The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-02-15
a NEW BOND Issut-
The President Sends 20 ConSro5s Special
Message Giving Information OF New
bond Issue-The Gold Reserve.

The President Sends 30 ConEro5s q S7crial
Message Giving Information OF = New
Bond Issue-The Cold Reserve.
WASHINGTON. Feb. 9.-The president
Yesterday sent the following message to
congress. after final brief conference
with Attorney-General Olney and Sec
retary Carlisle:
To the Congress of the United States;
Since my recent communication ID congress,
calling your attention ID our financial coudi-
tiOn. and suggesting legislation which l deemed
essential TO our national welfare and credls,
the anxiety and apprehension then existing IN
business circles have continued.
As precaJtiOn. therefore. as5ia>t tde f1ii-
ure of tiIlsly legislative and thorough Congress
sional action. cau,iOuS preparations have been
pending ~ employ to the best possible atvan-
tage. in drtauIt OF better means, such eZecu-
tive a1tb:--ity as may. without additional legis-
lation. ba exercised for the purn0>e Cf REIN
forcing ara maintaining in our treasury n
adequate and safe gold reserve
In the judgment Of those e1Dsci c11rged
with this responsibility. the business StsJ.tiou
is so critical and the legislative situation 50
uupromising with the OniSSiOn thus far on
the part Of congress 20 bele5cialiv enll-ge the
powers Of the secretary OF the treasury IN th3
premises. as TO enjoin iTn-neii2ts executive ac-
tion with the facilities now on hand
Therefore. in pursuance OF section 30 ot tds
Revised Statutes the details o. an arrange
ment have this day been concluded with Dtr-
ties abundancly able % fulfill their Ua.!ertai,-
ing whereby bocdS Of the United States. au-
thorized unA- = the act OF July u. 1879. payable
in coin thirty wars after date. with iItarsSs at
the rate Of per cent. per anaurn 70 the ano-ns
of = lite less than S5140l00). are = be issued
for the purchase OF gold coin ano11t-lE -
sum slightly il excess OF S5-.1Jlp D. %
be delivered 70 the treasury os the Jai-et
states. which sum. added % the god now held
in our reserve. Will 50 restore sucl reserve aS
to make it amour. 20 something mJrr thln
$lC0OOJ.90) such premium IS ID BE- allowed %
the government upon the bonds as 20 tx tas
rate Of interest upon the anOIEt OF gDl1 real
lied at the rate of 81 per cea-. per nnaJcn AZ
least Onc-hllf Of the gold y be oA,aire1 : %
be supplied from abroad. wh.CA is "a very
important and far1rlDle feature Of the trans
action.
The privilege i especially rcScrT5d - tl3
government TO substitute a par within zen
days from this da,e in lieu Of the I per cel1.
coin bonds other bonds in terms payable Il
gold and bearing only per cent. tntere>- K
the issue Of the same should in the IlelG--cn9
be authorized D congress.
The Arrangement thus completes. /. -vG.ch,
after careful inrJir-. appears fr'.1 D-eseHS
circumstances. acd considering nj the HNiecf5
desired to be best at-linabie. develops ,I-h n
tween bonds made payable in coin AID thD%1
specifically payable in gold in favor NJ .-c at
ter As is represented by thres-tOrrthS % =
cent in annual interest. In the agreement ] st
concluded the annual saving in interest % th5
government II > per cent. gold bo1iS snail be
substituted b. per cent. coin bonds under tho
privilege reserved, would be . 81 -. AMOUNT
ing in thirty years or ut the maturity OF ths
coin bonds, TO Sl6.l74.77O.
OF course there never should b. a dCID5 in
any quarter as to the redemption in gold Of th5
bonds of the government which are made pay
able in coin. Therefore the discrimination n
the judgment of investors between or bond
obligations payable in coin and those specih-
Cally made payable in gold is very significant.
II is hardly necessary to suggest thlt what
ever may be our views on the subject. the Sauti-
ments or preferences Of those with TlO-I W.
must negotiate in diSpOsiHg Of our bonds for
gold are not subject 70 our dctatiOn.
have only u add that in M opinion the
transaction here iutimated Tor the information
Of congress promises better results than Jhs
efforts previously made in the direction q
effectively adding % our god reserve through
the sale OF bonds and believe il will tend. ~
far as such action can in present
circumstances, 70 meet the CgterIuila-
tion expressed in the Law reDedliug
the silver purchasing clause 0i tls act OF
July II, 1870. and that in the language o. sucl
repeating act the arrangement made VIII aid
our efforts TO ENSURE the maintenance Of the
parity in value Of the coins Of the cwo metals
and the equal power OF every dollar at all times
in the market and in the pavmen. of debts.
GROVER CLEVELAND
Executive Mansion. February :, 1875.