Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-03-04
THE SILVER BILL.
Veto By the President and its Passage
Deer the Veto.

strong In Dotn DrancneS, anu the TreSl-
dent could not defeat it. The following
embraces the most important portion of
the message:
To tie House of Representatives.
After very careful consideration of
the House bill 1898, entitled "An Act
to Authorize the Coinage of the Stand
ard Silver Dollar and to Restore its Le-
gal Tender Character" | feel compelled
to return it to the House of Representa-
tives, in which it originated. with my
objection to its passage. My present of
fetal duty as to the bill permits only an
attention to the specific objects as to its
passage, which seems to me so important
as to justify me in asking from the wis
dom 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 Az IL
grains each, of standard silver, to be
legal tender to their nominal value for
all debts and dues, public and private,
except where otherwise expressly stipu-
lated in the contract. 1t is we'll known
that the market value of that number of
grains of standard silver, during the
past year, has been from 80 to 80 cents,
as compared with the standard gold dol
lar. Thus the silver dollar authorized
by this bill is worth from 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 recog-
nize such coins as lawful money.
The right to pay duties in silver, or
in certificates of silver deposit, will,
) when they are issued in sufficient
, amount to circulate, put an end to the
5 receipt of revenue in gold, and thus COM
: pei the payment of silver for both the
principal and interest of the public debt ;
S1,143, 493, 400 of the bonded debt, now
l outstanding, was issued prior to Febru-
e airy, 1873, when the silver dollar was
unknown in the circulation of this coun.
: try, and with only convenient form Of
L silver bullion for expectation 1888,
70 44O, $50 of the funded debt has been is
s. sued since February. 1873, when golc
he alone was the coin, for which the bond
d we're sold, and gold, alone, was the coil
a. in which both parties to the contract un
"a derstood that the bonds could be paid
he Those bonds entered into the markets 0
E. the world. They were paid for in gold
d. when silver had greatly deprecated, an
Id when no one would have bought them
Ia it had been understood they would b
IL paid in silver The sum of $225,000
&c 600 of those bonds has been sold durin
IN my administration for gold coin, and th
ne United States received the benefit
those sales by reduction Of the rate
- interest to per cent During the pr
:, gress of those sales doubt was sugges
% ed as to the coin in which the paymel
;, of those bonds would be made. The pu
:. lie announcement was thereupon autho
lied that it "was not to be anticipate
\ that any further legislation of Congre
=. or any action of any department of t
= government would sanction or tolera
90. the redemption of the principal of the
- bonds or the payments Of the intere
-. thereon in coin of less value than t
- coin authorized by law at the time of
80 issue of the bonds, being the coin exa'
:. ed By the government in exchange
,or the same"
-, In view of these facts it will be JUS
g. regarded as grave breach of the pr
...o lie faith to undertake to pay those bon
- principle or interest, in silver coin wo
in the market less than the coin rece
-, ed for them. 1t is said the silver doll
-. made legal tender by this bill, W
,ow under its operation, be equivalent
ala value to the gold dollar. Many supp'
III ers of the bill believe that this wo
the not justify an attempt to pay debts,
Their public or private, in coin In INF
or value to the money of the world.
atcb The capital defect of the bill is
an it contains no provision protecting +
used its operation pre-existing debts in I
been the coinage which it creates shall
mont tinue 10 De Oh less Vaiue 'han 'na' WI
olor- was the sole legal tender when they '
and contracted. If it is now proposed for
cids. purpose of taking advantage Of the
sent probation of silver in the paymen
nitric debts, to coin and make legal tendt
r was silver dollar of less commercial '
The than dollar, whether of gold or p;
heat which is now the lawful money of
ench. country, such measure. it will be
unfit ly questioned, will, in the judgmen
poses, mankind De an act Oh Dao ial'h d
nd nj all debts heretofore contraceeu'
nres. The silver dollar should be ma
r in a legal tender only at It's market
ter d. The standard Oh Value snouiu no
> ed, changed without the consent OF
he use parties to the contract Inc Nal
He promises should be kept with unf
,mains ing fidelity. There is no power to
g lady pei nation 70 pay It's just aeo'S'