The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-03-08
THE VETO MESSAGE.
PreaGdenG Hayes Reasons for
VetOInG the Silver RilG.
WASHINGTON, Feb. %.

VetOIng the Silver RflT.
WAsH1NGToN, Feb. 2s.
The following is the Presidents
to the House of Represen-
tatives, vetoing the silver bill:
After careful consideration of
House bill No, 1893, entitld can
act to authorize the coinage of the
standard silver dollar and to restore
its legal tender character" feel
compelled to return 1t to the House
of Representatives, in which it orig
mated, with my objections to its
passage. Holding the opinion which
[ expressed in my annual message
that neither the Interests of the gov
eminent nor the people of the Uni
ted States would be promoted by
disparaging silver az one OF the two
precious metals which furnish the
coinage of the world, and that legls-
lation which looks to maintaining
the volume of intrinsic money to as
full q measure of both metals az
their relative commercial values
will permit, would be neither IN
just or lnexpedient, it has been my
earnest desire to concur with Con-
gress in the adoption of such meas
nres to increase the silver coinage
of the country as would net impair
the obligation Of contracts, either
public or private, nor iniurlously
affect the public credit. IL is only
on the conviction that this bill does
not meet these essential require
ments that l feel it my duty to with
hold from it my approval.
NV present official duty as to this
bill permits only an attention to the
specific objections to its passage
which seems to me SO important as
to Justify me in asking, from the
wisdom and duty of Congress, that
further consideration of the bill for
which the constitution has in such
cases provided. The bill provides
for the coinage of silver dollars OF
the weight of 4l215 grains each of
standard silver, to be legal tender
at their nominal value for all debts
and dues, public and private, except
where otherwise expressly stlpulst-
ed in contracts. 1t is we'll known
that the market value of that num-
Der of grains of standard silver dur
ing the past year has been from ~
to 90 cents as compared with the
standard gold dollar. Thus the sill
YER dollar authorized by this bill is
worth 8 to 10 per cent. less than 1t
purports to be worth, and is made q
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 GER
tificates of silver deposits will,
when they are issued in sufficient
amount to circulate, put an end to
the receipt of revenue in gold and
compel the payment of silver for
both the principal and interest OF
the public debt. 81, l43, 493, 400 OF
the bonded bebt now outstanding
was issued prior to February 1873,
when the silver dollar was unknown
in the circulation of this country,
and was only a convenient form OF
silver bullion for expectation.
1888, 440,350 of the funded debt have
been issued since February, 1873,
when gold alone was the coin for
which the bonds were sold, and
gold alone was the coin in which
both parties 10 the contract under
stood that the bonds would be paid
These bonds entered into the mark.
cts of the world; they were paid
for in gold when silver had greatly
deprecated, and when no one would
have bought them if it had beer
understood they would be paid il
silver. The sum of 1925, 200, 600 o.
these bonds have been sold during
my administration for gold coin snC
the United States received the ben
efits of these sales by q reduction o.
the rate to 4 per cent. During tht
progress of these sales doubt wa
suggested as to the coin in which
i payment of the bonds would b.
made. The public announcement
was thereupon authorized that j
was not to be anticipated that an!
further legislation of Congress, o.
any action of any department of tn
government would sanction or toll
crate the redemption of the princi
pal of these bonds or the paymen
of the interest thereon in coin o
less value than the coin authorized
by law at the time Ofthe Issue of tn
bonds, being the coin exActed b.
AnO Al OAOA0o6O AZ
the same. In view of these facts
will be justly regarded as grav
breach of the public faith TO under
take to pay these bonds, princips
. or interest, in silver coin, worth il
, the market less than the coin re
r ceived for them.
1t is said that the silver dollar
. made legal tender by this bill, viii
, under its operation, be equivalen
in value to the gold dollar. Man
{ supporters of the bill believe thi
r and would not attempt TO justify a
9 attempt to pay debts, either publ
or private, in coin of inferior Vala
/, to the money of the world. Th
capital defect of the bill Is that
contains no provision prOtectin
}. from its operations pre-existiD
t debts in case the coinage which
!, creates shall continue to be of les
value than that which was the sol
legal tender when they were COZ
tracted. If it is now proposed, fo
the purpose of taking advantage {
the depreciation of silver in pay
4 ment of debts to coin and make
: legal tender, q silver dollar of les
!. commercial value than q dolls
: whether of gold or paper, which
now lawful money in this countr,
such q measure, il will hardly !
: questioned, will, in the judgment {
mankind, be an act of bad faith. a
to ell debts heretofore contracte,
the silver dollar should be made l,
gal tender only to its market valu
The standard of value should not I
changed without consent of bot
Il parties to the contract. Nstioni
Q promises should be kept with al
q fiinching fidelity. There is no pow
er to compel q nation to pay it's iu
debts. It's credit depends on j
honor. The nation owes what
= has led its creditors to expect.
:, cannot approve g bill which in n
n Judgment authorizes the viOlatio
of sacred obligations. The oblig,
ton Of public faith transcends q
. questions of profit or public adval
l. Iage. It's GDQuestionsble maintain
a1ce is the dictate of the highest E,
II pedieDcy as we'll as the most nece
{ sary duty, and should ever be mo
u carefully guarded by the ExecutiV
II by Congress, and by the people.
e il Is my firm conviction that
q the country lie to be benentted by
Il silver coinage, il can be done onl