Year: 1878

u
expected that the mnts will be turning the
amount called for by the law, which Is 81 Oo0 900
monthly IL s said to be Secretary shsrmon's nten-
ton 10 enforce tho law in letter and SPIRIT and far
as the operations OF the mint do this overy possi
BILE preparation allowed under law has already
been made. The large purchase Of silver bullion
made to supply the treasury with subsidiary
COIN This isot being known the expected rise the
silver market did not take place On the contrary,
the metal declined to-day and the Secretary does not
anticipate rise. at least not enough smbarrass the
department In carrying out provisions OF the law
ACTION OF THE HOUSE OF REPREsENTArIvEs


WASHINGTON. Feb 20, 1873


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


The SPEAKER said that that motion was unnecessary,
as 1t was the DUTY Of the Chair to present 1t.


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


THE Pk.MDENr's vEro xIssAsE.


To THE HOUSE or REPRESENTATIVES,


Alter very careful consideration Of House bill No.
1908, entitled "An to auth orze the coinage of
the standard silver dollar and restore its legal ton
der character.' feel compelled return 1t TO the
House of Representatives, In which Il originated,
with my objections to It's passage.


Holding the opinion, which / expressed In my an.
nua message 'rhat neither tho interests Of the gov.
the people OF the United States would bs
promoted by disparaging 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 full meas
ure OF both metals as thcr relative commercial value
will permit would 90 neither unjust inoxpcdiens
IL has been my earnest desire with Congn
In the adoption Of such to increase the SIS
coinage Of tho country as would not impair the
CATION Of contracts, other public private mo- ou
juriously affect the public credit. 1t is ouy upoSo
conviction that this bill does rot shese essean
requirements that feel 1t my duty TO withhold froLe
my approval Ny present official duty this bill
permits only attention to the specific objections
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 such
provided.


Tho bill provides for tho coinage OF silver dollars Of
the weight OF 4l2k grains each Of standard silver to
be legal tender At their nominal value for all debts
and dues, pubic and private, except where otherwise
expressly stipulated In the contracts. 1t is we'll
known that the market value Of that number of





been from ninety to ninety-two cents, as compared
with the standard gold dollar Thus the silver dollar
authorized by this bill ID worth egh. ten per cent
less than purpors to be worth, and is made legal
tender for debts contracted when the law did not
recognize such coins lawful money The right 10 pay
duties In silver In certificates OF silver deposits will
whom they are issued In sufficient amount to circulate
put end to The receipt OF in gold thus
compel payment of silver for both tho principal and
interest OF tho public debt Eleven hundred and
forty three million four hundred and ninety.threo
thousand four hundred dollars Of tho bonded debt
now outstanding was issued prior to February, 1879
whom the silver dollar was unknown in circulation in
this country and was only convenient form Of silver
bullion for expectation. Five hundred and eighty
three million four hundred forty thousand three
hundred and fifty dollars OF the funded debt has been
issued since February 1873, whom gold alone was the
for which the bonds seld gold alone was
the coin in which both parties the contract under
stood that the bonds w3aid be paid Those bonds
entered into the markets of tho world. They
were paid for in gold when silver had greatly deprcci
atcd and whom would have bought them II it
had been understood that they would be paid silver
The sum OF 900 of these bonds has boon sold
during my administration for gold ana the United
States received the benefit OF these sales by rcduc.
tion Of tho rate OF interest to four por cent &
u
gcsted a. to which payment OF these bonds
would be made The public announcement was there
upon authorized that II was not to be antici.
pated that any further legislation Of Con-
gress or any action OF any department oil
tho government would sanction or tolerate
tho redemption OF the principal Of these bonds or
the payment Of the interest thereon. in coin OF less
value than The coin authorized by law a the time
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 grave breach
OF tho public faith to undertake. to pay these bonds
principal or 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 Its operation bc equivalent In
value to the gold dollar. Many supporters Of
the bill believe this and would not justify
an attempt to pay debs. either public or
private, in coin Of Inferior value to the money
OF the world The capital defect of the bill is that Il
contains no provision protecting from its operation
preexistng debs in the coinage which IL creates
shall continue to be OF less value than that which
the sole loyal tender when they were contracted Ii it
Is proposed, for the purpose OF taking advantage
OF the dcprcc oil silver In the Of debts
TO coin AXE legal tonder silver dollar OF less
commercial value than dollar. whether OF gold
paper, which Is now lawful money In this country,
such measure, VIII hardy DO 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 a
legal tender only at its market value The standard
OF value should not DO changed without the consent
Of both parties to the contract National promises
should be kept with unGnshisg ldslity. There ~
no power 10 compel q nation to pay its just debts
It's crcdit depends ON Its honor. Tho nation owes
what 1t has led or allowed Its creditors to expect


cannot approve n 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. It's unqucsuonable
maintenance is the dictate, we'll Of the highest
pediency OF the most necessary duty. and should
ever be carefully guarded by the Executive by Con-
gress and by the people.


1t my firm conviction that II the country Is be
benefited BY silver coinage IL be done only by
the issue OF silver dollars OF full value, which will de-