Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1878-03-13
VETOED.

VETOED.
President Hayes Returns the Silver
| Bill to the House without His sigma
| ture.
| The following is the full text of the
presidents message vetoing the silver
bill:
To the House ot Representatives.:
After very careful consideration OF the
house bill 1888, entitled, can act to authorize
the coinage of standard silver dollar, anG
to restore its legal tender character" feel
compelled to return it to the house OF repre-.
seutatives, in which it originated, -ith my
objection 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
measure of both metals a. their relative
commercial values will permit would be
neither unjust nor inexpedient, it has been
nv 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, or injuri"usly affect pub
lie credit
II is only upon the conviction that this
bill does not meet these essential require.
ments that feel it my duty to withhold
from is my approval. My present official
duty, as to this bill, will permit only an at
tention to the specific objections to it's pas
sage. which seem to me so important rs to
Justify men 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 dollar of the weight
of 4l2h grains each of standard silver. to be
legal tender to their nominal value for all
debts and dues, public and private, except
where otherwise expressly stipulated in
contracts. 1t is well known that the mar.
ket ya,ue of that number of grains of stan
dard silver, during the past year, has been
| from ninety to uinety-two 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, and is made legal
tender for debts contracted when the law
did not recognize such coins rs lawful
money. The right to pay duties in silver,
or in certificates of silver deposits, will,
when they are issued in sufficient amount
to circulate, put an end to the receipt OF the
revenue in gold, and thus compel the pay.
ment of silver for both the principal and
interest of the public debt. One billion,
one hundred and forty-tbree million, four
hundred and ninety-three thousand, four
hundred dollars of the bonded debt now
sry. 1873, when the silver dollar was un
known in the circulation Of this country
and with only a convenient form OF silver
bullion for expectation.
/ Five hundred and eighty-three millions
four hundred and forty thousand, three
hundred and fifty dollars OF the bonded
debt has been issued since February, 1873
when gold alone was the coin for which ths
bonds were sold, and gold alone was th'
coin % in which both parties to the contrac
understood the bonds would be paid. Thos,
bonds entered into the market of the world
They were paid for in gold when silver hat
greatly deprecated, and when no one woult
have bought them ii it had been understood
they would be paid in silver. The sum Q
$225, GOO, 600 of these bonds have been soil
during my administration for gold coin. AM
the United States received the beneht o
these sales by a reduction Of the rate OF in
terest to four per cent. During the progress
of these sales doubt was suggested as Il
the coin in which the payment of thes
|, bonds would be made. The public IN
nouncement was thereupon authorized tina
: it was not to be anticipated that any furthe
; legislation of congress or any acuon OF an
. department Of the government would sane
: ton or tolerate the redemption OF the prn
I cipal of these boz ds or Of the payment o
interest thereon in coin of less value thai
! exacted by the government in exchange 10
i the same. -
: In view Of these facts it will be Justly n
y yarded as q grave breach Of the put
= lie faith to undertake to pay these bond
i principal and interest, in silver col
s. worth in the market less than the coin r.
J, ceived for them. 1t is said that the sitv.
:. dollar made legal tender by this bill, vi
under its operations be equivalent, in tul
y to a gold dollar. Many supporters OF tn
p hi,I believe this, aud would not justify IN a
4, TEMPT to pay the debts, either public or pII
n, vate. in a coin of inferior value to u
4 money of the world. The capital defect
e. the bill is that it contains no provision pr
d, tecting from its operation pre-existing deD'
II, in case the coinage which il creates shs
s- continue TO be OF less value than that whi'
= WAS the sole legal tender when they We
r, contracted. If it is now proposed, for q
+, purpose of taking advantage OF the deP'
coin. and make as legal tender silver d
In II. lar OF less commercial value than any do!l'
iii whether OF gold or paper, which is now Ia
he full money Of this country; such measul
TO it will be hardly questioned, will, in I
he Judgment of mankind, be an act OF D
81 . faith AS to all debts heretofore contracte
IVY The silver dollar should be made legal 4
der only at its market value. The standa
of value should not be changed without
ed consent of both parties to the contra
NV National promises should be kept with y
~; flinching fidelity. There 10 no power
80 compel Q nation to pay its just debts. ),
The credit depends on its honor; the natl
ed. owes what it has led or allowed its credit
,i. oie. to expect. 81, -, :
ills cannot approve bill which, in
Judgment. authorizes the violation OF sac
obligations. The obligation of public !,
Mt transcends all questions Of proht or pu'
advantage. Its unquestionable mainsena
nng ;s the dictate as well of the highest exp'
I'M epcy AS of most necessary duty, and sho
l'e' ever be carefully guarded by the execut
Gx- s. by congress, and by the people. 1t 10
. ~ firm conviction that il the country If U
GER benefited by silver coinage IT can be q
gold only by the issue of silver dollar Of
du, yalue-which will defraud no man.
,n.a Ma, rency worth less than it purp0rts to
'.sd worth. will in the end defraud not
ad- creditors, but all who are engaged in lie
mate business, and none more assuf
than those who sre dependent ON
.ad daily labor for their daily bread.
ISignedl RUTHERFoRD B. HAiI
a'es President of the United st
,sing
for a -