redemption of the principal of these bonds or the payment of the
interest thereon in coin of less value than the coin authorized by law
at the time of the issue of the bonds, being the coin exacted by the
Government in exchange for the same." In view of these facts it will
be justly regarded as a grave breach of the public faith to undertake
to pay these bonds, principal or interest, in silver coin worth in the
market less than the coin received for them.

It is said that the silver dollar made a legal tender 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