The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-04-03
The LAST STRAW
NE PRESIDENT vRrono
BLAND BIZ T'oEs rse

WASHINGTON, March %
ing is the text of the Presid me ttoloE,
sage 1s ye5oing the seigniorage Si3 nes
10 the House Of Represenfatiornal;
l return without my annr" S0es:
Dill numbered 4 956, ent SieS's al House
alrectlng tlr Coinage Of tho An act
lion held in the Treasnrn n0 silver bu,
purposes" "nu Tor Othe
My strong desire to Avoid
ment with those in both house, u' ia
gress who have supported th VI Coa,
would lead me to approve it IL fIl' BILL
believe that the public good ro l could
be thereby endangered, and thu hug not
action on my part would be . such
discharge of official duty. proper
however, as I am unable to oat;S4 OcA
self that the proposed lepisIaan n.y.
either wise or opportune, nv s
ton of the obligations and rpsnon loep'
cloS 70 tne grea5 Office I bds
forbids the indulgence of nv no., uoa
desire, and inexorably confines ,0Oaa
that course which is dictated Nv !"
reason and judgment, and pointc, ny
by a sincere purpose to protect wv
promote the general interests .. auo
people. VI our
The financial disturbance uh.,
swept over the country during tho Ivy
year was unparalleled in its intorai4"
and disastrous consequences Tb.,,
seemed to be almost an entire dionIa".
ment of faith in our fiscal nolior
Among those who attempted to assisr
causes for our distress it was VERY oo1
orally conceded that the operation ~,
provision of law then in force wbioS
required the government to purchs..
monthly a large amount of silver hnI
lion and issue notes in payment tbo,s
for, was either entirely, or to q laros
extent, responsible for our condition
This led to the repeal, on the first dav
of November, 1898, of this STATUTORY
provision. We had, however, fallen
so low in the depth of depression, and
timidity and apprehension had so CON,
pletely gained control in financial cir.
cles, that our rapid recuperation could
not be reasonably expected. Our re
covery has, nevertheless, steadily prp
pressed, and though less than five
months have elapsed since the repeal
OF the mischievoUs silver purchase re.
qulrement, a wholesome improvement
is unmistably apparent. Confidence
in our absolute solven3y is to such an
extent reinstated and faith in our dis,
position 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 10 well under
way, nothing should be done to check
our convalesence nor should we forget
that a relapse at this time would almost
surely reduce us to a lower stage Of
financial distress than that from which
we are just emerging.
l believe that if the bill under con
sideration should become a law, II
would be regarded as a retrogreSSlol
from the financial intentions indlcata
by our recent repeal Of the provision
forcing silver bullion purchases 'na'
it would weaken if it did not deSIC!
the returning faith and confidence u
our sound financial tendencies ala
that as a consequence our progress "
renewed business health would be I'D
fortunately checked and a return "
our recent distressing plight Seflou''
threatened. -
This proposed legislation Is 60 fel'.ot
to the currency conditions groWlng0u ,
of the law compelling the purcnaS0
silver by the government, tna1 Ss,a
at such conditions and partial FS'%a
of the law referred to, may not OS -
profitable. Are
Between the fourteenth day o. A.o
ust, 1890. when the law became OpS,s
tive. and the first day Of NoVenO a.
1898. when the clause it contalnoa a.
recting the purchase Of silver wa 70 the
pealed, there were purchased w tssp
Secretary of the Treasury more y, snm,
one hundred and sixty-eight nmsrt
of ounces of silver bullion. Id Pa!
for this bullion, the government . po
it's treasury notes Of various ' uSI 400.
nations, amounting to nearly l' imre
600 of dollars, which notes were nircp.
diateIy added to the currency notes
lation among our people. 6u sand p d