Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1878-03-09
CONGRESSIONAL PROCEEDINGS.
HOUSE.

Ihe Dill 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 2Gth, Mr.. Steele
from the committee on agriculture, reportgd
back the bill for The appointment of a com
mittee to investigate the origin of and the
best means OF destroying the army cotton
worm. The bill apprOpriates ten thousand
dollars Tor the expenses Of the commission
Referred to the committee of the whole .,,..
MIR. Chalmers then took the floor to reply tC
the speech made by Mr., Garfield last week
At the close of Nj. Chalmers speech Mr.
Hewitt Ala. endeavored to induce the
house to proceed with the bill to pcnsiot
soldiers Of the Mexican war, but TIE house
preferred to give Mr.. Butler an opportunity
70 make his speech on the financial question
The house then went into committee of the
whoIe,pn tbe state of the uniOh, Mr.. Eden
in the chair, and Mr.. Butler proceeded tC
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.
tlon Of the new editions Of the revised
statutes, was taken from the speakers table
aud passed.. Mr. Banning, chairman of the
committee on military affairs, reported bill
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 PiEesyille; ;td., and ,Watertovr
arsenal Mass. Referred 1.-THE bill pen
sioning soldiers OF the. Mexican war was ther
taken up. Mr., McG6wan made R speech
against the bill, and then without action the
committee rose and the house adjourned
:: In the house, on the 28th, a message
was received from the president announcinQ
that he had vetoed the silver bill The fol,
lowing is the full text of the president,
message: To the House of Representative,
After very careful consideration of the
house bill No. 1903, entitled an,act to au
thorize the coinage of the silver dollar and
to restore It's legal tender character, | feel
compelled 10 return ii to the house of repre
sentatives, in which it originated, with my
objection toits passage. Holding the opinion
which ! EXPRESSED in my annual message
that neither the interest Of the government
nor the people OF the United States would
be promoted by disparaging silver as one OF
the two precious metals which furnish the
coinage of the world, and that legislation
which looks to maintain the volume Of in
trinSic money TO as full a measure of both
metals as their relative commercial values
will permit, would be either unjust or mex.
pedient; il has been my earnest desire to
concur withCongress the adoption of such
measures to increase the silver coinage OF
the country as would not impair the obiga,
ton of contracts either public or private, OF
injuriOusly affect the public credit. 1t i:
only upon the conviction that this bill does
not meet these essential requirements that |
feel it my duty to withhold from il my ap
prevail My present official duty as to this
bill permits only an attention to 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 lOr the coinage OF asiIver dollat
Of the weight of 4l215 grains each Of stan l.
ard silver to he legal tender to their nom
inal value lor 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 90 to 92 cents as com.
pared with the standard gold dollar. Thu,
the silver dollar authorized by this bill j,
worth from eight to ten per cent. less than il
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 certi
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
aud thus compel the payment of silver fol
beth the principal and interest of the public
debt. 81, ,l43,4 900 of the bonded debt now
outstanding was issued prior TO February
1873, when the silver dollar was unknown III
the circulation of this country, and with
only a convenient form Of silver bullion fol
expectation, $5S3,440,S0 of the bonded
debt has been issued since February, 1873
when gold alone was the ccin for which the
bonds were sold and gold alone was the coin
in which both parties to the contract under
stood that the bonds.would he paid. These
bonds entered the markets OF the world
They were paid for in gold, when silver had
greatly dei rcciated, and when no one would
have bought them il 1t had been understood
that they would bepaid in silver. The sun
of 1925, 100000 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 as to The
coin in which the payment of these bonds
would be made. The public announcement
was thereupOn authorized that it was not tC
be anticipated that any further Legislation
of congress or any action of any department
of the government would sanction or tolerate
the redemption of the principal of these
bonds or the payEnent:of interest thereon in
coin of less value than the coin authorized
by law at the time of the issue of the bonds
being the coin exacted by the government in
exchange for the same. In view of these
facts it will Justly be regarded as a grave
breach Of the public faith to undertake to
pay those bonds, principal and interest, in
silver coin worth in the market less than the
coin received for them. 1t is said the silver
dollar made legal tenderby this bill, under
its operations, be equivalent in value to the
gold dollar. Many supporters Of the nil
believe this would not justify an attempt ia
pay debts, either public or private, in coin
Of inferior value to the money of the world
The capital defect of the measure is that il
contains no provision protecting IRON iti
operation the pre.existing debts in case the
coinage which it creates shall continue to be
of less value than that which was the sole
legal tender when they were contracted. Il
it is now proposed, for the purpose OF taking
advantage Of the depreciation of silver in the
payment of debts, TO coin and make a lega
tender silver dollar of less commercial
value than dollar, wht her OF gold orpaper
which is now the lawful money Of this coun
try, such measures it will be hardly lues-
toned, will, in the judgment of mankind, bt
an act of bad faith as to all debts heretofore
contracted. The silver dollar should bt
made legal tender only atits market value
The standard Of value shOul6 not be CHANGED
without the consent of both parties to the
contract. National promises should be KEEP
with auninohiDg fidelity. There is no power
to compel natibu to pay its just debts. It'
credit depends on its honor; the hation owes
what it has led or allowed its creditors tC
expect. cannot approve a bill which in
my judgment authorizes the violation o.
sacred obligations, The obligation of publ