The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-03-07
Tine SILVER BILL VETOED !
BUT THE OBSTACLE Is "A
SLIGHT ONE.
The Bill Passes the House by
1876 to 70, and the Senate
by 46 to 10!

ny fO W Ia
And Becomes a Law in Spite of
Hayes, Sherman s. Co. 4
On Thursday last Mr., Hayes re-
turned the SILVER Bill to the House in
which it originated with the following
VETO MESSAGE. p
TO The House Of Representatives
After very careful: consideration
of House bill 1893, entitled An act to
authorize the coinage of the silver
dollar and to restore its legal tender
character,' feel compelled to retarn
it to the House of Representatives, in
which it originated, with my objec-
tiOn to it's passage, holding the opln-
ion 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 silvel as one of the two
precious metals which furnish that
coinage of the world, and that legisla.
tion which looks to contracting the
value of intrinsic money to as full q
measure of both metals as their rela-
tive commercial value will permit
would be neither unjust or inexpedi-
ent. e5
1t has been my earnest desire to con-
cur with Congress in the adoption Of
such measures to increase the silver
coinage of the country as would not
impair the obligation of the contracts,
either public or private, or injuriously
affect the public credit. 1t is only on
the conviction that this bill does not
meet these essential requirements that
feel it my duty to withhold my ap-
proval. My present official duty as to
| that bill permits only an attention to
the specific objects of the bill, which
seem to me the Constitution has in
such way provided. The bill provides
for the coinage of silver dollar of the
weight of 4l21a grains each of stand
ard silver, to be legal tender to their
| nominal value for all debts and duties
public and private, except where 9TH
erwise expressly stipulated in the con-
tract. 1t is well known that the mar
ket value of that number of grains OF
standard silver during the past year
has been from 80 to 80 cents, as COM
pared with the standard gold dollar.
Thus the silver dollar authorized by
this bill is worth from eight to ten per
cent. less than it purports to be worth,
aud is made a legal tender for debts
contracted when the law did not rec
Ognize such coins as lawful money.
| Issued in Sufficient amount to circu-
late, it will put an end to the receipt
or revenue in gold. and thus compel
the payment of silver for both the
principal and interest of the public
debt. $l,l43,493,4 400 of the bonded
debt now outstanding was issued
prior to February, 1875, when the sil-
YER dollar was unknown in the circu-
lation of this country, and with only
| a conyeDient form of silver bullion for
expectation, $5S3, ,44O, $50 of the bond
ed debt has been issued since February
1873, when gold alone was the coin for
which the bonds were sold, and gold
alone was the coin in which both par.
ties to the contract understood that the
bonds would be paid. Those bonds
aOwed into the markets of the world.
They were paid i'll gold when silver
had greatly deprecated, and when no
One.would have bought them ii it had
been understood that they would be
paid in silver. The sum of $225 OOO,-
600 of those bonds has been sold dur
ing my administration for gold coin,
and tho United States received the
benefit of those sales by a reduction
| of the rate of interest to four and a.
half per cent. During the progress OF
those sales a doubt was suggested as
to the coin in which the payment OF
these bonds would be made. The pub
lie announcement was thereupon au-
thOrized that it was not to be antici-
pated that any further legislation .Oi
Congress-, or any action OF any depart
ment OF the government would sane
ton or tolerate the redemption OF the
principal of those bonds or the pay
ment Of interest therein except in the
coin exacted by the government in
exchange for the came. In view OF
that fact it will be justly regarded az
grave breach of the public faith to
undertake to pay these bonds, princi.
pal or interest, in silver coin worth in
the market less than the coin re-
ceived for them.
1t is said that the silver dollar made
a legal tender by this bill will, under
it's operations, be equivalent in full to
the gold dollar. Many supporters OF
the bill believe this, and that it is just
to attempt to pay debts, either public
or private, in a coin of inferior value
to the money of the world. The cap
ital defect OF the measure is that it
contains no provision projecting from
its operation pre-existing debts, in
case the coinage, 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 pur-
pose of taking advantage of silver in
the payment OF debts, TO coin, and
make legal tender, a silver dollar of
less commercial value than dollar,
whether of gold or paper, which is
now the lawful money OF this country,
such a measure, it will be hardly ques-
toned. will, in the Judgment of man
kind, be All act OF bad faith as to all
debts heretofore contracted.
The silver dollar should be made
legal tender only at its market value.
The standard OF value should not be
changed without consent Of both par
ties 10 the contract. National prom
ises should be kept with unflinching
fidelity. There is no power to compel
q nation TO pay its just debts. Its
credit depends on its honor-the ma
ton oW ing what it has led its credit.
ors to expect.
cannot approve bill which in my
Judgment authorizes the violation Of
the sacred obligations. The obligation
of public faith transcends all questions
of profit or public advantage. Its un
questionable maintenance is the dictate
as we'll of the highest experience as o.
the most necessary duty, and shoulG
ever be carefully guarded by the Ex
ccutive, by Congress and by the peo
pie.
1t is my firm conviction that if the
country is to be benefited by the silver
coinage, it can be done only by the
issue of silver dollars of full value
which will defraud no man. Any cur
rency worth less than it purports to bt