Democratic Sentinel, Volume 18, Number 12, Rensselaer, Jasper County, 6 April 1894 — BLAND BILL VETOED. [ARTICLE]

BLAND BILL VETOED.

PRESIDENT DECLINES TO INDORSE THE MEASURE. Bin la Ketorned to the House Without HU Approval Seljnlorsge Might Be Coined on an bane of Low Interest Bearing Bonds. Would Bob 11 of Cir Gold. PrAident Cleveland has vetoed the Bland bill Long before the House was called to order Thursday morning the news had spread over the floor that the teigniorage bill had teen vetoed, and later, according to a Washington dispatch, when the positive announcement was made it caused little excitement. The President’s objections to the bill, in brief, are that the bill is loosely drawn and would rob us of our gold. He says he believes the coinage of the bullion seigniorage mighj bj saf -iy and advantageously done provided authority were given the Secretary of the Treasury to issue bonds at a low rate of interest. He expresses a hope for a comprehensive adjustment of «ur monetary affairs in a short time in a way t j accord to silver its proper place in our currency. In his veto message the President says: “My strong desiie to avoid disagreement with those in both houses Of Congress who have supported this bill would lead me to approve it if I could believe that the puolic good would not be thereby endangered, and that such action on my part would be a proper discharge of official duty. “Inasmuch, however, as I am unable to satisfy myself that the proposed legislation is either wise or opportune, my conception of the obligations and responsibilities attached to the great office I hold forbids the indulgence of my personal desire and inexorably confines me to that course which is dictated by my reason and judgment and pointed out by a sincere purpose to protect and promote t.ie general interests of our people. The financial disturbance which swept over the country during the last year was unparalleled in its severity and disastrous consequences. There seemed to be almost an entire displacement of faith in our financial ability and a lass of confidence in our fiscal policy. Among those who attempted to assign causes for our distress it was very generally conceded that the operation of a provision of law then in force which required the Government to purchase monthly a large amount of silver bullion aud issue its notes in payment therefor was either entirely or to a large extent responsible for our condition. This led to the repeal, ou Nov. 1, 1893, of this statutory provision. We had, however, fallen so low in the depths of depression and timidity, and apprehension had so completjly gained control in financial circles, that our rapid • recuperation could not be reasonably expected. Our recovery has, nevertheless, steadily progressed, and though less than five mouths have elapsed sluce the repeal of the mischievous silver purchase requirement a wholeseme Improvement is unmistakably apparent Confidence in our absolute solvency is to such an extent reinstated, and faith in our disposition 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 so well under way nothing should be done tc check our convalescence, nor should w* 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. I believe that if the bill under consideration should become a law It would be regarded as a retrogression from the financial Intentions indulged by our recent repeal of the provision fbrclng silver bullion purchases; that it would weaken If it did not destroy returning faith and confidence In our sound financial tendencies, and that as a consequence our progress to renewed business health would be unfortunately checked and a return to our recent distressing plight seriously threatened. 111-Advised and Dangerous. I am convinced that this scheme is Illadvised and dangerous. As an ultimate result of its operation, treasury notes which are legal tender for all debts, public and private, and which are redeemable in gold or sliver, at the option of the bolder, will be replaced by sliver certificates which, whatever may be their character and description, will have nope of these qualltlea In anticipation of this result, and as an Immediate effect, the treasury notes will naturally appreciate in valpe and desirability. The fact that gold can be realized upon them, and the further fact that their destruction has been decreed when they reach the Treasury, must tend to their withdrawal from general circulation, to be immediately presented for gold redemption or to be hoarded for presentation at a more convenient season. The sequel of both operations will be a large addition to the silver currency in our circulation and a corresponding reduction of gold In the Treasury. The argument has besn made that these things will not occur at once, because a long time must elapse before the coinage of anything bv.t the seigniorage can be entered upon. If the physical effects of the execution of the second section of thio bill are not to be realized until far In the future this may fiirnish a strong reason why it should not be passed so much in advance; hut the postponement of its actual operation cannot prevent the fear and loss of confidence and nervous prostration which would immediately follow its passage aud bring about its worst consequences.