Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-06
ia YES rETO MESSAGE.

TO the House Of Representatives.
After n very careful consideration OF
House Bill No. 1908, entitled IAN act
to authorize the coinage of the silver
dollar. and TO restore its legal tender
II to the fI6Isg " Sscrfss5ntatives, IN
which it originated, with my objections
to its passage. Holding the opinion
which | expressed in my annual mes
sage, 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 tait
coinage OF the world, and that legisla-
ton which looks to contracting the
volume of intrinsic money TO as full n
measure Of both metals as their rela-
tive commercial value will permit would
be neither unjust or inexpedient, 1t has
been my earnest desire. TO concur with
Congress in the adoption OF such meas
ures TO increase the silver coinage Of
the country, as would not impair the
obligation of contracts, either public OF
private, or injuriously affect the public
credit.
DOES NOT MEET II REQUIREMENTS.
1t is only on the conviction that this
bill does not meet these essential re-
quircments that / feel it my duty to
withhold from il my approval. My
present official duty as TO that bill per
mits only an attention to the specific
objects OF the bill, which seems to me
the Constitution has in such way pro
vided. The bill provides for the coin
age of silver dollars of the weight OF
412l grains each of standard silver, to
be a legal tender to their nominal val
ne for all debts and duties, public and
private, except whore otherwise o.
pressIy stipulated in the contract. II
is well known that the market value
of hal number of grains of standard
silver, during the past year, has been
from ninety TO ninety-two cents as com
pared with the standard dollar of gold
or paper, which is now lawful money
in this country. Such measure, it will
hardly be questioned, will in the judg-
ment of mankind be an act of bad faith
as to all debts hereto contracted.
WHEN THE SILVER DOLLAR SHOULD BE
MADE A LEGAL TENDER.
The silver dollar should be made 0
legal tender only at its market value
The standard of value should not be
changed without the consent of both
parties to tho contract. National pro.
misses should be kept with %unfinching
fidelity. There is no power to compel
a nation to pay its just debts. Its cred.
it depends on its honor. The nation
owes what it has led or allowed its
creditors TO expect. | cannot approve
q bill which in my Judgment authorizes
the violation of sacred obligations,
A SILVER DOLLAR SHOULD DE OF FULL
VALUE.
The obligation OF the public faith
transcends all questions of profit OF
public advantage. Its unquestionablC
maintenance is the dictate as well Of
the highest expediency as of the most
necessary duty, and should YER be
carefully guarded by the Executive
by Congress and by the people. 1t il
my firm conviction that If the country
is to be benefited by a silver coinage il
can be done only by the issue of silver
dollars of full value which will defraud
no man. A currency worth less than
1T purports to be worth will in the enc
not only defraud creditors, but, all who
are engaged in legitimate business, and
none more surely than those who are
dependent on their daily labor for Their
daily bread. r. B. HAYES.
Executive Mansion, February 28, 1878
The House took up the bill the same
day and passed it W. the veto by {
vote of 1876 10 70, and in the Senate by
46 to 10. Being more than a two-thirt
vote in each House the bill became {
law without Hayes signature,