River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-03-07
CONGRESS-.
silver Btll Passed Over she Presidents
Veto.

silver BIZ Passed Over she Presidents
Veto.
To the House of Representatives
After very careful consideration of House bill
1873 entitled IAN act to authorize the COIN
age of the standard silver dollar and to
restore its legal tender character l
feel compelled to return it to the
House of Representatives, in which it
originated with my objections 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 as
their relative commercial values will permit,
would be neither unjust nor inexpedient, 1t
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 I'M
pair the obligation of contracts, either public
or private. nor injuriously affect the public
credit. 1t is only upon conviction that this bull
does not meet these essential requirements u at
feel it my duty to withhold from it my APP
prevail. NV pres emit official duty as to this bill
permits only an attention to 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 further consideration of
the bill for which the constitution has in such
cases provided.
The bill provides for the coinage of silver
dollars of the weight of 4I215 grains each of
standard silver. to be legal tender ut their
nominal value for all debts and dues, public
and private, except where otherwise expressly
stipulated in the contracts. 1t Is well known
that the market value of that number of grains
of standard silver during the past year has been
from ninety to nlnety-two cents, as compared
with the standard gold dollar, Thus the silver
dollar. authorized By this bill. is worth s
to 10 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 as
lawful money. The right to pay duties in sill
yer or in certificates of silver deposits will when
they are issued in sufficient amount
to circulate will put an end to the receipts
of revenue in gold and thus compel the pay
ment of silver for both the principal and inter
est of the public debt. 81 I43, 493 400 dollars
of the bonded debt now outstanding was issued
prior to February, 1873, when the silver dollar
was unknown in circulation in this country, and
was only convenient form of silver bullion |
for expectation. $3.50. 44O $50 of the funded |
debt has been issued since February. 1878, when |
gold alone was the coin for which the bonds |
were sold, and gold alone was the coin (which |
both parties TO the contract under |
stood that the bonds would be paid |
These bonds entered into the markets of the |
world. They were paid for IN gold, when sil- /
no one would have bought them if it been |
understood they would be paid in silver. The |
sum of s225, 600 600 of these bonds has been |
sold during my administration for gold coin, /
and the United States received the benent OF /
these sales, by a reduction of the rate of inter
est 10 per cent. During the progress of these /
sales a doubt was suggested as TO the coin IN /
which the payment of these bonds would be /
made. The public announcement was there
upon authorized that 1t was not to be anticipated
that any further legislation Of Congress. or any
action of any department of the government, |
would sanction or tolerate the redemption of the
principal of these bonds or the payment I
al interest thereon IN coin OF less value tnan /
the coin authorized by law at the time Of the /
issue af the bonds, being tho coin e1-
acted By the government u exchange
for the same. In view of these facts it Will De ]
iastIy regarded IS grave breach Of the publ /
faith 10 undertake 10 pay these bonds, princi- |
nal and interest In silver CON- worth IN the /
market less than the coin received for them.
1t il said that the silver dollar, made legal