sufficient TO cary the act
into effect The nrst section provides for
the immediate coinage Of silver bullion In
the treasury which represents the 90 called
gain or seigniorage. which would arise
from the coinage OF all bullion on hand
which gain OF ssguiorago this section de
elares TO De $50. l56 6sl. 10 directs that the
money go coined, or certificates issued
thereon, shall be used in the payment OF
public expenditures. aud provides that ~
the needs OF the treasury demand 10 the
secretary of the treasury may. In his dis
cretion, issue silver certificates in tK-
cess OF such coinage. not exceeding tue
amount OF seigniorags IN said section
/ authorized 20 be coined. 1hs ssoon section
directs that ~ soon as possible after the
coinage OF this s,iRni0faRe the remainder
OF the bullion held by the government
shall 10 coined into legal tender
.tandarI silver dollara. aAd that they snail
lie hell In the treasury for ths redemption
OF treasury notes issued la the purchase Of
said bullion. 10 provides that ne fast as the
bullion snail be coined for the exemption
% said notes theJ shall not be reissusd.
but a1au he cancallei aud destroi ed. IN
amounts equal 10 tie coin held at sny time
la thu 4 trasufy derived from she coinaee
q ovided Tor. aud that silver certificates
ahali he insued on such com IA tue manner
now provided ~ law.
10 O.. huNsyrf. cspec ieclared In said
section a. At the act aAu OF De construed
20 change the eIistlng relating 40 the
legal tea4er oLHtactrf 90 mode OF Todemp-
uon Of treasury notes issued for the puT.
chase Of sivsr bu lion TO bs coined.
ihs entiFs biil - most uufortunatsly ,
couauuctrd. ksaflF tverV sentences pre-
ssuta uncertainty aud invites controversy
A. 20 its meaning and intent. 1hs frsl
section IL especially faulty In this respect.
autramelw NauhNfuI srhafhar ~