Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-03-06

nor of the people of the United States
would be promoted by disparaging sill
yer as one of the two precious metals
which furnish the coinage of the world
and that legislation which looks to the
contracting Of the volume of intrinsic
money to as full measure of both
metals as their relative commercial
value will permit would be neither I'M
just nor inexpedient. It has been my
earnest desire to concur With congress
in the adoption of such measures to in:
crease the silver coinage Of the country
as would not impair the OBJ
legation of contracts, either
public or private, or injuri-
ously affect the public credit.
1t is only on 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 that bill per-
mits only an attention to the specific
| objects of the bill for which, it seems to
me, the constitution has provided. The
bill provides for the coinage of silver
dollars of the weight of 412a grains
each, of standard silver, to be legal
tender to their nominal value for all
debts and duties, public and private,
except where otherwise expressly stip-
ulated in the contract. 1t is we'll known
| that the market value of that number
of grains, 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
from s to 10 per cent. less than it pur-
ports to be worth, and is made legal
tender for debts contracted when the
law did not recognize such coins as law
full money issued in sufficient amount to
circulate, and it would put an end to the
receipt of revenue in gold and thus
compel the payment of silver for both
the principal and interest of the public
debt. 81 143, 493, 400 of the bonded
debt now outstanding was issued prior
to February, 1875, when the silver dol
lar was unknown in the circulation of
this country, and with only convent
ent form of silver bullion for exporta-
ton. 1888, 44O, $50 Of the bonded debt
has been issued since February, 1873,
when gold alone was the coin in which
both parties to the contract understood
the bonds would be paid. These bonds
flowed into the markets Of the world,
they were paid for in gold, when silver
had greatly deprecated, and when no
one would have bought them if it had
been understood that they would be
paid in silver The sum of 1925, 100000
of those bonds has been sold during my
administration, for gold coin, and the
United States received the benefit of
those sales by a reduction Of the rate
of interest to four per cent. during
the progress of these sales as
doubt was suggested to the coin
in which the payment of these bonds
would be made. The public announce
ment was thereupon authorized that it
was not to be anticipated that any fur
Their legislation of congress, or any &C
ton of any department Of the govern
ment would sanction or tolerate the re-
demption of the principal of these bonds
or the payment Of interest thereon in
coin, other than that enacted by the
government in exchange for the same
In view of that fact it will be Justly re-
garded as a grave breach of the public
faith to undertake to pay these bonds,
principal Or interest in silver coin worth
in the market less than the coin re-
ceived for them. 1t is said the silver
dollar made a legal tender by this bill
will, under its operations be equivalent
in full to gold dollar Many support
ers of the bill believe this, and that it is
just an attempt to pay debts either pub
tic or private, in coin, inferior in value
to the money of the world. The capital
defect of the measure is that it contains
no provision protecting from
its operation pre-existing debts in case
the coinage which it creates shall con-
tinue to be ofless value than that which
was the sole legal tender where they
were contracted. If it is now proposed
for the purpose Of taking advantage of
the depreciation of silver in payment
Of debts to coin and make legal ten
der silver dollar of less commercial
value than a dollar, whether of gold or
paper which is now lawful money of
this country such q measure, it can be
hardly questioned, will in the judgment
of mankind, be an act Of bad faith, as
to all debts heretofore contracted. A
legal tender only to it's market value.
The standard Of value should not be
parties to the contract. National prom
ises should be kept with unhinching
fidelity. There is no power to compel
a nation to pay its debt.
It's credit depends upon its honor.
[ cannot approve bill which, in my
judgment, authorizes the violation of
sacred obligations. The obligation of
public faith transcends all questions of
profit or public advantage. Its unques-
tionable maintenance is dictated as
we'll by highest experience as by 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 country
is to be benefited by silver coinage, it
can be done only by the issue of silver
dollars of full value, which will defraud
no man, and currency worth less than
it purports to be will, in the end, defraud
not onl y creditors, but all who are en-
ro rod ~, 1oriti7,o TO b,,cipocC o,J mana