The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1878-03-08
Teto of the Stlrer BIZ.

The following veto of the Silver bill was
sent to Congress by Mr.. Hayes on yester-
day week:
After a careful consideration of House bill
f.O93 entitled An act TO authorize the coinage
of the standard silver dollar and to restore us
legal tender character" | feel Compelled TO re-
turn II to the House of Representatives. IN
which it originated. with my objections TO It's
passage. Holding the opinion which express
cd in my annual message. that neither The 1T.
rerests OF the government nor the people of
the United States would be promoted by dis
paraVing silver as one OF the TWO precious me
ials which furnish the coinage OF the world,
and that legislation which looks to maintaining
the volume OF intrinsic money TO as 1uil u
ne.snre or both metals as their relative COM
mercial values will permit, would be neither
unjust nor inexpedient,' ii has been my earnest
desire to concur with Congress in the adoption
of such measures to increase the SILVER cOlilage
OF the county as would not impair the oollga-
tion of contracts, either public or private nor
ipiuriousIy affect the public credit. III IS only
upon the. conviction that this bili does not meet
these essential requirements that | feel II my
duty to withhold from 1T my approval. Ny
pr, sent official duty as this bill perolits only
AN attention to the specific objections TO It's
passage. which seems to me so important as 10
iustifv me in asking from the wisdom and duty
{ of Congress that further consideration OF the
bill Cor which the Constitution has in such cases
provided.
NINETY-TwO CENTS FOR DOLLAR.
The bill provides for the coinage of silver
dollars of the weight of 4l254 grains each OF
nominal value for all debts and dues, public
and private, except where otherwise expressly
that the market value of that number OF grains
, of standard silver during the past year has been
with the standard gold dollar. Thus the silver
dollar authorized by this bill is worth to 10
per cent. less than it purports TO be worth, ana
is made a legal tender for debts contracted
when the law did not recognize such CONS as
lawful money The right to pay duties in sill
yer or in certificates OF silver deposits wiii,
when they issued i'm sufficient amount to
circulate, put an end to the receipts OF revcn-
ues in gold and thus compel the pay OF
silver for both the principal and interest of the
public dett. H.1i3,49 ,400 of the bonded debt
now outstanding was Issued prior TO tehruary.
1873, when the silver dollar WAS unknown in
circulation in this country, and was only con-
venient form OF silver bullion Tor expectation;
1858, ,i40.350 OF the funded debt has been issued
since february, 1873, when gold alone was the
coin for which the bonds sold. and gold
alone was the coin in which both parties to the
contract understood that the bonds would be
raid. These bonds entered 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 il it had been under
stood that they would be paid in silver, The
sum of $225 100000 of these bonds mas been sold
during my administration Cor gold coin, and
the United States receives the benefit of these
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 payment OF these bonds would be made.
The ntlbc announcement was thereuDon uu-
thurizcd that il was mot to be anticipated that
any further Legislation of Congress or any ac-
tinn Of any dppgrtment of the Government
would sanction or tolerate the redemption of
the principal of these bonds or the payment OF
the interest theI con in coin of less value than
issue of the bonds, being the coin eXaCted by
the government in exchange for the same" In
view OF these facts il will be justly regarded as
a grave breach of the public faith to undertake
to pay these bonds. principal or interest, in sill
Yer coin worth in the market less than the coin
received fer them. 1t is said that the silver
dollar. made legal tender by this bill, viii,
the gold dollar. Many supporters of the bill
believe this, and would not Justify attempt
to pay debts either public or private, in coin
OF inferior value to the money OF The world.
DEFECT.
The capitalJlerect of the bill is that II contains
no provision protecting from its operation pre-
existing debts in case the coinage which it cre-
ates shall continue 10 be Of less value than that
which was the sole lcgHl tender when they were
pose of taking advantage of the depreciation
of silver in the pay mcut of debts, to coin and
make legal tender silver dollar OF less COM
mrrcial value Than any dollar, whether OF gold
or paper, which is now lawful money in this
country, such measure, it will hardly be ques-
TONED, VIII, 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 only at its market value. The
standard of value should not he changed with
out the consent of both parties 20 The contract.
National promises should be kent with uufIincb-
ing fdcity. There is no power to compel "A ma
tun to pay its just debts. It's credit depends
on its honor. The naliOn owes what II has led
/ or allowed its creditors to expect. | cannot
approve a bill which, in ms judgment, author
ICES the violation Of sacred ohligations Tho
obligation OF the public faith transcends all
questions of profit or public advantage. Its
unqucstionable maintenance is the dictate as
f
necessary duty, and should ever he carefully
guarded by the Executive, 10y Congress and by
/ the people. 1t is my firm conviction that il
. the country is to he benefited by silver coin
age, il can be done only by the issue of silver
dollars of full value, which will dpfraud no
man. currency worth less than 1t purports
( to be worth will in the end cefraui not only
creditors, but all who are engaged in legitimate
business. and none more surely than those who
are dependent on their daily labor for their
daily 1rcad. X. B. HAYES.
/ EXECUTIVE MANSION, February 2S, 1873.
/