Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1878-03-09
Register.
MIR. HAYES VETO OF THE SILL
WEIR BILL.

The exercise of the veto power by the
President of the United States should
be very guarded, as it is an arbitrary
one, and can only be justified by rash
and hasty legislation upon the part of
Congress, or clear violation Of some
constitutional right reserved to the
States or the people thereof.
In this instance, however, neither Of
these reasons will apply, for there has
never been but few questions before
Congress which has received more pa
,ient and thorough investigation and
general discussion, both in and out Of
Congress, than this question of the re-
monetization of silver; and there is no
power more clearly and distinctly con-
ferred upon Congress by the constitu-
ton of the United States. than the right
of coming money and to regulate its al
10y and value; in fact, tie trainers of
the constitution were more than ordina-
rily particular in defining this right, for
they not only. conferred'it upon Con
gress, but they as expressly inhibited
the States from the exercise of any such
power, leaving the entire subject of
coming money and emitting bills of
credit to the wisdom and power of Con-
gress; and there seems to have been CO.
gent reasons for it. Mr. Madison, wri-
ting upon this subject, said with pro-
phetic accuracy, "The sober people of
America are weary of the .fuciuating
policy which has directed the public
councils. They have seen with regret
and with indignation, that sudden chan
ges and legislative interferences, in cases
affecting personal rights, become jobs
in the hands of enterprising and infu-
entail spectators, and Snarss TO The
more indusirious and less informed part
of The community. They have seen, too,
that one legislative interference is but
the first link of long chain of repeti-
tons, every subsequent interference be-
ing materially produced by the effects
of the preceding. They very rightly
infer, therefore, that some thorough re-
form is wanting, which will Danish spec
ulaiions on public measures. inspire a
general prudence and industry, and give
a regular course to the business of soci
ety." How clearly and forcibly he de-
pictcd the circumstances which have
led the people to move upon the jobbers
and spectators in money at this time.
Nothing within the las, fifteen years
has been more prolific of fortune max
ing than specializing in money, and as
natural sequence nothing has been more
destructive to the uniformity of values,
and disastrous to general business pros
perity.
What has been the history of legisla-
ton upon this subject Go back to the
passage of the legal tender act" and
the issuing of the 500 bonds, with the
contract understanding that the interest
alone upon the bonds was to be paid in
coin. The constitution of the United
States is our highest authority upon
this subject, defines gold and silver to
be coin; aud they to be legal tender
in payment of all debts by the States.
the design of the act of 1869,
as embraced in the revised statutes OF
the United States, which changed pre-
vicus contracts, and coming up to the
act of 1873, which demonetized silver,
we find it was unconstitutional, in as
much as it abridged the rights of the
States to use silver as a legal tender;
how presumptuous or designing it is to
talk Of respecting contracts made under
an unconstitutional law. Strip this sub
ject of the coming of money and regu-
lating the value thereof, from all specu-
Lattice mystifcation, such as intrinsic
and commercial valuation, which is en-
,irely foreign to it in its legal and just
sense, and the folly of conformity to
foreign requirements, which are design
eddy associated with it, and we have the
most explicit constitutional authority
for the passage Of the bill remonetizng
silver, and authorizing the issue of
Treasury certificates or bills of credit,
which strictly conform to and meet
great national requirement.
We therefore confess, with these facts
before US, our surprise at Mr.. Hayes te-
lnerity in yetoing this bill. 1t is true
be had very unwisely, in his message to
Congress, committed himself against
this reform, but he had a plain and
legal course of escape from further
prosecution Of his folly, by allowing the
act to become law by the lapse Of
lime, and thereby preserve consistency
Of individual conviction, which he as
serts was his principle reason for his at
tempt TO thwart the clear right of Con-
gress and the popular will of the people