The Superior times. [volume] (Superior, Wis.) 1870-1912, 1878-03-16
VETOED.
President Hayes Returns the Silver
Bill to the House without His Sigma
tura

President Hayes Returns the Silver
Bill to the House Without His sigma
ture.
WASHINGTON, February 28.-Follow-
ing is the full text of the presidents
vetoing the silver bill:
To the House of Representatives.:
After very careful consideration of the
house bill 1903. entitled can act to au-
thOrize the coinage of the silver dollar and
to restore its legal tender character" | feel
to return it to the house of rep
resentatives, in which it originated, with my
objection oits passage. Holding the opinion
which | expressed i'll my annual message,
that neither the interests 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 the
coinage of the world, and that legislation
which looks to contracting the volume of
intrinsic money to as full a measure of both
metals as their relative commercial value
will permit would be neither unjust nor in
expedient, it has been my earnest desire to
concur with congress in the adoption of
such measures to increase the silver coinage
of the country as would not impair the OBJ
legation of contracts, either public or pri-
vate, or lnjuriously affect the public credit.
L. 10 only on the conviction that this bill
does not meet these essential requirements
that | feel it my duty to withhold from it
my approval. My present official duty
as to this bill will permit only an attention
to the specific objections to its passage,
which seem to me so important as to justify
men 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 ba nf oil Hol low of
weight of 412K grains each of standard sill
yer, to be legal tender to their nominal
value for all debts and duties public and
private, except where otherwise ex-
pressly stipulated in the contract.
1t is well-known that the mar
Ret value of that number of grains of
standard silver during the past year has
been from ninety to ninety-two cents as
compared with the standard gold dollar.
Thus the silver dollar authorized by this
bill is worth from eight to ten per cent.
made 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 certificates OF
silver deposits, will, when they are issued
IN SUFFICIENT amount to circulate,
would put an end to the receipt of the
revenue in gold, and thus compel the pay
ment of silver for both the principal and
interest of the public debt. One billion, one
hundred and forty-three million, four hun
dred and ninety-three thousand, four hun.
dred dollars of the bonded debt now out.
standing was issued previous to February
1873, when the silver dollar was unknown
i'll the circulation of this country, and with
only convenient form of silver bullion for
expectation.
Five hundred and eighty-three mil
ions, four hundred and forty thousand
three hundred and fifty dollars of the bond
ed debt has 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 to the contract understood the
bond would be paid. Those bonds flowed
into the markets of the world. They were
paid for in gold, when silver had greatly de.
preciated and when no one would have
bought them if it had been understood they
would be paid in silver. The sum OF
1925 100000 of those bonds has been
sold during my administration for
gold coin, and the United States received
the benefit of those sales by a reduction OF
the rate of interest to four per cent. Dur
ing the progress of those sales doubt was
suggested as to the coin in which the pay
ment OF these bonds would be made. The
public announcement was thereupon author
lied that it was MOTTO be anticipated that any
further legislation of congress or any action
of any department of the government would
sanction or tolerate the redemption of the
principal of these bonds or of the payment
of interest thereon in any other coin that
that exacted by the government in
exchange for the same. In view of that
fact it will be Justly regarded as
grave breach of the public faith
to undertake to pay these bonds, principal
or interest, in silver coin worth in the mar
ket less than the coin received for them. 1t
is said the silver dollar made legal tender
by this bill, will under its operations be
equivalent in full to a gold dollar.
Many supporters of the bill believe
this and would not justify an at
tempt to pay the debts, either public
or private, in coin of inferior value to the
money of the world. The capital defect
of the measure is that it contains
no provision protecting from its operation
pre-existng debts, in case the coinage
which it creates shall continue to be OF less
value than that which was the sole legal
tender when they were contracted. If it is
now proposed for the purpose of
taking advantage of the depreciation
of silver in payment OF debts to
coin and make as legal tender silver dol
lar of less commercial value than d dollar,
whether of gold or paper, which is now
lawful money of this country; such
measure it will be hardly questioned will in
the Judgment of mankind be an act of bad
faith as to all debts heretofore contracted.
The silver dollar should be made legal ten
der only at its market value. The standard
of value should not be charged without the
consent of both parties to the contract.
National promises Should be kept with I'M
fiinching fidelity. There is no power to
compel a nation to pay its just debts. Its
credit depends on its honor, the nation
owing what it has led it's creditors to expect.
l cannot approve bill which in my judg-
ment authorizes the violation of sacred OBJ
legations. The obligation of public faith
transcends all questions of profit or public
advantage. It's unquestionable maintenance
is the dictate as well of the highest experience
as of the most necessary duty, and should
ever be carefully guarded by tie executive,
by congress, and by the people. 1t is my
firm conviction that if the country is to be
benefited bv silver coinage it can be done
only by the issue of silver dollars of full
value-which defraud no man, and currency
worth less than it purpOrts to be will in the
end defraud not only creditors, but all
who are engaged in legitimate business,
and no one more assurcdly than those who
are dependent on their daily labor for their
daily bread (Signed)
RUTHERFORD B. HAYES,
President of United States.
Stage Thunder.