Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-02-28
,.o President Returns the Silver Bill to
-" the House With HIS Veto.
,,.ere Il Is Immediately Taken Up,
and, without Discussion,
Passed Over the Veto.
Tim ssnatc Follows Suit and The Silver measur,
Becomes Law h Spite Of Executive
Prohibition.
g., III. Veto Message President Hayes
Gives HIS Reasons for Opposing
the Expressed VIII OF tho
People.
CAPITAL NOTES.

SREI ~ 'NSbcSs
THE SILVER BILL REPORTED VETOED.
Washington, Feb. %. IL is stated pri-
vat.ly on the floor Of the house, that the
nresi,lent has vetoed the silver bill.
THE SILVER ILLvEroED.
The president at 1885 o'clock p. IN. re-
,,rael tbs silver bill unsigned, and with
his objections.
SILVER BILL PASSED OVER THE VETO.
The house passed the silver bill over the
veto, ls4 to -.
GREETED WITH GENERAL APPLAUSE.
The vote On the passage Of the silver bill
notwithstanding the veto, was l9G 10 IS.
The announcement was greeted with general
applause.
PASSED 46 TO 10.
The senate proceeded to vote on the pas
sage of the silver bill, Notwithstanding the
objections of the president, and i, was passed
by u two thirds vote, yeas 46, nays 49,
THE VETO MESSAGE.
Washington, Feb 23.-'rhc following is
the presidents message:
To tie House Of Representatives.:
After very careful consideration Of house
bill No. 1893, entitled An Act to Author
IL. the Coinage Of the Silver Dollar, and
10 Restore its Legal Tender Character"
feel compelled to return il u the house in
which it originated, with nv objections To
its passage. holding the opinion which |
expressed in my annual message, that uei
ther the interests Of the government nor the
people of the United st ties would be pro-
,noted by disparaging silver as one Of the
two precious metals which furnish the
coinage Of tho world. aud that legislation
which looks TO contracting the volum. of
intrinsic money rs the full measure Of both
metals Us their relative commercial values
will permit. would be neither unjust nor
inexpedient
1t has been my earnest desire to concur
with congress in the adoption Of such meas
urcs to Increase the silver coinage Of the
country as would not impair the obligation
of contracts. either public or private, or in.
juriously affect public credit. l, is only on
the conviction that this bill does not NEE,
Their essential requirements tha, | feel i,
my duty to withhold from it my approval
My present official duty as to that bill per-
mits only an attention TO the specific objects
OF the bill which seem to me the constitu.
ton his in such = way provided. The bill
provides for the coinage Of silver dollars Of
j: weight Of 4l23 grains each Of standard
silver, to be legal tender to their nominal
value for oil deb's and dnsies, public and
private, except when Otherwise expressly
stipulated in contracts 1t is we'll known
uat the market value Of that number Of
grains Of stand.rd silver during the
huo
TO ninety-tvo cent. rs compared
with the standard gold dollar. Thus the sil-
yer dollar authorized By the bill is worth
from eight 10 ten per cent less than it pnrports
TO be worth and is made legsl tender for
debts contracted when the law did not recos-
n'ze such coins as lawful money issued in
sufficient amount to circulate. 1t puts an
end to receipts to the revenue in gold and
thus compels payment Of silver for both
principal and interest of the public debt
One billion one hundred and forty-three
million four hundred and ninety. three
thousand four hundred dollan Of bonded
bebt is now outstanding which was issued
prior to 1875, when the silver dollar was un.
known in the circulation Of this country and
with only convenient form ofsilver bullion
ior expectation. Five hundred and eighty.
three million four hundred and forty thous
and three hundred and fifty dollars, Of bond
ed debt has been issued since Feb. 1873
when gold alone va. the coin for which bond.
Were sold aud gold alone was the coin il
which both parties to the contract un
derstood thR; the bonds would he paid
Those bonds flowed into the markets Of tn.
world. They were paid for ia gold when
silver had greatly deprecated and when nc
'one would have bought them lift had beer
Sndcrstood they would be paid in siv. =
The sum Of 1925, 900 900 Of those bonds ha
been sold during my administration for gol,
coin and the United States received tn
benefit Of those sales by q reduction Of III,
rate intereat to four per cent. During III
HtoRrea Of those salcs doubt was r,,ggestet
- to the coin In which payment Of ,hoa
oosda would be made. The public announce
mcnt ~M thcreu pon authorized tha, /, va
not 10 70 anticipated; tha. any further lesis
'auon Of cnnRrsas or any action Of any d.
Partmsnt OF the governmcn, would sanc,io,
or tolssaas the rcdempsion Of The princips
os ahsss boada, Of the payment Of in,errs
,nereon In coin sxarsed BY the government
eschanes fss the came. In view Of ,ha
,a@ Il Will b Justly rveardc
~ .. grave breach Of pahlsc fa't
70 eedsrisAs ta par The hoods. rsinc,psl q
,ss.sss " silver cpta ~esth In the msrks
- sesa csls ve~ssSs. fss tAess, II is ~,
est Ne alives dellae u ,usds ,seai iseds
NA sll asd siii, ssdst i.s osrn,,cs
e squssalsot 10 fsii Ia the rosa sIaisA
ssy estTEsssss a. shs hsii hr,asse ,hts 20