The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1878-03-07
Why He Vetoed the Silver Bill.
The following is the full text of Pres
ident Hayes message vetoing the Sill
yer bill:
| Executive MANSION,
To the House of Representatives:

To the House of Representatives:
After very careful consideration of House
bill 1,093, entitled can act to authorize the
coinage of the standard silver dollar and to
restore its legal-tender character" 1 feel COM
PEELED to return it to the House of Representa-
tives, in which 1t originated, with my objec-
tions to its passage. Holding the opinion
which expressed in my annual message,
"that neither the interests of the Government
nor the people of the United States would be
promoted by disparaging silver as one Of the
two precious metals which furnish the coinage
Of the world, and that legislation which looks
to maintaining the volume of intrinsic money
to as full q measure of both metals as
their relative commercial values will permit,
would neither be unjust nor inexpedient," it
has been my earnest desire to concur with
Congress in the 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 fnjuriously affect
the public credit. It is only upon the convic-
tion that this bill does not meet these essen
tial requirements that feel it my duty to
official duty as to the bill permits only an
attention TO specific objections to its passage
whcih 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
provided.
The bill provides for the coinage of silver
dollars Of the weight Of 4121x grains each, of
standard silver, to be legal tender at their
nominal value for all debts and Dues public
and private, except where otherwise expressly
stipulated In contracts. It is well known that
the market value Of that number of grains of
standard silver during the past year has been
from ninety to ninety.two cents as compared
with the standard gold dollar. Thus the sill
yer dollar authorized by this bill Is
worth to 10 per cent. less than 1t
purports TO be worth, and Is made q
legal tender for debts contracted when the law
did not recognize such coins as lawful money.
The right to pay duties in silver or in certifi-
issued in sufficient amount to circulate, put an
end to the receipt of revenue in gold, and thus
compel the payment Of silver for both the
principal and interest of the public debt.
OF the bonded debt now outstanding, e1,-
when the silver dollar was unknown In circu-
lation IN this country, and was only con-
venient form Of silver bullion for exportatfon;
45SS, $50 of the bonded debt has
been issued since February, 1873, when
gold alone was the c3in for which
bonds were sold, and gold alone
contract understood that the bonds would be
paid. These bonds entered into the markets
Of the world. They were paid for in gold
when silver had greatly deprecated, and
when NO one would have bought them II 1t
had been understood that they would be paid
bonds has been sold during my Ad-
ministration for gold coin, and the
United States received the benefit of
these sales by . reduction Of the rate OF
interest to 4 per cent. During the
progress Of these sales a doubt was suggested
q TO the coin In which payment OF these bonds
would be made. The public announcement
Was thercupon authorized that It was not to be
anticfpot that xuy furtt tcr legislatfoIf Of Con-
efes6; of any actioI OF any Department Of the
Government, would sanction or tolerate re-
demption OF the principal Of, these bonds, or
value than the coin authorized By law At the
Zine Of tho i6suo If thu bonds, being the coin
enacted by the Goveraliisnt in exchange for