Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-03-08
TIE SILVER BILL.

bill. which was passed by the House on the
fifth of last November by vote of l6i
against 3l.-l2 members being absent or
not vOting-and which, after being amend
ed by the Senate, passed that body by a
vote Of As against 81, was. to-day, by both
Senate and House, passed over the Presi-
dents veto. and becomes law.
THE PRESIDENTS VETO MESSAGE.
Tne following is the Presidents message
to the House of Representatives
After very careful. consideration of
House bill ,093 entitled. AN act to authO-
rIze the coinage of standard silver dollar
and to restore its legal tender character
feel compelled TO return it to the House of
Representatives in which it originated
with my objections to its passage. Holding
the opinion which was expressed in my
annual message, that neither the interests
of the government nor of the people OF the
United States would be promoted by dis
paraging silver as one of two precious
metals, which furnish the coinage of the
world, ard that legislation 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 ineXpedient.
it has been my earnest desire to concur
with Congress in adoption of such measures
to increase the silver coinage of the country
as would not impair the obligation Of
contracts either public or private, nor in
jure, impair or affect the public credit. 1t is
npon the conviction that this bill does not
meet these essential requirements that feel
- a, 81 "A -
My present official duty as to this bill per-
mits only an attention 10 the specific OBJ
;ecticns to its passage which seem to me
SO important as to Justify me in asking
from the wisdom and duty OF Congress
that further consideration of the bill for
which the constitution has in such cases
prov ideJ. The bill provides ior the coinage
of silver dollars, Ct the weight of 4l24
grains each, of standard silver, to be a
legal tender at their nominal value for all
debts and dues, public and private. except
where otherwise expressly stipulated in
contracts Ii il well known that the mar
ket value OF that number Of grains of stand
ard silver during the past year has been 80
to 92 cents as compared with the Standard
gold dollar. Thus the silver dollar autho-
rlzed by this bill is worth s to 10 per cent
less than it purports to be worth. and is
made legal tender fer debts contract
ed when the law did not re-
cOguiZe such coins as lawful
money. The right to pay duties in silver
or in certificates of silver deposits will,
when they are issued in sufficient amount to
circulate, put an end tc the receipt of
revenue in gold. and thus compel the pay
ment of silver fo- both the principal and
interest of the public debt SI.l43 ,a93,- :
400 OF the bonded debt now outstanding
was issued prior to February, 1873, when
the silver dollar was unknown in circulation
in this country. and was only a convenient
form of silver bullion for expectation.
S5S3 .ii0, $50 OF the funded debt has been
issued since February, 1873, when pold
alone was the coin for which bonds were
sold and gold alone was the com in which
both parties to the contract understood that
the bonds would be paid. These bonds en-
tered into the markets of the world. They
were paid for in gold when silver had great
ly deprecated and when 10 one would have
bought them il it had been understood that
they would be paid in silver. The sum of
S225 900 900 OF these bonds has been sold
during my administration, for gold coin.
and the United States received the benefit Of
these sales By a reduction of the rate of inter
t-l IL 4 per Cthl. lut pEORTcSs VI
these sales doubt was suggested as to the
coin In which the payment OF these bonds
would be made, ahd the public announce
ment 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 prin-
cipal of these bonds or the payment of in
tert st thereon. in coin of less value than the
coin authorized by law at the time of the
issue of the bOnd', gold being the coin ex-
acted by the government in exchange ior
the same In view Of these facts it will be
Justly regarded as a grave breach of public
iaith to undertake to pay these bonds, prin
cipal or Interest, in silver coin. worth in
market less than the coin received for them.
1t is said that the silver dollar made legal
tender by this blli will, under its opera
tion, be equivalent in value to the gold
dollar. Many supporters of the bill believe
this and would not Justify an attempt to
pay debts either public or private in coin
Of inferior value to the money of the orld
The capital defect of the bill is that it con-
tains no provision protecting from its oper-
alton pre-exIsting debts. in case the coin
age which it creates shall continue to be of
less value than that which was the sole
legal tender when they were contracted. II
it is now proposed for the purpose of TAX
ing advantage Of the depreciation OF silver
in payment OF debts. to coin and
make legal tender a silver dollar OF
less commercial value than any dollar
whether of gold or paper which is now
lawful money in this country, such a
measure, 1t will hardly be questioned. will,
in the judgement of mankind, be an act of
bad faith a. to ali debts heretofore con-
tracted. The silver dollar should be made
a legal tender only at its market value
The standard of value should not be chang
ed without the consent OF both parties to
the contract. The national promises should
be kept with unllinching fidelity. There is
no power to compel a nation to pay its just
debts. Its credit depends on its honor.
The nation owes what it has led or allowed
its creditors to expect. | cannot approve q
bill which. in my judgment. authorizes the
violation Of sacred obligations The obli-
CATION Of public faith transcends all ques-
ton OF profit or public advantage
Its uGquestionable maintenance is the die
tate as well Of the highest expediency as Of
the most necessary duty. and should ever be
carefully guarded by the executive, by Con-
grcss and by the people 1t is my nrm con-
viction that II the country is to be benefited
By silver coinage. 1t can be done only by
the issue of silver dollars Of tull value
which will DIT fraud no man. A currency
worth less than 1t purpOrts to be worth
will in the end dCtraud not only creditors
but all who are engaged in legitimate busi-
ness. and none more surely than those who
are dependant on their daily labor for
thelI daily bread.
(Signcd) r. B. HAYES
Executive Mansion. Feb. 2S, 1873.
Scenes and Incidents Attending the Pas
sage the Bnl.
IN THE HOUSE.
Although the veto of the silver bill was
anticipated. there was much anxiety to
know the exact character of the message.
When the speaker opened the envelope to
ascertain the contents previous to laying
it before the llOuso. but few moments
elapsed before it became known on the
floor, the information soon spreading
to the galleries There was much
confusion IN tho hall at the time, but the
members appeared generally in good humor.
he speaker was engaged several minutes in
restoring quiet. Before the roll call had
commenced request was made that the
message be again read. Mr.. Cox, of New
York said. Il boject it is charge OF
fraud by Il fraud" There was great ex
citement, and Mr.. McCook, of New
York, demanded that the words be
taken down. The motion OF MIR. Stephens
for tho previous question having been
agreed to, all debate was excluded, when,
according to the constitutional form, tho
question was taken on the passage of the
bill. and it was passed. the objections of
the President to the contrary notwith-