West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1878-03-16
THE SILVER BILL.
President Hayes First Veto.
To the House of Representative.

To the House of Representatives:
After very careful consideration of the
House Bill 1903, entitled "An act to
authorize the coinage of a standard silver
dollar and to restore its legal-tender charac.
Ter feel compelled to return il to the
mouse Oh representatives in which it origi-
mated, with my objection To its passage.
Holding the opinion which expressed in
my annual message, that neither the inter
ests OF the Government nor of the people of
the United states would be promoted nv
disparaging silver as one of the two precious
metals which furnish the coinage of the
world, and that legislation which looks to
maintaining the volume OF intrinsic money
to as full measure of both metals as their
relative commercial value will permit, would
be neither unjust nor inexpedient, il has
been my earnest desire to concur with Con
gress in the adoption of such measures 10
increase the silver coinage of the country as
would not impair the obligation of c intracts.
either public or private, nor iniuriousIy
affect the public credit.
1t is only the conviction that this bill
does not meet these essential requirements
that lee! It my duty TO withhold from il my
approval.
My present official duty as to this bill
permits only an attention to specific obiec-
uOns 70 us passage, which seem 10 me so
important as TO Justify me in asking from
the wisdom and duty Of Congress that fur.
ther consideration Of the bill for which the
Constitution has in such cases provided.
The bill provides for the coinage of silver
dollars, OF the weight Of 4121z grains each. of
standard silver to be legal tender to their
nominal value for all debts and duties. public
and private, except where otherwise ex.
pressly stipulated in contracts.
IL is well known that the market value OF
that number Of grains standard silver. dur.
ing the past year, has been from ninety 10
ninety.twO cents, as compared with the
standard gold dollar. Thus the silver dollar
authorized by this bill is worth from eight
% ten per cent less than IL purports To he
worth and is made n legal tender for debts
contracted when the law did not recognize
such coins ~ lawful money. The RIGHT
pay duties I'm silver, or in certificates of
silver deposits, viii, when they are issued
m sufficient amount 10 circulate, put an end
20 the receipts Of revenue i'm gold and tbus
compel the payment Of silver for both the
principal aud interest Of the public debt
Si,l43, 1913 400 Of the bonded debt now out.
standing was issued prior 20 February. 1879.
when the silver dollar was unknown i'm tbe
circulation Of this country, and with only n
convenient form Of silver bullion for expoTte-
ton 1888, 44O,35O Of the bonded debthad been
issued since February, 1873, when gold
alone was the coin for which the bonds
were sold, and gold alone was the coin i'm
which both parties 10 the contract unde,.
stood that the bonds would be paid. These
bonds entered into the markets of the
world. They we're paid for in gold when
silver had greatly deprecated, and when no
one would have bought them II IL had been
understood they would be paid ira silver
The snm Of 100000 Of those bonds has
been sold during my Administration for
gold coin, and the United States received
the benefit Of these sales by q reduction of
interest 70 four per cent
During the progress Of these sales, n doubt
was suggested as % the coin in which the
payment Of these bonds would be made
Inc public announcement Was thereupop
authorized that 10 was not % be anticipated
that any further legislation Of Congress. or
any action Of any department Of the Gov.
eminent would sanction or tolerate the no.
demptiOn Of the principal Of these bonds
or the payment Of interest thereon In coin
Of less value than the coin authorized bv
law a. the time Of the issue Of the bonds
being the coin exacted by the Government
in exchange for the same.
ln view Of these facts 10 will Justly BE- 70.
garded as 0 grave breach Of the public faith
20 undertake 20 pay these bonds, principal