The Meeker herald. [volume] (Meeker, Colo.) 1885-current, 1895-02-16
COVERS NEW SCHEME
NE WRITES TO coNoREss
AGAIN.
Bonds t. he Issued Anyway, Bot the
President Would Like Congress "a
Authorize . Gold Loan.

President wootd Like Congress to
Authorize . Gold Loan.
Washington, Feb. s-The president
to-day cent the following message to
Congress:
To the Congress Of the United States:
Since my recent communication to
Congress calling attention to our finhn-
cial condition and suggesting legisla-
ton which l deemed essential to our
national welfare and credit, the ankle
ty and apprehension then existing 10
business circles have continued.
AS q Drecaution, therefore, against
the failure of timely legislative and
through congressional action, cautious
preparations have been pending TO en-
ploy 10 the best possible advantage, In
default of better means, such executive
authority as may. without additional
Legislation, be exercised for the pur-
pose CT reinforcing and maintaining
In our treasury an adequate and SAFE
gold reserve.
In the opinion of those especially
charged with this responsibility, the
business situation is so critical and the
Legislative situation SO unpromising.
with the omission thus far on the part
powers of the secretary of the treas
ury In the premises. as TO enjoin I'm
mediate executive action with the ia
cilities now at hand.
Therefore, In pursuance Of section
300 Of the revised statutes, the de-
tails Of an arrangement have this day
been concluded with parties abun-
dainty able TO fulfill their undertaking.
whereby bonds of the United States
authorized under the act of July IA
1875, payable in coin thirty years after
their date, with interest at the rate of
per cent per annuIn to the amount
OF little less than So, 400, 900. are to
be Issued for the purchase OF gold coin
amounting to a sum slightly In excess
Of S65, 000,0 900, to be delivered ro 'he
treasury of the United States, which
sum, added TO the gold now held In our
reserve, win so rest In such reserve rs
to make II amount TO something more
than 100000, 900. Such premium is to
be allowed to the government upon the
bonds as 10 fix the rate of interest up
on the amount of gold realized at the
rate of 80. per cent per annum-
At least one-half Of the gold TO be OBJ
tanned is TO be supplied from abroad.
which is q very important and favora-
BILE feature OF the transaction. The
privilege Is especially reserved To the
government to substitute at par within
ten days from this date, in lieu OF the
4 per cent coin bonds, Other bonds In
terms payable In gold and bearing 9
per cent interest, II the issue Of the
SAme should meantime be authorized
BY congress.
The arrangements thus completed,
which. after careful inquiry. appears in
present circumstances and considering
all the subjects desired TO be the best
obtainable, develops such a difference
IN the estimation Of interest between
bonds made payable In coin and those
specifically payable in gold IN favor of
the latter as is represented by three
fourths Of a cent In amount Of In
terest
In the agreement just concluded
the annual saving Of interest to the
government II 9 per cent gold bonds
should be substituted by 4 per cent.
coin bonds, under the privilege resery-
cd, would be S539.159, amounting in
80 years, or at the maturity Of the coin
bonds, to SIG, 174,770
OF course there should never be a
doubt In any quarter as TO the re-
demptlon in gold Of the bonds Of the
government which are made payable In
coin. Therefore the discrimination, In
the Judgment Of investors, between our
bond obligations 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
subjects, the sentiments or preferences
Of those with whom we must negoti-
ate In disposIng of our bonds for gold
are not subject 70 our dictation.
~ have only to add that in my opin-
ION that the transaction here minated
for the information Of the congress
promises better results thar the efforts
previously made IN the direction Of eff
fectiycly adding to our gold reserve
through the sale Of bonds; and / be-
ueve 1t will tend as far as such action
can, In present circumstances, TO meet
the determination expressed In the law
repeating the silver purchasing clause
Of the act Of July "A. 1880, and that In
the language of such repeating act the
arrangement made will aid our efforts
to secure the maintenance Of the
parity value Of the coins Of the two
metals and the equal power Of every
dollar at all times in the market and In
the payment Of debts. (Signed)
GROVER CLEyELANDn
Executive Mansion, Feb. 8, 1895.
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