The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-03-07
CONGRESSIONAL PROCEEDINGS.
HOUSE.

III the house, on the 25th, on motion
of Mr.. Hewitt, of Alabama, the house went
into committee of the whole, Mr.. Southland
in the chair, and resumed consideration of
the bill granting pensions to the soldiers and
sailors of the Mexican and Indian wars. The
committee rose without actien on the bill.
Adjourned.
In the house, on the Goth, Mr.. Steele,
from the committee on agriculture, reported
back the bill for the appointment of COM
mittee to investigate the origin of and the
best means of destroying the army cotton
worm. The bill spprOpriates ten thousand
dollars for the expenses of the commission.
Referred to the committee of the whole......
Mr.. Chalmers then took the floor to reply to
the speech made by Mr.. Garfield last week.
At the close of Nj. Chalmers speech Mr.
Hewitt Ala. endeavOred to induce the
bouse to proceed with the bill to pension
soldiers of the Mexican war, but the house
preferred to give Mr.. Butler an opportunity
to make his speech on the financial question,
The house then went into committee of the
whole on the state of the union, Mr.. Eden
in the chair, and Mr.. Butler proceeded to
make his speech. At the close of Mr..
Buffers speech the house adjourned.
In the house, on the 9th, the senate bill
amending the act providing for the pUbIica>
ton of the new editions of the revised
statutes, was taken from the speakers able
and passed.. Mr.. Banning, chairman of the
committee on military affairs, reported bill
authorizing the secretary of war to sell the
following ordnance establishments Water
vile arsenal, New York; Washington arse>
nal, District of Columbia; Allegheny arse.
nal, Penn; Pikesville, Nd, and Watertown
arsenal, Mass. Reterred......The bill pen
siOuing soldiers of the Mexican war was then
taken up. Mr.. MCGOWAN made a speech
against the bill, and then without action the
committee rose and the house adjourned.
In the house, on the 28th, a message
was received from the president announcing
that he had vetoed the silver bill. The fol~
lowing is the full text of the presidents
message: To the House of Representatives
After very careful consideration of the
house bill No. 1903, entitled an act to au-
thOrizs the coinage of the silver dollar and
to restore its legal tender character, feel
compelled to return it to the house of repre-
sentatives, in which it originated, with my
objection to its passage. Holding the opinion
which l exp essed IN my annual message,
that neither the interest 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 maintain the volume of in
| trinsic money to as full measure of both
metals as their relative commercial values
viii permit, would be either Unj lust or mex
pedient; 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 Obliga>
ton of contracts, either public or private, or
iujuriOuslv affect the public credit 1t Is
only upon the conviction that this bill does
not meet these essential requirements that i
feel 1t my duty to withhold from it nv ap-
prOval. My present official duty as to this
bill permits only an attention to the specific
| objections to its passage, which seem to me
! so important as to justify me in asking from
| the wisdom and duty of congress that fur,
| ther consideration of the bill for which the
| constitution has in such way provided. The
| bill provides for the coinage or a silver dollar
| of the weight of 4121S grains each OF stan /.
ard silver to be a legal tender to their nom
| inal value for all debts and dues, public and
| private, except where otherwise expressly
| stipulated in the contract. 1t Ia well known
! that the market value of that number oi
! grains of standard silver during the pas;
| 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 il
! purpOFts to be worth, and is made a lega
| tender for debts contracted when the law
| did not recognize such coins as lawful money
The right to pay duties in silver or in certi
| fcates of silver deposits will, when they are
| issued in sufficient amount to circulate, pu
| an end to the receipt of the revenues in gold
| and thus compel the payment of silver fo1
beth the principal and interest of the public
debt. S1,143, ,493, 900 of the bonded debt nov
| outstanding was issued prior to February
! 1873 when the silver dollar was unknown II
the circulation of this country, and will
| only convenient form of silver bullion fOl
| expectation, $5S3, ,44O,350 of the bonded
debt has been issued since February, 1873
| when gold alone was the ccin for which III,
bonds were sold and gold alone was the coli
| in which both parties to the contract under
stood that the bonds would be paid Thes,
bonds entered the markets of the world
They were paid for in gold, when silver haC
| greatly depreciated, and when no one woul,
have bought them if it had been understoo,
that they would be paid in silver. The sun
of 1925 000,050 OF these bonds has been sol,
during my administration for gold coin, anC
| the United States received the benefit O
these sales by a reduction of the rate of in
terest to four per cent During the progres
of these sales doubt was suggested as to tn
coin IN which the payment of these bond
| would be made. The public announcement
was theFeupOn authorized that it was not t.
be anticipated that any further Legislation
of congress or any action of any department
of the government would sanction or tolerat
the redemption OF the principal of thes
bonds or the payment of interest thereon il
coin of less value than the coin authorized
by law at the time of the issue of the bonds
being the coin exacted by the government il
exchange for the ssme. In view of thes
facts IL Will Justly be regarded as a gravt
breach OF the public faith to undertake [,
pay those bonds, principal and interest, il
silver coin worth in the msrket less than tht
coin received for them. 1t is said the silve
dollar made a legal tender by this bill, unde
its operations, be equivalent in value to tht
gold dollar. Many supporters of the oil
believe this would not Justify an attempt Il
pay debts, either public or private, in coli
of inferior value to the money of the world
The capital defect of the measure is that
contains no provision protecting from it
operation the pre-existing debts in case tn
coinage which it creates shall continue to b.
of less value than that which was the sol
legal tender when they were contracted
it is now proposed, for the purpose of takin
advantage of the depreciation of silver in tn
payment OF debts, 10 coin and make lega
tender a silver dollar of less cOmmercia
value than dollar, whether of gold or paper
which is now the lawful money of this couI
try, such measure, it viii be hardly ques
toned, will, in the judgment of mankind, b
an act of bad filth as to- ali debts heretofor
contracted. The silver dollar should b
made a legal tender only at its market value
The standard of value should not be chance
without the consent or both parties to tn
contract. National promises should be keI
with anhinching fidelity. There Is no powe
to compel 5 nation to pay Its just debts. Ii
credit depends on its honor: the nation owe
what it has led or allowed its creditors I
expect. L cannot approve bill which
my judgment authorizes the violation
sacred obligations. The obligation of publ