Year: 1878

The following is the full text of the Presidents veto Message:

 After a very careful consideration of House bill 1,092, entitled "An act to au- thorize the coinage of the standard silver dollar, and to restore its legal-tender character feel compelled to return it to the House of Representatives, Ill which 1t originated, with my objections to it's passage. Holding the opinions which l expressed in my annual Message, that neither the interests of the Government nor 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 maintain ing the volume of intrinsic money to as full measure of both metals as their relative commercial values will permit would be neither unjust nor inexpe- dient, it has been my earnest desire to concur with Congress in the adoption of such measures to increase the silver coinage of the country as would not inn pair the obligation of contracts, either public or private, nor injuriously affect | the public credit. It IS only upon the conviction that this bill does not meet these essential requirements that feel it my duty to withhold from it my ap- proval. My present official duty as to | thls bill permits only an attention to the specific objections to its passage, which seem to me so important as to justify me in asking from the wisdom and duty of Congress that further consideration of the bill for which the Constitution has in such cases provided.

 The bill provides for the coinage of silver dollars of the weight of 4124 grains each of standard silver, to be @ legal ten der at their nominal value for all debts and dues, public and private, except where otherwise expressly stipulated il the contracts It is we'll known that the market value of that number of grains O. standard silver, during the past year has been from 90 to 92 cents, as com pared with the standard gold dollar Thus the silver dollar authorized by this bill is worth to 10 per cent. less thar 1t purports to be worth, and is made { legal tender for debts contracted whe1 the law did not recognize such coins a. lawful money. The right to pay duties in silver or in certificates of silver deposits will, when they are issued in suff1cien amount to circulate, put an end to the receipt of revenue in gold, and thu compel payment of silver for both tht principal and interest of the public debt One billion one hundred and forty three million four hundred and ninety-thret thousand four hundred dollars of tho bonded debt now outstanding was issued prior to February, 1878, when the silver dollar was unknown in circulation in this country, and was only convenient form of silver bullion for exportation. Five hundred and eighty-three million foul hundred and forty thousand three hun. dred and fifty dollars of the funded deb has been issued since February, 1873 when gold alone was the coin for whicl the bonds were sold, and gold alone wa the coin in which both parties to tn, contract understood that the bonds would be paid. These bonds entered into tn markets of the world. They were pait for in gold, when silver had greatly de preciated, and when no one would hay bought them if it had been understoo, that they would be paid in silver.

 The sum of $225, 900, 900 of these bond has been sold during my administration for gold coin and the United States re ceived the benefit of these sales by a re duction of the rate of interest to pc cent. During the progress of these sale doubt was suggested as to the coin il which payment for these bonds would b made. The public announcement wa thereupon authorized that it was not t be anticipated that any further legisla ton of Congress or any action of an department of the Government woul sanction or tolerate the redemption c the principal of these bonds, or the pay ment of the interest thereon in coin C less value than the coin authorized b law at the time of the issue of the bond being the coin exacted by the Goverr ment in exchange for the same. In vie