Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1895-02-14
BONDS ALREADY SOLD.
Negotiations Completed for Disposin1
of S0n,4OO,OOO.

of $62,4OO,OOO.
Nobody guessed the facts about tho
bond sale-as to the amount of bonds, the.
terms of sale or the method that would,
be taken to inform the public as to the
particulars of the transaction. The Sc
crct was well guarded, and the result
shows that even those who thought them
selves best informed We're deceived. Spec
ulation had credited the administration
with a determination to sell anywhere
from $5O.OOO,O0O to OO.OOO.OOO in
bonds, bearing anywhere from 1 to 5 per
cent, running from ten to thirty years.,
at an upset basis of from 3 per cent. to
49, per cent. The last semi-oiiicial misin-
formation that was allowed to leak out
through Treasury Department sources
fixed the amount at S1OO.O 1000 and the
basis at 3M per cent. The truth, as final
ly disclosed by the President in his spe-
cial message to Congress, that a private
sale of $62. 100000 in 4 per cent. thirty
year bonds had been negotiated on a
basis of 3A per cent, was in the nature
of a sensational surprise.
The President says:
"Since my recent communication to
Congress calling attention to our inan-
cial condition and suggesting legislation.
which l deemed essential to our national
welfare and credit, the anxiety and ap.
prehension then existing in business cir
cles have continued. As n %precaution,
therefore, against the failure Of timely
legislative aid through congressional ac-
ton, cautious preparations have been
pending to employ to the best possible ad-
tage, in default of better means. such ex-
ecutive authority as may, without addi-
tional legislation. be exercised for the.
purpose of reinforcing and maintaining
in our treasury an adequate and safe
gold reserve. In the judgment of those
especially charged with this responsible
ity, the business situation is SO critical
and the legislative situation is SO unprom-
Using, with the omission thus far on the
part of the Congress to beneficially en-
large the powers of the Secretary of the.
Treasury in the premises, as to enioin'
immediate executive action with the facil-!
tiles now Mt hand. Therefore, in pursu-
ance of section 300 of the Revised Stat
utes, the details of an arrangement have
TINS day been concluded with parties
a~bundantly able to fulfill their undertake
ing whereby bonds of the United States
authorized under the act of July IA. 1878.
payable in DIN thirty years after their
date, with interest at the rate of 4 DER
cent. per annum, to the amount of a little
less than $G2, 4OO, 600 are to be issued for
the purchase of gold coin amounting TO a
sun slightly in excess of $65. 900. 600 to.
ne delivered to the treasury of the United
states, which sum, added to the gold.
now heid IN our reserve. will SO rest in
s"eh reserve as to make it amount to.
something more than 500. OOO, 900. Such
emit is to be allowed to the Govern
men: unon the bonds as to fix the rate.
OF interest ur.an the amount of gold reol-
Ized ut the rate IT 2aA per cent. per nm
mum. At least one-hsls Of the gold r. ho
OBTAINED is to be supplied from abroad,
"n.en ~ a very important md favorable
feature Of the transaction"