Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-03-07
The President vetoes the Silver Bill.
II !. Passed Over bic vefss

WASHINGTON. Feb. IS The Senate pass
ed the silver bill over the President's veto
10 20 10.
The result Of the vote in the House, q.
announced. wa.-Yeas, lS6. nays. aS.
The speaker declared the bill a. passed,
aud the zsroaBeeusn; Wa greeted with
general applause
wAsIItNGToN. Feb. 2s The following Is
fisli text 81 The Pre-id.ni's message;
To he Hyus, Of Representatives.
After very careful consideration of The
Iou.e ball 1913 entitled An Act 10 Az
thorize the C1iuaee Of the Standard silver
Dollar and to Restore ~ Legal Tender
Character. feel compelled 10 feturu Il La
the Hous- 81 Representative. iu which Il
ofi .irAi.d. Aijh my objection TO IL. pas
sage. Hsidiug the sPiniou which ~
pressed e. nav ANIMAL message. that n"iiber
the interests OF the Government nor OF the
people at the United States would be pro-
NOTED by disparaging silver a. one OF the
two precious metals which furnish the c"IH-
age Of the world. aud that legislation which
looks TO maintaining the Vo.ume ct irdrin
&c money 10 a. tall measure Of both
nieial, a. their relative commercial value
will permit would be neither unj1st nor in-
.xf,edieui it has been my earHe>t desire TO
CONCUR with Congress 10 the adoption OF
,uch measures tn increase The silver coin
age OF the country a. would not impair the
obligation OF contracts. either public or
private. or iujuriou,ly sffvci the public
credit II Il only on the conviction that this
bill does not meet these essential require
ments that feel it nv duty TO withheld
from il my approval. Ny present official
duty a TO that bill permits only an aiten-
ton 70 the specific objects was 10 It's pa
sage which seem 70 me so important IS 10
Justify me IN asking from the wisdom and
duty Of Congress that further consideration
Of the bill for which the Constitution has in
rash eases provided
The bill provides for the coinage OF silver
dollars Of the weight OF il2 l-2 grains each.
OF standard silver, 10 be legal tender TO
their nominal value for all debts and dues.
public and private. except where otherwise
expressly stipulated Ia 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 % 10 92 cents.
as compared with the standard gold dollar.
Thus the silver dollar authorized by this
bill Il worth from : 10 10 per cent less than
Il purports 70 be worth, and is made legal
tender for debts contracted when the law
I'D not recognize such coins as lawful
money.
The right TO pay duties In silver, or 10
certificates Of silver deposit, will, when
they are issued 10 sufficient amount TO
circulate. put an end 70 the receipt Of rev.
euGe in gold. and thus compel the payment
of silver for both the principal ard Interest
OF the public debt; si.li3 .isS 400 Of the
bonded debt. now outstanding. was issued
prio- 10 February. 1873. when the silver
dollar was unknown tn the circulation Of
this couBtry. and with only a convenient
form Of silver bullion tor expectation;
$3.50 40. $50 Of the funded deb; has been
issued since February. 1873. when gold
alone ~as the coin. for which the bonds
we're sold, and gold. alone. was the coin,
IN which both parties 10 the contract I'M
de-stood that the bonds could be paid.
Those bonds entered Into the markets OF
the word. They were pad for in gold,
when silver had greatly deprecated. and
when no one. would have bought them II
it had been understood they would be paid
ia silver. The sum o! S225 900 900 oftsose
bonds has been sold during my admini,ira-
ton for gold coin, and the United States
received the benefi: IF those sales by re-
duc;ion Of the rate OF Interest to per cent.
Daring the progress OF those sales 8 doubt
was suggested as 10 The coin 10 which the
payment Of those bonds would be made.
The public announcement Was ihereupon
authorized that Il was not 10 be anticipated
that any further legislation 0! Congress or
any action Of Any department OF The Gov
eminent would sanction or tolerate the re-
Jenpilou OF the principal OF these bonds OF
the payments of the interest thereon 10 coin
OF less value than the coin authorized by
law al 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 IL will be justly re-
g4rded, a. a grave preach Of the public
faith to undertake 10 pay those boads.
principal or interest. In silver coin worth
ia the market less than the coin received
for them. II Is laid the silver dollal. made
legal tender by this bill, will. under it.
operation. be equivalent in value to the
6eiieve that this would hot "JsstqfEtyi An Al
tempt 70 pay debts, either public or private.
in coin in infeior value TO the money OF tee
world
The capital defect Of the bill Is that it
contains 10 PROVISION protecting from it,
operation pre-existiug debts 10 case the
coinage which il creates shall continue TO
be OF less value than that which was the
sole legal tender when they were contract
cd. Il is now proposed Tor the purpose Of
taking advanta :e Of the depreciation Of
silver in the payment Of debts. 70 co.'s and
make legal tender 3 silver dollar OF les-
commercial value than s dollar. whether
OF gold or paper, which Is now the lawful
money OF this country, such s measure,
il will be hardly questioned, viii. Ia the
judgment Of mankind, be all act Of bad
faith o. 10 all debts heretofore contracted.
Tie silver dollar should be made legal
tender only al its market value. The
standard Of value should not be changed
without the consent Of both parties 10 the
contract. The National promises should
be kept with unninching fidelity. There is
no poger TO compel = .nstlon 10 pay its
just debts Its credit depends.on its honor.
| cannot approve bill which. in my judy
ment. authorizes the violation OF s.cred
obligations. The obligation of public faith
lranscends all questions OF profit or public
advantage. Its unquestionable mainten-
ADce is the dictate, as well OF the highest
expediency as Of the most necessary duty,
! and should ever be carefully guarded by
the Executive, by Congress and by the
/ people.
1 IL Is my firm conviction that If the coun-
I try is 10 be benefited by 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 Ii pur-
ports TO be will. in the end, defraud not
only the creditors, but all who are engaged
/ 10 legitimate business, and none more
| surely than those who are dependent on
their daily labor for their daily bread.
! (Signed) RUTHERFORD b. HAYES.
Executive Mansion, Feb, %, ISIS
On Friday, Secretary Sherman ac-