Show THE BILL cleveland settles the question his well known hatred of silver emphasized the swelled checked gret I 1 AM azato slaps silver in the face his beacons for the veto of the bill washington march 29 the president has bent to the house the following message vetoing the bland coraee bill to the house of representatives I 1 return without my approval the house bill number entitled an act directing the coinage of silver bullion held in the treasury and for other purposes my strong desire to avoid ment with those in both bouses of congress who have supported this bill would lead me to approve it if I 1 coula believe that the public good would not be thereby endangered and such action on my part would be the proper dis harge of my official duty inasmuch however as I 1 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 1 hold forbids the indulgence dul gence of my personal desires 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 the general interests of the people the financial disturbance which adept over the country during the past year was unparalleled in its severity and Usa in its consequences there deemed to bo almost an entire displacement of faith in our financial ability and loss 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 the provision of tha law then in force which required the government to purchase monthly a large amount of silver bullion and issue its notes in payment thereof was either entirely or to a large extent responsible for our condition this lead to the repeal on alie first day of november 1893 of this statutory provision we had however fallen low in the depths of depression and timidity and apprehension had so completely gained control in financial circles that oar rapid recuperation could not be rea expected our recovery has mevert beless steadily progressed and than ave months have elapsed since the repeal of alie bious silver purchase requirement wholesome improvement is unmistakably apparent and confidence in our absolute sol vency i to such extent reinstated and the faith in our disposition to adhere to sound financial methods is eo far restored as to produce most encouraging results both at borne and abroad after discussing at great length the necessity necee sity of confidence in and the parity of alie metals of our coinage the president continued I lAving referred to bome incidents which I 1 deem relevant to the subject it remains for me to submit a specific statement of my objections to abe bill now under consideration this bill consists of two sections excluding one which merely appropriates a eum sufficient to carry the act into effect the first section p avides for th immediate coinage of silver bullion in the treasury which represents the so called gain or would arise from coining all the bullion on hand which gain or this ejection declares to bo it directs that the money so coined or abe certificates issued there n shall be used in the payment of public expenditures and provides that if the needs of abe treasury demand it the secretary of the treasury may in hia discretion issue eiker certificates in excess of such coinage not exceeding the amount of seig to be coined the second section dilecta that as eoon possible after the coinage of this the remainder of the bullion held by the government ahall be coined into legal tender standard silver dollars and that they ahall be held in abe treasury for the redemption of alie treasury note issued in purchase of said bullion it provides that as fast as the bullion shall be coined for the redemption of said notes they shall not be reissued but bo cancelled and destroyed dee troyed in amounts equal to the coin held at any time in abe treasury derived from the coinage provided for and that silver ceball be issued on such coin n the manner now provided by law it ie however especially declared in u the act shall not be con getrued to change alie existing laws relating to abe legal tender character or aade of redemption of the treasury note issued for abe purchase of the silver bullion to be coined the entire bill ie moet unfortunately rone trued nearly every sentence pre ente uncertainty end invites controversy as to its meaning and intent the first section is especially faulty in this respect and it is extremely doubtful whether ita language will permit the consummation of ita supposed purpose J am not willing however to rest my objection to this section solely on aliese rounds in my judgment sound finance does not commend the further silver into our currency at this time unaccompanied by further adequate provision for the maintenance sn our treasury of a eafe gold reserve doubts also arise as to the meaning construction const luction of abe second section w abe bill if silver dollars therein directed to be coined are as the section iw videe to be held in abe treasury for the redemption of treasury notes it Is that strictly speaking ic atee cannot be issued on such coin in the manner now provided by law these dollars are money held la ne treasury for the express purpose ei redeeming treasury notes on demand else may be said of the un certainties of expression in this bill ought not to bo found in mattea att eing a subject so important and far reaching as our finances 1 aia convinced that the proposed hijji ad and danse roue as an ultimate result of Us operations treasury notes which are legal tender borall debts public and private and which are redeemable in gold or silver at the option of the holder will be replaced by silver certificates which whatever may bo their character and description will have none of these qualities in anticipation of this result and as an immediate effect treasury notes will naturally appreciate in value and desirability 1 I cannot conceive of a longer step toward silver mono than we uke when we spend our gold to buy silver certificates for circulation especially in view of the practical difficulties eur the replenishment of our gold this leads me to earnestly present the desirability of granting the secretary of the treasury better power alian now exists to issue bonds to protect our gold reserve when for any reason it should be necessary our currency is in such a confused condition and our financial affairs are apt to assume at any time so critical a position it beems to me such a course is dictated by ordinary prudence 1 I am not insensible to the arguments in favor of coining the bullion now in the treasury and I 1 believe it could be done safely and with advantage it the secretary of the trea ury had pow erlo issue bonds at a low rate of interest under authority in aub ution of that now existing and better suited to the protection of the country 1 I hope way will present itself in the near future for the settlement of this grave issue the bill ie returned without my approval GROVEE CLEVELAND |