The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-03-02

SATURDAY. .s.k ~ ANIL =, sAs9l g.
-
T,ne Preassient's veto axess,ssc.
10 the House Of Repres atioss
After very careful consideration OF tne
House bill No. 1903, entitled g An act to
authorize the coinage oil the stan dard SILVER
dollar and 10 restore les legal fender charac-
ter,n I feel compelled to return ~ 20 me
House Of Representatives., IN whicn y oriss
rinated, with my objections 70 its passage:a
Holding the opinion, which expressed.
;r mv annual message, that 6 neither the
interests OF the Government or OF the peo-5
ME ~ the United States would be promoted
he disnaraoIng silver as one OF the two,
,rscio,ss metals which furnish the coinage
~ the world. and that legislation whictl.
looks To uaintaining the volume OF intrinsic
money 10 Us full q measure OF both metals
&C their relative commercial values will
nern,i, would be neither unjust nor expe-
asent.,' IL has been my earnest desire to.
concur with Congress in tue adoption OF
s,ch measures to increase the silver COIN
ace Of the country rs would not impair the
nbl;oation Of contracts, either public or
nriyate. nor iniuriousiY affect the public
credit 1t is only upon the conviction that
this hill does not meet these essential re-
environments that feel it my duty to with
hold from 1t my approval.
NV present official duty as to this bill per
m,tS only an attention to tue specific obiec-
tiops to it's passage, which seem to me so
important as to justify me in asking from.
The wisdom and duty OF Congress that mr-
Their consideration of the bill for which
the Constitution has in such cases pro-,
yided.
The bill provides for the coinage Of silver
dollars az the weight OF 4i2s grains each OF
Standard silver, to be O legal tender at their
nominal value for all debts and dues, pub
lie and private, except where otherwise ex-
nresslv stipulated in the contract. Ii is
well known that the market value Of that
number Of grains OF standard silver during
the past year has been from ninety to nine
two cents, rs compared with the standard
roId dollar. Thus the silver dollar autho-.
rized by this bill is worth eight to ten per
cent. less than it purports TO be worth, and
il made 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 sill
yer deposits will, when they are issued in
sufficient amount to circulate, pus an enc TO
the receipt OF revenue in gold, and thus
compel the payment OF silver for both the
principal and interest OF the public debt.
One billion one hundred and forty-three
million four hundred and ninety-th thou
sand four hundred dollars OF the bonded
debt now outstanding was issued prior To-
February, 1878, when the silver dollar was
unknown in circulation in the country, and
was only convenient form Of silver bullion
for expectation. Five hundred and eighty
three million four hundred and forty thou
sand three hundred and fifty dollars Of the
funded debt has been issued since Feb
ruary, 1879, 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 entered
into the markets OF the world. They were
paid for in gold when silver had greatly de-
preciated, and when no one would have
bought them il it had been understood that
they would be paid in silver. The sum OF
S225, 1000, 900 Of these bonds has been sold
during my administration for gold coin, and
the United States received the benefit Of
these sales by q reduction Of interest to four
per cent. During the progress Of the sales
a doubt was suggested rs to the coin in
which payment OF these bonds would be
paid. The public announcement was there
upon authorized that it was "not to be an-
ticipated that any future legislation OF Con-
gress or any action Of any Department OF
the Government would sanction or tolerate
the redemption Of the principal OF these
bonds, or the payment Of the interest there
on in coin OF less value than the coin au-
thorized by law at the time OF the issue Of
the bonds being the coin eXacted by the
Government in exchange for the same"
In view OF these facts it will be Justly re-
garded as grave breach Of the public faith
to undertake to pay these bonds, principal
and interest, in silver coin worth in the
market less than the coin received for them.
1t is said that the silver dollar made legal
tender by this bill will under its operation
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 world.
The capital defect Of the bill is that it con-
tans no provision protecting from its opera
tion preexisling debts in case the coinage
which 1t 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
taking advantage of the depreciation OF
silver in the payment OF debts to coin
and make q legal tender n silver dollar
OF less commercial value than any dol
lar, whether Of gold or paper, which is now
lawful money in this country, such mea-
sure, it will hardly be 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 ten
der only at its market value. The standard
OF value should not be changed without the
consent of both parties to the contract.
National promises should be kept with un-
flinching fidelity. There is no power to
compel 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 bill which
in my judgment authorizes the violation OF
sacred obligations. The obligation OF the
public faith transcends all questions OF
profit orpublic advantage. Its unquestion-
able maintenance Is the dictate as we'll OF
the highest expediency as OF the most ne
cessary duty, and should ever be carefully
guarded by the Executive, by Congress,
and by the people.
1t IS my firm conviction that If the coun-,
try is to be benefited by a silver coinage it
can be done only by the issue Of silver dol
lars OF full value, which will defraud no
man. A currency worth less than it pur-
ports to be worth will. in the end, defraud
not only creditors but all who are engaged
in legitimate business, and none more surely
than those who are dependent on their
daily labor for their daily bread
r. b. HAYES.
Executive Mansion, February Is, 1875
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