Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1878-03-06
The Presidents Veto.

The Presidents Veto.
The following is the text of the Presi-
dents message vetoing the Bland silver bill
"To The House Of Representatives. After very
careful consideration Of House bill No. 1893, en-
titled An act 10 authorize the coinage Of the sill
yer dollar and to restore its legal-tender char
acter,' 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 disparagiDg silver ~ one of the two precious
metals which furnish the coinage OF the world
and that legislation which looks to maintaining
the value of intrinsic money TO as full a measure
of both metals rs their relative commercial value
will permit, would be neither unjust nor nexpe-
dent 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 obligation Of contracts either
public or private, or iniuriously affect the public
credit 1t is only upon the conviction that this
bill does not meet these essential requirements
that feel it my duty to withhold from it my
approval.
"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 further consideration of the bill
for which the constitution has in such cases pro-
vided The bill provides for the coinage of silver
dollars Of the weight of four hundred and twelve
and one-half grains each of standard silver to be
a legal-tender at their nominal value for all debts
and dues, public and private, except where other
wise expressly stipulated in the contract. 1t is
wel-known that the market value of that num-
Der of grains of standard silver during the past
year has been from ninety to nnety-two cents as
compared 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 as lawful money.
"The right to pay duties in silver or in certif-
Gates of silver deposits will, when they are issued
in sufficient amount to circulate put an end to the
receipt of revenue in gold and thus compel the
payment of silver for both the principal and in
terest of the public debt; 81, 143 i93 400 OF the
bonded debt now outstanding was issued prior to
February, 1873, when the silver dollar was I'M
known in the circulation of this country and was
only a convenient form of silver bullion for ex-
portaton; $685., i40, $50 OF the funded debt has
been issued since February, 1873 when gold alone
was the coin for which the bonds were sold, and
gold alone was the coin in which both parties to
the contract understood that the bonds would be
paid These bonds flowed into the markets of
the world. They were paia for in gold when
silver had greatly deprecated, and when no one
would have bought them, If it had been under
stood that they would be paid in silver The sum
Of S25 600 600 Of these bonds has been sold during
my administration for gold coin, and tile United
States received the benefit Of these sales by re-
duction of the rate of interest to four 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 an
nouncement was thereupon authorized that it 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 re-
demption of the principal of these bonds, or the
payhent Of the interest thereon in 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 in exchange for the same In
view OF these facts 1t will be justly regarded
grave breach of the public faith to undertake to
pay those bonds, principal or interest, in silver
| coin worth in the market less than the coin re-
| ceiyed for them.
II is said that the silver dollar made a legal
tender by this bill will under its operation be
equivalent in value to the gold dollar. Many
supporters of the bill believe this and it would
not justify an attempt to pay debts either public
or private in coin of inferior value to the money
of the world The capital defect of the measure
is that it contains provision protecting from it,
operation pre-existing debts, in case the coinage
which 1t creates shall continue to be OF less value
than that which was the sole legal tender when
they were contracted If it il now proposed, fol
the purpose Of taking advantage of the deprecia
ton Of silver in the payment of debts, to coin and
make legal tender u silver dollar OF less com
mercal value than any dollar, whether of gold oil
paper which is now the lawful money in thi'
country, such measure, it will hardly be ques
toned, will, in the Judgment of mankind, be al
act of bad faith as ~ all debts heretofore con
traeted The silver dollar should be made n lega
tender only at its market value. The standard o.
value should not be changed without the consent
of both parties TO the contract National prom
Uses should be kept with unhinching fidelity
There is no power to compel nation to pay 1T
just debts. Its credit depends on its honor
The nation owes what it has led or allowed it
| creditors to expect.
81 cannot approve bill which, in my judg
ment, authorizes the violation OF sacred obliga
tlons The obligation of public faith transcend
all questions of profit or public advantage. IL
unquestionable maintenance is the dictate as wei
OF the highest expediency as of the most neces
sary duty, and should ever be carefully guarded
by the Executive, by Congress, and by the people
1t is my firm conviction that II the country Is t
be benefited by a silver coinage, 1t can be dom
only by the issue of silver dollars Of full value
which will defraud man; and currency wortl
less than it purports to be worth will in the en'
defraud, not only creditors, but all who are en-
gagged in legitimate business, and none more as
suredly than those who are dependent on thei
daily labor for their daily bread. Il, b. HAYES
Executive Mansion February 2S, 1878"