Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-02-28

The President VetOes the
Silver Bill.
Passed over the Veto by
Both Houses.
AN OVERWHELMING VOTE FOR
RECONCILIATION.
A New Purchase by the Pacific
Nail Company.
lsrsctAL DurArcH TO -rHs Coin HUI
DAILY NEws.1

lbPuotAL DISPATCH TO fhs ooLp nhA
DAILY NEws.l
The silver Bill Passed over she
Presidents Veto.
WASHINGTON, Feb. 2s.-A At l:40 tho
Speaker laid the veto message before tho
House. and perfect order having been
secured. appointed . clerk. who read 1t.
The President says II has been his earnest
desire 10 concur with Congress In the
adoption Of measures to increase the silver
coinage Of tho country. but SO a. not TO
impair obligations'or contracts. public or
private. nor to i~njuriously Affect the public
credit. II was only on the conviction that
this bill did not meet that essential re-
quirement, that he felt II his duty to with
hold from II his approval. The message
further statos that the capital defect OF tho
bill Is thai, It contains no provision pro-
tecting from It's operation pro-
existing debts. in case tho coinage
which II creates shall continue Of less
value than that which was the sole legal
tender when they were created. In tho
Judgment OF mankind II would DO an act
Of bad faith. The standard Of value
should not DO changed without the con-
sent Of both parties TO the contract.
The national promises should DO kept
with unainching fidelity. Ito couli not
sign . bill which would authorize the
breaking Of sacred obligations. The
obligation OF tho public faith and
credit certainly transcribed all questions
Of profit. or public advantage. ltsiun-
Questionable maintenance was tho dictate,
- we'll OF honesty. ~ Of cIpedience, and
should over DO carefully guarded by the
executive. by Congress, and by tho people.
WASHINGTON. February 2s-3 p. NJ
The Silver bill has passed tbs House over
the Presidents veto. by q vote OF l9G o as.
WASHINGTON. Feb. 2s.-Thc Senate At
4 O'Clock passed tho Silver bill over the
Presidents veto. without dobaie, by . vote
Of SO 70 10.
Hayes First Veto Message.
WASHINGTON. Feb. 2s.-Following Is tho
full text Of the Presidents message veto
Ing tho silver bill:
To tho House Of Representatives: After
very careful consideration Of House bill
1908, entitled I" An Act 10 authorize the
Coinage Of tho Silver Dollar, aud IN lie.
store ia Legal Tender character l feel
compelled TO return II to tho
House Of Representatives, In which 1t
originated. with my objections TO It's pas
sage. I hold tho opinion which 1 OK
pressed In my annual message, that neither
The interests Of tho Government, nor OF
tho poople Of tho United States, would
DO promoted by disparaging silver
AZ one Of the two precious mo-
tails which furnish the coinsge Of tho
world, and that legislation which looks W
contracting tho volume Of international
money 10 a. full q measure Of both metals.
a. their relative commercial value viii
permit, would be neither unjust nor mex
pedisnt.
lAt tho time Of going 10 press only the
foregoing clause Of the message has been
received--Ep. NEws.l
O~pposision "a she Pacific Mall
BsuEhs Ia.
Nrw Yonx. Feb. 2s.-The World says I:
Tho protractcd negotiations between the
Pacific Nail Steamship Company and the
Panama Transit Company, for tho pur-
chase Of the property Of tho latter COM
psny by tho former. were concluded yes.
terdsy afternoon. The Pacific Mail Com.
pany has purchased tho feet and all the
rights Of tho Panama Transit Company,
including It's contracts with the Panama
Railroad Company. for $i.35O.OO0. OF
this sum. $1,000. 900 was paid down In
bonds Of tho Panama Railroad Company,
which tho Pacific Mail Company has Dor.
rowed Of that corporation. As security
for this loan, the Pacific Mail Company
has given TO the Railroad Company . bill
of sale Of fourteen OF Its best steamships.
This bill Of sale was at onco registered at
the custom.houso by Deputy Collector
wynkoop. Tho remaining $35o,oOO 10 to
be paid In monthly installments Of $780,
900, the Panama Transit Company holding
simply the notes OF the Pacific Mail Com
pany Tor the amount. The actual market
value Of tho fleet Of ships Ia estimated
to be 500, 900, but II Ia said they
are worth moro 10 the Pacific Mail
Company because Of their being already
ON H. routes aud we'll fitted for its bust.
meas. Other motives Of the purchase are
thc termination OF the rivalry between tho
- --..-.ut.a aul llo nunnrtunItH NE
fered 10 make Q more favorable contract
with tho Panama Railroad Company. The
contract made with the Panama Railroad
Compsny under the Jay Gould manage
ment OF the Pacific Mail Company. was for
An equal division Of the net income from
all b~usinoss done Jointly by the Steamship
Go. and Rsilroad. Besides getting clear Of
this d~isadyantageOus contract the Pacific
Mail Company Also obtains an extension Of
time for tie payment Of It's debt Of $780,.
600 W the railroad company. and receives
hack 81, 500, 900 Of its bonds, which IL had
pledged % security for this and other
loans. These bonds will be destroyed In .
few DAYS. According 10 the new contract
with tho Panama Railroad Company the
steamship and railroad companies ars to
transact business jointly for ten years
from February LIST, and the railroad com.
pany IL 10 receive one-quarter Of tho net
earning instead Of one-half N formerly.
Tho trafic account, Al we'll ~ interest
upon the bonded loan Ia TO DO settled
monthly.
The v~anderbiis VIII Case.
NEW YoRK. Feb. 27.-In the Vanderbilt
will case to-day . motion was made to