Year: 1878

Silver R'l' Passed Over the Presidents
TO the House of Representatives


After very careful consideration of House bill
1913, entitled, can act to authorize the coin
age Of the standard silver dollar and to
restore it's legal tender character
feel compelled to return it to the
House OF Representatives, in which it
originated with my objections TO its passage.
Holding the opinion which I expressed in nv
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 maintaining the volume of intrinsic
money to as full a measure Of both metals as
their relative commercial values will permit
would be neither unjust nor inexpedient it
has been my earnest desire to concur
with Congress in the adoption of
snch measures to increase the
silver coinage of the country as would not inn
or private nor injuriously affect the public
credit. 1t is only upon conviction that this bill
docs not meet these essential requirements that
feel it my duty to withhold from it nv an
proval. My present official duty as to this bill
permits only an attention to 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 41215 grains each. of
nominal value for all debts and dues, public
and private, except where otherwise expressly
stipulated in the 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
M fhn nv11n nNrnp Il Tl


dollar, authorized by this bill, is worth 8
to 10 per cent. less than it purports to be worth
and is made legal tender for debts contracted
when the law did not recognize such coins as
lawful money: The right to pay duties in sill
vcr or in certificates of silver deposits will when
they are issued in sufficient amount
of revenue in gold and thus compel tie pay
ment of silver for both the principal and inter
est of the public debt. 1,143, 400, 400 dollars
OF the bonded debt now outstanding was issued
prior to February, 1873, when the silver dollar
was unknown in circulation in this country, and
was only convenient form of silver bullion
for expectation. $583, ,440, $50 of the funded
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 under-
ste stood that the bonds would be paid.
world. They were paid for in gold, when sill
yer had greatly deprecated and when
no one would have bought them if it been
understood M they would be paid in silver. The
| sum of $225, ,00O, 900 of these bonds has been
sold during my administration for gold coin.
and the United States received the benefit Of
these sales, by a reduction of the rate of inter-
est to per cent. During the progress of these
sales doubt was suggested Is to the coin in
which the payment of these bonds would he
made. The public announcement was there
upon authorized that it was not to be anticipated
that any further legislation of Congress, or anv
| action of any department of the 9overnment
would sanction or tolerate the redemption of the
principal of these bonds, or the payment
OF interest thereon in coin of less value than
issue of the bonds, being the coin ex-
acted by the government in exchange
for the same. In view of these facts it will be