President Hayes, in spite of his Financial Secretary, Mr. Sherman,
and the majority of his Cabinet, decided to veto the Silver Bill. In his Message, which was sent to Congress on the 28th ult., he declares that it would be a breach of faith to pay bonds in silver, they having been sold for gold ; that the Bill had a capital defect, in its application to pre-existent contracts ; that a debased currency defrauded not only all creditors, but the man of business, " and assuredly the daily labourer ; " and that he could not in conscience sign the Bill. This message had no effect whatever, the House passing the Bill instantly, without debate, by 196 to 73, or 22 more than a two-thirds majority, and the Senate by 46 to 19, or two more than the required number. The Bill, however, is even yet not finally passed, for it will be brought before the Supreme Court, and as it impairs the obliga- tion of a contract, it may be declared unconstitutional. Mean- while, as coining silver in millions is a slow process, it will have nothing like the effect the Western men expect from it.
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