The Portland daily press., 1878-03-01
VETOED.
THE SILVER BILL RETURNED
WITHOUT APPROVAL.
1t Passes Both Houses Over the
Veto.
WASHINGTON, Feb. 2S.-Ths following is the
full text of the Presidents message:

WASHINGTON, Feb. 28.-The following is the
full text of the Presidents message:
To the House of Representatives:
After very careful consideration of the House
bill I093 entitled IAN act to authorize the coinage of
silver dollar and to it's legal tender charac-
ter" feel compelled to return it to the House Of
lection to its passage.
Holding the opinion that expressed in my annual
message that neither the interests of the government
nor Of the people of the United States would be pro-
NOTED by disparaging silver one of the two pre-
cous metals which furnish the coinage of the world
aud that legislation which looks to contracting the
volume of intrinsic money to full measure of both
metals as their relative commercial value will permit
would be neither unjust nor inexpedient, it has
been my earnest desire to concur with Congress in
the adoption of such measures to increase the silver
coinage the country as would not impair the obli-
CATION OF contracts, either public private, nu.
riously affect the public credit. 1t is only on the con-
vction that the bill does not meet these essential
requirements that feel it my duty to withhold from
it my approval.
My present official duty as to that bill permits only
an attention to the specific objects of the BILL which
seem to me SO important as to justify me in asking
from the wisdom and duty of Congress that further
consideration ofthe bill for which the Constitution
has in such way provided. The bill provides for
grains each of standard silver, to be legal tender TO
their nominal value for all debts and dues public and
P.iyate except where otherwise expressly stipulated
value OF that number of grains of standard silver
during the past year has been from 90 to
90 cents compared with the standard gold dollar
Thus the silver dollar authorized by this bill is
worth from to 10 per cent less than it purports to
be worth and is made a legal tender tor debts
tracted when the law did not recognize such coins as
lawful money. The right pay debts in silver or in
certificates Of silver deposit will when they are is
to the receipt Of revenue in gold and thus compel
the payment of silver for both the principal and in
terest OF the public debt. $1.143,494,5oO OF the
February, 1873 when the silver dollar was unBnown
in the circulation of this country, and was only
$685. the bonded debt has been issTed snce
February, 1873 when gold alone was the coin for
which the bonds were sold, and gold alone was the
coin in which both parties TO the contract understood
that the bonds could be paid. Those bonds flowed
into the markets of the world they paid tor in
gold when silver had greatly deprecated and when
no one would have bought them if it had been I'M
derstood they would be paid in silver. The sum of
900 900 of those bonds has been sold during my
administration for gold coin, and the United States
received the benefit of those sales by reduction of
the rate OF interest to per cent,
during the progress OF those sales a doubt was
suggested as to the coin in which the payment of
these bonds would be made. The public announce
ment was thereupOn authorized that was not to be
OF any acuon OF any department of the government
would sanction or tolerate the redempton of the
principal OF those bonds the payment of the inter-
est thereon, except in the coin exacted by the gov
eminent in exchange for the same. In view of That
fact 1t will be justly regarded as grave breach of
tne Pubic ialth to undertake to pay of those bonds.
principal or interest in silver coin, worth on the
market less than the coin received for them.
1t is said that the silver dollar, made legal tender
equivalent
in full to the gold dollar. Many supporters of the
phi believe this would not justify an attempt to paw
ueDts, either public or private, in coin of an
inferior value to the money of the world.
The capital defect of the is that it con.
tains nc. provision protecting from its operation
debts in case the coinage, which it
creates, shall counue to be of less value than that
which was the sole legal tender when they were con-
tracted. LII it is now proposed for the purpose of
taking advantage of the depreciation Of silver in
payment OF debts to coin and makea legal tender a
silver dollar of less commercial value than the dollar
whether of gold or paper, which is the lawful
money OF this country, such measure, it will
hardly be questioned, will in the judgment of
anklnd be an act Of bad faith: AS to all debts
heretofore contracted the silver dollar should be
made legal tender only at its market value The /
standard OF value should not be changed without the
consent OF both parties to the contract. The /
atiohai promises should be kept with unfiuchlng
noenty. There is no power to compel nation to |
pay its just debts. Its credit rests on its honor
oa1hoI approve bill, which, in my judgment, /
at,notizes tne violation of sacred obligations. The
OF the public faith tIanscends all questions
W RatnC VI puDhc advantage. Its unquestionable
perlence as OF the most necessary duty and should
ever De carefully guarded BY the Execntive nv
Congress and by the people. A'ou'0' ~
IL IL my nrm conviction that if the countrv i IN he
Denehted by silver coinage it can be dona on1v nv
the issue OF silver dollar of full vaIne h;nhy H
1efraud no man and currency worth less tha,, II
ports to be Will In the end deraud NOT only cradors
but all who are engaged in legitimate BUSINESS. and
none more assuredly than those who are dependent
On their daily labor for their daily bead
Sigue0 RUTHERFORD B. HAYES.
EXECUTIVE MANSION, Feb. %, 1873.
The House passed the bill over the veto nv
vote of 1877 to 70, and the Senate did the same
oy vote of 46 to IS. For details see congress-
lonal proceediDgs.J