The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1895-02-15
A c MESSAGE

transmitted 10 o"gre by President
Cleveland IN Connection with the noua
lssue-n Congress VIII Authorize .
Three Gold isond Within Ten
Days the Government tan Saw. over
o5OO.OOO - Year Interest.
WASHINGTON. Feb. 9.-The prcsidcn,
sent the following message to congress
at noon:
To THE cONGUEss or THE UNITED STArFS-
Since my recent communication to IA. con.
gresS calling attention to our financial cnudi.
tion and suggesting legislation which | deemed
essential TO our national welfare anu crell,
the anxiety aud apprehension then existing In
business circles have continued. A.
precaution. therefore. against the failure
u timely legislative aid through
congressional action. cautious preparations
have been pending To employ the best possible
advantage, in default OF better means. such
executive authority as may. without additional
legislation, be exercised for the purpose of re-
inforcing and maintaining Ia our treasury an
adequate and safe gold reserve.
In the judgment OF those especially charred
with this responsibility. the business situation
Is SO critical, aud the legislative situation 30
unpromising, with the omission thus FAR on the
part OF the congress TO benchcially enlarge the
powers 81 the secretary OF the treasury ia The
| premises. as to enjoin immediate executive ac-
WI WIN INV az ~ AAFN ~ At*AtHtH
Therefore, in pursuance OF section 800 Of
Ike Revised Statutes, the details Of an ar
rangcmcnt have this day been concluded Nth
| parties abundantly able 70 fulhil their UNDER
taking whereby bonds OF the Unitcd states,
authorized under the act OF JulN ~ 1873. pay
able 10 coin. ten years after their date. VITA in-
teres. at the rate Of 4 per cent per annum. to
the amount o; q little less than So 40 900. are
to DC issued for the purchase of gold coin
| amounting to sum slightly IN excess of Sn.-
ON. %. to be delivered 10 the treasury OF the
United states, which sum. added 70 the goll
now held In our reserve. will 50 restore such
reserve as to make IL amount - something
more than SlO0.pbl,OJD Such "a premium Is % be
allowed to the government upon the bonds as
TO fix the rate ~ interest upon the amount Of
gold realized at 81 per cent. per annum At
least one-half 81 the gold 70 be obtained ITO
be supplied from abroad, which Is a very i'm
| poriant and favorable feature OF the tr.nsac-
ton.
The privilege i especially reserved 10 the
government to substitute at par. Within ten
days from this date. In lieu OF the I per ctit
bonds. other bonds in terms PAYABLE ia gpld,
aud bearing only 3 per cent. Interest II the
issue 81 the same should IN the meantime be
authorized by congress.
The arrangement thus completed. which
after careful inquiry. appears in present cir
cumstances and. considering all the objects De-
sired. TO bc the best attainable. develops
such a difference in the estimation 81
investors between bonds payable IN cOln and
those specifically made payable IN gold Ia favor
OF the latter as i represented by thtec-fourths
| OF "a cent In annual interest. In the agreement
Just concluded the annual saving In interest 10
the government IL 3 per cent. gold
bonds should be substituted for 4 per
cent. coin bonds urder the privilege
reserved. would be s5s9.l5g. amounting
In thirty years. or ~ the maturity q the coin
bonds. to sl6l74 40 or course, there meyer
should be "a doubt in any quarter a. 70 the re-
dcmption In gold Of the bonds OF the govern
ment which are made payable in gold. There
fore, the discrimination in the judgment ~ M
ve,tors between our bond obi cations PAYABLE
in coin ana those specifically made paA able "a
gold L. very significant.
III il hardly necessary TO suggest that what
ever may be our views on the subject. the
sentiments or preferences ~ those with
whom We must negotiate in dispoSinr 81 our
bond, for gold are not subject % our d~ictation
have only to add that In my opinion ~.
transaction herein detailed for the informa-
tion Of the congress- promises better results
than the efforts previously made Ia the drec.
tion Of effectively adding TO our goli reserve
through the sale Of bonds. and believe IL
will tend. as far as such action can. IN
present circumstances to meet the determine
tion expressed ia the law repeating the silver
purchasing clause Of the act OF july ~ 100,
and that in the language of such repealing act
the ARRANGEMENT made will aid our efforts %
insure the maintenance Of the parity IA value
OF the coins Of the two metals and the equal
power OF every dollar at all times IN the
markets and in the payment Of debts.
Signed GROVER CLEVELAND
Executive Mansion. Feb. :. iss5.