The Osceola times., 1878-03-09
.CONGR ESSIONAL PROCEEDINGS.
HOUSE.

In the house, on the 25th, on motion
OF Mr.. Hewitt, of Alabama, the house went
into committee Of the whole, Mr.. Southard
In the chair, and resumed consideration Of
the bill granting pensions to the soldiers and
sailors OF the Mexican and Indian wars. The
committee rose without action on the bill
Adjourned.
In the house, on the Goth, Mr.. Steele,
from the committee on agriculture, reported
back the bill for the appointment Of = com.
mittee to investigate the origin of and the
best means of destroying the army cotton
worm. The bill appropriates ten thousand
dollars for the expenses of the commission.
Deferred to the committee OF the whole......
Mr. Chalmers then took the floor to reply to
the speech made by Mr.. Garfield last week.
At the close of Nj. Chalmers speech Mr..
Hewitt (Ala.l endeavored to induce the
house TO proceed with the bill to pension
soldiers Of the Mexican war, but The house
preferred to give Mr.. Butler an opportunity
to make bis speech on the financial question.
The house then went into committee OF the
whole on the state of the union, Mr.. Eden
in the chair, and Mr.. Butler proceeded to
make his speech. At the close of Mr..
Buffers speech the house adjourned.
In the house, on the 9th, the senate bill
amending the act providing for the publica>
tion OF the new editions Of the revised
statutes, was taken from the speakers table
and passed.. Mr.. Banning, chairman OF the
committee on military affairs, reported a Dill
authorizing the secretary of war to sell the
following ordnance establishments: Water
vile arsenal, New York; Washington arse>
nal, District of Columbia Allegheny arse.
nal, Penn; Pisesville, Nd, aud Watertown
arsenal, Mass. Reterred......Th bill pen.
sioning soldiers Of the Mexican war was then
taken up. Mr.. MCGOWAN made speech
against the bill, and then without action the
committee rose and the house adjourned.
In the house, on the 2Sth, me sslge
was received from the president announcing
that he had vetoed the silver bill. The fol,
lowing is the full text OF the presidents
message: To the House Of Representatives
After very careful consideration of the
house bill No. 1,093, entitled an act 10 au.
thoriss the coinage OF the silver dollar and
to restore its legal tender character, feel
compelled to return it TO the horse Of repre-
sentatives, in which il originated, with my
objection to its passage. Holding the opinion
which | exp. essed in my annual message,
that neither the interest Of the government
nor the people OF the United States would
be promoted by disparaging silver rs one of
the two precious metals which furnish the
coinage OF the world, and that legislation
which looks to maintain the volume Of in
triasic money to as fall measure Of both
metals as their relative commercial values
will permit, would be either unjust or mex.
pedient; it has been my earnest desire to
concur with congress IN the adoption of such
measures 10 increase the silver coinage Of
the country as would not impair the obliga>
ton OF contracts, either public or private, or
,.,,.. L. .<.,ly a.. Z.
only upon the conviction that this bill does
not meet these essential requirements that /
feel it my duty to withhold from il my ap.
proval. MY present official duty as TO this
bill permits only an attention 10 the specific
objections to its passage which seem TO me
so important as to Justify me in asking from,
the wisdom and duty OF congress that fur.
ther consideration OF the bill for which the
constitution has in such way provided. The
bill provides for tbe'coinsge OF silver dollar
OF the weight of 412K grains each of stand.
ard silver to be legal lender to their nom.
inal value for all debts and dues, public and
private, except where otherwise expressly
stipulated in the contract. II is well known
that the market value OF that number of
grains OF standard silver during the past
year has been from 30 TO 90, cents as ooni>
pared with the standard gold dollar. Thus
the silver dollar authorized by this bill is
worth from eight to ten per cent. less than It
purports TO be worth, and is made legal
tender for debts contracted when the law
did not recognize such coins as lawful money.
The right to pay duties in silver or in cert.
fcates of silver deposits will, when they are
issued in sufficient amount to circulate, put
an end to the receipt of the revenues in gold
and thus compel the payment Of silver for
beth the principal and interest Of the public
debt. sl,l43, ,493 600 of the bonded debt now
outstanding was issued prior to February,
1878, when the silver dollar was unknown in
the circulation of this country, and with
only convenient form Of silver bullion for
expectation. $5s3, ,440,3:0 of the bonded
debt has been issued since February, 1873,
when gold alone was the ccin for which the
bonds we're sold and gold alone was the coin
in which both parties to the contract under.
stood that the bonds would be paid. These
bonds entered the markets OF the world.
They were paid for in gold, when silver had
greatly deprecated, and when no one would
have bought them II it had been understood
that hey would be paid In silver. The sum
Of &225, 600, 900 of these bonds has been sold
during my administration for gold coin, and
the United States received the benefit Of
these sales by reduction Of the rate of In
terest to four per cent. During the progress
OF these sales doubt was suggested a. 70 he
coin in which the payment Of these bonds
uuuld he made. The public nnununnaunnf