Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-02-09
THE PRESIDENTS MESSAGE
ANNOUNCES THAT ANOTHER DoSD
ISSUE Is on.
IL VIII he FOR Gold Measured I'm
Ounces, While the Bonds VIII be
Payable In Coin Unless Congress
Passes n bond Biii In Ten Days.

w hhHinBtons fcps o. NNS
today sent the following message to
congress:
ITO the Congress Of the United States;
Since my recent communication TO
congress calling attention to our
financial condition and suggesting leg
lslation which l deemed essential to
our national welfare and credit the
anxiety and apprehension then exist
Ing In business circles have continued
AS precautlon therefore. against
the failure OF timely legislative aid
through congressional action, cautious
preparations have been pending TO
employ TO the best possible advantage
In default OF better means such exeou-
tive authority as may without ad-
ditlonal legislation be exercised for the
purpose OF reinforcing and maintaining
In our treasury an adequate and safe
gold reserve.
In the Judgment OF those especially
charged with this responsibility the
business situation is critical and the
legislative situation Is so unpromisins
with the omission thus far on the part
OF the congress to beneiicially enlarge
the powers Of the secretary of the
treasury in che premises as TO enjoin
immediate executive action with the
facilities now at hand.
Therefore In pursuance of section
800 OF the revised statutes the details
OF an arrangement have this day been
concluded with parties abundantly able
to fulfill their undertaking whereby
bonds of the United States authorized
under the act OF July II, 1875 payable
In coin thirty years after their date
with interest at the rate OF per cent
per annum to the amount OF little
less than $62, 400, 900 are to be Issued FOR
the purchase Of gold coin amounting TO
a sum slightly In excess OF 65,000,0OO Of
dollars to be delivered TO the treasury
OF the United States this sum
added to the gold now held
IN our reserve viii make
il amount TO more than 500, 900. 900.
Such premium is TO be allowed to the
government upon the bonds as to fix
the rate Of Interest upon the amount
OF gold realized at the rate OF 3 "a per
cent per annum. AT least one-halt
OF the gold to be obtained is to be
supplied from abroad, which Is n very
important and favorable feature OF the
transaction. The privilege Is especially
reserved to the government 10 substi-
tute at par within ten days from this
date in lieu Of the per cent coin bonds
other bonds payable In gold and bear
Ing only per cent interest, II the issue
OF the same should In the meantime be
authorized by The congress,
The arrangement thus completed,
which, after careful inquiry appears
In present circumstances and consider
Ing all the objects desired to be the
best attninable, develops such a diff
ference In the estimation of Investors
between bonds made payable in coin
and those specifically made payable
In gold in favor Of the latter Ms is rep
resented by three-fourths of a cent In
annual interest
In the agreement Just concluded the
annual saving in interest to the govern
ment II per cent gold bonds should
DO substituted for per cent coin bonds
under the privilege reserved would he
fve hundred and thirty-nine thousand,
one hundred aud fifty-nine dollars,
amounting In thirty years at the ma
turlty of the coin bonds to sixteen mil
Hon. one hundred and seventy-four
thousand, seven hundred and seventy
dollars.
or course, there never should be a
doubt In any quarter rs TO the redemp-
ton In gold OF the bonds Of the govern
ment, which are made payable In coin.
Therefore the discrimination In the
Judgment OF investors between our
bond obligations payable in coin and
those specifically made payable in gold
~ very significant.
III Is hardly necessary to suggest
mat whatever may be our views on the
subject the sentiments and preferences
OF those with whom we must consider
IN Opposing OF our bonds for gold are
not subject TO our dictation.
II have only to add that In nv onlp.
lon the transaction herein intimated for
the Information OF the congress prom.
ises better results than the oncs nre.
viously made N the direction OF cifec-
lively adding TO our gold reserve
through the sale OF bonds: and bellevs
II WIN tend as far as such action can
IN present circumstances TO ncet tba
determination expressed In the law ra-
peauns the silver purchasing clause OF
the ACT OF July IA, 1880 and that in tho
language OF such repeating act mo
arrangement made viii aid our Efforts
20 insure the maintenance Of tho narit,
IN value OF the coins OF the two mattel,
ana inc equal power " every dollar ~,
an times In the markets and In tho
payment OF debts. 80 ''u
GROVER CLEVELAND"
Executive Mansion, February s, 1895.