The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-06-02
GOV. cuLLoM vEToEs THE SILVER BILL.

Gov. Cullom has vetoed house bill No. 70,
passed at the recent session of the Illinois
Legislature, to maze silver legal tender in
this state for all amounts. The Governor Oh.
iects to the bill both in the score OF It's being
unwise and injurious to the interests of the
state, and of its unconstitutionalily. Under
the former head he presents sharp points like
these:
If the United States should again adopt the
double standard, silver would soon become
the general currency OF the country, and IN
that case If this bill were permitted to become
a law and there should be- as is liable to oc-
cur al any time, an Issue of the subsidiary sill.
yer coinage IN excess of the amount neediul
for small change in the commercial transac
tons of the country, it would be at discount
more or less below the standard silver cur.
rency Under these circumstances 1t would
! flow into this state, for we, by making 1t
legal tender for all debts here, would have
given il currency and value which II would
not have In any other state. Illinois would
assume the burden and inconvenience OF
debased currency over the manufacture ana
coinage of which it has no control and out OF
which 1t derives no profit. ltwOuld not make
money more plentiful, because II would eX-
pei III ctudl u DClltI envy ~
would not tighten the load Of taxation, be-
cause the cost of everything used by the state
and the expense of maintainlng the public
institutions would be increased ia direct pro-
portion to the decline in value OF the currGn-
cy in which the taxes were paid. 1t would
not help the debtor, because in my judgment
the constitution OF the United States and Of
this state, would forbid its application 70 eX
listing contracts,
And again; what security have we, if we
declare by statute that all silver coin will be
legal tender in the payment Of debts, that
such Legislation may not be enacted IN con-
gress as will result IN Illinois becoming the
receptacle Of all the token currency, while
the states around us will receive only stand
ard gold and silver and legal tender notes as
current and valuable in one state as another!
1t is easy to talk about the good times to fol
low upon the passage of such law, but it is
absurd to say that the people of a state can be
benefited by scheme that cOmpels them to
take at par currency that goes at discount
as soon as a state line is reached and the i'm
mediate and earliest effect of which would be
to enhance the cost to every citizen OF the
necessaries of life.
On the score Of its constitutional the
Governor says:
The bill also lnterferes with the power OF con-
gress to regulate the power of coming money.
The power to coin money and regulate the
value thereof is vested in congress as a power
in soltdo in effect without any reserve to the
states, for powers conferred upon congress the
exercise of which is not expressly prohibited
TO the states are held TO be exclusive when
there Is direct repugnace or incompatibilty
in their exercise by the state. The power
has been exercised by congress, and that body
has, in effect declared that subsidiary silver
coin shall, in the absence OF any agreement,
be a legal.tender or forced teader for only 50.
This bill declares 1t shall be a logal.tender for
an unlimited amount. Congress gives Subsi-
diary silver coin a money value IN the pay
ment of debts in sums of s. and not beyond.
This bill attempts to give it forced value
beyond that amount. The declaration by con-
gress as to what should be the lawful money
value of subsidiary silver and to what amount,
was, by necessary implication, declaration
that it should not have different value and
that it should not be a lawful tender for a
greater sum than that named by the law of
congress save rs parties might agree. There
was no design III this by congress to remit
the matter to the several state legislatures, nor
could it perhaps have done so had that Decn
It's intention.
And finally and to conclude" the Govern.
or thinks that at best the bill was intended
only Us an experiment, while the matter
is altogether too delicate for experimental
treatment The dangers are too great to be
lightly ventured upon. Even without the
constitutional objection, the effects of the
law could not be otherwise than injurious to
the people.