nder by this bill
will under its operation be equivalent in value to the gold dollar.
Many supporters of the bill believe this, and would not justify an
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 no provision protecting from its operation
preexisting debts in case the coinage which it creates shall continue
to be of less value than that which was the sole legal tender when
they were contracted. If it is now proposed, for the purpose of taking
advantage of the depreciation of silver in the payment of debts, to
coin and make a legal tender a silver dollar of less commercial value
than any dollar, whether of gold or paper, which is now lawful money
in this country, such measure, it will hardly be questioned, will,
in the judgment of mankind, be an act of bad faith. As to all debts
heretofore contracted, the silver dollar should be made a legal tender
only at its market value. The standard of value should not be changed
without the consent of both parties to the contract. National promises
should be kept with unflinching fidelity. There is no power to compel
a nation to pay its just debts. Its credit depends on its honor. The
nation owes what it has led or allowed its creditors to expect. I can
not approve a bill which in my judgment authorizes the violation of
sacred obligations. The obligation of the public faith transcends
all questions of profit or public advantage. Its unquestionable
maintenance is the dictate as well of the highest expediency as of
the most necessary duty, and should ever be carefully guarded by the
Executive, by Congress, and by the people.

It is my firm conviction that if the country is to be benefited by a
silver coinage it can be done only by the issue of silver dollars of
full value, which will defraud no man. A currency worth less than it
purports to be worth will in the end defraud not only creditors, but
all who are engaged in legitimate business, and none more surely than
those who are dependent on their daily labor for their daily bread.

R.B. HAYES.

EXECUTIVE MANSION, _March 6, 1878._

_To the House of Representatives:_

I return herewith House bill No. 3072, entitled "An act to authorize
a special term of the circuit court of the United States for the
southern district of Mississippi to be held at Scranton, in Jackson
County," with the following objections to its becomin