The Bill Vetoed

8TTMMARY OP THE VETO. Washington, March 30.- The president yesterday returned to the house without his approval the TUand bill directinff the coinage of the silver bullion held in the treasury, and for other purposes. The message refers to the terrible financial disturbance which swept over the country last year, marked by "almost an entire displacement of faith in our financial abilily and a loss of confidence in our fiscal policy. " "The repeal of the mischievous silver purchase requirement," he says, "has been followed by a wholesome improvement, and nothing should be clone to check Sur convalescence, especially as 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. " ! Cnfortunately Cunstruotecl. "The entire bill is most unfortunately constructed," the president says, "nearly every sentence in it presenting1 uncertainty and inviting controversy as to its intent. It appears to have been meant to provide for the coininL of the so-called seigniorag'e into standard silver dollars, but there is nothlnff in the bill to prevent it from beingcoined into any other description of silver coins now authorized by law." 111-Advised anti Pangerous. He holds that sound finance does not commend a further infusión of silver into our currency at this time, unaccompanied by further adequate proviBions for the maintenance of a safe gold reserve. He is convineed that the scheme for retiriiig the treasury notes is "ill-advised and dangerous." As an ultímate result of its operation the treasury notes, %vhich are legal tender for ail debts, public and private, and are redeemable in gold or silver at the option of the holder, wou ld be replaced by silver certificat.es that would have none of those qualities. Agnlnst Safe Finauce. The president also objects to the bill as "embodyinif a plan by vvhich the povernment would be obliged to pay out its scanty stock of gold for no other purpose than to force an unnatural addition of silver money into the hands of the people. This," he says, "is an exact reversal of the policy which safe finance dictates." Uutstandine Silver Certificates. "We have now," the president says, "outstanding more than 8338,000,000 in 6ilver certifieates issued under existinsr laws. They are serving the purpose of money usefully and without question. Our gold reserve, amounting to only a little more than SIOO.000,000, is direotly charged with the redemption of $346,000,000 of United States notes. When it is proposed to ínflate our silver currency it is a time for strengthening our gold reserve instead of depletingit I cannot conceive of a long-er step toward silver monometalüsm than we take when we spend our gold to buy silver certificates for circulation, especially in view of the practical difliculties surroundinff the replenishment of our gold." More Power to Issue Bonds. He earnestly recommends that the secretary of the treasury be granted a better power than now exists to protect our gold reserve by the issue of bouds when that may be necessary. He thinks if this were done the bullion seigniorage now in the treasury eould be coined safely and with advantage. He hopes a way will be found for the adjustment of our monetary affaire in such a comprehensive and eonservative inanner as will afford to silver lts proper place in our currency, but expresses his anxiety that whatever actiun may be taken on this matter may be .sueh as to prevent loss and discourasrement to our people at home and the destruction of foreign confidence in our n'nancial management