The Centre reporter. [volume] (Centre Hall, Pa.) 1871-1940, 1878-03-07

net make II not Tor MS lrAUuulenCN
there will come q lime when il will be
hot for him. or else Ingersoll is right
when he says there is no place where
sinners are roasted
~-
HAYES VETO OFTHE SILVER
BILL
President Hayes, on last Thursday,
IS ult, sent message 20 the House We.
toing the silver bill. Then both houses
however passed the bill over the veto,
by the constitutional majority, and il is
now a law. In the Senate the yeas were
id, nays 10. In the House yeas 1876,
NAYS 3. The following is the veto mes.
sage:
To ths Hgass of RrurgsH.rtrfs Amer
very careful consideration Of house bin
No l,Og3, entitled an act 70 authorize the
-. image Of the silver dollar and 70 restore
| is legal tender character, feel com mpelled
/ 10 return it % tho house Of Representatives,
| in which il originated, with my objections
| % its passage Holding the opinion which
I expressed in my annual message. that
neither the interests ofthe government nor
| the people Of the United States would DO
promoted by dispaagng silver AS one Of
| the two precious metals which furnish the
| coinage OF the world, and that legislation
which looks 20 contracting tho volume OF
| intrinsic money to as full measure Of
| both metals as their relative commercial
value will permit would be neither unjust
nor ine2pedient, j. has been my earnest
! a.. d 10 ha
adoption Of such measures 20 Increase the
silver coinage Of the eouutry As you'd not
| impair the obligations Of contracts. either
pu0lic or private. or injurlcusly affect the
public credit Il Is only on the conviction
/ that this bill does not meet these essential
requirements that / feel il my duty 10
withhold from il my approval. Ny pres-
eat official duty A. 20 that bill permits on
| ly an attention 20 the specific objects ofthe
! bill which seem 20 me so important ss o.
Justify me in asking from the wisdom and
duty Of congress that further considcrsllun n
OF the bill fos which the cansttu.e1 hss
in such way provided.
The bill provides for the coinage nj 7 -..-
yer dollar OF 4l2l grain, ea.# .. ...-I.sI
silver. 20 be a legal ,caIu- E" L..r n..I
nal valge ior all debs aua dues, rat"r
and private, except Bh.r re otherwise 4.
pEessly stipulated .n this G9Gt1.,
II is we'll known that the marie. 81. -
OF that numbsr Of grains OF sia dArt sl.yer
during the past year has been from - go
y cents as compared with the standard
gold dollar.
Thus the silver dollar authorized hy
this bill is worth from : 20 10 per cent. .css
than il purports 20 be worth, and IS made
legal tender for debts contracted shen
the law did not Eec1Eai-a srch coins as
lawful money.
The right 20 pay debts 10 silver or in
certificates Of silver deposit will. when
they are issued in suficien, amount 10 cir
culatc. put an end 10 the receipt Of reycn-
ue on gold, and thus compel tho payment
OF silver for both the principal and Interest
Of the public debt
or the public debt now outstanding ST.
l43 I93. 100 was issued prior 20 February,
1874, Ehen the silver dollar was unknown
In the circulation 4. ibis country, and with
only convenient form Of silver b.llion
for expectation S5sS, 40. so OF the bond
| ed debt has been issued since February,
1873, when gold alone was the coin, !or
which bonds wcro sold and gold alone was
the coin in which both parties 20 the con-
tract understood iha. the bonds would be
paid.
Thc.e bonds entered into the markets OF
when silver had greatly deprecated, and
when no one would have bought them u
il had been understood they would be paid
in silver.
The sum Of S225. .OOO. 600 Of those bonds
have been sold during my administration
FOR gold coin, and the United States re-
ceiyed the benef, Of those sales by re-
duction Of the rate Of interest 20 four per
cent During the progress OF these sales
q doubt vas suggested IS TO the coin in
which paymea. Qf those bonds would be
made. The public aanoEnccwent was
thereupon authorized that il wa not TO be
anticipated that any further legislation Of
congress or any action Of Sny department,
Of the government would sanction or tolcr.
ate the redemption Of the principal of those
bonds or the payment Of interest thereon
IN coin eIacted by the government in eI>
change for the same. In view Of that fact
ii will b0 justly regarded a. a grave breach
of tho public faith 90 undertake 10 pAy
those bonds, principal or interest in sill
yer coin worth in tho market less than the
coin received for them.
Il Is said that the silver dollar made a
legal tender by this bill will, under It's
operations, be equivalent in fun TO the
gold dollar
Many supporters OF the bill believe this.
and u IS just III attempt to pay debts, eth
or public or private, in coin Of inferior val.
ue 70 tho money Of the world.
The capital defect Of the measure il that
1t contains no provision protecting from It's
operations pre- e'existing debts, in case the
coinage which II creates shall continue 10
be OF less value than that which was the
sole legal tender when they we're contract
ed.
II is now proposed, for the purpose OF
taking advantage Of the depreciation Of
silver IN the payment OF debts, 10 coin and
make legal tender q silver dollar of less
commercial value than a dollar, whether
of gold or paper, which is now lawful
money OF this country.
Such measure, il will hardly be Dues
toned, will in the judgments of mankind,
be an act OF bad faith as to all debts here.
tofore contracted.
The silver dollar should be made g. f.-.fI
tender only at its market v,'no. T..I
standard OF value should not ln Jharrrl
without the consent Of bo.h parties 10 tha|
contract. National promise .uull hs
kept with unfinching fidelity.
There IS no power 10 compel nation 90
pay its just debts. It's cred lgueHG. on
its honor. The nation owes what +. has
led its creditors TO expect. I carno. an.
provo a bill which in my judgment su
tho=izes theviolstion efsacred Obligations
The obligation Of public faith transcends
all questions Of profit or public Adyan.
taKe.
Its un4uestionabIo maintenance ia the
dictate Ms well Of the highest e1pediency |
rs Of the most necessary duty, and should |
ever be carefully guarded by the erecu> |
tive, by congress and by the people Il IL
my frm conviction that If th country il |
to be benefited by silver coinage, il can
be done only by the issue Of silver dollars |
of full value, which will defraud no man /; |
and currency worth leSs than il purports
to DO will In the end defraud not only |
creditors but all who are engaged in legit- |
innate business, and none more assursdly /
than those who are dependent on their |
daily labor for their daily bread.
(Signed) RUTHERFORD Is. HAYES,
President OF the United States.
Executive Mansion, Feb. %, 1878.
The message was read amidst profound
silence, and at its conclusion Mr.. Stephens
moved the previous question on the pas
sage Of the bill over tho veto.
The previous question was seconded
amidst clappng Of hands and demonstra>
ions Of approval from members.
During 4 short discussion regarding the
'e-rcading of the message Mr.. Cox said
10 objected to the reading again charge
IF fraud by fraud. He was then called
o order. but after short discussion il was
lecided not to put the expression of Mr..
Jox on the record.
A vote was then taken Ga tho prpyious
question and resulted 196 yeas 10 70 nay&T
The bill was then passed by 1876 yeas TO
8 nays.
Scheppers Brothers, manufacturers Of
Gorsted goods, at Philadelphia, sus-
ended payment with very heavy liabili- {