The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-03-07
CONGRESS.
FIRST SESSION.
HAYES'S SILVER VETO VETOED
BY Over TWO.Thlrds In Senate and HOuSe-The
Veto Message ga Charge Of Fraud by Fraud"
SO the Silver Bill Is q Law; the Veto to
the Contrary Notwithstanding
Vote in House 1876 to 73-
In Senate 40 to 10!

w dbuluBJOu) HOuIudAy GO' hO lOol'
dent returned the Silver bill to the House
at lao p. m. without his signature, He
gave bis objection to the bill, which were
read in both the Senate and House oi
Representatives, when both bodies pass
ed the bill over his veto, Below is given
the text of the message and the proceed
ings of Congress on the subject;
HOUSE.
A message was received from the Pres
ident announcing that he had vetoed the
Silver bill.
Mr.. Stephens moved to proceed to The
business on the Speakers table for the
purpose of taking up the veto message,
The Speaker said the motion was un-
necessary, as it was the duty of the Chair
to present it.
The Speaker thereupon, having first
seen that order was restored and observ'
ed, laid the message before the House.
MR.. HAYEs's VETO MESSAGE.
The following is the full text of the Presidents
message:
To The House of Representatives..
After very careful consideration of House
Bill No. ,O93, entitled "An act to authorize the
coinage of the standard silver dollar and to restore
iis legal tender character" feel compelled TO re.
turn Ii to the House Of Representatives in which
Il oripinated, with my objections to its passage.
Holding the opinion which expressed in my an.
nual message that neither the interests Of the
Government nor the people of the United States
would be promoted by disperagng silver as one
Of the two precious metals which furnish the coin.
age of the world, and that legislation which looks
TO maintaining the volume Of intrinsic money to
AZ full a measure Of both metals as their relative
commercial value will permit would be neither
unjust nor inexpedient, 1t has been my earnest
desire to concur with Congress in the adoption of
sch measures to increase the silver coinage of the
| country as would not impair the lobligation of
contracts either public or private, nor injuriOusly
affect the public credit
II il only upon the conviction that this bill does
| NOT meet these essential requirements that feel
| Il nv duty to withhold from 1t my approval. My
present official duty as to this bill permits only an
attention to the specific objections to It's passage,
which seem TO me so important as to justify mein
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 412l% grains each OF standard silver, to
be legal tender at their nominal value for all
debts and dues, public and private, except where
otherwise expressly stipulated in contracts 1t is
well known that the marketvalue of that number
of grains of standard silver during the past year
has been from ninety to ntnety.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 1t purports to be
worth, and 1t is made legal tender for debts
contracted when the law did not recognize such
| coins as lawful money. The right 70 pay dues in
silver or in certificates of silver will, when they
are Issued in sufficient amount 10 circulate put an
end to the receipt Of revenue In gold, and thus
compel the payment of silver for both the prlnci-
pal and interest of the public debt 81 l43 400
| of the bonded debt now outstanding was issued
prior to February, 1873, when the silver dolarwas
unknown In the circulation OF this country, and
was only convenient form of silver bullion for
expectation S5SS, $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 10
the contract understood that the bonds would be
paid. Those bonds entered into the markets Of
the world. They were paid for In gold when sill
vei had greatly deprecated, and when no one
would have bought them II 1t had been under
stood they would be paid In silver.
The sum Of S225 900, 900 Of those bonds has been
sold during my administration for gold coin, and
the United States received the benefit of those
sales by reduction 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 those
bonds would be paid ThePu9lic announcement
was thereupon authorized that 1t was not to be
anticipated that any legislation ofCOngress
or any action of any department of the Govern
ment, would sanction or tolerate the redemption
OF the principal Of these bonds or the payment Of
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 Justly be regarded as grave breach Of the
public faith to undertake to pay these bonds, prin
cipal or interest in silver coin, worth, In the mar
ketless than the coin received for them. 1t Is
said the silver dollar made legal tender by this
bill will. under Its operation, be equivalent in
value to the gold dollar Many supporters Of this
bill believe this, and would not justify an attempt
10 pay debts either public or private In coin Of
inferior value to the money of the world.
The capital defect OF the bill Is that It contains
no provision protecting from Its operation pre- ex.
listing debtB In case the coinage which II creates
shall continue 10 be OF less value than that which
was the sole legal tender when they were contact.
ed. lift u now proposed for the purpose OF fixing
AdYAntase Of the deptecia os alyey IN payment