Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1895-02-15
ANNOUNCED 4 BOND ISSrE
me President shows Congress That lie
WIN Borrow Gold Anyhow.

Inc president shows Congress That II,
win Borrow Gold Anyhow.
washington, Feb. S.--The president
today sent the following message tc
congress
since my recent communcat ton to
congress, calling attention to our tinan.
cial condition, and suggesting lepisla-
! ton which | deemed essential ia our
national welfare and credit, the anxiety
| ana Apprehension then existing in husi
ness circles have continued As n nre-
caution, therefore. against the failure
of timely legislative action. cautions
preparations have been pending to em.
| ploy to the best possible advantage in
default of better means, such executive
authority as may, without additional
legislation, be exercised for the purpose
OF reinforcing and maintaining In orr
treasury an adequate and safe gold re-
serve.
IN the judgment of those especially
charged with this responsibility. the
business situation is So critical and the
legislative situation is so uupromisips
with the omission thus far on the mari
OF congress to briefly enlarge the now
eis OF the secretary of the treasury in
'he premises, as to enjoin immediate
executive action with the facilities now
1t hand
REPLENlSHING THE RESERVE.
therefore, in pursuance of section
900, revised statutes, details of ar
engagements have this day been con-
eiuded with parties abundantly able TO
iulhil their undertaking, whereby bonds
OF the United States, authorized under
'he ACT OF july IA, 1879, payable in coin
80 years after their date with interest
AT the rate of per cent. from date
winch interest will amount to a little
less than $62, 400, 600 are to be issued for
me purchase of gold coin amounting
To sum slightly in excess of $65. 600 600
10 De delivered to the treasury of the
united States; which sum, added ia
the gold now held in our reserve will
SO rest in such reserve as to make it
amount To something more than S1O0-
600 900 '
Such premium Is to be allowed to the
government upon the bonds as to fly
the rateof interest upon the amount of
gold realized at 3A per cent. per annum
AT least half of the gold to be obtained
is to be supplied from abroad which is
a very important and favorable feature
of the transaction.
MUST BE GOLD BONDS.
The privilege is especially reserved to
the government to substitute at mar
Wlthln 10 days from this date. in lien Of
the per cent. coin bonds. other bonds
III terms payable in gold and bearing
only per cent. interest, If the issue of
the same IN the meantime be authorized
py congress. The arrangements thus
completed, which, after careful inquiry
appear IN the present circumstances.
ana considering all objects desired to
De the pest attainable, develop such n
dliiefence, IN the estimation of interest
between bonds made payable in coin
ana those specifically payable in gold
IN favor OF the latter, as is represented
by a OF / per cent annual interest
In the agreement just concluded the an
hual saving of interest to the govern
ment If the per cent. gold bonds should
De substituted for the 4 per cent coin
bohds, under the privilege reserved
would be 1888, 159, amounting in 30 years
or at the maturity of the coin bonds. to
Sl6.174770.
Or course there never should be any
doubt In any quarter as 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
payable in coin and those
specifically made payable in gold is very |
significant. 1t is hardly necessary to |
suggest that whatever may be our views |
on the subject, the sentiments or prefer
ence of those with whom we must me-
gotiate for disposing of our bonds for
gold, are not subject to our dictation.
l have only to add that, in my opin |
ion, the transaction herein intimated |
Tor the information of congress promis
es better results than the efforts pre- |
vlously made in the direction of effect |
Vely adding to our gold reserve through |
the sale of bonds; and l believe it will
tend, as far as such action can. in the |
present circumstances, to meet the de-
termination expressed in the law repeal |
Ing the silver purchase clause act of
July IA, 1890: and that, in the language
Of such repeating act, arrangements
made will aid our efforts to secure the |
maintenance of parity in the value of |
coins of the two metals, and the equal |
power of every dollar at all times in !
the market and in payment of debts.
(Signed) GROVER CLEVELAND,
Executive Mansion Feb s, 1895.
Ills Lordship Paid Her.