i
VOL. VII.
THE DALLES, OREGON, FRIDAY, MARCH 30, 1894.
NO.S5.S&
.SILVER BILL VETOED
President. Cleveland's Reasons, for Dis
- apuravaL . :
THE MEASURE IS VERY "FAULTY
Wduld Tend to Check a Return to
Prosperity and Deplete the
Gold Reserve. .
Washington, March 29. The follow
ing ia a summary of the most important
facts submitted in the veto of the Bland
seigniorage bill.
To the House of Representatives : I
return without my approval House' Bill
No. 4596, entitled an "Act directing the
coinage of of the silver bullion held in
the trea.- ury, and for other purposes."
My strong desire to avoid a disagree
ment with those in both houses of con
gress who have supported this bill, would
lead me to aprove it if I could believe
the public good would not be endangered ,
and that such action on my part would
be a proper discharge ' of my official
duty. Inasmuch, however, as I am un
able to satisfy myself that the proposed
legislation was either wise or opportune,
my conceptions of the obligations and
responsibilities attached to the great
office I hold forbids the indulgence of
nay personal desire, and inexorably con
fines me to that course which is dictated
by my reason and judgment and
pointed out by a sincere purpose to pro-
, tect and 'promote the general interests
of our people.
SILVER MONOMETALISM.
We have now outstanding more than
$338,000,000 in silver certificates issued
under existing laws. They are serving
the purpose of money usefully and with
out question. Our gold reserve, amount
ing toonly a little more than $100,000,000,
is directly charged with the redemption
of $356,000,000 in United States notes.
When it is proposed to inflate .6ur silver
currency is the time for strengthening
our gold reserve instead of depleting it.
I cannot conceive of a longer step toward
monometalism than we take when we
spend bur gold to buy silver certificates
for circulation, especially in view of the
practical difficulties surrounding the re
plenishment of our gold. .
CONDITIONS SUMMARIZED.
The president summarizes the condi
tions as follows:
First The government has purchased
and now - has on hand sufficient silver
bullion to permit the coinage of all the
silver . dollars necessary to redeem in
such dollars the treasury notes issued
for the purchase of said'sHver bullion,
and enough besides to coin, as gain or
seigniorage, 55,156,681 additional stand
ard silver dollars.
Second There are . outstanding and
now in circulation treasury notes issued
in payment of all debts, public and pri
vate, except when otherwise expressly
stipulated ; they are receivable for cus
toms, taxes and all public dues ; when
held by banking associations they may
be counted as part of their lawful re-
SThe Question!
is a simple one easily
Jjj: decided by reason and jgg-A
kt common sense.
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the new scientifically
prepared shortening is -made
from pure beef suet,
and highly refined vegeta
ble oiL Lard is made, in
i the majority of cases, in
the packing-house, and
not as of old, from the pure
leaf of the hog. Which ia
likely to be the most
healthful? Decide for
yourself. It must be
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Send three cents In stamps to N.
K. Fairbank & Co., Chicago, for
handaome Cottolene Cook Book,
containing six hundred recipes,
prepared by nine eminent auiho- '
rities on cooking.
Cottolene is sold by all grocers,
Refus all substitutes. .
0
0
0
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0
0
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,
0 .
0N
' flado only by
K. FA1RBANK & CO.
ST. LOUIS and
Chicago, new york,
boston.
mmmi
eerye, arid are redeemed by the govern
ment in gold at the option of the holders.
ADVANTAGEOUS ATTRIBUTES. ' -
These advantageous attributes were
deliberately attached to these notes at
the time they were issued ; they are
fully understood by our people to whom,
such notes have been distributed as cur
rency, and have -inspired confidence in
their safety and value, and have un
doubtedly thu. induced their continued
and contented use as money, instead of
an anxiety for their redemption.
. . ITS FAULTY CONSTRUCTION. '
The entire bill is most unfortunately
constructed ; nearly every sentence pre
sents uncertainty, invites controversy as
to its meaning and intent. The first
section is especially faulty in this re
spect, 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 this section to
provide for the coinage of the bullion
constituting the gain, or seigniorage as
it called, into standard Bilver dollars,
and yet there is positively nothing in
the section to prevent its coinage into
any description of silver coins now au
thorized under any existing law. I sup
pose this section is also intended, in
case the needs of the treasury called for
money faster than the seigniorage bul
lion could actually be coined, to permit
the issue of silver certificates in advance
of such coinage ; but its language would
seem to permit the issuance of such cer
tificates to double the amount of the
seigniorage as stated, one-half of which
would not represent an ounce of silver
in the treasury.
THE SECOND SECTION.-.
Doubts also arise as to 'the meaning
and constrnction 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 the treasury notes, it
is suggested that, strictly speaking, cer
tificates cannot be issued on such coin
in the manner now provided by law, be
cause these dollars are money held in the
treasury for the express purpose of re
deeming treasury notes on demand,
which would ordinarily mean that they
are set apart for the purpose of substitut
ing them for these treasury notes. They
are not, therefore, held in such a way as
to furnish a basis for the certificates
according to any provision of. existing
law. If, however, silver certificates can
properly be issued upon these dollars,
there is nothing in the section to indi
cate the characteristics and functions of
these certificates.' If they were to be of
the same character as the silver certifi
cates in circulation under existing laws,
they would at best be receivable only
for customs' taxes and all public dues,
and under the language of this section it
is, to say the least, extremely doubtful
whether the certificates it contemplated
would be lawfully received, even for
such progress. Whatever else may be
said of the uncertainties of expression in
this bill, they certainly .ought not tb be
found in legislation affecting a subject
so important and far-reaching as' our
finances and our currency.
OTREB REASONS FOR DISAPPROVAL
In stating the other and more import
ant reasons for t my disapproval of this
section, I 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
holders, and that if ' when they are
in the treasury in any other manner,
there aie in the treasury coined silver
dollars equal yi nominal value to sqch
treasury notes, then and in that case the
notes will be destroyed and silver certifi
cates to an equal amount substituted. I
am convinced this scheme is ill-advised
and dangerous. As an ultimate result
of its operation, the treasury notes which
are legal tender for all debts, public and
private, and which are redeemable in
gold or silver at the option of the holder
which be replaced by silver certificates,
which, whatever may' be their character
and description, will . have none of
these qualities.' In anticipation of this
result and as an - immediate 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 has
been decreed, when they reach the treas
ury, must tend to their withdrawal from
general circulation, to be immediately
presented for gold, redemption, or to be
hoarded for presentation at a more con
venient 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, . V '
If you want any kind of garden seeds,
grass seed or field, call at H. H. Camp
bell's, where you can get what you
THE MARKETS.
Business in all a.uaes - Show an In
creased Actlrlty. .
Friday, March 30. The weather con
ditions have been favorable for all kinds
of traffic both outside and inside of doors.
Business has in general made a marked
improvement over the preceeding week
and an increased activity is noticeable
in all lines of trade. . Merchants are re
ceiving fresh goods and are replenishing
depleted stocks, and orders from the in
terior are promptly met. The month
ju9t closing has a better showing than
anticipated. The volume of. cash trans
actions is larger than the corresponding
month of a year ago, and, while buyers
are 'cautious in their purchases, a health
fulness of trade is manifest in all classes
of merchandise and exchange. Prices
on the whole have somewhat declined in
dry goods and most kinds of provisions.
The general depression in the financial
condition of the country has had more
or less to do with the general markets.
In finances, while the stringency in
money matters continues more or less
marked, there is less inquiry for loans
than formerly and in that respect the
financial condition has a flavor of im
provement. The veto of the seigniorage
bill is thought to be a forecast of the de
feat of the Wilson bill in the senate and
on the strength of that theije is an easier
tone. .
In the provision and produce market
there is an increased activity. ' Declines
are marked. Bacon and hams have de
clined.' Best sugar cured hams are
quoted at 12 cents per lb, retail.
Boneless hams . at II cents and best
breakfast bacon at 12 cents per lb.
Five-pound pails of lard at 55 cents and
10-lb pails at$l. . Produce has declined
more or less. Potatoes are dull sale at
35 to 40 cents per sack. Apples, extra
sound and good keepers, are in limited
supply at 75 cents per box.
The egg and poultry market is well
stocked up and in eggs, 8 and 9 cents per
dozen is the range for prices, in trade,
although some were sold yesterday at
8 cents per dozen in cash,' at no time
formerly has the market been as weak
and low as at present. '' There is a fair
supply of poultry and prices have not
changed since last report. ...
The butter . market is quite over
stocked and very weak,' which is an un
usual thing for this season of the yearj
The live stock market for butchers use
is steady, with a sufficient supply in
sight to meet all demands and prices .re
main nominal. '
The grain market continues unchanged
in this 'city and in Portland- In Chicago
and.New York there has been a stiffen
ing of prices for future deliveries, which
is not so much pronounced as to be con
sidered a permanent advance to effect
our Western markets. It is true, an
advance of 3 to 5 cents per bushel was
experienced on Wednesday in Chicago,
which was "owing to reports ' from the
wheat belt, that the recent cold wave
had ruined the winter wheat. .
It is generally conceded the bottom
has been reached and that henceforth
the wheat market will be active and
better prices be obtained in. future', al
though -the bears are fightjing with all
the energy they possess to' keep the bulls
from controlling the situation. Beer
bohm's Liverpool grain- reports of yes
terday, announce an upward tendency
of English and French markets, although
the present demand is said to be poor.
The oat and barley market is very
dull and quiet. There has not been any
receipt;, of either and the inquiry is
limited.'
The wool situation has no' material
change-to note. In conversation with a
wool buyer the other day, the impres
sion was given out' that the 1894 clip
would be put on the market at about
8 cents per pound and that prices would
rule low during the.season. - ;
NEWS' OF THE STATE. '
The Medford city council propose to
spend $3,500 in digging an artesian well
500 feet deep. . .
Mrs.j Emily Thorne, who, resides at
Toledo' Washington, says she has never
been able to procure any medicine for
rheumatism that relieves the pain so
quickly and effectually as Chamberlain's
Pain Balm and that she has also used it
for lame back .with great success. For
sale by Blakeley & Houghton, druggists.
Highest of 11 in" Leavening Power. Latest U. S. Gov't Report.
CUT PRICES Q '.
MDIES' and GHlIiBHE'S plflE SHOES,
" ' . 6f the well known . .
D. M. Hough, C P. Ford and Williams & Hoy t makes,
Including the celebrated ''TRIMBY & BREUSTER" '
CORK SOLE SHOES.
Ladies' Lace, Patent Tip, all sizes .
Kntton "
tt
Cloth and Kid Top v..
"(' Patent Tip,' Welt and Turn Soles
Waukehphast,
it
it
Patent Tip, Turn
Plain Toe, Welt
- Patent Tip and Plain
Childs' Kid, Patent Tip, 5 to -7 '.:...:.,
":" . - " . 8 to 10$
. " -, ". 11 .to 2 A.:...... ....
" Oxford " 8 to 10 : ,
Misses' Oxford, Gen; Russ, 11 to 2 .. .......... J........
Can furnish the above styles in widths from' A to EE.
A. M.
Agricultural College Note.
At present the bine flag swings high
over the college. ' '
Professor Margaret Snell is improving
from her late illness. , .
The class in horticulture is pruning
and grafting under Prof. Coot.
State Superintendent E. B. McElroy
visited the college last week on business.
Prof. John Fulton reports that thirty
four inches of rain has fallen since the
1st of January.
The class meetings are being held
often now to make preparations for com
mencement Hay, next June.
The China pheasants visit the Can
thorn ball daily, and invite the boys . to
be early-risers with their merry hoot. . ,
Professor Ginn, formerly of the State
Normal school at Drain, was here to visit
the school' and look about , in general.
Many of the first year mechanics have
finished their required number of pieces
in wood work and are now commencing
on tte turning lathe. '.'' . '
The winter term ends this week, and
a few students who are attending tbie
special term will return to their ho'mes
the first of next week. . .
' Tboee who are to perform, in the next
centest for the medal have already been
elected. The Athenians fell, victors to
the medal in the late contest of the pre
paratory societies.
The college boys have organized a
baseball nine, and last Saturday they
played, a social practice game with the
town boys. The result was that the
former were slightly defeated.
There will be an O. A. C. students'
dance tonight (29th). Its object is to
give everyone that so desires a light
heart to begin next Monday the first of
next term's work with new vigor. -
'. ' ' Kingsley.
The prize contest at the soiree Satur
day night will be for the class only, but
all are invited to attend.
. , '1; JamesTSmith.
The regular subscription price of the
Weekly Chronicle is $1.50 and the
regular price of the Weekly Obegonian
is $1.50. Any one subscribing for The
Chronicle and paying for one year iu
advance can get both The Chronicle
and Weekly Oregoniax for $2 .00. All
old subscribers paving their ' subscrip
tions for one year in advance will be en
titled to the same offer. .
Haworth, printer, 116 Court St,
tf
e
" '
Welt and Turn Soles......
Sole
WILLIAMS & CO.
I R7 rf nY mm
for Infants
BSaHIR-TTx years' observation
U . millions cf pcrtom, permit
It in unquestionably the
the world has eve? known.
gives them health. It will
- something which is absolutely
child's medicine. ' - - ' " . '
Castoria destroys Wormi. '
Castoria allays Feveyishness. -' .
Castoria prevents vomiting Sour Curd.
Castoria cures Diarrhoea and 'Wind Colic "
' Castoria relieves Teething Tronhles.
Castoria cures Constipation and Flatulency. .
Cnstoria neutralizes the effects of carbonic acid gas or poisonous asfw',
Castoria does not contain morphine, opium, or other narcotic property.
Catoria assimilates the food, reamlatw the stomach and howels,
friviws healthy and natural sleep. ' .( V : .
Cat.oria is put up in one-size bottles only. It 1 notsold in bulk. .
Don't allow any one to sell yon anything cIo on the plea or promise
that it is"jut as good" and "will answer every purpose." .
See that yon g t C-A-S-T-O-R-I-A. . ' v '.
The fao-similo'
- signature rt
V. ChSijdren Cry for Pitcher's Qastoria. 1
: THE CELEBSTED
COLUMBIA BREVERY,
; AUGUST BUGHLER, iropV. t
This well-known Brewery is now turning out the best lieer and Portet
past of the Cascades. The latest appliances for the manufacture of good health
ful Hr hve ben :ntrKluc!d. and oni. v the first-class article will be p'aceil o
b m.rit.. . m ' ' ' '; '."'. ' -: ' . .. ''.','"
What ?
Where ?
wmi
Former Price.. Present Price
00 $4 35
50 4 10'
00 3 85
50 3 45
25 3 25
00 " 3 20
75 - 2 80
50 2 70
00 2 35
50' 125
75 1 50
50 2 00
25 1 05
25 2 00
5
5
4
4,
3
3
3
1
1
2
1
and Children.
of Caatoria -grltfa the patronage of
na io peak of It without guessing.
best remedy tor Infants atnd Children
It harmless. 4 Children lilce it. It
save their lives.- In it Mothers havs
safe and practically perfect as i
ti on every
wrapper.
;- Hand-Corded' Corsets, Health Eeform Waists,
Nursing Corsets, Misses' Waists, Children's Waists,
; Shoulder Braces and Hose Supporters made to order. -
At the Pacific Corset Company's Factory, north
east of the Fair Grounds. It desired each garment
will be fitted before being finished. Call at the fac-