The record-union., 1895-02-09
special to the REcoRp-UN1oN.

Special to the RECoRD-UNIoN.
WAsHN GToN, Feb. S.-The President
to-day sent the following message to
Congress:
''Since my recent communication to
Congress, calling attention to our finan-
cial condition and suggesting legislation
which l deemed essential to our national
welfare and credit, the anxiety and ap-
prehension then existing in business
circles have continued
''As precaution, therefore, against the
failure of timely legislative action, eau
tious preparations have been pending TO
employ to the best possible advantage, in
default of better means, such executive
authority as may, without additional
legislation, he exercised for the purpose
of reinforcing and maintaining in our
treasury an adequate and safe gold re-
serve.
I'm my judgment, and those especially
charged with this responsibility, the
business situation is so critical and the
legislative situation is so unprOmiSing
through an omission thus far on the part
of Congress to briefly enlarge the powers
of the Secretary of the Treasury in the
premises as to enjOin immediate EXecu-
tive action with the facilities now at hand.
Therefore, in pursuance to Section 300 OF
the Revised Statutes, the details of ar
Tangement have this day been con-
cluded with parties abundantIy able to
fulfill their undertakings, whereby bonds
OF the United States authorized under the
Act Of July II, 1870, payable IN coin thirty
years after their date, with interest at the
rate of per cent. per annum, to amount
to little less than So, 100000 are to be
issued for the purchase of gold coin
amounting to a sum slightly in excess
OF 500, 10000 to be delivered to the
Treasury OF the United States. which
sum, added to the gold now held in our
reserve, Will so rest in such reserve as to
make it amount to something more than
100000, coo. Such premium is TO be al
lowed to the Government upon bonds so
as to fix the rate OF interest upon the
amount of gold realized at 81 per cent.
per aunum.
AT least one-half of the gold to be OBJ
tanned is to be supplied from abroad,
which is a very Important and favorable
feature to the transaction. The privilege
is especially reserved to the Government
TO substitute, at par, within ten days
from this date, IN lieu of per cent. coin
bonds other bonds in terms payable in
gold, and bearing only per cent. inter-
est ii the issue OF the same in the mean
time be authorized by Congress. Ar
raugementS for this have been completed,
which, after careful inquiry, appear in
the present circumstances and consider
ing all objects desired to be best attain
able.
In the agreement just concluded there
will be an annual saving OF interest to
the Government ii per cent. gold bonds
should be substituted for / per cent
bonds. Under the privilege reserved
there would be S539, lJg, amounting in
thirty years, or at maturity OF coin bonds,
TO Sl6, ia, ,77O. OF course there never
should be doubt in any quarter as to the
redemption III gold OF bonds of the Gov
ernment which are made payable in coin.
Therefore, discrimination in the judg-
ment OF investors between our bond OBJ
legations payable in coin and these spec
tally made payable in gold is very sig
nIncant. II Is hardly necessary to sug-
gest that whatever may be our views on
the subjects, sentiments or preferences
Tor those with whom we must negotiate
in dIsposing Of our bonds Tor gold are
not subject to our dictatIoG. / have only
TO add that, in my opinion, the transac-
1ion here intInated for the Information of
Congress promises a better result than
any efforts previously made in the direc-
ton OF effectively adding TO our gold re-
serve through the sale OF bonds. And
believe il viii tend. as far as such an ac-
tion can in the present circumstances, to
meet the determination expressed in the
law repeating the Silver Purchasing
Clause Act of July II. 1870. and that in
the language OF such a repeating Act ar
rangemenJ may be made that viii aid
our efforts 20 secure the maintenance OF
parity in the value OF coins OF two metals
and an equal power to every dollar at all
times. GROVER CLEVELAND,
Executive Mansion, Feb. 5, 1885,"