The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-01

Why he Fcli u his DUTY to Return the silver
Bni Unsigned 10 the House.

I why wv f'it " h's DhtN SILVER
Bili Unsigned TO the House.
T. u, Ha.'e~ R,pf,.,aun,a,
After very careful consideration OF
House bill No. l.oa3. entitled An act to author
! izc the coinage Of the standard silver dollar
and TO restore its egal-tcnder character feel
compelled to return 1t To the House Of Repre-
| sentdtivc-. In which it originated, with my OBJ
| Jcetions 10 its passage.
Holding the opinion which ! expressed in
my annual message. that neither the interests
Of the Government northose OF the people OF the
United States. would be promoted by dispar-
aging silver as one Of the two precious metals
which furnish the coinage Of the world: and
that legislation which looks to maintain
Ing the volume tot intrinsic money to
Is fun measure of both metals
as their relative commercial values will
permit would BE- neither unjust nor inexpedi-
ent, IL has been my earnest desire to concur
with Congress in the adoption OF such mca-
surrs 10 increase the silver coinage Of the
country as would not impair the obligation Of
contracts either pubic or private, nor in-
juri"usy AFFECT the public credit 1t is only
np"h the CONVECTION that this bill does not meet
thcse essential requirements that | feel IL my
duty to withhold from it my approval. Nv
present III ial duty a. TO this bin permits only an
attention the Specific 10 objections 10 its passage
which seem TO me so important as to Justify me
in asking from the wisdom and duty OF Coz
gross that further consideration Of the bin Tor
ydci N'''' ''''
The hill provides for the coinage Of silver
dollars Of the weight of 4l2's grains each Of
standard silver, 10 be a legal tender at their
nominal value for all debts and dues public
stipulated in the contracts. 1t is well known
that the market value of that number Of grains
been from ninety to ninety-two cents rs com
par"i with the standard gold dollar
Thu tn" silver dollar authorized 10y this hin
II worth 70 10 per cent less than i purports
T. u" worth. and Is made legal tender for
debts contracted when the law did no, re-
TT Tne in r .r i pay . d%t' sepa in s w,
when they are issued in sufficient amount TO
circulate. Tut an end 10 the receipt OF revenue
IA g"i awi tnns compel payment OF silver for
deli. Eleven hundred and farty-three million.
four hundred and ninety three thousand four
hundred dollars II the bonded debt now out
when IN. silver dollar was unknown in circula-
liun IN this country, and was only convenient
hundred and eighty-thrcc million. four hun
dr"d and forty thousand. three hundred and
MY dollars of tn funded debt has been issued
since February. 1913. when gold alone was the
coin for which the bonds We're sold. aud
gold alone was the CON in, which both
The bonds would hc paid. These bonds
entered into the markets of the world They
were paid for IN g9ld when silver had greatly
deIr"rlat"d and when no one would have
bought them II it had been Understood that They
would ue PAL IN silver. The sum 81 s225 00O-
administration, Tor gold coin, and the United
States received the benefit Of these sales by a
DEDUCTION Of the rate Of interest 10 four per cent
During the progress Of these sales a doubt was
Suggested ~ 70 m" coin IN when payment OF
Mgse bonds would t ,Sor, oads The public
any iurGsr ssisSiion q Yin' co@srcs- %t
COX 2 Would sa uH9p"' or 1ori e
tie redemption OF tho principal Of these bonds
or the payment OF the Interest thereon in coin
a a. ftil Lac IltN
the time Of the issue Of the bonds. being the
coin eXacted by,th Government IN exchange
Justly regarded As a grave breach Of the public
ialh To- undertake. 10 pay these bonds, principal
or interest, in silver coin worth IN the market
less than tho coin received for them.
II is said that the silver dollar. made legal
tender hy THIS bill. Will under ~ nperhtion be
supporters 81 the b.ll believe this. and would
not Justify an attempt 10 pay debit, either public
or private in coin Of inferior value to the money
of tho world. The capital dcfC ct OF the bin il.
tha, 1t contains no provisions protecting from
lis operation prctxisiing debts in case the coin
value than that which was the sole legal tender
when they We're contracted. II it IS now pro:
e @s hG ~ sS S H. paym@S OF
debts, 10 com and make a legal tender silver
whether Of gold or PAPER which in now lawful
Earily b. .qqcstloned' viii, in the, iqigmsept
As TO- all debts heretofore CONTRACTED.
the silver dollar should be made Il
legal tender only az its market value. The
standard Of value should not be changed with
out the consent Of both parties 70 the contract.
National promises should be kept with un-
ninching fidelity. There is no power to com
pei a nation 10 pay it, Just debts. Its credit de
ponds on its honor The nation owes what it
has led, or allowed. liz creditors 10 expect
cannot approve n bin which. in my judy
ment, aMlhoriHs the violation Of sacred ohiga-
tons. The obligation Of the public faith tran
sends all questions Of profit or public adyan-
tagc Its unIue stOnabls maintenance is tho
dictate, rs well Of the highest eXpediency as of
the most necessary duty. and should ever be-
carefully guarded by the Executive. by Con-
grrs- and by the people.
II Is my firm conviction that. II the country Is
to be benefited By silver coinage. it can be
done only by the issue Of silver dollars Of full
value, which will dcirnud no man. A currency
worth loss than il purports 10 be worth viii, in
thr end, deiraud not only 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,
iSigmcd.l X. B HAYES.
EXECUTIVE MANSION. Feb %, 1878