The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-03-01
VETO OF SILVER BILL.
.s. OF THE PRESIDENT.
.,,,noids His Approval BE-
lie ua Cousiders the Meas
ure violation Of the
Nations Honor.

Tbs following Is the iuI text oi 'ne
p..1sDt's message;
-, House Of Representatives:
" Ss,, %. very careful consideration OF
RuI No. 1893, entitled AN act To
h't'O h',;ze the coinage OF the sllver dollar
s1'u.'',. p.' ,ss.cre its legal tender character,
sna .,I y compelled to return it TO the House
,o,n,s.sptstives. IN which it orlglns-
..t " ~ With my objections TO It's passage.
iJ-i I,tinr the opinion which L expressed
-, ",r annual message, that neither the
-s.t. 10 ~ OF the government nor OF the
.Io of the ULited States would be
IssGT,oted bv dnpsrsging silver as one OF
,vo precious metals which furnish
'- coinage OF the world.
.-5 .-g thst legislation which looks
- - eplsrging the volume OF In
..;,.ic moSey TO rs full measure OF both
ats, ss their relative commercial
Line will permit, would be
asitber unjust pOr inexpedi'nt II
-. ben nv earnest desire TO concur with
I1,Srsss ", ore in the adoption of such measures
- ,ncresse the silver coinage OF the coun-
,.v a. would not impair the obi
lion, of contracts either public or Prl-
Ss,s or iniurioasly affect the public
lit 1t is only on the conviction that
,h, hill does not meet these essential re-
,'n,suents that l ieel It my duty to
xi,nbold from it my approval; My
r,ssep, official duty rs to that bill per-
la;,. only an attention to the spec ,tic OBJ
;.t. Of the bill, which seems 10 me the
,,,nslitution has in such way provided.
The bill provides for the coinage oil
liver dollsr of the weight OF 4l23 grams
s,eh OF standard silver, to be legal
lander at their nominal value Tor all
,.b,. and duties, public and private, ex-
Ssn, where otherwise expressly stipulated
b, the contract 1t Is well known that
-. market value of that number OF
,,sins of standard silver during
,ss past year has been from
On to 92 cents as compared
with the standard gold dollar, thus
,ss silver dollar authorized by TINS
hi, i, worth from TO 10 per cent less
than it purports to be worth, and Is made
Isl tender tor all debts contracted when
ina law did not recognize such colns rs
.v,ul money. Issued IN sufficient amount
10 circulate, it will put al end to the
receipts OF the revenue In gold, and thus
c,mpel the payment of silver for both
the principal and the interest OF the puo'
l., debt, One billion one hundred and
s.,,-,bree million four hundred and
,icrtS three thousand and four hun
l,sd dollars of the bonded debt
now outstanding, WAS Issued prior TO
Februsry. 1873, when the silver dollar
wss unknown IN the circulation OF this
country snd with only q convenient form
d, the silver bullion for expectation. Five
hundred and elghty-three million tour
hundred and forty thousand three hun
drsi snd fifty dollars Of the bonded debt
b,. been issued since February, 1870 !
when god alone WAS the com
for which the bonds were sold, ana
rold alone was the coin IN which bOIh |
parties to the contract understood that |
ihe bonds would DO paid. Those bonds |
Owed into the markets OF the world. |
They we're paid for IN gold when sill
vsr hsd greatly deprecated and when no |
one would nave bought them, II 1t had |
been understood that they would be- paid !
in silver. The sum of S225, OOOCOO OF |
those bonds has been sold during my sd- !
u,ni,trs,lon for gold com, and the |
United States received the benefit
ol those sales by reduction
Of the rate OF interest to |
iuur per cent. Daring the progress OF
those sales dtuht was suggested Ms tC |
the coin in which the payment of those
bonds would b. made. The public an
uounCemeni WAS lhcreupon authorized !
that il was nu. To be anticipated that any |
further legislation Of Congress, or any |
actlon Of any department OF the govern
ment, would sanction or tolerate the re-
demption OF the principal Of these bonds
ur the payment of interest thereon IN |
other coin than that exscted by |
the government in exchange for |
the same. In view OF that tact, 1t |
will be Justly regarded rs grave
bresch Of public faith to undertake to
pay these bonds, principal or Interest, in
silver coin worth in the market less
iOan the coin received FOR them.
1t is said that the silver dollar
made legal tender by this
bill will under its operation, be eGulya-
lent in full TO the gold tollsr. Many OF
the supporters OF the bill believe this. Is
!. just to attempt to pay debts, either
public or private, in coin OF inferior
vSlGe to the money of the world2 The
Cspisl defect of the measure is that II
contains no provision protecting from It's
operation pre-existing debts in case the
consge which Il creates shall continue -
b Of less value than that which was the
sole legal tender when they were con-
rsc.ed. II il is now proposed, for
The purpose of taking advan.
isge OF the depreciation of silver
IN payment of debts, TO ccln and make
legal tender silver dollar OF less com.
mefclsl value than q dollar, whether ot
gold or paper. which is now lawful
money Of this country, such measure,
viii be hardly questioned, will IN the
judgment OF the mankind be an act OF
0ai iSjth as. To al debtsheretotOre con.
NsC;ed, the silver dollar should be
made legal tender only At its market
's.ue. The standard OF value should not
oe changed without the consent OF both
parties 10 the contract. The National
Promises should be kept with unfinching
nelly. There is no power 10 compel =
Ls''on to pay its just debts. Its credit
depends on its honor. The nation knows
VIA. 1t has led ItS creditors TO expect.
| can not approve n bill which
10 my Judgment authorizes the violation
o sscred obligations. The obligation OF
pubic faith trsrscends sll questions OF
P'oAt or public advantage. It's unqucs-
"easoie maintenance Is the dictate rs
We! OF the highest experience rs OF the
most necessary daty, and should ever be
@"feilly guarded by the Executive, by
Sonsfess and by the people. Ii Is my
S'n conviction that il the country Is to be
UeGeaIted by silver coinage it can be done
oni! oy the issue Of silver dollsrs of full
'A!ue, which will deirsud no man; and
,tfiency worth less than it purports 10 be
VIII 10 the end deirsud, not only the
TsllIors, but all who are engaged in
legitimate business. and none more as-