Year: 1878

The following is the full text of the Presi-
dents message:


To the House Of Representation:


After very careful consideration of House
Bill No. 1898, entitled can act to authorize
the coinage of the silver dollar and to restore
its legal tender character" 1 feel compelled
to return it to the House of Representatives,
in which it originated, with my objections to
its passage. Holding the opinion which l
expressed in my annual message, that neither
the interests of the government nor of the
people of the United States would be pro-
NOTED by disparaging silver as one of the two
precious metals which furnish the coinage of
the world, and that legislation which looks to
enlafging the volume of intrinsic money to as
full measure of both metals as their relative
commercial value will permit, would neither
be unjust nor inexpedient. 1t has been my
earnest desire to concur with Congress in the
adoption of such measures tn increase the
silver coinage of the country as would not i'm
pair the obligations Of contracts either public
or private, or injuriously 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 permits only an attention to the specific
objects Of the bill, which seems to me the
Constitution has in such a way provided.
The bill provides for the coinage of silver
dollar of the weight Of 4124 grains each of
standard silver, to be legal tender at their
nominal value for all debts and duties, public
and private, except where otherwise express
ly stipulated in the contract. 1t is well known
that the market value of that number of
grains of standard silver during the past year
has been from 80 to 92 cents as compared
with the standard gold dollar authorized by
this bill Is worth from to 10 per cent less
than it purports to be worth, and is made a
legal tender for all debts contracted when the
law did not recognize such coins as lawful
money. Issued in sufficient amount to circu
late, it will put an end to the receipts of the
revenue in gold, and thus compel the pay
ment of silver for both the principal and the
interest of the public debt One billion one
hundred and forty three million four hundred
and ninety-three thousand and four hundred
dollars Of the bonded debt now outstanding,
was issued prior to February, 1878, when the
silver dollar was unknown in the circulation
of this country and with only convenient
form Of the silver bullion for expectation.
Five hundred and eighty three million four
hundred and forty thousand three hundred
and fifty dellars of the bonded debt has been
issued since February, 1873, 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 understood that the
bonds would be paid. These bonds flowed
into the markets of the world. They were
paid for in gold when silver had greatly de-
preciated and wien no one would have
bought them, if it had been understood that
they would be paid in silver. The sum of
$225, ,0O0, 900 of those bonds has been sold
during my administration for gold coin, and
the United States received tho beaeft of those
sales by reduction Of the rate Of interest to
four per cent. During the progress of those
sales doub. was suggested as to the coin in
which the payment Of those bonds would be
made. The public announcement was there