Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-03-08

law did not recognize such coins as laws
ful money issued in sufficient amount 10
/ circulate,and it would put an end 10 the
I receipt of revenue in gold and thus
compel the payment of silver for both
the principal and interest Of the public
/ debt. Sll45. fS, 400 OF the bonded
debit now outstanding was issued prior
70 February, 1870, when the SILVER dol,
I lar VAS unknown IN the circulation al
tbs country, and with only Il convent.
eat form OF silver bullion for cNportl-
ton. SOS. 4l03j0 OF the bonded debt
has been issued sirce February, 1878,
when gold alone WAS the com in winch
both parties 10 the contract understood
the bonds would be paid These bonds
lowed into the markets of the world,
they were paid for in gold, when silver
had greatly deprecated, and when no
one woald have bought them il il had
been understood that they would toe
4 paid in silver The sum of $.225. 0O0,0UU
of those bonds has been sold during my
administration, for gold coin, and the
! United States received the benefit OF
those sales Ivy reduction Of the rate
Of iuteres % four per cent. during
the progress of these sales Us
doubt was suggested to the coin
III which the payment of these bonds
would be made, The public announce
ment was thercupon authorized that il
was not to be anticipated that any fur
Their legislation of congress, or any ac-
ton of any department OF the govern
ment would sanction or tolerate the re-
demption Of the principal of these bonds
or the payment Of interest thereon in
coin, other than that enacted by the
government i'll exchange for the same.
/ In view Of that fat it will I've Justly re-
garded rs grave breach Of the public
/ faith to undertake. to pay these bonds.
principal or interest in silver coin worth
I III the market less than The com re-
cciyed for them. It is sai1 the silver
dollar made Il legal tender by this bill
4 viii, ur5ut It's operations he equivalent
| III full 60 gold dollar Many support
ele OF the bill believe this, and that it !,
gust IN attempt to pay debts either pub
/ tic or private, III coin, inferior IN value
to the money Of the world. The capital
defect of the measure is that ii contains
no provision protecting from
lis operation prc-cXisling debts in ease
| the coinage which it creates shall con-
tinue to be OF less value than that which
was the sole legal tender where they
we're contracted, lit is now proposed
for the purpose Of taking advantage OF
/ the depreciation Of silver III payment
of debts to coin and make II legal ten
4 der II silver dollar of less commercial
! value than dollar, whether Of gold or
paper which is now lawful money Of
! this country such Il measure, it can he
hardly questioned, will IN the Judgment
of mankind, be an act OF bad filth, rs
to all debts heretofore contracted A
legal tender only to its market value.
The standard of value should not he
changed without the consent of both
parties to the cont act National prom
iscS should be kept with untlmching
fidelity. here Is no power to compel
Il nation 70 pay is debt,
It's credit depends upon its honor,
cannot approve a bill which, lin my
lludgnent, authorizes The violation Of
public faith transccnds all questions OF
| prollt or pubIlc advantage. Us uaqutS-
lionable maintainncc Is dictated IL
well by highest experience rs 10y the
most necessary dulv, and should over
be carefully guarded by the executive,
by congress, md by the people. 1t is
my firm conviction that il the country
| is to be benefited by silver coinage, it
can be done only hy the issue Of silver
dollars Of full value, which Will defraud
no man, and currency worth less than
it purports to he will, in the end, deiraud
not only creditors, but all who are c1l-
gagged in legitimate business, and none
more assurcdly than those who are de-
pendent on their daily labor for then
daily bread.
(Signed) RUTHERFORD b. HAYES.
The house proceeded ut once to a
vote and the bill passed over the veto
by ayes 1876, noes ~
THURSDAY, Feb 28-Sendte. The SEN
ate received the silver bill from the
house, it having passed that body not.
withstanding the veto. A vote wa,
taken and the bill passed the senate;
ayes 46, noes 10.