Indiana State Sentinel, Indianapolis, Marion County, 4 April 1894 — Page 9

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IS A VETO AT LAST

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WASHINGTON. March 29. The president tchiay sent to the house of representatives the following message etoincr the Rlanl silver seigniorage bill. To the House of Representatives I rpturn without my approval house bill numbered 4,5M. entitle! "An aet directing the coinage of th silver bullion hcM in ttreasury anJ for other purposes." My stronp desire to avoM disagreement with those in both houses" of conprp?s who have supported this bill would lead m to approve It if I could believe that the public pood would not thereby be endangered an 1 that such action on my pnrt would be a proper discharge of oftic'al duty. Inasmuch, however, as 1 am unable to satisfy mysHf that the proposed legislation Is either wise or opportune, my eoncfptlon of th- obligations and responsibilities attached to the prreat ottice 1 hold forbids the Indulgence of my personal desire, dictated by my reason and judgment, and pointed out by a sincere purpose to protect and promote the general interests of our people. The financial disturbance which swept over the country durlnp the last year was unparalleled in Its severity and disastrous In consequences. There seemed to te almost an entire displacement of faith in our financial ability and loss of confidence in our official policy. Among- those who attempted to assign causs for our distress it was generally conceded that the operation of a provision of law then in fore which required the government to purchase monthly a large amount of silver bullion and issue its notes in payment therefor was either entirely, or to a laree extent, responsible for our condition. This led to the repeal on the 1st day of November. 3 S9:. of this statutory provision. We had. however, fallen so low in the depth of depression and timidity and apprehension had yo completely gain-'d control In financial o'rcles that our rapid recuperation could not be reasonably expected. Coiumerrlnl Ileoovery. Our recovery has nevertheless steadily progressed and though lss than five months have elapsed since the repeal of the mischievous silver purchase requirement a wholesome 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 ben 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 to chck our convalescence, nor should we forget that a relapse at this time would almost surely reduce us to a lower stage of financial d,stress than that from which we are iust emerging. I believe that if the bill under consideration should become a law it would be regarded as a retrogression from the financial intentions indicated by our recent repeal of the provision forcing 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 it return to our recent distressing plight seriously threatened. This proposed legislation is so related to the currency conditions growing out of the law compelling the purchase of silver by the government that a glance et such conditions and partial review of the law referred to may not be unprofitable. Between the 14th, day of August. 1$K, when the law became operative, and the 1st day of November. 1S93. when the clause It contained directing the purchase of silver was repealed, there were purchased by the secretary of the treasury more than lGS.OOO.OuO of ounces of silver bullion. In payment for this bullion the government Issued its trea-sury notes of various denominations, amounting to nearly J13tAt.OOo, which notes were added to the currency In circulation among our people. Such notes were by the law made legal tender in payment of all debts, public and private, except when otherwise expressly stipulated, and were made receivable for customs, taxes and all public dues, and when so received might be reissued. They were also permitted to be held by banking associations as a part of their lawful reserves. On the demand of the holders these treasury notes were to be redeemed In gold or sliver coin In the discretion of the secretary of the treasury, but it was declared as a part of thM redemption provision that it was "the established policy of the United States to maintain the two metals on parity with each other upon the present legi 1 ratio or such ratio as may be provided by the law." The money coined from such bullion was to be standard silver dollars and after directing the immediate coinage of a litt 1 less than -8,0uö,XiQ ounces, the law provided that as much of the remaining bullion should be thereafter coined as might be necessary to provide for the redemption of the treasury notes issued on its purchase and that any gain or seigniorage arising from such coinage shall be accounted for and paid into the treasury. The SelituIornK. This gain or seigniorage evidently indicates so much of the bullion owned by the government as should remain, after using a sufficient amount to coin as many standard sliver dollars as should equal in number the dollars represented by the treasury notes issued in payment of the entire quantity of bullion. These treasury' notes now outstanding and In circulation amount to $152,901,280, and although there has been thus far but a comparatively Fmall amount of this bullion coined, yet the so-called gain or seigniorage as above defined, which would arise from the coinage of the entire mass, has been easily ascertained to be a quantity of bullion sufficient to make, when coined. 55.156.CS1 standard silver dollars. Considering the present Intrinsic relation between gold and silver the maintenance of the parity between the two metals as mentioned in this law can mean nothing less than the maintenance of such a parity in the estimation and confidence of the people who use our money In their daily transactions. Manifestly the maintenance of this parity 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 redemption, the coin, whether It is gold cr silver, which .hey prefer. It follows that while in terms the law leaves the choice of coin to be paid on such redemption to the discretion of the secretary of the treasury, tbe "freite of this discretion, if opposed to the demands of tha holder. Is entirely inconsistent with the effective and beneficial maintenance of the parity between the two metals. If both gold and fllver are to serve us as money and If they together are to supply to our people a safe and stable currency, the necessity of preserving this parity is obvious. Such necessity has been repeatedly conceded in the platforms of both political parties Jia in our federal statutes. It is nowhere more emphatically recognized than in the recent law which

repealed the provision under whteh th bulhon now on hand was purchased. Tht law Insists upon the maintenance of th parity in vahio of th coins of th to metals and the equal po.ver of every dollar, at all times in th markets and in th payment cf debts. The Conditions Tresente!. The secretary of the treasury lias, therefore, for the hst reasons, not only om plied with every demand for the redemption of these treasury notes in ee'.d. but th, present situation, as well as the letter and spirit cf the law ?ppf,ir plainly to justify. If they do not enjoin upon him a continuation of such redemtion. The renditions I have endeavored to present may be thu summarized: 1. The government has purrbasf l nt now has on hand sufficient silver bullion to permit the coinage of all the nlver dollars necessary to redeem in sueh dollars the treasury notes issued for the purcha.e of said sliver bullion and enoush epido to coin, as gain or s.vgni -.race. .V.1;,1 additional standard silver dollars. 2. There are outstanding and now in circulation treasury notes issued in payment ,er,. bullion purchased amounting to llöC.A'.l.Cif. These notes are Upal tender in payment cf all debts, publie an1 private, except when otherwise epresly stipulated: they are receivable f, r customs, taxes and, all public dues; when held t y banking associations they may be count -d as part of their lawful reserves, and they ar redeemed by the government In gold at foe option of the bolder. These sdvaiitn-eous ttribute were deliberately attached to these notes at the tin;e of their issj ;th?y are fuliy understood by etir people to whom such notes have been distributed as eurreney and have insp'red confidence in their safety anil lue. and hae unloubtedly thn Induced their continued and contented u.-e as money instojsd cl nnxlty for their redemption. Having referred to some incidents which. I deem re'evant to th subject it remains for me to submit a vperific statement rf my objections to the pju now under consideration. This bill e'itilsls of two sections, excluding one which merely j.pr .j.r.a 'es a f uri sufficient to carry :he aoi lnt- effect. Th first section prövMes for the inmeli&t coinage of the silver hul!in in the tr-aeury" whi li represents the so-cUled uain. or seisrnlorae, which wool 1 'ie fr?rr the coinage of all the bullion on nand which gain or seiniorace th cilcnl ttirn derlares to le $T.5.1.v;.;m. It directs thit the money so coined or the certificate. issue t thereon shall be used in the payment cf public expenditures and provides that if the neds of the treasury demand it th secretary of treasury may, in hi? discretion, issue silver certificates jn exces of such coinage, not exceeding the amount of seienlorajre in sji id section authorized to be ci.ined. The second section directs that as soon as possible after the coinage of this seigniorfie the remainder of th. bullion held by the government rhall be coined into legal tender standard silver dollars and they shall be held in the treasury for the redemption of the treasury notes issued in the purchase of said bullion. It provide that as fast as the bullion shall be coined for the redemption cf said notes they shall not be reissued, but shall be cancelled and destroyed in amount- equ.il to the coin held at any time In the- treasury d-rived from the coinage provided for. and that th silver certificates shall be issued on such coin in the manner now provided by law. It is. however, especially declared in said section that the act shall not be construed to change existing iaws relating to the lesral tender character or mod" of redemption of the treasury notes issued for the purchase of the silver bullion to b coined. I'nfnrtnnnteljr Connlruclfil. The entire bill is most unfortunately constructed. Nearly every sentence present uncertainty and invites controversy as. to its meaning and intent. The first Fectlon Is especially faulty in this respect and it is extremely doubtful whether Its language will permit the consummation of Its supposed purposes. I am led to believe that the promoters of the bill intended in thi section to provide for the coinage of the bullion constituting the gain or seigniorage, as it la called, into standard silver doilars and yet there Is positively nothing in the section to prevent its coinage Into any decriptioi of silver coins now authorized under any existing law. I suppose this section wa also intend'-d. in case the needs of the treasury called for money faster than the seitrniorage bullion could actually be coined, to permit the issu of silver certificates Pi advance of such coinage: but its language would seem to permit the issuance of such certificates to double th amount of seigniorage as stated, one-half of which would not re-present an ounce of silver in the treasury. The debate upon this section in the concress developed an earnest and positiv difference of opinion as to Its object and meaning. In any event I am clear that the present perplexities and enilarrassmeiits of the secretary of the treasury ought not to be augmented by devolving upon him the excution of ä law so uncertain and confused. I am not willing, however, to rest my objection to this section solely on the grounds: In my Judgment sound finance does not commend a further infusion of silver Into our currency at this time, unaccompanied bv further adequate provisions for the maintenance in our treasury of a safe gold reserve. lubts alsy arise as to the meaning and 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 redemption of treasury notes, it is suggested that, trtrlctly speaking, certificate cannot be issued on such coin "In the manner now provided bv law." because these dollars are money hell in the treasury for the express purpose of redeeming treasury note on demand, which would ordinarily mean that thev were set apart for the puropse of subsit'utlng them for these treasury notes. They ate not. therefore, held In such a way as to furnish a basis for certificates, according to any provision of existing law. If. however, sliver certificates can properlv be issued upon these dollars, there is nothing in the section to Indteat the characteristics and functions of thea certificates. If they were to be of th same character a silver certificates in circulation under existing laws they would at best be receivable only for customs taies and all public dies; and under th language of this section li is. to say th least, extremely doubtful whether the certificates It contemplates would be lawfully receivable even for such purposes. x Whatever else may be said of the uncer. tainties of expression in this bill they certainly ought not to be found in legislation affecting subjects so important and tarreaching as our finances and currency. Other Object ton. In stating other and more important reasons for my disapproval of this section 1 shall, however, assume that under its proVisions the treasury notes issued in payment for silver bullion will continue to be redeemed, as heretofore. In silver or gold, at the option of the holder, and that 11 when they are presented for redemption or reach the treasury in any other mannet there are In the treasury coined silver dollars equal in nominal value to such treasury notes, then, and in that case, the notes would be destroyed and silver certificate! to an equal amount substituted. I am convinced that this scheme is ill-advised and dangerous. As an ultimate result of Its operation treasury notes, which are legal tender for all debts, public and private, and which are redetnable In gold or silver at the option of the holder, will be replaced by silver certificates which. Whatever may be their character and description, will have none of these qualities. In antlcipa tton of this result and as an immediat effect the treasury notes will naturally appreciate in value and desirability. The fact that gold can be realized upon them and the further fact that their destruction ha? 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 foi presentation at a more convenient season. The sequel of both operations will be a large addition to the silver currency ia our circulation and a corresponding reduction of gold in the treasury. The argumenl has been made that these things will no! occur at once because a long time must elapse before the coinage of anything but the seigniorage can be entered upon. If the physical effects of the eiecution of th second section of this bill ere not to b realized until far In the future this may furnish a strong reason why It should rot be passed to much in advance; but tr, postponement of Its actual operation cannot prevent the fear and loss of confidence and nervous prostration which would im mediately follow its passage and brini about its worst consequence. I regard this section of the bill as env bodving a plan by which the government will be obliged to pay out Its scanty stor cf gold for no other purpose than to force an unnatural addition to silver money int the hands of our people. This Is an exaci reversal cf the r JHcy- which fcafe fiaaJKH.