Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-03-01
TE LIE
OPINIONS ON THE SILVER BILL.
Full Text Of the Veto Measure.
lsrsciAL DtsrArcH TO .ruE ooIp Hill
DAILY Naval
The Veto MesaAxe.

une veto McssA8o
WASHINGTON. February 2s.-Following
10 tho full tat Of the Presidents message
vetoing the Silver bill:
To the House Of Representatives,: After
. very careful consideration Of House bill
No. i,O93, entitled "An Act TO authorize
the coinage Of the silver dollar and 70 re-
store its legal tender character" / feel
compelled 10 return IL 70 the House OF
Representatives. In which II originated.
with my objection 10 its passage, holding
tho opinion which I expressed In my an.
nual message, that neither tho interests OF
the Government nor Of the people OF the
United States would DO promoted by dis
paraging silver a. one OF the two precious
metals which furnish tho coinage Of the
world, and that legislation which looks 10
maintaining the volume Of intrinsic money
10 a full . measure OF both metals a.
their relative commercial value will per-
init, would DO neither unjust nor mex
pedient. II has been my earnest desire 10
concur with Congress In the adoption Of
such measures 10 increase the silver coin
are Of the country ~ would not impair
the obligation Of contracts. either public
or private, or injuriously Affect the public
credit. II 10 only on tho conviction that
this bill does not meet these essential re-
auirements that I feel II my duty 10 with.
hold from IL my approval. Nv present
Official duty a. 10 that bill permitting only
an attention 10 specific objections to is
passage, which seem TO me 30 important
A. 10 Justify me In asking from the wisdom
aud duty of Congress that further consid-
Grafton Of tho bill for which tho Constitu-
ton has In such cases provided. Tho bill
provides for the coinage OF silver dollars
Of . weight Of il2k grains each OF stan.
dard silver. W DO . legal tender
TO thor nominal value for all
debts due, public and private,
except where otherwise expressly
stipulated In the contract. II Ia we'll known
that the market value'of that number OF
grains Of standard silver during the past
year has been from 30 10 % cents - com.
pared with tho standard gold dollar. Thus
tho silver dollar authorized by this bill Is
worth eight or ten per cent. lesa than II
purports TO DO worth, and 10 made Q legal
lender for debts contracted when tho law
did not recognize such coins a. lawful
money. The right to pay duties In silver
dollars when they are Issued In sufficient
ahioun' eitou's1, W ei'
receipt OF revenue IN soiu; Anu I'M, compel
The payment Oh siiser 10, oo'n ,ne prih'
cipal anu interosto tho Puoiic uep'' one
billion u nndre and iorty,thrce mil
lions four hundred and ninety.three thou
sand and Tour hundred dollars OF the
bonded debt now Outstanding WAS Issued
prior to februry. 1873 when inc silver
dollar w. unknown IN lhe circuIAuon OF
this country anu was only cousenien'
form OF SILVER o1''ion .or chPo.Is,oh.
rive hunarc1 sna s,snvua .NN
-FOUR hunuIeu ~ iv,y '.A sA,c1
nuhureu anu my uoiia's VI 'no ponueu
deot nave pcen issueu sinoc reoiuA,y,
1873; when so,u Aioho sn tne So'n lor
whien 'nc ponu' WI sp nN,. ~. s1.a - V nv
Wa ano 'oa ",.,"an a., n. hanSs ~onIS
sonus mnass ~. savaI 49, AZ
W paul o.J rhs" w, sao
nasIs - IL. L.a ,r..,,v d.rr.ci.,ai
W Sohsn ua ~. -anid h.xa honrh, ,hsm
~ =, h.J 49, rndsrs,oai NAV So,iJ l.,
~ ~ -rhs nm ~ S3os ooo M
Sn,i. h.. ho.n M lair.
u uvso 1un IN va. .ns
~ o.u S..a.nt
.ne on'su o.s. -'S,.,o. " ~ s.,
muse y. " ~
in'eres, 70 per eent puI.ns viz ~,
sress oi .noso sA.es u'aos ~ 'uss.ssu
rs 70 'ns eo,n ~ "n. m" n,b,,. ~
oonas woa' Ma..,nn pp.,nn.,.",
nouh1enlcu. Vs. n..pI" - .h...au
Una. u. Wa no.p Snae,psso N"s' sny
iurther .es,sIa',on ~ ooasIs". o,oi Any
scuon VI my ueP.iuhens VI .ne uv,ein'
meh', Nou's sAhouon vp'.,sW .no,o
VI tne pilncIpA, y, .noso oonus.
o, inc pAynleu.o N.Y.. Ae.coa, : 0V.h
ot less 'Aiuo than an'nor'.eu " ,aw ~ .no
Time Oh tns Issue oI 'ne oouus, Do'ns tne
com eh.ctu ny tne "o,e'nhlon' eA-
change LOT tho same Ia sieW OF these
facts u wiii Do lnsuy irgaIueu .sA grave
breach OF the public iaith 10 undertake 70
pay these bonds, principal or interest. In
silver coin worth In tho market less than
the coin received for them. IL Is said the
silver dollar male Q legal tender by this
bill will. under its operation, he equivalent
In full for the gold dollar. Many sup
porters OF the bill believe this. and would
not justify an attempt to pay debts. either
public or private. In coin OF inferior value
10 the money Of the world. Tho capital
defect Of the measure is that u contains no
provision protecting from Its operations
pre-existing debts. in case tho coinage
which II creates shall continue 10 DO OF
less value than that which was the solo
legal tender when they were contracted. II
10 o proposed, Tor the purpose OF taking
advantage Of tho depreciation OF silver In
III cpayment OF debts, TO coin and make
legal tender . silver dollar OF less com.
mercial value than . dollar (whether OF
gold or paper) which Ia o the lawful
money Of this country. Such . meAsure,it
will be hardly questioned. will In the judg-
ment of mankind be an act Of bad faith.
As 10 all debts heretofore contracted, the
silver dollar should be made . legal ten
der only at It's market value. The stand
aru =, 'siae s'a y, hn,s ns,,tas ~ ~. .nn'
tract. National promises should be kept
with un~fiinehing fidelity. There Is no
Pos,. n. crs1;, S.n"nJ. on n, honor
Owing 10 what the nation has led, or al.
lowed Its creditors TO expect. ! cannot ap-
prove oun wnien. ~ NY uus ah;,aa
ions Tho oSlic.tion al nablio iaItb
.transcends all questions Of profit or public
advantage. IL 10 u~nquesionable that its
maintenance il tho dictate a. well Of the
highest expedience a. Of tho most neces- |
sary duty and should ever DO guarded by
the executive, by Congress and by the
people. II Is my firm conviction that II
tho country il 10 be benefited by silver
...u.,. 10 a. a,lv D.. .la,a hv sho t..,o NJ