The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-02-11
CLEvELAND 70 CONGRESS-.
The President Announces That lie las
Made a Private Deal.

v.asni1vt %. February S.-The president
today sent the following message 10 con-
.rgrs:
TO the Congress OF the United States:
since my recent c1nmdu icatiOn TO the con-
gross. calling attention 20 our hnanei9l
condition and suggesting legislation which
/ deemed essential 20 our national welfare
ana credit tre anxiety and apprehension
th.u existing m business relies have con
uuue'. As 70 praeauu3n therefore, against
tl.. failure cf timely legislative aid, through
c-.Ere--ional action. cautious preparations
have h-eD pending 10 employ 10 the nest
possible advantage. In default Of better
means. such executive authority as may,
without additional legislation be exercised
for t,. purpose of reinforcing and main
tanning H. OUr treasury an adequate ana
safe 8 Us reserve. Ia the judgment of those
especially charged with this responsibility,
tAt business situation IS SO critical and the
legislative situation is 80 unpromisihs,
wifh tEc omisiCn thus FAR On the part OF
TIE congress 70 beaciiliaiiy enlarge ,he pow
trS of tlc secretary ~ thc treas ury IA the
premises. as TO emf lln Immediate executive
action of the facilities Eow at hand.
The Deal Made.
Therefore. IL pursuance OF section S'eJ
O. tire Revised Statutes. the details OF an
arrangement have this day been concluded
with PARTIES a3undantly able to fuiull their
undertaking, whereby bonds Of the United
State. authorized under tue act u July
D. I815. payg5i. ia coin. thirty years after
their date vita interest at the rate of
per cent per annum 10 The amount OF little
Jess than $y3.+uu pgu, are 10 be issued Tor the
purchase ci sold coin amounting TO a SUM
slightly in excess OF at5.0i0. U0o L, be deliver
e4 10 Jhc treasury "a the United States,
which sum. audel u the gold now n our
reserve, WIFI SO restore such reserve as 10
make &c amount 10 something more than
SiUtpHO"J. such premium Is - be allowed
% Tire government upon the bonds Is TO fix
the rate Of interest upon the amount OF
gold realized az the rate Of 90 per cent per
a..um. At ,cast onC-half Oh the gold u be
obtained ~ 10 be supplied from abroad,
which is a very Important ANA favorable
feature of The transaction. The privilege IS
especially reserved 20 the government TO
Substitute "a par within ten days from this
date in lieu Of the { per cent coin bones,
oh = bonds in terms payable ia gold and
% srin. only per cent Of The issue OF the
same should. in the meantime, be author
lied - congress.
Coin or Gold.
..7-b, arrangcnents thus completed v hich,
after careful inquiry appears in present cir
ctgIusfaucts. anu eonslucriaS All the uDJects
desired 10 he the best attamable, develops
such "A difference in the estimation OF inves-
tors between bonds made and payable IN
coin ard those specifically made payable IN
sold "a favor of the latter as is represented
uv threc-Iourths Of a cent in annual inter-
est IN the agreement just c-nciuded the
annual saving to the government OF ) per
cent gold bonds should be- substituted for
per cent coin bonds under the privilege re-
served yvauid be S5s9.I53 amounting in thir-
- wears. or at maturity of the coin bonds,
t. SIa. lsf. 40
"Dr course. there never should be a DOUBT
In ;.uy quarter as To redemption in gold OF
TIE bonds of tine government which are
made payable in coin. Therefore the d'a-
criuination in the judgment OF investors
between our bond obligations payable IN
coin and hose especially made payable in
gold Is very significant IL is hardly neees-
sary To suggest that whatever may be our
views on the subject the sentiments or
preferences Of those with whom We must