Year: 1878

expected that the mnts will be turning the
mum amount called for by the law which 81 0O0 900
monthly IL s said TO be Secretary Shsrm, inten.
ton enforce tho law in letter and SPIRIT and 80 far
as the operations OF the mint this overy posi-.
BILE preparation allowed under law has already
been made. The large purchase of silver bullion
made to supply the treasury with subsidiary
COIN This iact being known, the expected
silver market did not take place. On the contrary,
the metal declined to-day and the Secretary does
anticipate rise, At least not enough embarrass the
department. in carrying out the provisions OF the law
ACTION OF THE HOUSE OF REPRESENTATIVES,.


WASHINGTON. Feb 20, 1873


In the House, soon after the announcement OF the
Speaker that . message had beon received from the
President stating that he had vetoed the Silver bill,
Mr.. STEPHENS, Of Georgia, moved to proceed 10 the
business the Speakers table. for the purpose OF
taking up the veto message.


The SPEAKER said that that motion unnecessary,
as II was the DUTY OF the Chair to present II.


The SPEAKER thoreupon, having nrst that order
was restored and observed, laid the Message before
the House


THE PKsNDsNrs xIssAeE.


To THE House or RBPxEsESrArIvks-


Alter very careful consideration Of House bill No.
1908, entitled ''An to authorize the coinage Of
the standard silver dollar and 10 its legal ton
der character" feel compelled TO return 1t the
House OF Representatives,, In which IL originated,
with my objections TO its passage


Holding the opinion, which expressed In my an
nua message, rhat Mother the interests the gov
ernment the people OF the United States would be
promoted by dsparaging silver as one the two
precious metals which furnish the coinage of tho
world, and that legislation which looks maintain
ing the volume Of intrinsic money 10 full meas
OF both metals thoir relative commercial value
will permit would 90 neither unjust nor inoxpcdient
IL has been my earnest desire TO concur with Cong
In the adoption Of such measures increase tho
coinage OF tho country as would not impair the
CATION ol contracts, either public private, mo-
juriously affect tho public credit. 1t is ouly upo
conviction that this bill docs meet these essd
requirements that feel 1t my duty to withhold froH
my approval Ny present official duty 70 this bii
permits only attention specific objections to
its passage, which to important as to jus
tify In asking from the wisdom aud
duty OF Congress that further consideration OF
the bill for which the constitution has in such cases
provided.


Tho bill provides for tho coinage of silver dollars Of
the weight OF 412K grains each, of standard silver 10
be legal tender at their nominal value for all dobts
and Dues pubic and private except where otherwise
expressly stipulated In tho 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 tho silver dollar
authorized by this bill ID worth eight per cent
less than It purports to be WORTH and is made legal
tonder for debts contracted when the law did not
recognize such coins AZ lawful money The right pay
duties In silver In certificates OF silver deposits will
whom they issued In sufficient amount to circulate
put end TO the receipt Of in gold and thus
compel payment Of silver for both tho principal and
interest Of tho public debt Eleven hundred aud
fortv lhpnA mill fan h,n
thousand four hundred dollars Of tho bonded debt
now outstanding issued prior to February, 1873
whom the silver dollar unknown in circulation in
this country and was only convenient form silver
bullion for expectation. Five hundred and eighty
three million tour hundred and forty thousand three
hundred and Ay dollars the funded debt has been
issued since February 1873 whom gold alone was the
COIN for which the bonds sod gold alone was
the coin In which both parties the contract UNDER
stood that the bonds woaid ho paid. Those bonds
entered into the markets OF tho world. They
we're paid for in gold silver greatly deproci
atcd and whom no one would have bought them II It
had been understood that they would be paid in silver
The sum OF $225 Of these bonds has been sold
during my administration for gold the United
States received the benefit OF these sales by rcduc.
tion of tho rate OF interest to four por cent =.
During the progress OF those sales doubt was sug-
gosted to the which payment OF these bonds
would be made The public announcement was there
upon authorized that II not TO be antci.
pated that any further legislation OF Con-
gress or any action OF any department Of
tho government would sanction or tolerate
tho redemption OF the principal Of these bonds, or
the payment Of the interest thereon coin OF less
than The coin authorized by law ut the time OF
the Issue Of the bonds being the coin cxacted by the
government In exchange for tho same. In view OF
these facts will be justly regarded gravo breach
Of the public faith to undertake. to pay these bonds
principal interest," in silver coin worth in the mar.
ket less than the coin received for them


1t ia said that the silver dollar mado legal tender
by this bill will under It's operation be equivalent In
value to 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. The capital defect of the bill is that It
contains provision protecting from its operation
pre-exsting debs in case the coinage which II creates
shall continue TO be OF less value than that which
the sole legal tender when they contracted IL
Is proposed for the purpose taking advantage
OF the dcprcc alton OF silver in the ayment debts
to coin mako legal touder silver dollar OF less
commercial value than any dollar whether Of gold or
paper, which is now lawful money in this country,
such a measure, It will hardly bo questioned will In
tho judgment Of mankind, bo an act OF
bad faith. AS to ali debts heretofore con-
tracted the silver dollar should bo made
legal tender only at its market value The sta ndard
OF value should not DO changed without the consent
Of both parties to the Contract National promises
should be kept with unfnehing ldsty. There IL
no power 10 compel nation to pay its just debts.
Its credit depends ON It's honor. Tho nation owes
what it 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 transcends all questions
OF pront or public advantage. Its unqucstonable
maintenance is the dictate, wcl of the highest ex-
pediency OF the most necessary duty. and should
be carefully guarded by the Executive, by Con-
gress and by the people.


II my firm conviction that II the country Is to be
ue1ted bv a silver coinage IL can be iona onlv nv