Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-03-01
HE We TO ED IT.
TO Please Goldites.
Congress Acts Quick
And 0verrides Hayes.
Glory, Glory, Glory J!
Good, Good, Good !!

WASHINGTON, Feb. 28.-The following is the
full text of the Presidents message
To the House of Representatives
After very careful consideration of House bill
1893, entitled, can act to authorize the coin
age of the standard silver dollar and to
restore it's legal tender character !
feel compelled to return it to the
House of Representatives., in which it
originated with my objections to it's 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, 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 i'm
pair the obligation of contracts, either public
Or private, nor injuriously affect the public
credit. 1t is only upon conviction that this bill
does not meet these essential requirements that
l feel it my duty to withhold from it my APP
proval. My present 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 constit ution has in such
cases provided.
The bill provides for the coinage Of silver
dollars of the weight of 412l5 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 the contracts. 1t is we'll known
that the market value of that number of grains
of standard silver during the past year has been
from ninety to ninety-two cents, as compared
with the standard gold dollar, Thus the silver
dollar, authorized by this bill, is worth 8
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
Of revenue in gold and thus compel tie pay
ment of silver for both the principal and inter
est of the public debt. 81, 143, 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. 1858, 440,350 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 in 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 sill
yer had greatly deprecated and when
no one would have bought them if it been
understood they would be paid in silver. The
sum of 1926, 900 of these bonds has been
sold during my administration for gold coin,
and the United States received the benefit of
these sales, by reduction of the rate of inter
est to per cent. During the progress of these
sales doubt suggested as to the coin in
which the payment of these bonds would be
made. The public announcement was there
upon 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 REDEEM ption 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 cx-
acted by the government in exchange
Tor the same. In view of these facts it will be
Justly regarded as a grave breach of the public
faith to undertake to pay these bonds, princi-
pal and interest, in silver coin, worth in the
market less than the coin received for them.
1t is sand that the silver dollar, made legal
tender by this BILL will, under it's operations
be equivalent in value to the gold dollar MANY
supporters of the bill believe this, and 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 bill is that it
contains no provision protecting from it's oper-
alton 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 is now pro-
posed, for the purpose of taking advantage of the
depreciation of silver in payment of debts to
coin and make legal tender silver dollar of less
whether of gold or paper, which is
now lawful money in this country, such
measure, it will be hardly questioned, will, in
the Judgment of mankind, be an act of bad
faith. As to all debts heretofore contracted the
silver dollar should be made a legal tender onlv
at it's market value. The standard of value
should not be changed without consent of both
parties to the contract.
National promises should be kept with I'M
f1inching fidelity. There is no power to compel
nation to pay its just debts. It's credit de-
it had led or allowed it's creditors to ex-
pect, cannot approve a Dill which,
in my Judgment, authorizes the vio-
lation OF sacred obligations. The obliga-
tlon OF pubic faith transcends all question of
profit or public advantage. It's unuuestionable
maintenance is the dictate as well of the high
est expedlency as of the most necessary duty
and should ever be carefully guarded by the
Executive, by Congress and by the people.
1t is my firm conviction that if the conn
try is to be benefited by silver coinage il
can be done only by the issue of silver dollars
of full value, which will defraud no man. A
currency worth less than it purports to be
worth will in the end defraud not only creditors
but all who are engaged in legitimate business.
and none more assuredly than those who are
dependent on their daily labor for their dailv
bread.
(Slgned) RUTHERFoRH B. HAYES,
President of the United States
Executive Mansion, Feb. %, 1878.
Senate.
WASHINGTON, Feb. Ex-senator Conkling said
that in the course of the debate upon the Pen
sion bill yesterday, one or two Senators alluded
with some surprise to the fact that Coster. an
pointed pension agent at New York, had
never been qualified. Coster came this morn
ing and brought with him bond signed by a
large number of men known to him and othe,
Senators. It was drawn by the district at
torney and was copy of the bond under which
MIR. Hillhouse, assistant treasurer at New York,
performed his duties. The obligors owned
property to the value of S500,OO0. This bond