The Centre reporter. [volume] (Centre Hall, Pa.) 1871-1940, 1878-03-14
THE SILVER BILL A LAW.
The PrssidrHI'= VrTo, aud and MN iAassrt
BY bOth Houses over the Veto.

The following is the full text Of the
Prcndcuts message vetoing the silver
hill
After a very careful confederation OF
House bill 1898, entitled An act 81
authorize the coinage Of the silver dol
lar and 10 restore It's legal tender char.
acter. feel compelled 10 return II 10
the House of Representatives, IN which
il originated, with my objection To It's
passage. Holding the opinion which |
expressed IA my annual message that
neither the interests Of the government
nor Of the people Of the United States
would be promoted by diaparaging silver
as one Of the two precious metals which
furnish the coinage of the world, and
that legislation which looks "a main
tanning the volume Of intrinsic money
to As full measure Of both metals as
their relative commercial value will per
NIT would bo neither unjust nor ineI-
pedient, it has been my earnest desire
u concur with Congress in the adoption
Of such measures tO increase the silver
coinage Of the country as would not im.
pair the obligation Of contracts. either
pubic or private, or iniuri0usly affect
E AiAt fAhAA NAoAAA ~ - 0hAN va Aa4A hRAAe
viction that this bill does not meet these
essential requirements that | feel II my
duty 10 withhold from It my approval.
My present official duty as 10 that bin
permits only al attention 10 the specific
objects Of its passage, which seem 10 me
80 important as to Justify me in asking
/ from the wisdom and duty Of Congress
I that further consideration Of the bill for
which the constitution has in sneh way
/ provided.
/ The bill provides for the coinage of
silver dollars of the weight of 4l2s
/ grains each Of standard silver, to be n
/ legal tender 10 their nominal value for
all debts and dues, public aud private,
except where otherwise expressly stipu-
lated ia the contract. Ii is well known
/ that the market value Of that mum ber Of
grains Of standard silver during the past
year has been from ninety 10 nInety-twO
cents aS compared with the standard
gold dollar. Thus the silver dollar au.
thOrized by this bill is worth from eight
10 ten per ccntum less than il purports
to be worth, and is made a legal tender
for debts contracted when the law did
4 not recognize such coins As lawful
money. The right to pay duties in silver
or IN certificates of silver deposit, will,
when they are issued IN sufficient
amount 10. circulate, put an end 10 tic
receipts 10 revenue ~ gold, and thus
compel the payment Of SILVER for both
the principal and interest Of the public
debt 81, l43, 439, 400 Of the bonded debt
now outstanding was ISSUED prior To
February, 1873, when the silver dollar
Was unknown III the circulation 'oi this
country, and with only n convenient
form Of silver bullion for expectation.
S5S3, 40, 800 Of the bonded 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 10 the con-
tract understood that the bonds would
be paid.
These bonds flowed into The markets
Of the world They were paid for IN
gold when silver had greatly depreci-
ated, when no one would have bonght
them II II lad been understood they
would be paid in silver.
The sum OF S23J, 900, 600 Of those
bonds has been sold during my admin
isira,iou for gold com, and the United
States received the benefit of those sales
by reduction If the rate OF interest 10
(, ur per centum.
/ During the progress ot those sales a
doubt was suggested as 10 the coin n
which payment u those bonds would be
made. The public announcement WIS
thereupou authorized that il Was not 20
be anticipated that any further legisla-
ton Of Congress. or any action Of any
department Of the government. would
sanction or tolerate the redemption Of
the principal Of those bonds or the pay
ment Of the interest thereon IN coin eI-
acted by the government in exchange
for the same
In view Of that fact il will be Justly
regarded as a grave breach Of the public
faith 30 undertake o. pay those bonds,
principal or interest, in silver coin
worth in the market less than the coin
received for them.
II is said that the silver dollar made a
legal tender by this bill will. under It's
operation, be equivalent in full 20 the
gold dollar. Many supporters of the bill
believe this and that II is not just to pay
debts either public or private in coin Of
inferior value 10 the money Of tbeworld.
The capital defect Of the measure is that
il contains no provision protecting from
its operation pre-eKisting debts IN case
the coinage which il creates shall con-
/ tinue 10 be OF less value than that which
was the sole legal. tender when they were
/ contracted II il is now proposed for
/ the purpose O; taking advantage of the
/ depreciation Of silver in the payment Of
/ debts 10 coin and make legal-tender a
silver dollar of less commercial value
/ than dollar, whether Of gold or paper,
which in now lawful money OF this coun-
/ try, such a measure, il 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 "A
/ leCal-tender only at its market value.
( The standard OF silver should not be
changed without the consent OF both
( parties to the contract. National prom
ises should be kept with unfinching
/ fidelity.
There is no power to compel nation
/ TO pay its present debts. It's credit de-
pends on it's honor, the nation owing
/ what il has led its creditors 10 expect.
/ cannot approve q bill which, In my
4 Judgment. authorizes the violation OF
sacred obligations. The obligation Of
public faith transcerids all questions of
/ profit or public advantage. Its unques-
/ tionable maintenance is the dictate as
/ well Of the highest experience as of the
most necessary duty, and should ever
be carefully guarded by the Executive,
I by Congress and by the people.
/ II is my firm conviction that if the
country is 10 be benefited by a silver
/ coinage, il can be done only by the
/ issue OF silver dollars Of full value which
will defraud no man and currency less
than il purports to be will in the end de-
fraud not only creditors, but all who are
engaged in legitimate business, and
none more assuredly than those who are
dependent on their daily labor for their
daily bread.
(SigneD RUTHERFoBD Il. HAYES,
President of the United States.
In the House the bill was passed over
the veto by 1876 10 73, and in the Senate
the bill was passed over the veto by 46
10 IGNORE than the required two thirds
majority in both cases.