The Lamoille news. (Hyde Park, Vt.) 1877-1881, 1878-03-13


sure Of 10th metals As their relative CONNER.
cal value viii permit would be neitheI lJU.s
nor inexpedient ID has been my earnest ocere
Id CONCUR with Congress IN the Adopuon OF
such measures to increase the silver coinage on
the country a. would not impair the obnBAuoh
OF contracts, either public or private, OF InJu-
riOusly Affect the public credit IL u oh!l On
the conviction that this bill does not meet these
essential requirements that feel II my outy
IN Withhold from II NV approval. My present
official duty As 20 that bil permits only An At
tention 10 the specific objects OF its passage
which eeem 10 me 30 important as 70 lusuI!
me in asking from the wisdom and DUTY OF
ConRress that further consideration OF the OIL
for which the constitution has IN sueh way pro-
vided.
The bill proyides for the coinage Of silver
dollars Of the weight Of 4l2lS grains each OF
standard silver, 10 be q legal tender AZ their
nominal value for all debts and dnesi puono
and private. except where otherwise expressly
stipulated in the contract. II Is well known
that the market value Of that number OF grams
OF standard silver during the past year mas
been from ninety to ninety-two cents as com
pared with the standard gold dollar: mus tne
silver dollar authorized by this bill is worth
from eight to ten per centum less than II Pnr-
ports 20 be worth, and is made legal tender
FOR debts contracted when the law did not re-
c0gnize such coins a. lawful money. Inc
right 10 pay duties in silver or in ceruhcates OF
silver deposit, will, when they are issued IN
sufficient amount TO circulate, put an end to the
receipts TO revenue In gold, and TINS compel
the payment Of silver for both the principal a
and interest Of the public debt 81. las, 439, 4O9
Of the bonded debt now outstanding was Issued
prior 10 February 1878, when the silver doilar
was unknown in the circulation OF this country,
and with only convenient form OF silver oul-
lion for expectation.
~ tha ad dabt been
Issued sinOo February, 1873, when gold alone
was the coin for which the bonds were sold,
and gold alone was the coin in which both
parties to the contract understood that the
bonds would be paid.
These bonds flowed into the markets OF the
world. They were p&id fof in gold when silver
| had greatly deprecated, when no one would
have bought them il it had been understood
! they would be paid in silver.
The sum of 1925, 000, 900 Of those bonds has
been sold during my administration ior gold
coin, and the United States received the bene.
fit of those sales by reduction OF the rate OF
interest to four per centum.
During the progress OF those sales douot
was suggested as to the coin in which payment
of those. bonds would be made. The public
announcement was thereupon authorized that
it was not to be anticipated that any further
legislation of Congress, or any action OF any
department Of the government, would sane
ton or tolerate the redemption OF the prlncl-
pal Of those bonds or the payment OF the IN
terest thereon in coin exacted by the govern
ment in exchange for the same.
| 1t view Of that fact it will be justly regarded
as grave breach Of the public faith to under
| take to pay those bonds, principal or interest,
in silver coin worth in the market less than the
coin received for them.
It is said that the silver dollar made a legal
tender by this bill will, under its operation, be
equivalent in full to the. colo dollar. Many
| supporters Of the bill believe this and that it
is not Just to pay debts either public or pri-
vate in coin Of inferior value Of the money Of
the world The capital defect OF the measure
ia that it contains no provision protecting from
its operation pre-existing debts in case the
coinage which it creates shall continue to be
of less value than that which was the sole le-
BARTENDER when they were contracted. II it
is now proposed for the purpose Of taking adj
vantage Of the depreciation of silver in the
payment OF debts to coin and make legal
tender silver dollar of less commercial value
than dollar, whether Of gold or paper, which
is now lawful money of this country. Such a
measure, it 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 legal
tender only at its market value. The stand
ard of value should not be changed without
the consent of both parties to the contract.
National promises should be kept with I'M
flinching fidelity.
There is no power to compel nation to pay
its present debts. Its credit depends on its
honor, the nation owing what it has led its
creditors to expect. l cannot approve bill
which, in my Judgment, authorizes the viola
ton Of eacred obligations. The obligation OF
public faith transcends all questions Of profit
or public advantage Its unquestionable
maintenance is the dictate as well Of the
highest experience az of the most necessary
duty, and should ever Be carefully guarded By
the Executive, by Congress and by the people
1t is my firm conviction that il the country il
TO be benefited by silver coinage, it can bt
done only by the issue OF silver dollars Of full
value which will defraud no man; and curren
cy less than it purports to be will in the enc
defraud not only creditors, but all who are en-
gagged in legitimate business, and none NOR
assuredly than those who are dependent OF
their daily labor for their daily bread.
| (Signed) RUTHERFORD B. HAYES
President of the United States
In the House the bill was passed over tn
veto by 100 to IS, and in the Senate the bill wa
passed over the veto by 46 to IGNORE thai
the required two-thrds majority in both cases