The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1878-03-07
The Presidents Veto of the Silver Bill.
To the House of Represen,a,ires:

1 10 inc houst V EtfTcsthrustrss.
After very careful consideration of House
| bill ,0rS, entitled IAN act to authorize the
| coinage of the standard silver dollar and to
restore lis legal tender character" feel com
| PEELED to return il to the Houssiof Represent
atives, in which it originated, with my OBJ
| lections to its passage Holding the opinion
| which depressed in my annual message that
| neither the interests of the Government nor
| OF the people of the United states would be
promoted by disparaging silver one of the
| two precious metals which furnish the
| coinage OF the world, and that legisla-
ton which looks to maintaining the
volume of intrinsic money to as full
| "A measure of both metals as their relative
commercial values will permit would be
neither unjust nor ineNpetiient. IL has been
my earnest desire to concur with Congress I'm
the adoption of such measures to increase the
silver coinage OF the country a. would not
impair the obligations of contracts, either
puphc or private, nor in;uriously affect the
public credit. Ii Is only upon the cow lotion
that TINS bill does not meet these essential
requirements that feel il my duty to with
hold from il my approval. My present of
ncitd duty a TO that bin permits only an at
tention to the specific objections to it, pass
age, winch seem to me so important n To
justify me in asking from the wisdom and duty
of Congress that further consideration of the
bill for which the Contribution has in such
cases provided.
The bill provides for the coinage of silver
dollars of the weight of 4I2h grains each of
standard silver. To be a legal tender 10 their
nominal value for all debts and dues, public
and private, except where otherwise express
ly stipulated i'm contracts. IL Is well known
that the market value of that number of
grains OF standard silver during the past year
has been from 90 to - cents a compared with
the standard gold dollar Thus the silver
dollar authorized by this bill l. worth from
TO 10 per cent less than il purports To tie
worth. and il made "A legal tender for debts
contracted when the Law did not recognize
such coin a lawfui money The right TO pay
dutie. In silver, or in certificates of silver De
posts. will. when they are issued in sufficient
amount to circulate. put an end 80 the receipt
OF the revenue ia gold. ard thus compel
the payment of silver for both the principal
and interest of the public debt; sl,i&s.s.S.ioo
of the bonded debt now outstanding Was Is
sued previous TO February, l..5, when the
silver dollar was unknown in the circulation
OF the country. and was only convenient
form of silver bullion for expectation, Sd,
i.ot 80 of the bonded debt has been issued
since February, ISIS, when gold alone was the
coin for which the bonds were sold. and gold
along was the coin in which both parties %
the contract Understood that the bonds |
would be paid These bonds entered into the
markets OF the world They we're paid tor In |
gold when silver had greatly DEPRECATED and |
when one would have bon ghf them IL IL had I
been understood they would be paid In sill I
yer. The sum of SIS. q oJ0o of those bonds I
has been -old during my Afmini-s ration for /
gold coin. and the nitei states received the i
benefit OF tho>e sales by reauctfon Of the |
rate OF inter->; 10 . per cent. During the /
progress OF the>- sales a doubt Wa suggest
ed TO TIE coin in which payne mt 81 tees.
bonds would be made The public announce
not 90 be anticipated that any further sexi--
lation of Congress. or any seton of any de-
part1ent of the Governments would sanction Il
or tolerate tie redemption Of tn, principal i
of these bonds or the payment q. intert-;
thereon, in coin of less value than coin su-
thorized by Law At the time OF ~. i.-tsr Of
bonds. being the coin enacted by tn. Gox-Tn-
meat in excnani<e tor tie -szn~.
In view Of ,se-c fscts, IL viii Justly b. re
x2Tcec a> q grave hrrsch o: the pubic faith
30 undertake 80 pay tse~e BONDS. principal OF
Interest,". IN silver cola. worth N the aa.rkex
less than TIE coin received for them II l.
ssid the silver Collar. made q legal t~rcer BY
his ball. vii. under tts or~r1rsos.s - equiv
dent L value "a the sDld dollar. May sap
porter % the bill believe this. and xos.,d
no; Justify an attempt 20 pay The dei:.y rsfher
pablsc ar yEiy afr, ia = cola Of inferior value
~ the money ct TIE World
The capital defect OF the hsli 10 thas Il eon-
ans no provisions protecting frosn ia oy,rr-
.-tols pre- existing dcbs.. In ez~e the eofaz<e
> bteh i creates -kAl eoaf1n1~ 10 - os ss--
Tslae than that which rA- the -Die
.zai tender xhea t5ey 9ese confr.sz<-i I
Z IL /. nos 2ruPc~~d. :or the yzrpss-e !
q taking advantage 81 the deprects.scsa 81 :
aver IN the p.yn-af Of ieszs so coin ana .
make l.zAI fea<srr q silver dollar a ls<-
GLamercss. vai1> than ssy essiEzr, xlsztsr {
4 spsi paper. which l. 40. gaz.uI rzoa~y { 4
y this cscnfry. su.ca n noe2szrya, 81 az - !
.4rSlly Questioned. xtl. IN to- lz1gEneur q. J
zaE<ind. b. AT Of Ia. fAifA a. 80 Al ( =
.os- heretofore e0asr1rsess The SILVER aa..-x :
hoGsf he made s~-z t<sssit- erz3y - ia ssAr-
- valur- The standard Of rAl1e sAoa.d Do< .