New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-25
WHY MR. HAYES MIST VETO.

HE SAYS HE HAS NOT CHANGED HIS MIND SINCE
THE ANNUAL MEssAGE-wHAT THE MESSAGE
SHOWS
lBY TELEGRAPH To THE TRIBUNE.i
WASHINGTON Feb. 24.-The greatest anxiety con-
tnues TO be felt in Washington in regard to the fae
of the Silver Bill which will be in the hands OF the
President tomorrow afternoon. $50 intense Is
tbe interest that the extreme silver ag-
fators are likely to allow tomorrow to
mass without attempting to crowd through
the House of Representatives, under SUSPENSION OF
the rules any of their supplementary measures such
as those providing for free coinage and the issue OF
bullion certificates. majority OF the Committee
on Banking and Currency, in which such schemes
are most likely to originate, in favor of waiting
until the present bill is disposed of before any ad
ditional steps towards silver initiation are taken.
The President continues to converse freely on inc
silver question with those who call upon him; but
while the impressions which the majority OF the
callers receive are the same and they all agree that
he will certainly veto it, no one of them
has vet been able to obtain from him au
explicit avowal of what his purpose III
regard 10 the amended Bland bill Is. As
illustrating the general tenor of his talk on the sub
iect remark which he made yesterday to an
Eastern member of Congress may be referred TO-
The President said in substance that he had not
studied the subject as much as some Others have
DONE but that lac was not tickle in his opinions, and
that he had not changed his mind in regard to silver
legislation since he prepared his annual message last
December.
This admission makes it interesting to recall some
of the expressions the silver questions contained
in that message, and to inquire whether the Presl
dent could consistently Herewith, sign the bill that
has passed Congress the question of paying tho
interest and the principal of the public debt IN sill
yer Mr. Hayes said ITO require the pub
lie creditors to take in repayment any dol
lar of less commercial value than a gold dollar
would be regarded by them a reputation OF tie
full obligation assumed" 1t viii be observed that
the Presldentln this sentence spoke OF the CONNER
cial value of tue dollar and by that he might have
meant the value of the bullion. The dollar pro-
yided for by the bill under consideration Is one OF
less commercial value" than the gold dollar Again
he said the power OF the United States to coin
money and TO regulate the value thereof ought never
to be exercised for the purpose of enabling the Gov
eminent pay its obligations in com of less value
than that contemplated by the parties when the
bonds were issued Any attempt to pay the nation
oil indebtedness in a coinage of less commercial value
than the money of the world would involve vio-
lation of the public faith, and work irreparable
injury to the public credit" The bill In
question proposes 10 do Just what the President in
the above extract said ought not to be done ana
which he said would involve violation of the
public faith and work irreparable injury to the pub
lie credit :" VIZ to pay the interest on the debt lin
n coinage of less commercial value than the money
of the world"
The President did not believe i'll December that
the new silver dollar ought to be made legalten-
der for unlimited amounts as it will be if the mOd
fed Silver Bill becomes a law. On this point he
said: 81 apprehend that the two conditions of a
near approach to equality of commercial value
same denomination, and of a limitation Of
the amounts for which the silver coinage
is to be egaltendeT, are essential 10 maintaining
both in circulation. Without these conditions fear
that only mischief and misfortune would follow
from coinage of silver dollars with the quality Of
unlimited legal-tender. even III private transac
tlonsp Neither of these conditions are observed in
the bill that has passed Congress.
Finally, in closing his remarks on the silver ques-
ton the President said: - respectfully recommend
to Congress that in any legislation providing for a
silver coinage, and lmpartng 10 1t the quallty OF
leQal-tendcT, there be impressed on the measure o
firm provision exemptng the public debt, heretofore
issued, and now outstanding, from payment either
of principal or interest II any coinage Of less value
than the present gold coinage Of the country"
If the President has not changed his mind since
these passages were written he cannot sign the Sill
yer Bill; and that he will veto 1t is the almost
unanimous opinion OF those who best qualified
TO give an opinion the subject. At the time
il is true that a few gentlemen who are among the
Presidents nearest friends, and whom he will un-
dOubtedly advise with in regard 10 MS action this
BILL are by no means as cert ii Of VETO as it would
be natural that they should be if the fate OF the bill
had already been determined adversely.
WILL THE VETO BE SUSTAINED?
THE SENATE The ONLY HOPE OF THAT-oNE VOTE