The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-02-09
THE CONTRACT.
Arrangements Made to Float BOND
Issue.

WASHINGTON, February S.-Un.
less Congress in ten days passes the
law authorizing the issue of gold
bonds bearing 3 per cent. interest,
running thirty years, or otherwise
relieves the Treasury in tho replen.
lshment of the gold reserve, Secre.
tary Carlisle will, by direction of
tho President. sell per cent. bonds
to the amount of So, 400, 600 ior
gold. Arrangements whereby this
can be done and SO. 600, 900 ia gold
be received for tho bonds have been
perfected and the contingent con.
tract signed to-day. This oilicinl
memorandum of the transaction
was made public at the Treasury
this afternoon:
"The contract was made with
August Belmont a Co., of New
York, on behalf Of Messrs. N. NJ.
Rothschild y Sons, London. and j.
L. Morgan n Co., Of New York, on
behalf of j. S. Morgan Il o., of
London, and themselves, and pro-
vides for the delivery to the United
States of $500, 900 ounces of stan.
dhrd gold coin of tho United States
TO be pald for III United States /
per cent. bonds. A large number
OF other banks and financial instl-
tutions are Interested in the trans
action, but their names are not
mentioned in the contract itself,
The Department does not know IN
what proportion the various parties
are to furnish the gold coin or re-
ceive the bonds, as this is u matter
Tor arrangement between them
selves.
BY the teams of the contract the
parties are to bear all expenses of
bringing gold from abroad, aud they
are, SO far as 1t lies in their power,
to exert all their financial influence
and make all legitimate efforts to
protect the Treasury against with.
drawals of gold, pending complete
performance of the contract. No
bonds are to be delivered except in
payment for gold actually delivered.
view OF the possible failure of
legislation In Congress negotiations
have been pending for some time
here and abroad, and the terms of
this contract are the best that could
w pAo Sh u COlu DOuu,
The contract was drawn up dur.
ing the day by Attorney General
Olney and Secretary Carlisle and
submitted to j. Lynde Stetson,
counsel for the bankers. MIR. j.
Pierpont Morgan. the New York
flnancier. arrived here carly this
morning and had conference with
Secretary Carlisle at the Treasury
at 10 O'Clock, when all unfinished
details were perfected. Mr.. Bel.
mont, it is understood, started for
Washington this morning, but was
snow w.bound en- route and therefore
took no personal part in completing
the details -
Messrs. Carlisle and Olnoy re
malned at the Treasury until nearly
o'clock drawing up the contract,
and when 1t was finished they Joined
the cablnet. which had assembled at
II O'Clock. The contract met the
approval Of the President and his
advisers, and the memorandum sub
seqnently made public contains the
essential details of the contract.
No further gold Withdrawals we're
reported to the treasury ut the close
of business to day. The gold rescrye
remains ut 2ll, 200, 900 IN round
numbers.
Representative Wilson, of West
Virginia, chairman of the Commit
tee on Ways aud Means, to whom
the Presidents bond message was
referred, will call the committee TO
8ether to morrow morning st IL