The times. [volume] (Richmond, Va.) 1890-1903, 1895-02-09
PRFSIDENT's MESSlGS.
1t Embodies His Views in Regard to tho
Fond Essue,

Eond Issue.
WASHINGTON, Feb. S.-The President
to-day sent the following message TO
Congress:
To the Congress Of the United States
Since my recent communication 10 the
Congress calling attention TO our imam
cial condition, and suggesting legislation
which | deemed essential to our national
welfare and credit the anxiety and ap-
prehcnsiOn then existing IN business cir
cles have continued.
As l. precautiOn, therefore, against the
failure OF timely legislative aid through
congressional action, cautious prepara-
tioEs have been pending 10 employ TO
the best possible advantage, in default of
better means, such executive authority as
may. without additional legislation, be ex-
ercised for the purpose OF reinforcing and
maintaining i'm our Treasury an adequate
and safe gold reserve.
In the judgment Of those especially
charged with this responsibility the busi-
ness situation IS 50 critical and the legis-
lative situation Is SO promising. with the
omission thus far on the part OF Congress
10 benehcially enlarge the powers Of the
Secretary OF the Treasury In the premises,
as 10 enjoin immediate executive action
with the facilities now at hand.
THE BOND ISSUE
Therefore, in pursuance Of section 300
OF the revised statutes, the details OF an
arrangement have this day been conclud-
ed with parties abtmdantly able 10 fulfill
their undertaking. whereby bonds OF the
United States. authorized under the act
OF July II, 1875. payable In coin thirty
years after date. with interest at the
rate Of per cent. per annum, 10 the
amount Of little less than So, 10000 are
to be issued for the purpose OF gold coin
amounting 10 Il sum slightly In excess
OF S6J 0J0U0, 10 be delivered to the Treas
ury Of the United States. which sum.
added 10 the gold now in our reserve. will
so restore such reserve as 10 make II
amount to something more than one
hundred millions. Such a premium Is
to be allowed to the Government upon the
bonds as 10 fix the rate of interest upon
the amount OF gold realized at three and
three-fourths cents per annum. At least
one-half OF the gold 20 be obtained Is 90
be supplied from abroad. which Is very
important and favorable feature OF the
transaction.
TO sUsTITUTF OTHER BONDS.
The privilege is especially reserved TO
the Government TO substitute at par
within ten days from this date In lieu
OF the four per cent. coin bonds other
bonds in terms payable in gold and bear
ing only three per cent. Interest, II the
issue OF the same should IN the mean
time be authorized by Congress. The az
rangement thus completed which after
careful inquiry appears In present cir
cumstances and considering all the OBJ
jects desired. 10 be the best attalnable,
deyelops such "A difference in the estima-
ton Of investors between bonds made
payable In coin and those specifically made
payable in gold in favor or the latter as
Is represented by three~fourths OF
cent In annual interest. In the agreement
lust concluded the annual saving IN in
terest TO the Government. II three per
cent. gold bonds should be substituted
for four per cent coin bonds. under the
privilege reserved. would be NS,i59
amounting in thirty years, or at the ma
turity OF the coin bonds, TO sl0.iIi.Uo
or course there sftuid never be
doubt In any quarter as to the redemption