The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1895-02-12
Less than $62, 400, 900,
Will Be For the Purchase of
ANNUAL SAVING OF$539, 159.
Gold.

Washington. February 8.-The
President to-day sent the following
message to Congress:
"Since my recent communication 10
Congress calling it's attention to the
financial condition and suggesting
Legislation which would benefit our
financial condition and credit, the de-
preston existing in commercial cir
cles has continued.
"As precaution, therefore, against
the failure of the timely legislative
aid through Congressional action.
cautious preparations have been pend
ing to employ to the best possible ad-
vantage in default of better means
such executive authority as may with
out additional legislation be exercis-
ed for the purpose OF reinforcing and
maintaining in our Treasury an ade-
pudle anu sale S''Il IBbcINc.
ain the judgment of those especial
ly charged with this responsibility the
business situation is critical, and the
legislative situation is so unpromising
with the omission thus far on the
part of the Congress to beneficially
enlarge the powers of the Secretary of
the Treasury in the premises, as to en-
joinNmmediate action with the facili-
ties now in hand.
eth refOre, the details Of an ar
rangement have this dav been conclu-
ded with parties abundantly able to
fill their agreement, whereby bonds OF
the United States, authorized under
the act of July IA, 1875, payable in
coin, thirty years after their date,
with interrs at the rate of per cent.
per aunum. to the amount of a little
less than $62, 100000, are to be issued
for the purchase Of gold coin, amount
ing to sum flightly in excess of $685.
100000 to be delivered to the Treas
ury of the United States, which sum
added to the gold now held in our re-
serve, will restore such reserve as 10 |
make it amount to something more
than $IO0,O00,OOO.
"Such premium is to be allowed to
the Government as to the fix the rate
Of interest upon the amount of gold |
realized at the rate of 81 per cent. per
lnnum. At least one-half of the gold
Is to be supplied from abroad, which
Is very important and favorable
feature of the transaction.
"The privilege is especially reserv-
I'd to the Government to substitute at
par within ten days from this date, in
leu of the 4 per cent, interest, if the
ISSUE OF the same should in the mean
line be authorized by Congress.
"The arrangements thus completed |
after careful inquiry appears in the
present circumstances and considering |
all the objects desired, to be the best
attainable in the estimation of inves-
ors between bonds made payable in
coin and those specifically made pay
able in gold, in favor Of the latter, as
Is represented by three-fourths of a
cent in annual interest.
by the agreement just concluded |
The annual saving to the Government |
If per cent. gold bonds should be
substituted under the privilege re-
served would be $3.50, l59, amounting
in thirty years to $l6,l74,770. or
course, there never should be any
ioubt in sny quarter as to the re.
lcmptiOn in gold Of the bonds
IF the Government, which are
made payable in coin; therefore the
in judgment of inves-
tors between our bond obligations,
payable in coin and those specifically |
made payable in gold, is very signifi-
can't.
at is hardly necessary to suggest
hat whstever may be our views on
he subject, the sentiments of prefer
noes of those with whom we must
negotiate in disposing of our bonds