Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-02-09

WASHINGTON. February s. s.-Repre-
sentative Springer called at the White
House this morning to talk over the
financial situation with the President.
He found the President engaged ln wris-
ing a message, which later in the day
the President sent 10 C0nsresA The
message is as follows:
To the Congress OF the United States,
Since my recent communication 10
the Congress, calling attentlon to our
financial condition and suggesting legis-
latlon which deemed essential TO our
national welfare and credil, the anxiety
and apprehension thon existing Ia busi-
ness circles have continued.
AS prscaution, therefore, against the
failure Of timely legislative and thor
ough Congressional action, cautious
preparations have 0een pending TO en-
ploy to the best possible advantage. ia
default OF better means, such executive
authority as may, without additional
legislation, be exercised for the purpose
of reinforcing and maintaining in our
treasury an adequate and safe gold re-
serve.
In the Judgment OF those especially
charged witt this responsibility
THE BUsINEsE SITUATION
is so critical and the legislative situS-
tion Is so unDromlsing with the omis-
sion thus far on the part Of the Congress
To beneGcally enlarge the powers OF
tne Secretary OF the Treasury Ia the
premises. as TO enj0in immediate execu-
tive action with the facilities now AZ
hand. Therefore, IN pursuance OF sec
ton 3. 700, Of the Revised Statutes, the
details OF an Arrangement have this
day been concluded with par
ties abundantly able TO fulfill their
undertaking, whereby bonds OF the
United States, authorized nuder the act
Of July IA, 1875, payable In coin, thirty
wears after their date, with Interest az
the rate OF 4 per cent. per annum, 10
the amount OF little less than sixty
two millions aud four hundred thou5-
and dollars, are 10 be issued Tor the
purchase OF gold coin amounting 20 a
SUN slightly In eXceso sf slxty-lVe
millions OF dollars, TO be delivered 10
the treasury OF the United States,
which sum added 20 the gold uoW
held In our reserve. viii 90 restore such
reserve as TO make II amount TO some-
thing more than one hundred millions
OF dollars Such premium IS 10 be al
owed 10 the government upo1 the
bondsas TO the rate OF interest uron the
amount Of gold realized at tns rate o.
three aud three f0urtbs per cent per
annum. At least one-hsi Of the gOid
70 be obtained IS to be supplied from
abroad, which Is very important aud
favorable
FEATURE OF THE TRANSACTION.
The privilege is especially reserved to
the goverument 70 substitute At par
within ten days from this date 10 lieu
OF the 4 per cent. coin bond, other oonds
in terms payable IN gold aud bearing
only 3 Ger cent. interest u the issne Oh
the same should 10 the meantime be au-
thorized by the Congress.
The arrangement thus completed
which after careful inquiry appears, IN
present circumstances, and considering
all the objects desired, 90 De the best at
tain2ble. develops such a difference Ia
the estimation OF investors between
bonds made payable in coin, and those
specifically made payable 10 gold 10
favor OF the latter, as Is represented oy
three.fourths OF a cent TO annual inter
est. In the agreement just concluded
the annual saving 10 interest 70 the gov
srnment, il 3 per cent. gold Oonds
should be substituted By 4 per cent. coin
bonds under the privilege reserved,
would be S539 l59 90, and amounting IN
30 years. or at the maturity OF the coin
bonds, to SIG, l74770OO
OF course there never should 6e
doubt in any quarter a. TO the redemp-
tion in gold of the bonds Of the govern
neut which are made payable IN coin
Therefore TIE discrimination in ina
Judgment OF Investors between our oond
obligations payable In coin ana tuo''
specifically made payable in goId' IS
verv significant. II is hardly necessary
to suggest that whatever may Oe Ou'
views on the subject, the sentiments or
preferences Of those win wnom W.
must negotiate 10 disposing u our oonu'
for gold, are not subject to our uic'A'
tion.
| have only to add that in my opla'
ion the transaction here intimated IOi
the Information Of the Congress
PROMISES BETTER RESULTS
than the efforts previously made ia tN'
direction OF effectively adding 10 our
gold reserve through the sale OF hohu''
and believe II will tend as Tar a. s".u
action can, In present ctrcumstaces' w
meet the determination e1presf'u W
the law reuealing the silver pufchas'nt
clause Of the act OF July u l'JO' SUI
that in the language OF snch rspea'lDH
act the arrangement made VIII ''u Wv
efforts 20 "insurs the mainishah,. ~
the parity in value Of The COINS o' .ue
two metals aud the equal power o' e'siJ
dollar at all times in the markets "Nu -
the payment Of debts"
TSignedI GRovrg CLEyftAND'
Executlve Mansion, Feb. s, l''''
DETAILS or THE TRAN-h. Ii'l' rhs
WAsHIxGToN. ID. c., February \.
bond TRANSACTION cOnsumhH.. .' ,.,,r.
not sale Of BONDS for to'J' Ot- lrfe
chase OF gold 10 be paid Tor iA u.II per,,ont
contract was made with Aot'e. tf.ss,.
* Co. Of New York, on Oela' " and
y NJ Rothschild * Sous OF 10 M
themselves and j. +. Mo.taD ,to-,so Il,
o Gov Of i London. O. and themseIye., an pro-. i.,
ia Ia, -. +, for the delvery 70 the United 7tA
Of 3 so. 900 ounces OF standard goa y.ij yl.li,,j
the United states 10 be ps-d iof lD
States four per cent BONUS
THE Mosr remarkable cures Of i';,.t 'cToi,
MIA on record have been accom- 49,
nv Hood,s Sarsapsrlla TINS msu..0.us'
is unequallea Tor diseases OF Tue '''
Tske only Hoods.
Hoops pills are handmade ana per
feet in proportion and appearance