Page:The Presidents of the United States, 1789-1914, v. III.djvu/172

 138 LIVES OF THE PRESIDENTS the destruction of the forests, were denounced as an outlandish policy. Instead of facilitating the resumption of specie payments, the house of repre sentatives passed a bill substantially repealing the resumption act. A resolution was offered by a Republican senator, and adopted by the senate, declaring that to restore the coinage of 412^-grain silver dollars and to pay the government bonds, principal and interest, in such silver coin, was &quot;not in violation of the public faith, nor in derogation of the rights of the public creditor.&quot; A &quot;silver bill&quot; passed both houses providing that a silver dollar should be coined at the several mints of the United States, of the weight of 41 2^ grains, which, to gether with all silver dollars of like weight and fineness coined theretofore by the United States, should be a full legal tender for all debts and dues, public and private, except where otherwise ex pressly stipulated in the contract, and directing the secretary of the treasury to buy not less than two million dollars worth of silver bullion a month, and cause it to be coined into dollars as fast as pur chased. President Hayes returned this bill with his veto, mainly on the ground that the commercial value of the silver dollar was then worth eight to ten per cent, less than its nominal value, and that its use as a legal tender for the payment of pre existing debts would be an act of bad faith. He said: &quot;As to all debts heretofore contracted, the