Year: 1878

w.suvGroN Feb. 2S.-The President sent the
following veto of the Silver Bill to the Lower
House of Congress to-day


To the House Of Representatives.:


After yery careful consideration Of House Bill
lO93 entitled An act TO authorize the coinage OF
the standard SILVER dollar. and to restore its le-
BARTENDER character" / feel compelled TO return
II 10 the House of Representatives. in which it
originated. with my objections to its passage


Holding the opinion which expressed IN my an
nua message that neither the interests of the Gov
ernment of 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
mantaining the volume OF intrinsic money
10 as full a measure of both metals as
their relative commercial values will permit,
would be neither unjust nor inexpedlent,
Il has been my earnest desire to concur with Con-
Cress 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 pubic or prl-
vate nor iniurIousv affect the public credit. 1t is
only on the conviction that tins hill docs not meet
these essential requirements that feel 1t my duty
10 withhold from il my approval.


NV present Official duty as to this bill permits
only an attention to the specific objects of the bill,
which seem to me so important as to justify NE IN
asking from the wisdom and duty of Congress that
further consideration of the bill for which the Con-
stitution has in such cases provided.


THE COIN \ LIE on IT'S FACE.


The bill provides for the coinage of silver dollars
# the weight OF 412l2 grains EACH OF standard sl-
yer tn be legal-tcndcr to their nominal value for
all debts and dues, public and private. except where
otherwise expressly stipulated in the contracts.


It's well known that the market value OF that
number Of grains of standard silver during the past
wear has been from 90 to 92 cents compared with
the standard gold dollar. Thus the silver dollar
authorized by this bill is worth from > TO ~ per
cent less than purports to be worth, and made
nlecal-tender for debts contracted when the law
did not recognize such CONS as lawful money.


The right to pay duties in silver in certificates of
silver deposit will, when they are issued Ill sufficient
amount to circulate, put an end to the receipt of
revenue in gold, and thus compel the payment OF
SILVER for both the principal aud interest OF the
public debt.


A SOLEMN PROMISE TO PAY IN GOLD.


One billion one hundred and forty-three million
four hundred and ninety-three thousand four hun
dred dollars of the bonded debt now outstanding
was issued prior to February 1873, when the silver
dollar was unknown in the circulation OF this coun-
try and was only a convenient form of silver bull
lion for expectation


Five hundred and eighty-three millions four
hundred and forty thousand three hundred ana
nifty dollars OF lut Donutu uSDh nus 'SNH '''~'N
since February, 1873 when gold alone was the
coin for which the bonds sold, and gold alane
Was the coin in which both parties to 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 silver bad greatly de-
preciated 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 these bonds have
been sold during my administration for gold
coin and the United States received the ben
eft of these sales by reduction OF the rale OF
interest 10 per cent.


During the progress of these sales doubt was
suggested as to the coin in which payment of these
bonds vould be made The public announcement
was thereupon authorized that it was not to be an
tIcipated that any further legislation of Congress,
or any action of any department of the Government
would sanction or tolerate the redemption of the
principal of these bonds, the payment OF the in
terest thereon, in coin Of less value than the coin
authorized by law at the time OF the lssne 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 grave breach of public
faith to undertake to pay these bonds. principal
OF interest IN silver coin, worth i'll the market less
than the cola received for them,


A CHEAT UPON PRIVATE CREDITORS.


Ills said that the silver dollar made legal-ten-
der by this bill will under its operation, be equiv
alent in value TO the gold dollar. Many supporters
of the bill believe this, and would not Justify an
ATTEMPT to paw 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 con-
tans provision protecting from Its operation 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 con-
tracted If it is now proposed, for the purpose of
taking advantage Of the depreciation Of SILVER in the
payment OF debts, 10 coin and make legal-tender
silver dollar Of less commercial valne than any dol
lar, whether Of gold or paper which is now lawful
money in this country, such measure, it will
g hardly be questioned. will in the Judgment of
mankind be an act OF bad faith as to all debts
heretofore contracted.


VALUE THE ONLY JUST STANDARD.


The silver dollar should be made a legal-tendcr
ONLY at its market value. The standard of value
should not be changed without the consent Of both
parties TO the contract. National promises should
be kept with unfnching fidelity. There is no
power 70 compel nation TO pay its just debts It's
credit depepds on its honor. The Nation owes
what II has led or allowed its creditors to expect.


cannot approve q bill which, in my judgment,
authorizes the violation Of sacred obligations The
obligation of the public faith uanscends all ques-
tons of profit or public advantage. Its uDquestion-
able mainte is the dictate well as the high
est experience of the most necessary duty, and
should ever be carefully guarded by the Executive,
by Congress and by the people.


II 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. currency worth


ss than it purports to be will In the end defraud
tonlu hufa yyho aQai IA leQit