Evening star. [volume] (Washington, D.C.) 1854-1972, 1878-03-01
THE VETO MESSAGE.

The following is the full text of the message
OF President Hayes vetoing the silver bill:
To TIE House OF Representatives.:
After very careful consideration of House
hill No. 1N9S. entitled An act to authorize the
coinage of the standard silver dollar and to
restore its legal tender character feel COM
PEELED 10 return il To the House of Re presenfa
TiFeS. in which it originated with my Obiec-
1iOnS 10 its passage.
Holding the opinion, which | expressed in
my annual message, that neither the
interests of the Government nor of the
people Of the United States would be promoted
by diSpaTaging silver as one of the two pre-
cIOUS metals which furnish the coinage of the
world: and that legislation which looks to
maintaining the volume of intrinsic money to
as fun a measure of both metals as their rcIa-
i've commercial values will permit. would be
neither unjust nor IneXpedient : it has been
by earnest desire 10 concur with Congress in
the adoption Of such measures To increase the
silver coinage of the country as would not i'm
pair the obligation of contracts either public
az private, nor injuriOuSy affect the public
credit; II Is only upon the conviction that
this bill does not meet these essential require
ments that feel it my duty TO withhold from
II my approval
The bill provides Tor the coinage of silver
dollars of the weight OF 4I2lb grains each, of
standard silver, to be a legal tender at their
nominal value for all debts and dues public
and private, except where otherwise expressly
stipulated III the contract. 1t is we'll known
that the market value of that number of grains
OF standard silver during the past year has
been from ninety TO ninety-tWO cents as com
pared with the standard gold dollar. Thus tile
silver dollar authorized by this bill is worth
eight To ten per cent less than it purpoTtS to
Be worth. and is made a legal tender for debts
contracted when the law did not recognize
such coin as lawful money.
The right To pay duties in silver or i'll certifi-
Gates for silver deposits will. when they arr,
issued III sufficient amount To circulate, put an
end To the receipt OF revenue in gold. and thus
compel the payment of silver for both the
PRINCIPAL and interest OF the public debt
81 l4i,4"j,itp of the bonded debt. now Outstand-
ing, was issued prior to February 1873. when
The silver dollar was unknown i'll circulation
III the country and was only convenient
form OF silver bullion for expOrtation
sstI4Q..-7n of the funded debt has been issued
since February 1873, when gold alone
EaS the coin for which the bonds were
sold and gold alone was the coin
III which both parties to the contract under
stood that the bonds would be paid These
bonds entered into the markets of the world
They were paid for in gold when silver had
greatly deprecated. and when no one WOuld
have bought them If il had been understood
that they would be paid in silver. The sum of
s125,uOG,cb of these bonds has been sold during
by administration Tor gold coin, and the
United States received the benefit of these
sales by reduction of interest to / Der cent
During the progress of these sales 4 doubt was
suggested as to the coin in which payment of
these bonds would be made. The public an
bouncement was thereupOn authorized that it
was mot To he anticipated that any future
itSiSLatiOn OF congress, OF any action OF any
department OF the government, would sane
IlOn OF tolerate the redemption of the Driuci-
pal OF these bonds. or the payment of the in
terpSt thereon. IN coin of less value than the
coin authorized by law at the time of the issue
"f The bonds, being the coin eXacJed by the
government in exchange for the same
III view of these facts, it wiz be Justly re-
saTded as q grave breach of the public faith
TO undertake To pay these bonds. principal and
interest IN silver coin worth in the market
less than the coin received for them. 1t is said
that the silver dollar made legal tender by
Tins oil, Will, under its operations, be eIuiva-
lent in value 10 the gold dollar. Many sup
pOTters OF the bill believe this, and would not
Jostiiy III attempt to pay debts, either public
-: TTiVai6 in coin 80 iTfsari6f r,ine IN tho
money of the world. The capital defect of
ms OIL Is that 1t contains no provision pro-
fectlng nom its operation pre-eXistng debts
IN ease the coinage which il creates shall con-
nnue TO be OF less value than that which was
the sole legal tender when they were contract
ed. III it IS now proposed for the purpose of
taxing advantage OF the depreciation of silver
I'D the payment of debts to coin and make a
legal tender silver dollar of less commercial
value than any dollar, whether of gold or
paper, which IS now lawful money in this cOun-
Try, such measure, it will hardly be ques-
honed, viii III the Judgment of mankind, be
heretofore contracted, the silver dollar
should be made legal tender only
at It's market value. The standard of
value should not be changed without the con
sent Of both parties to the contract. National
promises should be kept with unfiinchng
fidelity. There is no power to compel a nation
honor. The nation owes what it has led or
allowed It's creditors To expect. j cannot APP
prove bill which, in my Judgment, author
lies the violation of sacred obligations The
obligation OF the public faith transcends all
questions of profit or public advantage. Its
HnquestiOnaGle maintenance is the dictate as
well of the highest eXpediency as of the most
necessary duty, and should ever he carefully
guarded by the Executive, by Congress, and
by The people.
1t is my firm conviction that if the country
Is to be benefited by silver coinage, it can
be done only by the issue of silver dollars of
full value, which will defraud no man. A cur
Eency worth less than il purpOrts TO be worth.
WILL IN the end, defraud not only creditors.
but all who are engaged IN Legitimate bust
ness, and none more surely than those who
are dependent OH their daily labor for their
dally bread. X. b. HAYES.
EIecHtire Mansion. February 2S, 1878.
BALTIMORE CONFERENCE Nj. +. CHURCH.
AT the session of this conference in Cumber-
land yesterday, the following law questions
were presented by Reys. w. Downs and w. s.