The Madisonian. (Virginia City, Mont.) 1873-1915, 1895-02-16
ne WILL ISSUE B0ND<
Presidents Plans Presented t.
Congress In a Message.
5O RESTORE THE GOLD RESERVE.

Three Per Cent Gold Bonds For Four IeI
Cent Coin Bonds Sixty-Eiye Millions
viii BE Added to the National Funds.
Hawaiian Gable Amendment.
WASHINGTON, Feb. lO.-The senators
plOwed through the snow drifts to get
TO the Capitol Friday and the eject OF
the blizzard was shown by the scant at
tendance in the galleries. The cOndl-
tion Of the Washington poor, resulting
from the storm aud intense cold, in
duced Mr.. Sherman co. to introduce a
bill appropria'ing $10.0 900 and making it
Immediately available for the relief of
the poor Formalities We're dispensed
with and the bill was passed without OPP
position or debate.
The vice president announced the re-
ception of a message from the president.
AS the clerk began reading there was a
sudden suspension Of the buzz Of COM
ment through the chamber and marked
attention was given to the document.
Mr.. Hill commented occasionally with
Mr.. Vest as the reading of the message
proceeded. Mr.. Sherman was apparent
" one Of the most interested listeners.
He turned to Mr.. Wolcott as the reading
closed and the two held an animated
conversation which brought Mr.. Man
deIson, Mr.. Perkins and a group Of Re-
publican senators around them. The
Democratic senator's soon formed in
knots and discussed the presidents ut
terances. They were joined By Mr..
Frye. Mr.. Lodge and others from the
Republican side in the exchange Of
views. Following is the message in full:
To the Congress Of the Unitol States:
Since m recent communication t., con-
gress calling attention to our financial
condition and suggesting the legislation
which | deemed essential to our national
welfare and credit the anxiety and APP
prehension then existing in business cir
Giles lave continued. As a pTccautiOn,
therefore, against the failure Of timely
legislation through congressional action,
cautious preparations have been pending
to employ it to the best possible advantage
in default of better means, such executive
authority as may without additional leg
~islation be exercised for the purpose OF re-
inforcins and maintaining in our treasury
Al adequate and safe gold reserve. In the
Judgment of those especially charged
with the responsibility, the business situa-
ton is so critical and the legislative situa-
ton so u~nproinising, with the omission
thus far on the part of congress to bene-
f1cially enlarge the powers of the secretary
ft the treasury in the promises, as to en-
join Immediate executive action with the
facilities now at hand.
w - 90 -; D-nn
of the revised statute the details of an
arrangement have this day been concluded
with parties abundantly able to fulfill
their undertaking whereby bonds OF the
United States authorized under the act OF
July IA, 1875, payable in coin 30 years after
their date, with interest at the rate of 4
per cent per annum, to the amount OF a
Aittle less than Sf2, 400, 900 are to
Ge issued for Il sum slightly in eX-
cess of $55, 0Oo, 900 to be delivered to the
treasury of the United States, which SUM
added to the gold now held in reserve will
so rest in such reserve as to make it TO
something more than 500, OM, 900. Such
premium is to DO allowed to the govern
inent upon the bonds rs to fix the rate Of
interest upon the amount of gold realized
at the rate of 80 per cent por annum. At
ltiSO olS-lttlt VI bilt SOll w ne oboiilu'Nl Is
to be supplied from abroad, which is a
very important and favorable feature Of
the transaction
The privilege is especially reserved to the
government to substitute at par within II
days from this date in lieu of the 1 pei
cent coin bonds, other bonds in terms pay
able in gold and bearing only 3 per cent
interest if the issue of the same should
49, L, ~, no ~, n ~ "a NV ,cp n ~
The arrangement thus completed, after
n careful inquiry, appears in present cir
cumstances and considering all the OBJ
jects desired, to be the best attainable, dc
velops such II difference in the estimation
of investors between bonds made payable
In coin and those specifically pay
able in gold in favor of the latter a
Is represented Ivy three-fourthS Of a cen il
annual interest. In the agreement jus
oncluded the annual saving in interest t.
the government If ) per cent gold bond
be substituted for per cent coin bond
under the privilege reserved would baS539,
$50, amounting in 30 years, or at the ma
turity of the coin bonds, to sl6, ia, ITO. o
course there never should be a doubt i
any quarter rs to the redemption in gol
Of the bonds of the government which ar
made payable in coin. Therefore the dis
elimination In the Judgment Of investor
between our bond obligations payable i
coin and those specifically made payabl
in gold is very significant. 1t is hardl
necessa,y to suggest that whatever ma
be our vi rs on the subject, the sent
ments OF preferences Of those with whol
we must Negotiate in disposing Of OF
sands for gold are not subject to our Iii
s&.ion.
l have only to al that in my opiE!C
the transaction herein contained for Il
information Of congress promises bctt
results than the efforts previously made