The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-02-20

and Means Committee, 1T is Presented
to the House--On Our Knees to the Man
ly Congress.
WASHINGTON, Feb. 14.-NIr. Wilson,
the chairman OF the ways and means
committee. yesterday afternoon report
ed to the House the joint resolution
agreed upon in committee authorizing
the issuance of thirty-year3 3per cent.
interest bearing gold bond.
The report accompanying the reso-
luton includes a copy of the Presl-
dents recent message to Congress
bearing upon the subject and also a
copy Of the contract made by the
Treasury Department with the Euro
pean syndicate for the purchase of the
new bonds. Continuing, the report
says:
The committee have had the bene-
fit of a conference with the Secretary
of the Treasury. who exhibited to
them the original contract entered in
to bv himself on the Sth day Of Feb
ruarv, and explained its details to
them. A full and complete copy OF
said contract is here added. From a
reading of this paper it will be seen
that the arrangement of the Secretary
with the parties to this contract effects
the purchase of $500, 900 ounces OF
standard gold coin of the United States
amounting to s65, 116. 2750 at least
one-half of which shall be obtained
in and shipped from Europe. For this
gold coin he has contracted to issue
to the parties furnishing It, under au-
thority of the act for the resumption
of specie payments. approved January
i, 1895. per cent thlrty-year com
bonds of the United States at a price
which realizes them interest at the
rate OF 81 per cent. But the Secretary
of the Treasury has reserved the right,
authority is given him by Congress,
to substitute at par any bonds of the
United States bearings per cent: IN
terest, of which the principal and IN
terest shall be specially payable IN
United States gold coin OF the present
weight and Eneness, said substitution,
however to be made within ten days
from the date of the contract.
1T is the object of the joint resolu-
ton herewith reported to give to the
Secretary Of the Treasury authority to
substitute such bonds to the amount Of
the contract.
The saving to be effected to the
government. as set forth in the Presi-
dents message, will be $539, 159 per
year for every year the 3 per cent.
bonds run, and of the amount Of S16.-
III, 10 should they run thirty years.
As it IS not believed by that commit
tee that the issueof bonds speciallypay-
able in gold will impose any addition
al burden or liability upon the govern
ment than if they are made payable
in coin under its pledge and policy to
preserve the parity OF the coins in the
two metals, the saving of this large
amount becomes a matter Of substan-
tial moment and advantage to the gov
ernment. And as the parties to take
the bonds are under contract to furnish
cold for them, it seems no hardship
on the government to contract to pay
them back in the same coin that they
furnish to it.
Following is the text of the contract
between the Treasury and the syndl-
cate:
This agreement, entered into this
Sth day of February, 1895, between the
Secretary Of the Treasury Of the Uni
ted States of the first part, and Messrs.
Belmont & Co., of New York on be-
half of Messrs. n. NJ. Rothschilds &
Son of London, England, and them
selves and Messrs. J. P. Morgan & Co..
of New York, on behalf Of Messrs. j.
IS. Morgan & Co. of London and them
selves, parties on the second part
"Witnesseth: Whereas, it is provid-
ed by the Revised Statutes of the Uni
ted States section 3700l that the Secre-
tary Of the Treasury may purchase
coin with any of the bonds or notes of
the United States authorized by law at
such rates and upon such terms as he
NAV deem. most advantageous to the
public interests; and the Secretary OF
the Treasury now deems that an emer-
eency exists in which the public inter
ests require that hereinafter provided,
coin shall be purchased with the bonds
of the United States of the description
hereafter mentioned, authorized to be
issued under the act entitled, An act
to providefor the resumption of specie
payments, approved January II, 1875,
being bonds Of the United States des.
cribed in an act of Congress, approved
July II, 1870, entitled, An act to au,
thorize the refunding Of the national
debt; now, therefore the said parties
of the second part hereby agree to sell
and deliver to the United States three
million five hundred ounces Of stand
ard gold coin of the United States, al
the rate of 17.S04. IL per ounce, paya-
bic in United States per cent. thirty
year coupon or registered bonds, said
bonds to be dated February l. 1895,
payable at the pleasure Of the United
States after thirty years from date, IS
sued under the acts of Congress of
July IA, 1870, January 20, 1871, and
January II. 1873. bearing interest ii
the rate Of per cent. per annum, pay
able quarterly.
"First-Such purchase and sale OF
gold coin being made on the following
conditions: O. At least one-half OF
all coin delivered hereinunder shall
be obtained and shipped from Europe.
but the shipments shall not be re-
Quired to exceed 300, 900 ounces per
month, unless the parties OF the sec
ond part shall consent thereto.
~ Al deliveries shall be made at
any of the sub -lrea.uries or at any
other legal depository OF the United
States.
IS All gold coins delivered shall
be received on the basis Of - o-:j
grains of standard gold per dollar i
within the limit of tolerance.
81 Bonds delivered under this
contract are to he delivered free OF &C,
crued interest, which is to De assumed
and paid BIZ the parties Of the second